Bank of America says it won't sell CWR anymore.

What I take personal is half-fast whiners reporting half-fast rumors because someone took their teething ring away from them. They shouldn't complain unless they've owned a bank.

Chris

 

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I wasn't complaining as much as making a comment. I have lots of choices of banking where I live and can change whenever it want.

I don't think it's a rumor when the two bank employees told me the same thing.

 

BoA has tens of thousands of employees, and two bank employees makes a quorum. Right!

Chris

 

I did say I was going to ask at one of my more frequented branches. I think you are overblowing the situation.

 

Hmmm? Many, many years ago when I was learning the business at a small S &L, I had to work a few weeks as a teller to experience what they went through. I had to learn how they balanced at the end of the day. I also had to learn how to balance the entire branch among other things. When a customer brought in wrapped rolls, their name and account had to be written on the roll just in case that at some later date when the roll was opened, the roll was short. (All customer wrapped rolls were recounted after they were opened before it went into the cash drawer.) If it was, the amount would be deducted from their account. I don't know how it is done now since I don't get rolls from the bank, but I think that is an easy and simple way to assure that any shortage is addressed. Even if the teller or the branch was off by cent, it had to be found before the branch closed. If it was not, you had to 'force' balance the Branch and then look for it the next day. This was also was the way it worked with customer wrapped rolls at larger banks (like B of A) I worked for.

 

Lol can't you just weigh a roll or a coin as I do for one of my validity tests

 

I live in a rural area and the local bank is very friendly. They take rolled coins and credit my account on the spot. They also put aside unusual bank notes and give me a call to stop by and see if I'm interested. I guess little is sometimes better. I used to bank with W.F., but they were very unfriendly and from the latest news the government is after them for opening false accounts.

My daughter belongs to a Credit Union and they have a coin machine that is similar to Coinstar, that she can put her change in, it gives her a receipt that she then brings to the cashier and can either take the money (no service charge) or have it deposited into her account.

 

That's a bit extreme. I've never seen this before and I occasion my bank enough to see the local merchants picking up change on a regular basis. Chris has a valid point and if the teller is off by even a cent at the end of the day, they have to stay until they find out where that cent disappeared to, either physically or electronically. This plus, as we slowly move to a cashless society, it will really put a dent in coin collecting in general. I guess we should be thankful it lasts as long as it does, and before we have to start ordering boxes regularly from ebay at a premium.

 

Not really... some countries have coins of similar weight and size to ours.

 

I would be hard pressed to give up one of my Florins or Shillings to get a 50 cent saving from a roll,but weight has validity from the old practice they called clipping,as unscrupulous vendors would shave small bits off coins,crazy eh.

 

Some countries, notably Panama, have coins with the same dimensions, weight and composition. Don't mind finding Panamanians though.

 

This summer in Europe I got a Monico euro,which was a cool surprise as I guess they are quite rare.

 

I had the same experience with them for years.... hundreds of thousands of dollars in coins, no problems, usually 2 deposits a week... until about a year ago. I noticed an adjustment on a statement for -$17.80 from a $500 half dollar deposit. On line I was able to open an image of a "Deposit Correction Notice" form filled out by initials "SB". I called, asked how $17.80 could be missing from a bag of Halves, they credited my account back. Next month, 2 more corrections for $11.48 & $10.95, also signed by "SB". I spoke with the Branch Manager and they opened an investigation promising to report their findings within 2 weeks, and felt confident that these errors would be corrected. Meanwhile, more corrections, including one for $78.25 which also caused me to incur an overdraft charge on checking account! Every single correction notice signed by "SB", I wonder if SB counts ALL the coins they get, or just the ones that come out short? Over 2 weeks later still no contact from them regarding any findings, I have to ask and am told they need more time. Eventually I am told only that they could find no errors with their counting or their process! Maybe I "accidentally" left $78.25 out of the bag of Halves? They also explained that the shortages might not be in increments of 0.50 because of residual coins in the hopper of their counting machine. If this was so than I should have received extra credit? And what happened to the count for the customer who's coins were left? Their process is at best sloppy and unprofessional, and I believe, fraudulent! I asked to send another batch through the system, one that we confirmed accurate at the bank, if it came out short we're sure THEY have a problem somewhere. They wanted no part of that. There is no accountability, they control the process, oversee themselves, don't want to fix it, and don't care if customers are shorted or take their business elsewhere. They actually told me that I might want to find another alternative, Pearls of wisdom there!!

New customer service message: If you are a bank owner please press #1, all others...

 

Coins from Panama and the Bahamas are exactly the same size and weight as US coins. Their money is always 1:1 with ours, and their coins are designed to fit in our vending machines, parking meters, tolls etc. All 3 of these countries coins are interchangeable. A Panama 25 centavos coin is the exact same thing as a US quarter. But people don't know this and think you are trying to give them a worthless foreign coin.

As for weighing rolls, zinc pennies weigh 2.5 grams and copper pennies weigh 3.1 grams. Silver dimes weigh 2.5 grams and clad dimes less than 2.3. Silver quarters weigh 6.25 grams and clad weigh less than 5.7 grams. So you can't weigh rolls.

 

My credit union in MO placed a coin counting machine in lobby, and states they will no longer accept CWR

 

Par for the course with BofA in my experience.

 

Since others are mentioning issues with coin machines, I will share my experience with my credit union from a few months back. Approximately $650 in nickels and dimes, these were BWR coins and only should have been short whatever difference from shortages in the rolls and what I kept in the search. Get to the end of the dump and it only totaled about $520 or so. I knew something was off. I advised the newer teller that I really knew I had more than that, she said something along the lines of "that's what they all say" and then wanted to deposit the funds into my account. I advised her that I had been a longtime member, cashed many thousands of dollars into the machine before and had never noticed a problem before but this was different. She called out her manager who then said they would look at the machine the following day and audit what was in the machine vs. what the machine recorded taking in.

The result the next day was not surprising - sure enough it did take in $129 and some change more than it recorded and my account was duly credited for that amount. They also apologized - I don't believe TD or BofA know the word apology. And Wells Fargo maybe good with handling your coin, getting you coin etc, but then you had to worry about them opening up lines of credit, credit cards and new checking accounts in your name to make sales goals.

 

I do recall one time in the late 80's when I deposited a ballistic bag of loose coins of varying denominations. Later on, I learned that the deposit was short, but I knew for sure that it wasn't because I counted it three times and itemized each denomination. I suggested to the bank manager that maybe their (centralized)counting machine was in error. My account was credited immediately. About three weeks later, the manager informed me that Central Receiving had tested the counting machine and found that it was in need of recalibration. After that, I never had to worry about my deposits.

Chris

 

The rogue people there are now gone, and life moves forward. This is probably a blessing in disguise for CRH as it means they will likely bend over backwards for their customers for the foreseeable future due to this PR disaster.

 

Speaking of Wells Fargo, I went to a Wells Fargo today and someone brought in around a dozen rolls of quarters, numerous rolls of dimes and some cent and nickel rolls. The teller very slowly and meticulously went over the rolls of dimes and quarters with a magnet. I've had some of my rolls given a quick one over before with a magnet but I had not seen a teller take so much time to do this before.

It signified to me that the teller had previously been burned before with finding a lot of washers/Canadian coins or he may have been worried from hearing stories from other tellers either there or elsewhere. It's also possible he was just following procedure that's been set out at this one particular branch.