CITIZENS BANK IS SHUTTING US DOWN

[Death&Taxes]

A message to everybody who uses Citizens, particularly in MA:

I just got back form a Citizens Bank in the town next to mine, which does a lot of my half dollar ordering. I've been very good to them, never ordering more than $2000 in halves every three or four weeks. I tried placing another order today, but they refused, saying that bank policy (nationally) has changed and they cannot order large amounts of coin or cash for non-business customers. They say it is because they are charged "extra" for ordering half dollars and two dollar bills, and that it is not because of coin collectors ordering excessive amounts of coin, but is instead due to increased security measures which cap the amount of cash that can be at a branch. I DO NOT DUMP at Citizens, never have and never will, and the teller was nice and assured me that it was not because of me or any other collectors, just a corporate change. If you could check with your local Citizens and see if you can still order, that information would be of great help to me. Tomorrow, I'm attempting to place several BIG ten box orders at Citizens branches across the state, as a last hurrah for this dying hobby. Middlesex seldom orders for me, TD bank never does, no account at B of A and YUCK I hate that place, not many other big banks in my area and credit unions are not my thing.

Ben, what are your thoughts on this? You are close to me and probably pick up from the same banks. Have they stopped?

Anyone out of the state, is your Citizens still allowing orders?

Death et Taxes

 

[mark1982]

I’m in Connecticut. I don’t have a account with them but I do know a teller that works a citizens pretty well. I will ask her and see what she knows

 

[uglymailman]

Cap the amount of cash at a branch? Does that mean if I have an account and want 100K of MY money I might not get it? Find another bank. Good luck.

 

[fistfulladirt]

Cap the amount of cash at a branch? Does that mean if I have an account and want 100K of MY money I might not get it? Find another bank. Good luck.

Yes, good luck...in finding a bank that will give you that kind of cash immediately. This is not a new event. Banks are only required to have a small percentage of cash on hand relative to their deposit balances. If I want to withdraw $3k from my bank account, (which will probably generate a SAR report either way), I may need to give them three business days notice. This is not an unusual occurrence at banks and credit unions. Keep in mind that when you make a deposit, you are giving a loan to the bank, as an unsecured creditor. It's now 'their' money. The next day your deposit, if cash, disappears and is now just a digital number on a database. Also, in case of a bank failure, your bank deposit may be used to bail out the bank. You are last on the list if your bank carries FDIC insurance, which supposedly could cover 1% of bank failures.

 

[wingmaster]

Yep it's like pulling teeth to get your own money, I went in to get 3,000 out in 2013 to have a new roof put on. The teller tried everything to get me to take out a loan and keep my cash in the bank, I had to explain to her I'm getting a deal on the roof but if I was to take a loan I would pay more in interest. I'm not sure she even could figure out what I was saying, one would think a teller at a bank could figure that out but these days it wouldn't surprise me if the branch manager couldn't figure that out either. HH

 

[Overseas]

Just file the necessary sole-proprietor business paperwork at your local county office or wherever it is do e, open a business account at the branch and voila...beer money again

 

[weighit]

I found a deal on a small motorhome, told the guy I would offer $35,000 cash, and he said OK, so off to the bank. Asked for cash, nope, would only give me $3,000, so off to another branch. There I got $2,000, after 6 different branches I was only about 1/2 way to my needed cash. They all said, sorry, you need to order cash 3-5 days ahead of getting the money. Ended up taking a bank certified check for the difference for the guy, but what a pain trying to get some of my money out of my bank.

 

[lookingharder]

I'm in Southern Virginia. I have a account with them and a great relationship. Ill make it a point to stop in tomorrow and ask them.

 

[FormerTeller]

I have never had a problem getting $2-3k from any if my banks. I'd be pretty ticked off if I couldn't.

 

[enamel7]

My guess is this was just another post by the OP to discourage people from searching halves. He's in timeout now, but if he convinces people this is happening then some won't check and will simply stop ordering.

 

[MotherOfGeeks]

I just helped my eldest buy his first car & we pulled out $3000 in cash, no problems. The only thing the bank asked was did we mind if it was in $100s, as that many $20s could leave them a bit short.

 

[fistfulladirt]

I found a deal on a small motorhome, told the guy I would offer $35,000 cash, and he said OK, so off to the bank. Asked for cash, nope, would only give me $3,000, so off to another branch. There I got $2,000, after 6 different branches I was only about 1/2 way to my needed cash. They all said, sorry, you need to order cash 3-5 days ahead of getting the money. Ended up taking a bank certified check for the difference for the guy, but what a pain trying to get some of my money out of my bank.

That's my point. Anything more than a couple grand you're out of luck. You are discouraged from using cash by this process.