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

Banks these days are WILD. The Bank of America my dad's gone to for the better part of 15 years recently stated that they have entirely CEASED cash or coin transactions at the counter. If you want bills, you MUST go to the ATM. If you want coins, you're out of luck.

Relationships are nice - this was the same one where my dad managed to buy several $500 boxes of Kennedy halves. But, it only goes so far when the policies change to extremely customer-averse.

 

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I've banked at Wells Fargo in the past and they would flip-flop back and forth randomly on whether they accepted rolls, whether they wanted them bagged, or whether there was a maximum. Complain all you want but they are going to do whatever they want and whenever they want. Enjoy!

 

Don't ever pique a Pict, by the way. Brrr

 

IMHO Bank of America hasn't been customer friendly since Amadeo Giannini died(he opened the bank as The Bank of Italy in SF over 100 years ago)

 

My bank's policies vary by branch. It depends on what equipment they have for counting coins. Some only take rolls, others only loose coins. Never had a problem making a deposit though, but I've been with them for 20 years.

 

My credit union has a coin machine in the lobby. You run your atm card, dump all the coins you want (I assume it sorts them somehow in the interior mechanism) and spits out a deposit receipt (into the account of choice linked to your card) of 100 percent of face value. Has a reject tray you can check. With COVID the lobby has been shut down but no reason to believe the machine will be gone when we get back to normal. Never even have to speak to a teller to dumps coins.

 

My concern with the coin counting machines, regardless of Make, is the internal reject tray that we never get to see. Are any of our coins making into the machine, not counted, not returned, and landing in the abyss of the internal tray of perpetual damnation?

 

No different than handing them over to a teller in rolls. They arent going to give you back any silver. They might credit your account right or wrong. But no 11.5 percent off the top and no snarky people to talk with. I check all my change and have a rough idea of the amount. For quarters I know exactly.

 

If I'm bringing them into the bank you can rest assured there is no silver for them to return to me.

Precisely my point. I'd never use the bank lobby machine or certainly not the CS in Walmart or any other retail concern. I'm told there's a range of surcharge on CS's. I've heard as low as 10% to as high as 15%

 

The machine I use has no fee. 100 percent deposited to my account. If a coin or 3 makes it way into a interior reject tray it wont be silver.

 

Pretty much everywhere did besides coinstar. There was a big lawsuit about the accuracy of them and it just wasnt worth it for anyone else to continue to have them. Between that and how much they got clogged they were just more hassle than they were worth

 

!00% less whatever doesn't get counted.

Exactly! The accuracy of the machines comes into play.

I was out of town and bought over $400 worth of change from a friend to search the cents ($+-$30 in Lincolns.)

My Suntrust account (Grrrr!) allowed me to deposit them, loose, in the out-of-state bank. Great I thought since I wouldn't have to lug them home. I had counted each denomination and included the $ amount on a slip of paper with each denomination, less the cents of course.

When I got home and checked the deposit online, the deposit showed about a 12% discrepancy with my count. When I questioned the clerk who received the coins if there was a fee for counting the coins, she said "No." but confirmed they were counted and rolled by machine. She had no answer for the difference between my numbers and theirs and said they did the count in-house under video surveillance. When I asked if the count was double-checked she hesitated slightly before saying they had double checked the count (I understood from the slight hesitation in her reply, probably not). No matter how helpful I was with counting them first, there was no way to contradict their short count.

Seems like there isn't much incentive for them to have an accurate count from their coin machines.

 

Some banks give the distinct impression that they'd rather not have non-corporate customers at all. In my experience, credit unions and small community banks tend to be more customer-friendly than the big institutions.

The lobby at my bank (which I'm otherwise quite happy with) has been closed except by appointment since early in the pandemic. The sticking point seems to be how to deal with masks. Prior to the pandemic, they required customers to remove hats and sunglasses before being buzzed in.

 

Credit Unions tend to be much more accommodating than banks.

Maybe not, but everytime I want to raise my credit limit, I just carry a balance for a month or two. Then it gets raised without my even requesting it.

They would much rather have just corporate account holders, they tend to have more money on deposit which means more money the banks can use.

 

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@GDJMSP nailed it upstream. it costs the bank money.

I'll be honest, I don't like it that your hobby costs me money in lower interest rates and higher fees for other services. I believe strongly that the bank should charge you fees for services rendered.

As for the cry "what about businesses that need coins", the (slightly smarter) banks practice Total Relationship Value. They might waive fees for coin-related businesses, or credit up to some value per month/quarter. Because they know that over all the bank products they will cover their costs.

The customer who comes in and dumps coins or asks for special orders? Why shouldn't they pay to make the bank whole?

 

Anybody who likes Sarah Brightman is OK in my book...I ALMOST got a chance to perform with her. We were doing Andrew Lloyd Webber's Requiem (maybe the most difficult music I have ever sung, BTW), and we tried to get her as guest soloist, but she wasn't available. I would have LOVED to have been on stage with her!!!!

 

The banks make PLENTY on the non commercial customer. They pay us zero interest in return for our deposits. There's my fee for requesting or turning in coins.