I went to a new bank today. Bought 20 rolls of dimes as usual when scoping out a new bank. They charged. 25Cents per roll, as I was a non-customer. I paid it, but never heard of such a thing before. Is that even legal for a bank to surcharge for currency?
Probably more correct to say you paid for the service, not the exchange. If they were short on wrapped coins, that means merchant-customers might have to make an extra trip. Of course it's legal.
Of course... they're providing you with a service, and in this case, one that (usually) does not come free for them either. While 25 cents per roll is excessive, some additional charge/fee on top of face, particularly for non customers, is both fair and reasonable.
My advice, try a different bank, it will save you time and money. I have never had that problem before. Banks may tell me that they do not have enough on hand, or say that we only give boxes to stores and such but no one has asked a fee. I have some banks who order extra just for me, one bank orders many boxes of halves for me each week, all for free. I have had dump banks get annoyed at me for giving them too many boxes too. Last year I went through almost 500,000 dimes and halves! That is $12.5 a box, it would take more than 10 silver dimes a box to recover.
Banks charging 25 cents a roll is nothing short of usury. On the rare occasion I've found a bank like that I've just walked out never to return. I've even had chain branches that I have accounts at try to charge me extra. I tell them how other locations don't charge me and walk out. Some banks are more than happy to sell their excess rolls that they get in from customers and see you as doing them a favor. Others play the old "we have to pay to ship them in" line and make it sound like selling rolls is such an inconvenience and financial hardship on them. I recommend avoiding banks like this as much as possible.
While it may be a little white lie, I always say I'm an account holder, but I normally visit a different branch. Chances are they won't ask for your account number. If they do, tell them you a new customer and haven't memorized it. And if that's not enough, they're just being prickly and you're best off crossing off that branch from your list.
You guys get me! You want the banks to give them to you free because you're too cheap to buy them on the open market. Why don't you just move back home and let your mom do all your laundry and fix you dinner? Then, you can take the savings and buy the silver coins on the open market. Chris
I'm kind of happy because I see people spending an extra 5-10 dollars a roll on halves and I do not need to pay any extra for my coins.
Got busy and haven't been able to sort but a few rolls. Happy to find a 1961 in the first roll, though. Bank wrapped rolls. No, I won't be going back to that bank. I look at the 5$ fee as a nominal learning experience. Glad I didn't ask for a box or bag...
Buying circulating coins from a bank is getting them on the open market. I'm buying legal tender currency, not silver. I would expect to pay face value, not get them for free. Personal insults aside, you know nothing about me! Your comment is not constructive or appreciated
Like I said before, they are providing you with a service, so expecting face value as a non customer is just as unreasonable as charging 25 cents a roll. With that said, the other gentleman may simply be showing frustration over the regular threads here that on the surface seem very similar to yours. I don't think he intended to single you out.
You are overlooking the possibility that they are trying to DISCOURAGE you from coming back. Umm, it worked. Flipping rolls does not benefit the bank one bit. One silver dime is currently about $1.15 profit. You're working awfully cheap.
I do not do it for profit, I just do it as a hobby. If I wanted to make money there are more things I could do. The price of gas already is more than the silver dime you may or may no find in some cases. Same with metal detecting.
Yes, the profit of searching is low, that is not the point. It's the thrill of the hunt. Surely if you read this forum, you understand that to some point. The banks do not pay a surcharge for rolls, their expense comes on the dumping end. That's why I dump where I do have accounts. I did not overlook that they discourage me to come back, as a customer or otherwise. Bad policy imho to discourage potential customers. Most businesses would strive to obtain/convert new customers.
