My dump bank won't take my coins anymore...advice needed!

Went to dump $500 of half dollars at my local credit union. A few months ago, they limited me to ordering one box of half dollars per month so I turned their bank into a dump bank. This time, they told me that I can no longer dump my coins at their bank because of "wear and tear" on their machine. (I usually dump coins there once a week and its usually half dollars). I informed them that if they allowed me to order boxes more than once a month, I would be happy to find another bank to dump the coins and I wouldn't bother their machine again. They said they couldn't order more than once per month for me because of a fee that they have to pay for the trucks to drop off and pick up boxes of coins. It was obvious that they didn't want my business so I promptly told them that I was going to close my account. It was amazing because the lady nearly smiled when I said that and told me that a teller could help me do that. It was obvious that that is what she was trying to make me do.

Should I complain to someone about the credit union not meeting my needs or is this reasonable for them to do this because of their reasons given? Any help would be appreciated in this matter.

 

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I think it is within their business model and rights to do so. Many Credit unions and small banks do not have enough business account customers ( usually a premium paid account) to justify many coin/cash delivery service ( which does charge for delivery and generally wrapping/boxing). If you had the accounts just for roll hunting, then closing it was correct, but if used for other reasons was probably just over reaction.

Only recourse is find another bank.

 

This is why you make the tellers and managers your friends. I have lots of banks and credit unions that I deal with on a regular basis and I cannot tell you how many rules get bent just because I always have a good attitude and am NOT above paying them off with candy, hockey and baseball tickets etc. I hear sorry tales about people locally that cannot buy or get rid of coins and all I can think is "sucks to be you".

 

Escalate to corporate level... if they're still no help, file a complaint. PM me for the link to file a complaint if you want one. They have to be chartered and under the control of the office of the comptroller of the currency, though.

 

I do love it when these threads pop up.

How much "business" exactly did you do? If you're referring to the exchange of half dollars, you misunderstand the term "business" with that bank. The bank is not there to "meet your needs". If that were the case they would be required to grant a loan to anybody applying for one. Banks make money by charging fees for services. In exchange for those fees they safely store your money, giving you ready access. They generate revenue by charging interest on loans. They also pay for the privilege of using their depositor's funds for those loans by paying them interest on savings and CDs. They are not there to cater to the roll hunter's need to find and hoard silver.

Did you even inquire about the fees they are charged, and offer to pay those fees? From the second sentence of your post I'll guess no. So you "turned them into a dump bank", which costs them money anyway. So basically, you were a drain on their system and they decided it wasn't worth it. Can't really blame the bank.

As far as the reaction to closing your account, how big was it (the account), really? Did you have a vast fortune in deposits, or was it a token account so you could say "I have an account here"? Were you depositing your dumps into that account, or simply exchanging them for cash? Most banks will go the extra mile for their bigger customers, but it sounds like this particular branch was on to what you were doing, and simply tired of it. I've been dealing with the same bank since the mid-80s, with several accounts, and numerous loans (cars, motorcycle, house) over the years (that's the definition of "doing business"). I'm by no means wealthy, but I'm pretty sure if I told my bank I wanted to close my accounts, I would be escorted to a manger's office, plied with coffee and cookies, and grilled about what they can reasonably do to remedy any issues I was having to prompt my request for closing.

Don't get me wrong, I'm not against roll hunting. I don't do it regularly, but have in the past to complete Kennedy, Ike, and Jefferson sets. Scored some silver along the way. The bank knew what I was doing when I asked for the change. Also knew any leftovers would be re-wrapped and deposited into my accounts, not exchanged for cash. But I do have issues with the crying about how the banks and credit unions won't do what I want so I can profit off the silver in their vaults with no cost to me. That's simply bothering strangers for change for a dollar on a much larger scale. Understand the banks and credit unions have no obligation to do business with you (except as defined by law as discrimination), nor are they obligated to "serve your needs" as a silver hunter. So, as desertgem suggested, simply find another bank. The jig's up at this particular one. No need to bellyache about it.

 

I couldn't agree more with ScotishMoney! I have had to friend the tellers, work with them, and do a fair amount of hand holding. My dump banks are 2 different ones that I hold personal and my business accounts with and they know that I would have no problem leaving the bank if they start to complain. I have good friends and an uncle who work at them, so that also helps! The banks I order from just want a little notice and some of them I have set up a schedule with so they know that on certain days I will be there to pick up a box of this or that!

 

One of my supplier credit unions got the reward today - found a 1910 Lincoln - I give out boxes of Sunkist candy when I find 100 year old coins.

 

Diabetes for coins. Almost makes me want to work at a bank.

 

Friends, Friendly or not, some banks simply will NOT budge!

As such, when and if this occurs, I happily shop for another bank.

About 7 years ago, I found a bank which happily took my boxes of half dollars. The never questioned me and I never asked. Well............thats not entirely true as I did ask once. Thats when I found out that this freindly bank was simply putting my boxes and boxes of half dollars in their vault. They had about $6,000 worth.

I then moved to another branch of the same bank. These folks had a coin counter which was really cool for me because I no longer had to re-roll my halfs (like I'd been doing for the other branch.)

I'd order a couple thorusand dollars worth, search through them, bags em up and head off to the bank.

After about $7,000 worth, I got a call from the Vice President of the bank asking me to no longer bring in the half dollars since "their" vault was filling up.

I complied and moved elsewhere. Actually, I got tired of the hunt and simply stopped ordering boxes of halfs.

I offered to pay them for the shipping, but as friendly a relationship I had with them, they simply were not equipped to handle that "type" of billing.

Now I'm in a different State and have an order bank and a dump bank. I've dumped all kinds of stuff at the dump bank with never a question.

Coin Roll hunting must be done with the understanding that the "Bank" is under no obligation to special order coins for you and the only way a bank will undertake this overhead rich service is if you have "thousands" on account. IF you don't, then you're simply an "expensive" customer that they can do without as the OP has discovered.

No biggie, just shop for another bank.

 

This works when you live in a reasonably populated area but I've been to towns that only have one or two banks. In June I went to a bank in Duncan, Arizona to exchange a few hundred singles. The teller had the gall to ask me if I had an account. I did not and I told the teller that this was the only bank within some fifty miles. After I reminded her of that she ran my singles through a counter, gave me the cash and I was on my way. I guess the point of this story is that if you have a lot of banks in your area to choose from that is great but if you don't then be prepared to brownnose (such as handing out candy and donuts, etc.) and work with the tellers as much as possible.

 

I had this issue.

I know I belonged to a credit union where the manager knows my whole family but she didn't realize that. I ordered two boxes of dimes, after the second, the said they couldn't order any more dimes. There was also the issue that they ran a special where you get money for being referred which I was. It is their right to do this and just close your account. There are a lot a banks around me so I don't care. It is also good to find credit unions that don't require an account to use their coin machine and simply use it and if they say something, simply go somewhere else. It is easier to get rolls from big banks than small credit unions since they have a monthly plan.

 

I don't think you should complain about the credit union refusing to allow you to abuse their services. Unless you have over $40k held with the CU or borrowed enough to make $150 in interest payments (not including principle) on a loan, your activity of dumping 50 rolls per week in halves costs the bank far more than your account is worth.

The manager / directors probably flagged your account as a problem member. When you volunteered to close your account, they were probably VERY happy to oblige.

 

Bet (figure of speech, mods!) He's not getting gift cards for his dump bank or his source bank. I am. And I upped my game. I asked a main manager --- who knows I collect coins --- how many managers and tellers are there. I told him I wanted to get them all gift cards because everyone at the bank is so nice to me. He counted and told me. This is point one in my favor. Point two will happen in about two weeks when I deliver.

This bank always gets me coins and the manager usually has to assist in carrying them from the vault. I'll be nice to them.

 

Just curious why you think the teller had the "gall" to ask if you had an account? That is probably standard procedure when the teller doesn't know you. The population density of an area has absolutely nothing to do with the banks' willingness cooperate with the roll and bill searches. This is what amuses me about these threads. The implication that the banks should cater to every whim, even if no business is actually conducted.

 

They're well within their right to charge fees for boxes or limit the amount of coinage you dump into their laps. Their establishment is there for THEM to make money, not give you an easy outlet to dump tons of picked over half dollars.

 

I thought I was a coin roll hunter because I get one roll of quarters, dimes, nickels and pennies 2x a month. I guess I'm small scale.

Can't you just use the money you don't want when making purchases? I think I got about 200+ presidential dollars, searching for the complete set. The credit union is a little put out because it takes some time to gather the coins, but I say "please" and "thank you," plus they hate dollar coins so they say "thank you" back. The thing is, I don't dump the coins I don't want back in their lap. I spend them instead of using a debit card. Groceries, Christmas presents, lunch... I've even done this with rolled quarters. Tomorrow I figure I'd stop in and take any "odd" cash as they call it (50 cent pieces, 2 dollar bills, etc.) I'll just take what they have and give them a box of candy as a thank you.

But maybe it's because I'm small time.

 

BTW, think about what you're saying, tater: $500 in halves per week dumped into their laps. That's $26k a year in transactions that you're expecting the CU to do for free. Your non-revenue transaction costs the branch significantly.

Here are the costs that go into your $500:

1) Teller time & fraud risk. The teller needs to verify that the coins you're "dumping" on them add up correctly. Essentially, this means your deposits with the branch must exceed your monthly transactions. So, if you have under $2500 at the branch, they should be refusing to accept your coins.

2) Coin roll servicing. The branch needs to pay a delivery service to pick up the rolls. Some banks will charge 2% of the total transaction whenever swapping out coins for cash. Why? They're unable to freeze the funds (pending verification of the rolls), so the 2% is a precautionary measure AND a service fee. Others charge 5% of amounts in excess of $100.

3) Mission statement. Credit unions, by their nature, are membership organizations. Whenever you deposit money to a CU, you're paid dividends on your money held with them: Basically, you become a shareholder. As a shareholder, would you like knowing that the CU accepts weekly transactions that COST them an extra $50-$100 per month as a regular aspect of doing business? I know I wouldn't.

Essentially, if you offered to pay the CU $25 for every $500 that you "dumped" on the bank, they'd be happy to deal with you.

The calibration and servicing on the counters costs the bank money also. There are many elements to your non-revenue transaction that you're simply ignoring, since you just see that you're being "screwed over" by the CU. The reality is exactly the opposite: Your actions cost the CU (and by extension, their members) money. They should close your accounts.

If I come across as strong on this matter, there's a reason: I care about credit unions. For the most part, these are smaller organizations that were formed for the benefit of helping their members with acquiring loans (auto/mortgage) when traditional banks might be a bit more leery. CUs don't have access to "everyone" when it comes to pricing risk; CUs can only lend to their members. Typically, they charge low rates on loans and offer higher dividends than local banks on deposits. Their margins are tighter than banks. They try not to cut corners on service, as they understand their mission statements. If you tried what you did with a bank, they'd simply close your account and be done with you. CUs don't really have that luxury. Why? Simple: You'll manipulate the story and complain to other members about the poor service that you received. They take member complaints seriously, and I'm sure they've put up with your "dumping" for a while before mentioning it to you.

I say close your account with them and find a bank that's willing to take your rolls. You'll see that they will charge you 2-5% of the amount you dump. Alternatively, as a newer member suggested: spend the coins.

The financial institutions don't exist for the benefit of roll searchers. If you want to do high volume searching, form a business. Then you can order all the coins you want and dump them when you want. Of course, there are service charges, but you'll never hear a complaint again.

 

The teller had the gall to ask me if I had an account because I brought in a measly $300 in singles which were neatly strapped and ready to be swapped. When I go to a bank, I go in with the mindset that the tellers are there to service me and I don't care if I have an account or not. This past summer I went to a lot of small towns and most banks didn't question me until I tried to do modest cash exchanges at banks in larger cities such as Memphis, Little Rock and Oklahoma City.

Let me tell you what happened in Oklahoma City. The banking situation there is a joke. Outside of the immediate downtown area, most banks have been closed down but have been too lazy to remove the signs from the now vacant buildings that they left behind. I didn't have a car so here I am walking all over the place trying to find a bank that is open while on my way to the bus station. It was very hot so I was happy when I finally saw a credit union off into the distance that I felt I could use which was near the bus station. I go in there with a few hundred neatly strapped singles and right off the teller asks me if I have an account. Keep in mind that I had walked many miles that day in the heat. I told her "no" and that I needed to exchange the notes and that the nearest Chase, which I have an account at, was miles away in downtown. The tellers gave me some line that they couldn't help me because I didn't have an account. There was no one else in the credit union, it wasn't like I was holding up a precious account holder. Suffice to say I had a few choice words to say and the big security guard nearby was no doubt listening to my every word waiting to see if I would keep my cool.

It was getting late, the nearest Chase bank would be closing soon so here I am going out-of-my way to head to the Chase in downtown OKC. I walked to this branch and by the time I arrived it was past closing. Thankfully, the tellers were still there and were able to help me. The point of the story is that I will never, ever consider opening an account at a bank or credit union which won't even help me out with a simple cash exchange. It is in a bank or CUs best interest to help a guy out with a simple favor, even if "no business is actually conducted." Financial institutions that act like what I have described in my second paragraph are just shooting themselves in the foot by losing future business when they refuse to help people who have come to them needing to do simple cash exchanges.

 

My replies to your individual statements are in BOLD:

The only one with any gall is you, with the attitude that banks who will only lose money on your "transactions" won't take the risk because there is no gain, even though you walk many miles through the heat to let them "service" a non-paying "customer". Sorry, I can sympathize with your situation, but the sense of entitlement you have regarding banks and credit unions is the problem.

 

I snipped most of your quote because the last two statements are the crux of the issue:

1) Financial institutions have a fiduciary obligation to account holders.
2) Accepting exchanges from strangers off the street isn't in the best interest for financial institutions, as it exposes them to fraud.
3) If you don't have an account with a bank/credit union, it is ALWAYS in their best interest to not service your change requests. I could understand if you took $100 of the $300 and opened an account, but you didn't.

Anyone else who feels this way about banks should open up a bank themselves. Then they can service all the non-revenue transactions that come in off the street.

Let me ask you this: Have you ever opened an account with a bank that you felt entitled to receive change from? I try to open an account in any city I visit where my bank doesn't have a branch or servicing agreement with a local bank. Why? It usually only takes $50-$500 to open an account, and that gives me access to banking resources if needed.

I currently have accounts in the US, Thailand and Japan. Why? Because their ATM networks don't really communicate with each other, and I hate paying ATM/exchange fees if I don't have to.