Hi all, Ok so I'm having a little trouble around here.... I only buy about $50-100 in vsrious rolls every week..... I've had several banks tell me in the past week that I must have an account with them to exchange money......yet other branches of the same institution(s) let me as if I'm a loyal customer........ Anyone else encountered this? What to do to get around it? Is it a new fed regulation? Thanks for any advice or insight.... Happy hunting!!
Yes, all the time. It's the luck of the draw. It all depends on the bank employee you happen to talk to and what kind of mood they're in. Some employees don't want to be bothered, it's to much work. Others are more friendly and will help you. The key is to establish a relationship with the employees, so they will make an exception for you. Bring them donuts.
Yes living in a small town this should not be too hard to do. I just don't want to have to open Accounts at multiple Banks to be able to do this. And to not just be able to walk in and swap out $100 paper for $100 coins is something I had not anticipated and it's kind of caught me off-guard frankly. My main concern was whether it was a new fed regulation. You know with the war on cash and everything LOL
There's no war on cash. For banks to manage their money they pay companies .. let me repeat that, they "pay" companies like Brinks or Loomis to manage their cash flow including the coins. So many banks do not want to order boxes and get nothing for it. If you don't have an account, they get nothing for it. If you do have an account they may not consider providing customers, at cost, of providing boxes of coins as they've already lost from the Brinks/Loomis overhead. If they wrap their own processed coins they may be more lenient, or not.
Yes I totally understand what's involved with it from the base perspective. What I was referring to is the war on cash now there is a movement in the country to make everything go to electronic fund transactions. Which would do away with cash and allow better tracking and data collection for money movement. You don't have to believe it but it's true. Just do some research
Yes, companies have found out doing all electronic payments reduces overhead and virtually eliminates someone walking in and wanting to rob the place. There has been significant research done on this, thus a transition to start cash-less stores. The Federal Reserve has advocated since at least the mid 1990s on moving in this direction for overall efficiency and reliability and safety, when available. But you'll find out that a cash-less society excludes the poorer segment of the workforce in general. Thus the reason the "government" from cities to states have passed laws banning cash-less stores. But, there have been laws on the books since credit cards gained popularity to prevent cash-less stores in certain states. The US Congress has introduced legislation too to prevent pure cashless stores. Do you know when you go to the gas station and pay more for credit? Maybe you'll end up paying more for cash sometime in the future instead. Of course, depending which advocacy group opinions you have read, or your own opinion will vary one's perspective on it. But yes, there are new stores who only want to accept electronic payment as it reduces the overhead of counting cash, dealing with money theft (both from employees and robberies), dealing with a cash register, safe, time to process the money everyday, Brinks/Loomis , etc. You need less skilled employees - which excludes counting. Of course, it hurts Brinks/Loomis, safe companies, etc. and that whole process of handling cash. But banks themselves have been trying to get away from "people" services for a long time themselves too. And then you have people who want to walk into physical banks; talk to an actual employee; and ask to get boxes of physical coins requiring manual labor ... all working against that cashless idiom. Maybe banks will move to a Change Machine ... after all, there are plenty of used ones from game businesses that have gone from using change to using a card.
Claw thanks for the info. I was not aware of the laws in place regarding cashless stores. That's good to know......as far a paying more for gas using credit, I don't worry about that. I only use cash. Everywhere. Makes it difficult to rent a car or some such so I have to make allowances in those type situations. Lol.... so I guess you know how I feel as one of the true dinosaurs left out here. No computer at my house, and seriously considering taking the TV to the dump, except I have kids and I also like to stream content to the big screen, if I get the rare break.... there's too many people wanting to give me money for me to justify sitting in front of a TV.....thus phone is bad enough...... Anyway have a good one and thanks againm...m
