The people you buy from on Ebay

Might just be your Banker.
Walked into a bank today and there was a new teller there. By coincidence it just so happened to be a childhood friend who I haven't seen in at least 25 years. I always ask if they have anything good, but this bank seldom has anything, and what they do have is only worth face.

I asked her why they never have anything and her reply was that the bank has a full-time employee who collects all the silver from the change and sells them for the bank.

She said that all the change that comes into all the branches, except for pennies, nickles, and gold dollars, is sent to.the main bank to be counted and rolled. They pick out all of the silver there.

Also they track the serials of new currency that comes into the bank to be sure that they pull any numbers that they can sell.

 

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That's BS. I'd pull every dollar I had out of them and find a better bank

 

I know I'm going to get a lot of flak for this but I respect that. Shows the bank is smart and knows what they're up to. There's a market for these and they follow it.

 

They have a full time employee to do this? Wow, what a waste. Probably a Vice President.

 

I'm going to be honest, I understand not wanting to use that bank, but I don't understand your angered reaction. The bank has every right to do what they please with the money that they process. Frankly, I think banks are filled with idiots if they don't pull out silver. They'd be losing a lot of money.

 

I may be wrong, but isn't that a violation of federal banking laws?

 

And I have every right to find another bank. Btw, I wasn't angry just in a hurry.

 

Any potential issues (as mentioned by Rick) aside, I agree. It would show a willingness to think outside the box and to exploit opportunity, which is good business. Now, if anyone, particularly a collector for obvious reasons, chose not to do business with them because of it, I can certainly understand their position as well.

 

That you do. Text does make it difficult to read tone. I guess we have differing opinions on what makes a bank "better" as the bank that has the better rate and stability gets my money. Cheers.

 

It certainly could be, however they did say full time employee. If that is all that employee does I question whether or not enough sales are made to cover his salary and if it is really worth it when they crunch the numbers at the end of the year. Seems like it would be easier to just make a run once a week to a coin shop and take the profit without all the added expense and hassle of selling on Ebay.

 

I'm doubtful that a bank would employ someone full time if they didn't make money for the bank...

 

If you were a teller, would it be okay if you took the collectible coins or silver for yourself?

Chris

 

I believe, generally speaking, it is at least unethical to use the assets of a business you work for, for personal profit and an outside business.

 

Who knows could be a friend of a friend. I just doubt they have that much silver coming in to really be able to pay a full time employee and make a profit that is worth it.

 

Fair enough, but I was running with the assumption that a bank of all places would understand the concept of investment vs. return, that if the cost of such an endeavor was greater (in total and to a comfortably profitable level) than the benefits, they probably wouldn't bother.

 

You'd think if a larger national bank it wouldn't be allowed. Even a smaller regional or local bank I imagine they'd get bagged hard on an internal audit if this was discovered. I imagine they're using a type of slush fund to 'purchase' the silver, etc and I can't imagine an auditor or someone higher up being very pleased if they find out that's what's occurring.

 

How much money does the bank make from sorting out silver, and what's the salary of the full time bank employee (coin hunter)? Not that that info is easily available, but I'm curious to know.

 

I have no issue with the bank pulling silver out, etc. And if I worked at a bank, I would ask if I could "buy" for face value any coins I liked that came in. This is not stealing, or unethical at all. Not anymore than you keeping your silver dime you get from change, etc.

 

It is hard to imagine that it'd be very profitable now. I'm sure there have been times when it was though. During the run up to $50 in the late 70's and 1980 it would of been well worth it. Minimum wage back then was $2-$3 and I'm sure there was a lot more silver in circulation.

 

It's not illegal and it's not unethical. The bank is a for-profit business and their purpose is to make money for the owners (shareholders). If they've found a way to reduce the costs of a necessary service for their customers (deposit of coins by commercial customers), it goes to the bottom line.

If they just allow central office staff to paw through the coin counter rejects (more likely) and exchange 1-for-1, that's ok too (otherwise the bank has to return the worn out coins to the Fed, and takes a loss on the non-coins (foreign, washers, etc.) they accepted or charges it back to the customers). Again, cuts costs and this makes more $ for shareholders.

I too question if there is enough return on the salary, benefits and sales costs of even a low paid employee...