I have to pay to make a cash deposit? . . . Really?

Discussion in 'Coin Roll Hunting' started by ToughCOINS, Jul 29, 2015.

  1. Doug Rogers

    Doug Rogers Member

    You're right. It appears the only interaction some banks, particularly the big ones, want with customers is to take your money & charge fees. Computers will do most of the work for them, so why pay employees to service their accounts? They use credit scoring to make their lending decisions, thereby reducing the roles of 'personal bankers' to order takers and do not appear to consider the character of the borrower in their lending practices. This 'robot' lending has a lot of banks in big trouble with high levels of bad debts to write off. Also, when I try to call Bank of America, I get put on hold for long periods of time with a repetitive recording that they are helping other customers. Teller turnover and 'personal banker' turnover is continually high, making it difficult to develop a personal relationship. Banking relationships with a lot of banks will likely become more digital moving forward with more fees and less personal service.
     
  2. Avatar

    Guest User Guest



    to hide this ad.
  3. Naplesjack

    Naplesjack Member

    And have you heard the commercials on the radio soliciting loans by non-bank businesses. Read up a little on this development and it's gaining traction across the country particularly Calif. They promise quick (a day or so) decisions and money in your account within a few days.
    They'll take the small loan business right from under the bankers noses. Watch it happen ! !!!!
     
  4. coindudeonebay

    coindudeonebay SMS Guru

    I can upload deposits via my phone. I don't even have to get out of my chair or put the beer down! :)
     
  5. rickmp

    rickmp Frequently flatulent.

    But can you do that with cash?
     
  6. coindudeonebay

    coindudeonebay SMS Guru

  7. Pixl Pirate

    Pixl Pirate Active Member

     
  8. Doug Rogers

    Doug Rogers Member

    Try opening an account with a credit union. I believe you will not encounter this type of problem with them.
     
  9. Doug Rogers

    Doug Rogers Member

    I just recently joined a credit union. There are no fees and the employees act like they want you to come their place of business. While the big banks are closing branches and laying off people, the credit unions are expanding all over the place. Fees coupled with robot lending practices and employee turnover will continue to drive more people away from the big banks, in my opinion.
     
  10. scottishmoney

    scottishmoney Buh bye


    Uh, yeah! My several credit unions are practically burying me in coin lately since they WANT me to take it, gosh, I get boxes, rolls, bags etc. Last week found a 1900 IHC and a 1903 Liberty nick in stuff from a couple of them. Oh and the tellers get a kick out of saving silver for me since I bring them goodies.
     
  11. Doug Rogers

    Doug Rogers Member

    They don't want customers coming inside the bank unless they are applying for a loan. Actually, they would prefer the loan applications be done on line. The less customers coming into the bank means the less amount of money they have to pay for tellers, 'personal bankers' etc. They want a close to a totally digital relationship as possible.
     
  12. Gilbert

    Gilbert Part time collector Supporter

    Exactly. I only go to the bank to access the safety deposit box. Deposits are made via the banks ATM. They prefer customers who have online accounts and use auto-pay for recurring bills. Paper checks are labor intensive relics of the past. I can see a time when traditional banking customers are charged for any person-to-person transactions.
     
  13. littlehugger

    littlehugger Active Member

    Its because the government DID introduce a new tax.
     
  14. NorthKorea

    NorthKorea Dealer Member is a made up title...

    What state or country do you live in where this tax is applied?

    I've actually found myself using Paypal for a lot more transactions than I used to. 1% fee on international purchases, but 1% deposited to my account at the start of each month on previous month's purchases. Essentially, I get the same "wash" that I do with Capital One without having to deal with crap about telling them when I plan to travel. For larger purchases, still use AMEX, when accepted, but it seems Asia restaurants and stores charge more for using AMEX for lower end purchases.
     
  15. fish4uinmd

    fish4uinmd Well-Known Member

    Ice, although I agree that the charges are an additional revenue source from the little guy, my BofA has a least 3 tellers all of the time. If the drive up teller has no customers, he often comes to the counter.
     
  16. fish4uinmd

    fish4uinmd Well-Known Member

    All of the coins that I purchase using Pay Pal, I get an additional 1% back on my CC as cash back. Safe and simple.
     
  17. harrync

    harrync Well-Known Member

    The fee for the coins is probably just for the trouble of handling bulk items. The fee for the cash may be because that is where their bookkeeping expenses start. Most people think that cash transactions under $10,000 are safe from reporting. Not so: if you put in $6000 one day, and $6000 the next day, that is considered a "structured transaction", and the bank has to report it.
     
  18. ToughCOINS

    ToughCOINS Dealer Member Moderator

    The bank does not necessarily have to report transactions of more than $5000 on sequential days. It is their responsibility to use good discretion in determining what might constitute structures transactions. Banks, however, will almost always report such instances when depositors do not routinely make deposits of that magnitude in order to not be challenged by the feds.

    For businesses which make large cash deposits on a regular basis, supermarkets and filling stations for example, the reporting of such deposits could justifiably be considered harassment.
     
Draft saved Draft deleted

Share This Page