Do Banks that you don't have an Account at let you buy rolls?

Curious about your experiences...the banks where I do have an account haven't had rolls of halves lately. I was driving by a credit union today and stopped in to see if they had any. They had "lots of rolls" in the vault but when they learned that I didn't have an account with them said that rules as a fiduciary institution prohibit them from receiving cash from someone without an account. Wondering if there is some actual rule about that or if it is an internal policy. Any thoughts?

 

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I have had both a bank and a credit union account since the 1980s, and I find that in general, the CU is much more friendly and much less bureaucratic. It's good (in my opinion) to have a backup account.

Also, the CU charges 1/3 less for safety deposit boxes, but due to the bargain price, they are usually filled up. They also have a coin-counting machine in the lobby, and the bank doesn't, at least not for public use.

 

Yes I have found that, I do not know if its a RULE, But they would rather save them for a member in good standing.

 

Internal policy unless something has changed. They just didn't want to do anything for you since they make no money off you. I've gotten change or turned in change for bills plenty of times from banks I've never belonged to.

 

"Fiduciary institution?" Oh my, what a big word for such a tiny brain! You should have told them that when they said it. They're just trying to get you to join.

 

The word "fiduciary" appears hundreds, if not thousands of times, in the Code of Federal Regulations. Our grandparents and great-grandparents, vulnerable suckers for every wildcat bank and desk-drawer broker, WISH that our government had done more, a century ago, to eliminate fraud and protect their assets and accounts. It's a constant battle against new scams.

You may recall that thousands of banks failed in the 1930s because suitable regulations were not in place. My great-grandfather's small town bank failed because he had made too many loans on farmland, and when the Depression came, otherwise penniless farmers sold their acreage (generally at auction) for whatever they could get, and caught the next train out. The mortgages, held by the banks as assets, were suddenly worthless.

A lot of banks were also wiped out when they played the stock market in the 1920s (you know what happened then) before the Glass-Steagall Acts of 1932-33.

 

I don't buy coin from non-account banks, but do buy and reward non-member credit unions - ie when I have found 100+ year old coins I have taken in boxes of candy. Offering perks opens vaults.

 

I bring my Ladies Dunkin donuts coffee , They like French Vanilla Just so they do not see me as a pain in there butt.

 

Chase just mailed everyone in this building a $500 "deal" if they would open and maintain two types of account for six months, plus a direct deposit; the wastebaskets were full of them.

This amply demonstrates how lucrative banking has become. Who's paying for all this generosity? You and me, earning 0.75% on deposits.

 

I've found that credit unions are repugnant in their treatment of "nonmembers". I don't even bother to go in and ask to buy coins at them. They don't seem to realize or care that they are just losing out on my business in the long term.

While I may not wish to have an account with them now, I would have kept them in mind to open an account in the future if they were kind or courteous enough to sell me a few rolls of coins in the present. Instead, they are blacklisted in ever being considered for opening an account with them.

 

Yes, I had a problem with a local bank. My home mortgage is with Westgate Bank in Lincoln, NE. When I went in, they wouldn't give me any rolls or bills. Even though they suck hundreds of dollars in interest each month from me, the still said that I had to have a checking account in order to get the rolls or cash. What a crock. I told them I'm looking for another mortgage company.

Also, Wells Fargo said they got rid of their coin counters. Don't know how you can run a bank without them. They gave me wrappers and said I could only bring coins in if they were in rolls. I asked them what happens if they are shorted in the roll. They said it could be deducted from my account. How would anyone know what to deduct unless they counted them after if left. I'm pretty sure they won't hand count 5000 pennies.

 

No but if its like my CU they send them back for credit on weight if the weight is off they deduct, I had a problem one day where I may have fed the counter to fast and I got shorted about $70.00 on a thousand. I told the manager she said she would pull the bags and send them and if they were under weight compared to the receipts I could get reimbursed
I never heard a darn thing.

 

There are tons of rules about how financial institutions must handle cash transactions related to Anti Money Laundering laws. I don't see how it would apply in your scenario. I don't see why it we be any benefit to the bank to "sell" coin to non customers coming in off the street. Coin is a pain for banks. Transport to and from branches is often handled by vendors. Those vendors get paid. Competent banks keep the right amount of currency on hand to deal with their known consumer and business customer activity.

 

In a slightly different adventure, I would love to explore a Federal Reserve Vault where it's rumoured to be bags of unc Ikes!

 

Same thing happened to me a couple months ago with a wells fargo counter. I lost 35 dollars. The next week the manager came back and told me that the fed would not tell them if the bag was over 35 dollars of dimes because it is not a significant amount of money. Now Wells Fargo is telling me that they will deduct a cent from my account if I'm short a cent in a roll. It makes no sense at all. They told me that every roll I bring them they will send off to the fed to be counted in a coin counter and if a roll was short a coin, they would deduct it from my account. What if I was over in a roll? They would keep it right? I don't think Wells Fargo is going to deduct your account if a roll is short a cent since they certainly will not reimburse me for my 35 dollars the coin counter stole.

 

Ikes ?? I heard Morgans and Piece,!!

 

That was one of my points. If 300 people drop of rolls of coins...who gets charged back? I know they don't take the trouble to keep track...unless they run them thru the coin counter that they say they don't have, before closing their till for the day. They are just trying to scare people into being honest....which is a big problem with their employees.

 

It's probably all good. They tellers that took the deposit just have to make up the difference and get graded for a difference at the end of the day.They make big big bucks I'm sure and can make the difference out of their yearly bonuses.

On the other hand, they may just have coin counters that are not available for "public use". Some banks even require depositors write their account numbers on the rolls so they can keep track.

 

I'm guessing they just got tired of taking in all the coins and having the teller disappear for 10 minutes, and thought it easier to just lie about having a counter.

 

This is why it is beneficial to banks: banks have a varying degree of merchants that they deal with so they need to keep varying levels of rolls of coins in stock more than others. I've been to some branches where the tellers are more than happy and thankful that I came in to take off the excess coins they didn't need. Rolls are a pain to keep track of in their drawers and these rolls often need to be accounted for in the vault at the end of each day. They can be especially cumbersome at grocery store branches because they only have so much vault and storage capacity. Additionally, I've seen tellers emptying huge amounts of rolls into bags to prepare them to be shipped out because they had way more than they needed.

In addition to this, it helps to build positive rapport with the community to sell reasonable amounts of rolled coins to non-customers. Building off of what I said in post #10, I will be much more likely to consider opening an account with a bank in the future if they're courteous and help me out in the present with a modest request. When they put up a wall, cite nonsense like "fiduciary institution" rules (at least as can be seen with the CU by the OP), etc. they will be blacklisted by me.