bank charging me to pick up coins

hey guys,

I went by my bank this morning(a us bank), to pick up my weekly box of halves and pennies. I was picking them up, and the teller there informs me they will have to start charging me 4.75 a box or .14 a roll to order coins, regardles of denomination. I have NEVER heard of this before. Does anybody else get charged? I was shocked when i heard this.. correct me if i am wrong, but brinks only charges banks a flat fee to deliver coins, right? any reasons for this charge?

 

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Greed!!!

 

Yep, happened to me. They want to charge me handling/service fees.

 

if they are doing it to certain people, is it leagle?

 

Well, if you're trading paper currency to get the coins, deposit into your bank account, then go to the teller to make a withdrawal and specify how you want it made out. I'd imagine if you are not charged fees for withdrawing your own money, this would be your way around such fees.

 

I don't agree or disagree with it but the truth is they are doing something that is out of the norm so I guess they are well within their guidelines to charge a fee. After all they are providing a service.

 

Rolled coins aren't free! Banks have to pay to get rolled coins, I know because I have met a few gentlemen who make a side living doing this for banks. They charge them a fee to take their loose change, and bring it back rolled and guaranteed of accuracy.

Banks offer this service for free for commercial customers. It sounds like they are implementing a policy that if you do not run enough transactions through their bank, generating X fees, then they will charge you to buy rolls. Its a very common practice, and I for one do not disagree with it. Nothing is free, so why should they lose money to non or small customers whose fees charged do not equal the cost of this service the bank pays?

I would search for a bank who accepts loose change, and work out a deal with them to buy the full bags of cents or halves from them, before the bank pays money to have them rolled.

Just my opinion.

Chris

 

Its legal just like any discount provided to larger customers is legal. If you buy a truckload of a product, I will guarantee you that the price paid will be much less than if you wish to buy just 1.

 

If you're ordering boxes of rolled coins which increases their normal inventory on rolled coins, then yes it is "legal".

 

Each bank company has their own policy. I am surprised that it took this long for more to adopt the policy that non-business account holders ( or non account holder)have to pay for change over $10. It does cost the bank time and delivery charges, and they realize that the change will be surplus to their business community, and may result in a surplus rains back on them ( as not all searchers are nice about not taking it back to the same bank).

 

You might ask the bank to explain the charge to you.

 

Most banks charge normal customers for ordering something out of the ordinary. Simply put they could care less about the average person using their services as they only give the banks a small profit. According to banks the only time they make a profit out of the average customer is when they charge them annual or overdraft fees.
And in case you haven't noticed, when you go banking. There is a separate line for business customers and regular customers. They always take care of the business customers first. If you have a friend who is a business customer at a bank you can ask them to help you out.

 

To add to the utility of this thread maybe we can name the offending banks

 

Hmm, SDBs and boxes of coins seem to be one of the privileges of doing business with my banks. I don't have any money in large multi-state banks, and don't trust them either. If your tellers do not know you by name, and if the bank has more than a small number of branches you should move to one that knows you and isn't too big for their and your own good.

 

I agree with greed + Maximum efficiency. Somebody from that banking co. is making a 6 figure salary and has to justify their job title. Any wasted time to a bank is an opportunity cost. Kind of sad considering many of them were just bailed out by our taxes.

 

It costs money to roll all of those coins up. It costs money for the material used, the fuel used to transport them costs money. It takes time and energy, both valuable things. Roll searchers unwrap every single one of those rolls just to look for silver coins and then give them right back to the bank to be sent out to be rolled right back up. Sorry to say it, but I don't blame them for charging you. I can understand your frustration, though. After getting to search through the boxes for free for as long as you have been able to and not have to pay and then one day going in and finding out it isn't a free hobby for you anymore must suck.

 

And hope that you get at least a year or two of good, local service and attention before they get bought out by one of the megabanks.

 

bsowa, the only thing the bank doesnt pay anything except a flat monthly fee. brinks charges them a flat fee, it doesnt matter if they order 1 box or 10000 boxes.

 

Some banks charge fee's per roll or box when you're consistently exchanging for boxes or rolls and they have to order more for change used during the normal course of business. I have no problem with a bank doing this as usually they only order so much change and if your coming in taking the boxes all the time they may need to order more than usual to cover what your taking away. As long as they are up front about it you can take your business elsewhere if you want too. I know someone who works at a bank and she's worked for a few banks and said in most banks unless you have a commercial, business account, etc they are supposed to charge fee's for large amounts of coins or rolls being requested. However, most banks/tellers don't charge this fee unless it's getting excessive I think. I know that one bank I buy boxes from is supposed to charge as the woman I know told me but she said it's usually up to the teller whether or not they do if you don't have a valid account type and most just let it slide. There is one credit union that is affiliated with my own i.e I can make deposits, withdrawals,etc but they do charge for rolls of coins/boxes at a rate of .25 per roll which is quite a bit excessive when getting boxes.