I have read of folks going to their bank and getting rolls for searching since they assume that more and more are turning in their coins because of the economy and they will get local coins. My local bank will not accept self wrapped coins, requiring that they be loose and then will not pay you until they 'send them off' and get a count. So expecting local coins seems useless or is this just a BOA thing.
I think this is just YOUR banks policy which seems a bit silly. MY bank prefers rolled dollars bu BAGGED Kennedy Halves and I get the $500 or $1,000 credited to my account WHEN I turn the bags in, not after they have been counted. Your BofA has gone over the edge with procedure as I have personally witnessed coin counting machines come up with different results of the same batch of coins. It is a little disturbing in that if hundreds of customers were to all turn their Lincolns in at once the bank could lose a lot of money! As much as $2! If you can, perhaps consider switching Banks. You just might get a little bit better customer service.
I'd go find another bank to turn in your coins. I found one with an unlimited coin counter and opened a free account there for $50. Now, after searching rolls, I dump them all in and get cash and buy coins all over again. Many of my banks accept coin rolls.....strange that yours does not.
I go to coinstar they chare a little % but it is simple and quick, coints the coins, gives you a receipt , take the receipt to the srvice desk and get your cash , and get more coin rolls.
Nooooo! Don't use Coinstar. I sat down one day for 30 minutes and called every different bank I could think of to ask if tany of their local locations had free coin counters and I was able to find 3 different banks that offered them. Sit down and call around, it doesn't take long to find free coin counters and it will save you a lot of money in the long run. Also make sure that the counters are in the lobby. One bank I went to you have to give the coins to the teller to take back and they dump them. They didn't appreciate that I had 3 boxes that day.
It pays to shop competitively! Whatever their motives or motivations for the policy, it is peculiar to them. I belong to a credit union. I cannot always get rolls of coins in the denominations I want, oddly enough. However, they do have a free coin counter in the lobby. I run my change through it, get a printout, and have that amount deposited into savings.
That "little %" is usually 8 or 9% I don't consider that to be so little. Yes you can get the fee waved if you put the money on a gift card, but it is usually a card that is not from someone I do a lot of business with.
I totally agree, I went to CoinStart with some half dollars. Boy that was a mistake! A slight $22.50 fee kinda makes you wonder why you bothered. Instead, I worked it out with one of my banks. They'll take them in $1,000 bags.
My bank (wachovia) makes me wrap the coins in rolls. They actually never check to see if I counted right, and they deposit it right into my account. I always make sure I counted right though, I believe in karma
we take customer wrapped rolls everyday. the only rolls we get that are not like that are ones that come in our shipment from Brinks. they just shrink wrap the rolls. its weird that they dont or wont take customer wrapped rolls. we dont have a counter at my branch so we prefer that the customer has there coins wrapped before they just give us a pile of coins
I hadn't thought about calling around to find a bank with a free coin counter. Thanks for the good idea.
My TCF bank lets me order, than bring back what I don't want to their change counting machine, they don't take a % if you hold an account with them!
