Scary Bank Visit

[srcdco]

I just got back from trying to deposit my rejects at the bank. I was told that they have implemented new currency and coin procedures and they can't take bulk coin for direct deposit. They have to bag it and send it all to the money center so that the amounts can be verified. Once the amount is verified, then they will be notified by the money center and can process the deposit. I told her that I'm not very comfortable leaving $500 without a deposit receipt and she gave me a receipt stating that they had taken the money, but it wasn't deposited yet. She said these new rules went into effect today and it's a real pain for the tellers, too. It is slowing down everything they do.
Unfortunately, I'm afraid that it will also mean the end of my trading rolls with them each week to go through. I've been told that they don't do that anymore anyway, but I'm "grandfathered" in since I've been doing with that bank since 1981 and a particular branch since 1988. However, I'm still afraid that an edict from above could change everything.

Scott

 

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[treasurefiend]

That sucks!!!

 

[seger98]

I think it's the time we live in right now that has a bit to do with it as well!

 

[packfan_1982]

Doesn't really make alot of sense. I can understand that a coin machine can be expensive but the time + delivery costs will start to be pretty ridiculous, unless they are trying to deter people for CRH. Not to mention that if you CRH on a smaller budget you couldn't purchase more coin until it was verified. I wouldn't even think twice about closing my account if any of my banks told me that.

 

[BBcardsRI]

Ouch, that blows.

How long of a wait is it to get verified?

If its not too long it could actually be a good thing... saves you time if I understand the situation correctly. You bring in bags of halves to the bank and then your out. No time wasted dumping them, no time wasted in waiting as tellers change the bags out multiple times, etc. It means you can search/dump more provided you have the funds. Unless of course they are really snotty and not happy about doing the whole thing... you know... the part about detering CRHing and all...

~Dave

 

[STDevil]

Some of you may remember my scheme to pay my mortgage in halves. When I started doing this, Wells Fargo informed me that they's have to use the "bag - send - post deposit later" process that is described here. The first couple of times, it was wierd giving them $1-2k, but the deposits always show up eventually (sometimes it takes 3 weeks).

While this definately ties up some of my working capital, I am still having fun, and it keeps me out of the bar. The funny part was when I went into WF with some CASH this weekend and tried to deposit it...the tellers (who are really cool), looked at me sort of wierd, like they were not expecting to see me with paper money!

Happy hunting,

 

[Old Dog]

I just got back from trying to deposit my rejects at the bank. I was told that they have implemented new currency and coin procedures and they can't take bulk coin for direct deposit. They have to bag it and send it all to the money center so that the amounts can be verified. Once the amount is verified, then they will be notified by the money center and can process the deposit. I told her that I'm not very comfortable leaving $500 without a deposit receipt and she gave me a receipt stating that they had taken the money, but it wasn't deposited yet. She said these new rules went into effect today and it's a real pain for the tellers, too. It is slowing down everything they do.
Unfortunately, I'm afraid that it will also mean the end of my trading rolls with them each week to go through. I've been told that they don't do that anymore anyway, but I'm "grandfathered" in since I've been doing with that bank since 1981 and a particular branch since 1988. However, I'm still afraid that an edict from above could change everything.

Scott

I am seeing this happen more and more lately.
I think this is about the fifth bank I have heard doing this in the last couple months.

Change is coming folks.

 

[dp2013]

Be thankful for now that the doors are still open on the bank. Before it's
all over many of the banks in this country will no longer exist.
I'm not trying to cause a panic I'm just stating the obvious.

 

[Silver_Fox]

Be thankful for now that the doors are still open on the bank. Before it's
all over many of the banks in this country will no longer exist.
I'm not trying to cause a panic I'm just stating the obvious.

Don't be the boy / girl who cried wolf. Many of the banks won't close. Just the greedy ones. People like you cause panic. .

 

[maine_Jim]

Too bad they have to send it off like that. You should look for a larger branch that does there coin sorting in house. I get the bags from my dump bank then hand them back with about $1000 in halves in them. They run them through a machine out back in house. They tell me it takes less than one minute. They email my deposit total in about 30 minutes or I can wait about ten and get a total. It is much easier leaving a bag of money like that than messing with the change sorter. They told me they have to count the bags from the machine anyways so this way is easier for them and me. I have tripled the amount of boxes I go through. I haven't come up short yet. Kind of like making a night deposit from a business. Half the time I don't even get a receipt as they only have one person who runs the sorter out back and it is handed to her by another teller.

 

[airborne1092]

That sucks -

Of course, my Credit Union recently told me that they're doing (basically) the opposite for their customers. Their new Branch opening (closer to me, actually) is getting a coinstar machine with no fee. Normally, I take cash out of the ATM and go to OTHER banks to buy rolls, then return the rejects to the CU to redeposit!

I'm giddy like a school girl that just got an ice cream!