Local Bank Playing Hard Ball

Just curious why you think that this doesn't cost the banks any money? This seems to be the prevailing theme in a lot of these type threads, and as far as I know, simply isn't true. For example, 10 minutes of my time costs my employer around $6.00. When I'm not doing anything productive (by that I mean engaging in an activity that makes my company money) that means they are losing money, not making it, and not even breaking even. Keep in mind too, that not only does it cost the bank to make the initial exchange, it also cost them when the rolls are returned after the "customer" has gone through them. Again, define "customer". How many roll searchers actually have accounts at these banks (both the pick-up and dump branches)? How many of those that do have just the minimum balance in those accounts? If it's your bank, which "customer will you more willing to cater to...the one with several large checking/savings accounts, mortgage, car loan, credit card, or the kid with a $25.00 savings account?

Also keep in mind, that depending on the size and location of the bank, you're probably not the only one doing this. So multiply you times the rest of those "customers" and see what it really costs the bank.

 

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To be clear, I thought we were talking about hand wrapped rolls brought in by other customers that were there the same time he was. In that case, they are not forced to hold on to anything. Did I misunderstand something here? I don't see how it costs them money to walk to the vault and take 30 seconds to glance to peak.

@omahaorange , this also answers the question you posed.

 

I wonder what it cost the banks to have coinage picked up and delivered.

 

If they are having enough problems with roll searchers to form a policy to discourage individuals for asking for rolls. Then why don't they be smart bankers and charge a nominal fee, say 1 or 2 percent coming and going.

 

Some banks do charge a fee, but it's closer to five percent. The idea is that they're trying to discourage people from the action. A nominal fee doesn't really discourage the behavior; it merely prices it in for the party that dislikes it.

 

One percent doesn't sound like much but think of it this way. If I have a roll searcher come in each week for a roll of quarters and charge a dime each time, then I've made $5.00 on $10.00 in quarters over the course of a year, which is much more than I am making off people's car loans and mortgages, percentage wise. With that type of return, I'd have coinstar machines in choice locations just to keep me stocked in circulated coins and encourage as much roll searching as I could handle.

 

I'll bet it costs your employer more. Add in benefits. Rent for the office to work in. Administrative overhead. Lights heat and janitorial services for your work space all so your boss can then pay $6 for your $10 minutes of time. My point is there is way more cost to the bank then the face value exchange for bills to coins.

 

You're exactly right (except for the janitor, I get to clean my own office and equipment) but factoring in taxes and insurances for unemployment, workman's comp, and malpractice. I was just trying to dumb it down a bit. You get it though.

 

Coinstar's fee for cash is 9-11%. If that doesn't deter people from dumping their change into a machine, a 1% fee certainly won't do it.

As I said, some banks already charge 5%, so why would they settle for a mere 1%?

 

Yeah. Only giving out "new rolls" seems a little weird.

BTW, I have a sure fire method of determining if a roll of half dollars has any silver without ever opening it.

But then, I like searching the CnClad coins for specific die varieties and/or oddities. To date, my bank has no problem with my coin collecting habits as long as I do not return the coins to them. Sooooooo, I usually drive to another town to deposit the coins back into my account.

 

Hmmm. Do you suppose that the teller got the instructions on what he could or could not do confused?

"Exchanging" hand wrapped rolls could mean:
He can't accept hand wrapped rolls for "bank wrapped rolls"
OR
He can't accept "hand wrapped" rolls for a like amount in currency

Since, YOU are the one exchanging your CASH for HIS hand wrapped rolls.
P.S. Why are you looking for "hand wrapped" rolls? I try to avoind those since I know that they've probably been search.

 

Yea I'm probably not going to do anything. I started the thread right after leaving the bank. My idea seemed good to me at the time but not now. Kind of like the drunk tattoo.

 

There are 10,000 banks in my area all looking to get people's business. There was a bank branch in a supermarket that use to save them for me and call me when they got a bunch. The branch right outside the supermarket would not give them to me because they said they get complaints about them. Obviously business don't like getting a bunch of Canadian coppers, or something like that but I do. I should tell them that.