Fed Banks charge for rolled coinage?

are coin amounts that we give out vary weekly. so we can only anticipate what we need. sometimes we order to much and sometimes its to little sometimes its just the right amount. we have no control over that so there isnt any sort of "inventory/ordering problem" we are also only allowed so much money in the bank itself. so we cant just order 500 boxes of quarters. there just isnt even physical room and i work at a fairly large branch. its not only an issue with coins its currency also. say we order $40,000 in hundreds for the week. on monday someone comes with a check for $25,00 and wants cash. there goes a big chunk or our weekly allotment for $100's. we also have to ship out a certain amount of cash a week to be at the limit we are set at. if a non customer came in with $5000 in $20's and wanted $100's we would not do it. but that gets into a whole diffrent issue of people trying to trade out dirty money (illegal funds) for clean funds. i see it on a daily basis.

 

Log in or Sign up to hide this ad.

I, too, agree that a lot of us are getting cut back on the fees banks do provide because of those bad investment choices also. At some points banks have to go back to being banks not some elusive country club membership organization... and thats what it feels like when banks refuse to provide a simple service.

Your point about paypal is dead on too. I have had the experience of debits and credits from/to my checking account dealing with them. They waste absolutely no time in pulling the money out, but boy will they drag their feet when it comes to putting the money back in. And they are sitting, on a daily basis, probably 10s of thousands of dollars that are to be deposited into their customers bank accounts and we arent getting the interest from that money, they are. Banks will operate that way sometimes too when it comes to ACH deposits or financial institutions that use an ACH system, which to my knowledge many do. They can sometimes tuck those ACH deposits away for an extra day or two and the bank makes the money when the customer should.

In the end, I just wonder what the solution is going to be for the average American to buy rolled coin if its true that all banks will move to a standard of just allowing business customers to buy coinage. Makes you wonder.

 

I'm going to go to all the local banks in about a week and I'll see how many will sell me rolls of Lincolns.
Let you know
itsallngoodtime
Bob

 

I went into a new bank not that long ago and asked to buy a box. I was told the same thing it would cost an additional $5. after talking to the teller for a while and developing a repore she let me know that the $5 charge was only on boxes and that i could buy $25 in fed roles with no extra cost.

Just keep in mind that tellers are people to . Being in good graces with your teller is always a good thing . They know where the good stuff is hidden.:hug:

 

Sounds great Bob, cannot wait to see how many banks will sell to you. This should be interesting. So far for me its Valley Bank, and my credit union that have sold to me. Wells Fargo was a no go as was First Midwest.

 

Ive already developed a good relationship with the tellers at Valley Bank, they always have the new presidential dollars on the first day they are to be made available whereas my credit union does not. So they always know why Im there on those days and they sell me the rolled coin no problem. Im actually half way considering opening a small account with them just to continue to have this opportunity. Some banks are certainly more friendly than others. Wells Fargo just always gives me a snotty/snobby vibe- Ive never been treated real nicely by their tellers TBH.

 

GREAT RESPONSE.....AND TRUE !!!

"I can't get rolls"
"They want to charge ME"


LMAO.....

 

Seems to me; most folks "buying" coin rolls are also hoping to profit from it in some way. Sure swapping bills for coins is amazing ROI for a bank, but it also has a cost in staff hours: ordering rolls, stocking rolls, dispensing rolls. Now keep in mind, "federal" isn't a magic word for getting stuff free. So unless your bank actually is run by little elves, they probably have some hope of making a profit too. Hauling coins all day for non members; maybe not the best use of resources.

 

Hate to tell you this but Wells Fargo is most certainly a "Federal Bank" in that the are a Federal Reserve System Member Bank.

What this means is that they "can" order their coinage directly from the Federal Reserve Bank Stock piles though most order through Federal Reserve Member Services that receive and roll coins directly from the Federal Reserve.

They are NOT one of the 12 Federal Reserve Banks which, BTW, DO NOT deal with the public, onlky with Member Banks within their specific District.

Having said that, there is a popular "notion" that a Federal Bank MUST comply with certain "unwritten" regulations which simply do not exist.

They are businesses and can "operate" their business in any manner which comply with current Federal Labor Laws and Federal Policies governing citizens of the country.

If they want to charge $5.00 for a box of coins to non-Account Holders, they are within their rights to do so. They really are not REQUIRED, by Federal Law, to even have to deal with people that are not account holders.

Getting all puffed up do to personal ignorance of what a bank can or cannot do is just silly.