Banks refusing to make change

Discussion in 'Paper Money' started by PEdoubleNIZZLE, Jul 16, 2007.

  1. I have a question. it's probably a dumb question, but one I've been meaning to ask for quite some time now.

    Most banks won't break down large bills to small bills, coins to bills, or bills to coins unless you are a customer. Is this actually legal? Is there a law in the US that requires banks to either break down large bills to small bills, take small bills and give large bills, make change for bills, or give bills for change? I'd just love to be told it's against policy if I'm not a customer, then quote a law (if one exists) that says they have to.
    Thanks in advance,
    -Josh
     
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  3. rlm's cents

    rlm's cents Numismatist

    First, I am guessing your posting in the wrong section.

    Are you kidding? The government has TOO MANY regulations now. God forbid they start making them that specific. Having said that, I would think that it would be in the banks interest to try building their customer base.

    Try FNB. If they won,t cooperate, write to Peter Mortensen (Hermaitage, Pa.)
     
  4. gxseries

    gxseries Coin Collector

    Why make a big deal out of this? Most banks usually must track who made what transactions, especially if some people cashed in a bogus amount of counterfeits that the cashiers didn't notice in the first place.
     
    love old coins likes this.
  5. Victor

    Victor Coin Collector

    Here is a question which deserves looking at seriously. Most banks I've been to co-operate with public requests even without having an account with them. On occasion a teller will be unfriendly and deny my request. They usually try to refer to some vague policy.
    On more than one instance I have seen the manager. That got my request granted every time.
    So my thinking here is that individual tellers make negative decisions based on mood, attitude, pure sloth and capricious whimsy.
    Having said that, isn't the function of a bank to serve the public?
    I know there is another side to this. And there are members here who support bank decisions that deny public requests if you don't have an account there.
     
    love old coins likes this.
  6. USS656

    USS656 Here to Learn Supporter

    Josh

    Three different branches of PNC bank has always been very friendly to me when ever I have gone in and asked for anything. Glass and Iron in Robinson Township has been very nice as well. I would try the PNC bank in your area. Some banks around here are extreamly unfriendly when it comes to odd requests so I just smile and go somewhere else. My account is with National City and they are not very coin/collector friendly although they never bat an eye when I bring in rolls for cash after I have searched them.

    Good Luck

    Darryl
     
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  7. umtrr-author

    umtrr-author Thalia and Kieran's Dad

    Agreed, it depends on the bank/other financial institution.

    Most around here will not give you the time of day unless you are a customer.
     
    love old coins likes this.
  8. basx2

    basx2 Junior Member

    Not certain if this applies to your situation, but the banking industry has been placed under a lot of new regulations post 9/11. Certain transactions are now reportable to the authorities that are not apparent to the retail customer. As a result, many banks have limited their services to customers of record to minimize the hassles. For example, obtaining a money order from a bank without being a customer is now almost impossible. The Wall Street Journal ( I believe) recently had an article on the various transactions that require reporting without the customer's knowledge.
     
    love old coins likes this.
  9. mikenoodle

    mikenoodle The Village Idiot Supporter

    Victor:

    I think this is where most people are a bit confused. The function of a bank is first and foremost to make a profit for it's shareholders, and second to serve it's customers. There is NO public service capacity, they are not a government institution. If they grant favors to non-customers, they do so as good will or to create a positive public image in order to attract more new customers and more business, that's all. Banks are just like any other business. They want to make money.

    just my 2¢,
     
  10. see323

    see323 Emperor Five Collection

    If you don't have an account with the bank, just open an account with them and be a good customer. I am sure they will treat and serve you well as a customer and get your things done smoothly. :smile
     
    love old coins likes this.
  11. NOS

    NOS Former Coin Hoarder

    I wont consider opening an account with a bank that requires that I have an account to do meager transactions. I went into Guaranty Bank for the first time asking for ten rolls of quarters and both tellers that I went to said that I have to have an account. Once the second teller denied me, I gave her a piece of my mind and will never go back to that bank again. They are black listed in my book now forever. And for what? Denying me a few rolls of coins!
     
    love old coins likes this.
  12. Krasnaya Vityaz

    Krasnaya Vityaz Always Right

    I know in Canada banks always accomadate requests for cash change. Cannot say for USA
     
    love old coins likes this.
  13. Bruce_B

    Bruce_B New Member

    I know it's irritating, but I don't think it will get any better. Most banks these days will give you a free checking account with a minimal deposit. For various reasons I currently have accounts at 4 different local banks so I have plenty of options :D
     
    love old coins likes this.
  14. collect4fun

    collect4fun Senior Member

    Some banks do have some stupid rules. I opened a new "FREE" checking acct and when I got my first statement there was a $5 charge. When I spoke to a person at the bank they said there would be no fee if I did not use the acct, otherwise there is a $5 monthly fee. I asked who opens an acct and does not use it? Her reply was, " I don't make the rules, I only follow them!"

    So, I guess you go around and open a few bank accts for $5 and then only go there to get change or rolls for searching.
     
    love old coins likes this.
  15. clembo

    clembo A closed mind is no mind

    I think it really depends on the bank and the area you live in.

    I'm fairly close to Gary, IN which has a rather "extraoridinary" crime rate. People are wary anywhere that a lot of money changes hands. Banks really want to keep an eye out so it's common here to not be able to waltz into any bank and change currency etc without an account.

    Many banks also charge a percentage if you cash in a ton of change even if you ARE a member. Thankfully mine isn't one of them. When I do want to unload a lot of coin I call ahead and let them know. They appreciate that.

    Banks are businesses that want to make money but they have to keep an eye out as well. It may sound silly for a bank but the less you have on hand the better.

    I don't think the feds can have any say so as to individual banks' policies.
     
  16. johndo

    johndo New Member

    I opened an acct at a local bank with the minimum deposit it's a free checking acct, I never use the acct accept for buying rolled coins the only downfall is they ONLY have fed rolls so it's kind of slim pickens, my first coins I went through was $1000.00 in halves and found like 9 40% and 1 90%, but I have discovered another problem here in the Fla. panhanle and L.A. (lower Ala.) they just don't have alot of halves and they don't want or order them.

    John
     
  17. Bruce_B

    Bruce_B New Member

    That's weird. Sounds like something Capital One would pull. If it's $5 a month then it's not free. I've had a few free checking accounts and never had a problem. They usually have some requirements/limitations, but they usually aren't that restrictive. Our main account is free as long as there is one direct deposit a month (which there is). I have another that charges per transaction after a certain number per month, but I never get anywhere near that many on that one.
     
  18. Ryan625

    Ryan625 Senior Member

    I went to the bank today to cash in some halves, usually they don't ask for my acct. number but today they did. I guess in case something went bad and i minted those halves in my basement they could get a hold of me.
     
  19. JBK

    JBK Coin Collector

    Banks are private companies. I am not sure it is reasonable to expect them to hire staff to provide free services to non- customer. Not to mention that their custmers are stuck waiting in line behind the non-customers.

    Plus, as mentioned by someone else, there is inherent risk in accepting money. If the person is a customer then there is someone to go back to in case something turns out to be fake.
     
    Neal likes this.
  20. see323

    see323 Emperor Five Collection

    In some local banks in Singapore, they only allow wire transfer of funds to overseas from your bank account. They insist that you must have a bank account with them for tracking purpose.

    In Singapore, the banks charges a fee for depositing coins as well as changing coins.

    All banks in Singapore also charge a fee of $2 SGD per month if your bank saving account fall below $500 SGD.
     
  21. crispy1995

    crispy1995 Spending Toms like crazy**

    I go into other banks all the time. As for "free services", I'm not asking them to jump hoops for me, just turn your swivel chair 20 degrees and count some bills. I went into a Chase bank today ("The rich-man's bank", my Grandmother says) and asked the woman for some two dollar bills ($10 worth). The asks if I have an account there. Not having one, I pull away from the counter slowly saying "No." "Do your parents?" "No." She looks around and says slowly, like I'm demented, "Well, I will do it for you this time--" I interrupted her and said, "I appreciate that."
    As she's counting the bills, she says, "Wow-- I've got some nice bills." Joke is on her-- those bills were sequential and had five eights in a row-- so onto eBay they went.

    Then I walked out, and remembered-- I think my mom has a checking account there. :hammer: :vanish:
    I was going to go back in waving the card in her face, but I was back at the car.

    Point in case: the bank was empty, she was daydreaming with nothing better to do, and I've been to other banks (including other Chases in the area) and they perform the transaction, no questions asked, with a smile on their face. And I had to say "Have a nice day" (because she didn't say it).
     
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