I am quite piqued. Ad Hoc Bank rules from Idiots.

A few weeks back, I took some rolls of quarters to a nearby Suntrust Bank to deposit rolled quarters. I had about $300, rolled, bundled into $100 groups. The teller said I would have to unroll them and put them in a bank bag, wait a few days for them to count them (?) and my deposit would be recorded. Of course, I walked out and deposited them in another bank.

Yesterday, I went into another Suntrust with $300 of coins (dollars) and the teller told me that they would only allow me to deposit $50 at a time. I have an account with Suntrust (but not for long) and I do not understand how they can refuse my deposit into my account (rolled, bundled for ease of counting). Mind you, this is the same bank that often cannot sell me coins due to the "coin shortage".

Is there a banking regulator to whom I can lodge a complaint?

 

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Your state has a banking authority, but I doubt they will care.

Good luck

 

I haven't deal with rolled coins in awhile but when I did the bank would have me write my info. on each roll then they switched it to no info. on rolls . With that said,I would shop around and find one that will. They might require an account though too. Oh man, your stuck in ... Mud ! That stinks !

 

Even if you were to lodge a complaint, I truly doubt that you would benefit from it.... I would suggest you make a long term relationship with one bank. Get to know the people on a daily basis. I often have wildly odd needs from my bank and I have never once been quizzed about my actions. I once brought in 30k in fives, tens and twenties in a backpack. I felt like a bank robber. Long story, but they ran all those bills through that little flippy counting machine, gave me a deposit receipt and I never heard a word about it. But I know those people. I know their wives and husbands and have for more than thirty years. Relationships tend to blur the lines of rigid requirements.

 

Good point. Relationships go a long way. I would say they more than blur lines, they can erase them completely as desired by the branch manager.

 

Just want to say, I do have good relationships at several branches, I bring food, coins and a pleasant (but masked) smile when I bank. This particular branch, the tellers don't even make eye contact nor greet me when I come in. The only reason I go there is because it is the one closest to my house.

 

…like Andrea Bocelli and Sarah Brightman, time to say goodbye to Suntrust…imo…Spark

 

let's just say having a good relationship with a bank can help you not hinder you, but you also must understand banks have to follow a set of rules

having a good relationship with a bank tends to have more ups then downs

 

As far as asking for rolls of coins to be opened, I can understand that. How are they supposed to know but what you put a coin at each end and filled the middle with junk?

 

I understand sir. I am sure you are quite pleasant. The other aspect of "relationship" I was meaning, (since it is a bank), is how much you have deposited/loaned from them. I am lucky, since I am a CFO, that I am the signatory for accounts in the 7 digits at a couple of local banks. Like I said, I know I am lucky that way. I can go into either of them and get all of the coin, deposit all of the coin, order whatever bills I want, etc. I do not really roll hunt anymore, but having that aspect of a "relationship" always allows the bank manager to bend rules if needed.

Some of the tellers who are new can be surly, but the ones who matter, (head teller and manager), know who I am and are very nice to me.

Btw Doug is very right. Handling coins is a service that costs the bank money that they provide as a courtesy to customers. Bigger the customer, the more of this service they will provide.

 

I understand why a bank doesn't like coins because of the cost. However, they are a service organization and dealing with coins is a service and their cost of coins is an overhead of being a service industry.
I guess I haven't seen any problems with coins with my bank. I have worked for the State for over 30 years and have banked with the same bank for over 30 years. The bank is a "State Employees Credit Union". I was very surprised when I got my new VISA. They had upgraded my limit from $2,000 to $20,000. That is the kind of service you get (and many other types) if you bank with the same one for quite a while. (There have been times that I have needed the credit limit, but the balance is paid each month.)

 

Be careful when banks raise your credit card limit. The higher limit is reflected in your credit score in a negative way. You can ask your bank to lower your upper limit if you never expect to use it.

 

This is absolutely not true. If used the way @Jim Dale stated, pays off his balance monthly, the increased credit line actually raises his FICO score.

The logic behind that is, he's using much less percentage of his available credit. That is one of the six major credit criteria analyzed continuously. They are payment history, credit usage/outstanding balance (this discussion), derogatory marks, age of credit, total accounts, and inquiries.

 

Additional information directly from Credit Karma:

What to know:
1- Credit card use matters most for each individual card.
2- The average use across all your cards is important, too.
3- Try to stay under 30% (under 10% is even better!) — and remember, you don’t need to carry any credit card debt to build your credit.

 

Dealing with coins is, dealing with roll hunters is not. Its not that hard to spend the roll hunting rejects or use a coin star and get full value for a company that you will spend the money with.

 

@masterswimmer is correct about credit scores. However, you are correct sir about a possible negative outcome of higher credit limits. When you go to borrow for a house, they take into account all available credit to see how much you could borrow elsewhere, so in this regard it could be detrimental.

So, in one way helpful, one way hurtful. If borrowing for a mortgage in the near future, might want to ask them to lower the limits.

 

This will likely become more of a trend. A few years ago my bank removed all coin counters and started taking a more defensive attitude towards coins. I've heard similar stories from other people. Banks want to pass the cost of dealing with coins back to the customer. The days of superior customer service, even when at a loss, are pretty much over for the most part. Complaining will likely not change anything unless you have a very significant amount of money deposited in the bank. Maybe not even then. Many of us don't want the mint to even make cents, so we shouldn't be surprised that banks aren't all that excited about dealing with them, either.

 

Aside from what @GDJMSP pointed out, locally owned banks can make up their own rules, so if you don't like it, bank elsewhere. I personally like dealing with credit unions as you have a stake in them, at least more as a MEMBER than a CUSTOMER, like banks.

 

The key in this is Credit Union, locally owned by members. I have two bank accounts and four credit unions. The latter are much more accommodating to my numismatic whims than the banks are. The credit unions all call me when the goodies come in, and have me buy their rolled coin.