COINS bank charges for them?

[chopped]

Just wondering how everyone else handles the coins,My three banks here now do not accept loose coins. One has a machine that counts them and they charge a fee.
At this point, the bank refunds half of the coin-star machines fee. But this will go away soon and we (customer) will be paying the whole fee.
One other bank has no machine at all and I am told to use the machine in the grocery store and they would re-inburse me the fee:thumbsup:
Sounds crazy as this is their business and its 'legal tender''.
just curious if this is just my area.

 

[mikim]

everywhere....the more machines do for us the lazier we get. Haven't used my wheelbarrow in weeks. I got a tractor bucket.

 

[sfloggie]

I take our coins to a machine in our local grocery store or Walmart. This machine charges a fee unless I accept the money as a gift card (paper receipt with barcode) and then I get all of the money plus a merchant discount.

I go to Lowes quite often, so I take that as the gift card and use it plus get a 10% military discount.

I have not been in bank in years as I dislike how they operate. I use USAA, Farm Credit, our Credit Union and a 5gal water bottle,which keeps us happy!

 

[Oaktree]

Yeah, banks here don't take coins unless they're rolled. More if a PITA than I feel like being bothered with. I just use one of the machines at the supermarket & take it as Lowes credit. Figure I'll use it soon enough anyway, no sense paying Coinstar almost 10%.

 

[jinman]

I think the CoinStar machines are the result of some smart person who is probably getting to be well-off because they found the niche ahead of anyone else. They only work in cash like coin laundries and car washes.:thumbsup: They definitely provide a service for which I'm willing to pay.

On the other hand, my wife goes into the bank every couple of weeks and buys rolls of quarters so she can give our grandson spending money for snacks at school. The bank never charges her for those coin rolls. It's always 1:1 face value.

Does anybody remember or ever used coin changers in laundromats that would charge you for making change? They'd only give you $0.95 for a dollar. I've seen those and think they are the biggest ripoff around because you are using the change in their machines. However, I also know that people used to come into the laundromats and get change when the car wash down the street had a broken changer.

 

[moored4]

My bank does not charge us for the service!

 

[DKCDKC]

A benefit of a local bank in a small town... No charge for cashing in coins.

 

[cdaigle430]

Just wondering how everyone else handles the coins,My three banks here now do not accept loose coins. One has a machine that counts them and they charge a fee.
At this point, the bank refunds half of the coin-star machines fee. But this will go away soon and we (customer) will be paying the whole fee.
One other bank has no machine at all and I am told to use the machine in the grocery store and they would re-inburse me the fee:thumbsup:
Sounds crazy as this is their business and its 'legal tender''.
just curious if this is just my area.

I work for TD Bank and if you have an account there they dont charge you for them.

 

[schoolsout]

Just wondering how everyone else handles the coins,My three banks here now do not accept loose coins. One has a machine that counts them and they charge a fee.
At this point, the bank refunds half of the coin-star machines fee. But this will go away soon and we (customer) will be paying the whole fee.
One other bank has no machine at all and I am told to use the machine in the grocery store and they would re-inburse me the fee:thumbsup:
Sounds crazy as this is their business and its 'legal tender''.
just curious if this is just my area.

If it's legal tender, they must accept it. I'd make them count it. If they refused, I'd ask for the manager. Those machines are just another ploy to skim from the producers and make profits for doing nothing. The banks are just getting slimier and slimier.

 

[jinman]

If it's legal tender, they must accept it. I'd make them count it. If they refused, I'd ask for the manager. Those machines are just another ploy to skim from the producers and make profits for doing nothing. The banks are just getting slimier and slimier.

If you think coins are legal tender, just try paying your taxes with pennies. I guarantee you won't win that battle.

 

[schoolsout]

true

I used to go get rolls of halfs/quarters/dimes from the bank and search them for silver pieces. That's pretty much dried up now, though.

Have been having the thought of buying a bunch of nickels as they were worth about 6.5 cents, but the value has dropped a bit. The US Gov't will phase those out soon enough (the nickels actually made out of nickel, that is) and replace it with zinc or some cheap metal.

 

[Larry Caldwell]

Just wondering how everyone else handles the coins,My three banks here now do not accept loose coins.

Why in the world are you still using banks? Move your money to a credit union like everyone else. Credit unions are nonprofit. They won't try to nickel and dime you to death. :laughing:

 

[coveredbridge]

Why in the world are you still using banks? Move your money to a credit union like everyone else. Credit unions are nonprofit. They won't try to nickel and dime you to death. :laughing:

Actually, credit unions earn billions in profits every year that are not taxable. Community banks, on the other hand, pay billions of dollars in income taxes each year. Billions of dollars are added to the national debt each year to subsidize credit unions. So, why aren't they paying taxes like every other type of financial institution?

 

[Ridgewalker]

We have a cheap little coin counter that puts them into rolls for us.
Truly most of my coins go into a 1 gallon glass jug that I empty about every
5 years.

 

[HarryN]

Some banks / credit unions charge for processing your coins, some don't. Just call around. The biggest offender are the retail locations like wal-mart or grocery stores, etc. But don't blame them. It's CoinStar that owns the machines in most of those locations and charges for the service. It's big business for them. In 2009 they accepted over 10 BILLION dollars in coin through their machines in the United States. Their average fee was 10%. You do the math!
I stick with my local bank that charges no fee. I do have my account there.
If you wrap up your own coins into rolls, most banks won't charge you anything when you make a deposit or ask for cash back. On the other hand, some banks have been burned when the rolls contained a pipe instead of coin, as they don't check each roll until they are used in future transactions.
"Coverdbridge" is correct: Banks VS Credit Unions are not on the same playing field when it comes to regulations and taxes.

 

[Learning to Farm]

My bank, Navy Federal (Credit Union), has a coin machine at all the large locations that doesn't charge anything and directly deposits it into my account. I remember as a kid dumping my quart jar of coins on the counter and helping the teller (not behind glass) count it (and I am not that old ).

 

[chucko]

Hummm is it even legal for them not to take it? I know a store must take it

 

[coveredbridge]

Hummm is it even legal for them not to take it? I know a store must take it

You better check with your merchant first if you plan to pay in pennies or $100 bills.

From the U S Treasury Website

Legal Tender Status

Page Content
I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?
The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."

This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.


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[HarryN]

Well said and researched, "coveredbridge"

 

[rsewill]

If you think coins are legal tender, just try paying your taxes with pennies. I guarantee you won't win that battle.

Yup, someone took that to court and lost.

My bank is happy to take my coins and any other money I have.