I bank at a local credit union that has about 10 branches in the Tampa Bay region. I have been a loyal customer for a year now and have brought them new costumers on numerous occasions. I have always used their coin machine as my dump and have never had a problem. I decided I would ask them to order me a box of nickels a week just to bump up my searching. They finally came in. As i was picking them up, the teller proceeded to tell me that now i was considered an enthusiast and would be charged 10% for the coin machine! As a day to day costumer of the bank, this kinda frustrates me. Am I being Insensible?
"Considered an enthusiast"? What kind of people run that bank? If you have an account, and the machine doesn't waste them any time (which I would guess it doesn't seeing as they don't have to count), then they shouldn't charge. I would be swapping banks if I were you.
Everything else about this bank is perfect. They have a wonderful college account that I use. In addition, they are in partnership with Presto which are the ATM's found at Publix.(grocery store) I happen to work at Publix, so its like having a branch ATM at my work place. This is the first time I've had a run in with one of there 'policies.'
Makes sense to me. You wander in every so often, count a lot of coins in the counter, hand them over for cash or what have you...no big deal. But now you're ordering boxes that aren't part of their normal expected inventory. They'll be paying whatever delivery and handling charges are necessary to obtain the coins...charges that can be significant for a smaller bank that doesn't have its own central vault at a main location. They'll be dealing with storing them for you until you come get them. Whichever teller logs them will now have to inventory and account for them, over and above his/her normal daily routine...every day. A teller will be handling them, completing your transaction, and then logging them back in when you return them. At which point they'll incur more storage costs, again be responsible to inventory them, and pay more costs to return them via Brinks/whoever. And they know, since you're an "enthusiast" that they'll be doing this on a regular basis, and it's not a revenue generating process. Banks exist to make money...yes, even "non profit credit unions" are still expected, by their owners (you, among others) to see positive returns on their investments. Even the most "frugal" of depository institutions is expected by its owners to cover the costs of operation, and not run in the red. None of us around here bat an eyelash at our credit union charging us interest on a loan, or at our S&L investing our deposits for their own ends, or at our bank charging merchants fees for processing debit/credit transactions. We figure all of this is normal behaviour for a bank. Heaven help them, however, if they charge us directly for providing a service that is beyond anything reasonably expected by the average customer, not specified in any sort of service agreement, and causes the bank to incur significant real costs. ================= Having said all that, there ARE, of course, banks who choose not to charge for certain things. Some charge for online access...others do not. Some charge for checks...others do not. Many base what they will and won't charge for on an average or minimum balance, since they can get better returns on larger amounts. And, like any of these other charges, fees, and services, there are some that won't charge you to order coins, and some that will. Sometimes, particularly with smaller banks and local CUs, it's simply a matter of finding the right branch or the right friendly teller or manager who'll waive the fee. Other times, for whatever reason, you've run into a branch or teller who dislikes "our kind", and has just been waiting for a chance to make you pay. So it might well be worth your time to inquire at another branch...perhaps with a box of chocolates or a small gift in hand. Whatever winds up happening, however, please do try to keep the above in mind. What we "enthusiasts" (first time I've heard us called that *heh*) do is NOT cost neutral to the banks we frequent. It takes time, resources, and both hard and soft costs on their part. Getting indignant about them deciding to charge to cover these costs only rewards those who are of the opinion that "we" must be stopped. Remember, instead, to be openly and frequently appreciative of those tellers and/or branches that will help you out, and always bear in mind that we are asking them to help US.
I'd talk to a manager and put it politely that there are other CU's that would thrilled to have a new customer. Even if you don't plan on moving cu's
Thank you for taking your time to write this. I told them I would no longer be ordering boxes from them however they still will be charging me the fee. I understand their premise and at the end of the day they still have to pay their bills. I just find it unfortunate, I suppose. I have a relationship with most of the tellers and will continue to bank their. I guess ill just have to go to another branch to dump.
Well, despite my "rant" above, suggesting that as coin searchers we understand such things, it's still disappointing. While I truly do think "we enthusiasts" should recognize that what we ask a bank to do costs money and time, I also think individual branch managers and long-serving tellers ought to have some discretion to work with customers like yourself. Yes...what we do costs money and time...yes, we're asking for a favor...but sometimes we've brought, as you say, considerable business their way, or put considerable profit in their coffers through many years of deposits and transactions. So...like you, I find it unfortunate. I suppose "unfortunate but understandable" would cover it.
This is one reason why picking up and droping off at the same bank is not a good idea. it rocks the boat. And besides, you may wind up getting the same coins a second time. Go back to just droping and ask if they will wave the fee.
Exactly. "Unfortunate but understandable" On another note. I found 3 90%'s and 16 30%'s today in my half roll searching.
Yes, lesson learned. I was withdrawing money one day, and one of the tellers(who knows I search nickels and halves) told me she could start ordering me a boxes. I didnt put too much thought into it and just said yea why not. Now I know why not.
All of the bad luck will pile up and you'll find a box that has nothing but silver! Or at least that is what I tell myself after a series of skunks. haha
I'm thinking it's retroactive, actually...I scored a massive pile from a customer drop about 2 years ago...it's just catching up with me now. *lol*
Agreed. Don't dump where you eat. But I don't see why you can't just dump at one branch, and order from another. And, tell the branch that is charging a dumping fee to keep ordering you boxes, and stop dumping there. No fees, no problems.
I am SO sick of this "banks need to make a profit" argument. Excuse me, but if I overdraft my checking account by a penny they charge a $35 fee. That is in the neighborhood of 1 billion % interest. Open up a "savings account" and they will pay you .01% interest on your money right now, meanwhile they loan that money out at 5-6% for a car loan, similar for a home loan, and sometimes as high as 25% for a personal loan. So everyone can spare me with the fees they are talking about for DEPOSITING money into their bank with their coin machine. They should be begging you to deposit in their bank. I have a simple policy. If they give me even the slightest issue with my deposits or orders, I politely say "I can solve both of our problems right now. I would like to close my account now please". Banks aren't doing you a "favor" by ordering you boxes of coins anymore than Hungry Howies is doing you a favor by putting extra cheese on your pizza. They are earning your business. If they don't want it then walk out and never go back. I have 2 banks that get excited when I come in to pick up my boxes of coins. They couldn't be nicer. If your bank is trying to cut costs of $50 or $100 per week in box ordering fees, as they charge thousands of people per day obscene overdraft fees, then they are being ridiculous. That all being said, being kind, and thankful, and cheerful with them every time you deal with the tellers or managers is a key. If you act like they owe you something or are a pain then everything I said goes out the window. It isn't a money issue with the bank, its a 'your a pain in their butt' issue and they are looking for a way out.
