Please cite the federal law.

I sensed sarcasm with that, not necessarily being rude. But the other member who brought it up said, "This is one of the sadder threads I have seen here. A number of the replies are quite rude and uncalled for." Referring to replies means more than your post.

Perhaps he doesn't understand what oxymoronic means and thought it was someone calling another person moronic. Oxymoron is to describe self contradictory terms which another member used in a post that someone pointed out. Nothing rude or uncalled for about that, just stating the obvious. That's the only other thing I can think of. The rest of these posts in my opinion are just filled with useful info for the OP.

 

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I was just taking one for the team.

 

I understand the difference between "oxymoron" and "moronic".

To me, these comments were rude and/or uncalled for (or just plain wrong):

"IMO, that statement is oxymoronic.


And the original question wasn't?

The kid is asking for someone to cite a federal law that he believes is correct. Then you state a bank doesn't need a law for things that are not against the law...........well duh...."

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Well, saying a statement is oxymoronic is not rude or uncalled for, it's stating the obvious in my opinion that the statement (not person) made contradicted itself. To me, attack the idea and not the person is never rude. rickmp attacked the idea with actual honesty in my opinion.

The second statement was just clarifying the original oxymoronic statement made.

I still fail to see how someone stating the truth is being rude.

To each their own I suppose!

 

I think it's just banks policies that pertain to this and not an actual law. Looking at it in reverse banks will also only give face value for coins you exchange. I remember a story recently about a woman exchanging gold eagles or something at a bank for face value and a teller than bought them and later was fired. I believe the coins were returned eventually as they were stolen or also. I think that most banks have policies prohibiting employees from exchanging money for themselves as well.

 

Huh? I thought that was rather funny! Maybe if you'd asked "How old IS your Mom anyway?" folks would have understood.

As for the original question, I think its been answered but basically, Banks are NOT an extension of the Federal Government. They are members of the Federal Reserve System and are in fact considered private businesses.

They are not even required to do business with you if they don't want to.

I'm of the opinion that a lot of folks in this country feel that they are "entitled" to certain priviliges which are in fact simply privileges, not entitlements.

This is why banks can charge you to order rolled coins. (Thgis is in fact "more than face value")
This is why banks will not order rolled coins for you unless you have an account with them.
This is why banks can refuse to take your pre-rolled coins if you do not have an account with them.

Not all banks are like this but some are simply because its their business.

The days of "Pay on Demand" are long gone.

 

Yup and you are not forced to even use banks either. I know plenty of people who get by without having an actual bank account or deal with banks.

 

Because the are a private business does not mean that they are not subjected to federal laws. Most major, all big and interstate banks have a federal charter to be allow to do any banking business, As a for-instance, it used to say that they could not do business in stocks. I realize that has been changed, but it has not been eliminated. Just a guess, but I would that that is the law (regulations?) he is looking for.

 

My brother in laws Dad was like that. He buried his silver under the house! Buckets and buckets of Silver!

 

If I were to call you an idiot (or other unmentionables), it might well be the truth, but it is also very rude.

 

dig it up!!!!!!!!!!!

 

Wazzat mean? "in an sticks"?

 

He did. I saw at least 2 full 5 gallon buckets of Kennedy Halfs and multiple 350 coin bags of Morgans.

Funny thing is, my brother in law is just as paranoid as his Dad was except its a paranoia against the USPS and TPG graders. I can only get coins from him to submit for grading if I drive to his house and transport them with me back to my house. He lives two states away so its a long drive.

 

Calling someone an idiot directly would be rude, but describing a statement as an oxymoron (oxymoronic is the right grammar used in rickmp's use of it) is not. Look up the definition, it's not being rude, it's describing the actual statement. rickmp was not saying the member was moronic (which does have a completely different meaning if you take the oxy off the front of it). I don't think you understand the definition of the word, oxymoronic. No where did rickmp call the other member an idiot.

 

Sorry, stocks. Corrected it.

 

As I was saying if it is not illegal why would there be a law? Sometimes satire is hard to get across on a forum.

Anybody can buy coins at face value and keep the ones that contain precious metal if they want so why not banks.

To defaud a person of the value is a different matter.

 

I worked at a bank and I was never told of such a law. I don't think it exists because we had to know a ton of laws.

 

A popular oxymoron during the Viet Nam era was "Military Intelligence".

Chris

 

LOL Chris

I've never worked in a bank, but I spoke with a guy that was a teller onetime. He told me that even if they are 11 cents short at the end of the day, they have to stay after work until everything is cleared up.

 

it is possible that the bank would have an issue with their lisence.
How would they sell a collectors coin at a higher than face value?
Unless they are licensed to sell collectors coins. Otherwise a nickel is a nickel to them.
IMHO
H