Bank Fees and Questions...

I know that many people have brought this subject up time and time again but I am wanting some clarification by those people who have had some experience in this area...

For two years, I took my half dollars to a local bank who has coin counting machine. It is the only machine in my city that has a machine that can take half dollars. Throughout the two years, I had absolutely zero problems. I took about a year off from CRH and have recently started again. During my 3rd trip to this bank, the teller informed me that they can no longer take my half dollars. When I asked why, she said it was because of additional fees the bank has to pay to ship the coins out. She said that if I wanted to pay those fees, they would gladly let me continue to take the coins there. When I asked how much the fees were, she said she would call me and let me know.

Today, I received a phone call from this teller informing me that the fee would be 10%. After processing this information, I asked her if the bank had to pay $100 per bag of half dollars in order to ship them out. She said no but that I would have to pay 10% of any half dollars that I brought to that bank. I informed her that a bag of half dollars had 2000 coins in it, which equals $1000. If the bank didn't have to pay $100 per bag, were they trying to make a profit on my CRH?

Listen, I get it. The bank doesn't have to meet my needs when I bring the coins in. Had they just said, "No more halves please," I would have been upset but I would move on and stop. Instead, it seems that they are trying to make money by giving me such an hafty fee for me to pay.

I also asked the lady if I would be charged for bringing in cents, nickels, dimes or quarters. She said no and that I was welcome to bring them in.

For those who have experience with this, a few questions:

1. Does this fee seem justified?

2. I know that the bank pays to have bags of coins taken by the armored truck. But does the type of coin indicate a higher fee? Does half dollars provide an additional cost to the bank?

3. Anybody else have a similar issue to this? Should I just let it go or should I ask to meet with the "higher power" within the bank?

Thanks for any advice.

 

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Do you have an account with the bank?

 

Yes, halves and dollar coins are a cost to the bank. All other coins the bank can pass out to other customers, but no one wants halves and dollar coins so banks have to pay good money to send them back to the Fed. So you CRH'ing halves is definitely costing that bank money. Now is 10% their actual expense? IDK, hard to tell, but did you factor in their employee's time to deal with them above the armored car expense?

 

Yes, I have had an account with the bank for the last 3 years.

Please know that the bank doesn't pass any machine-counted coins out to the customers. I have inquired about this in the past and all coins are bagged and put in the vault for the armored car to pick them up. No, I didn't factor in the employee's time to deal with the coins but the machine is super-fast. It usually counts $500 worth of half dollars in less than 5 minutes.

I didn't mention this but I had been bringing in no more than $1000 in halves per week. Totals to be one bag.

 

TT22, are you old enough to remember when air at the gas station was free? Nothing stays the same.

Chris

 

Very true Chris. But there are at least two gas stations in town that provide free air.

 

The 10% quote is just to get you to stop bringing the halves in. I actually had a branch manager YELL at me once for bringing in ONE bag of around $400 in halves. Uncalled for, I think, especially since I am perfectly respectful and polite every single time I'd bring in a bag like that.

Get yourself another bank account somewhere else with a coin counter. There are usually tons of Credit Unions that will not complain if you don't deluge them with halves. If they have multiple branches, split your "dumps" between branches so you aren't coming in every week with a huge bag of half dollars.

 

Even Coinstar gets more than 10% now.

Credit unions will always give you a much better deal on all of their products.

 

Is CoinStar up to like 13% now?

 

10.9%...a rip off

 

Weird. The banks I know of, (I know the owners of a couple of local banks), tell me they take the bags from the counting machines and pay someone to roll them for them. Costs them like 2-3% to have rolled and returned to the bank to pass out to commercial customers. If the bank has commercial customers I have no idea why they are sending the cents-quarters back to the fed. From what I hear ordering new coins from the fed wrapped is more expensive than wrapping your own.

The main point, though, is to acknowledge depositing coins in a bank costs the bank money. Try to find one that will allow it and be appreciative they offer this service to you. Many roll hunters think they have some kind of Constitutional right to buy coins and dump them on any bank they feel like. Its not a right, its a privilege, one that is costing a business real money to offer to you.

 

@medoraman - couldn't agree more. That's why I am always very respectful of the staff, and go out of my way to spread the rejects around...except the rare occasion when I have $4k in halves and only one bank is still open on a Saturday...lol

 

Pretty much why I stopped CRHing. I was hunting nickels and did alright with them, but I hated paying the 11%, and even the gift cards were crap since they weren't to any vendors I was interest in.

 

A while ago, I was on a board for a local bank, and I think most of us haven't thought about the upkeep of the counting machines. They jam up often, unless the coins are slowly poured from the hopper, and the large coins were the biggest offender. One repair bill was close to $800, and it wasn't a once and done, repairs were several times a year. It works out if it is for the business account holders ,such as the vending machine companies, as they paid higher business account fees, but for a no-fee account or even a non-account holder, it was lost money.

 

Exactly. When I worked at a bank the thing constantly broke due to broken glass, nails, etc getting dumped in them. It was mainly for vending machine companies and other business accounts that paid fees.

 

I bring mine to my credit union where I have a personal and business account and they don't bat an eye at what I put in the coin counter. I don't search too high numbers when I do, but I have dumped $500 in halves a few times and they don't say anything. Credit unions seem to be the easiest to deal with.

 

My bank supplies me with official coin deposit bags that hold $1000 in halves. I average two bags every three weeks. I asked the bank if they would like me to pay for the bags and they said no, they were glad to have my business. I also try to get the customer wrapped rolls from the Merchant Teller. I bag them and return to the bank with full bags of each denomination. This relieves the teller from having to count the coins they put into the bags before they're shipped out...no coin counting machine at this bank.

 

No fee for turning coins to Amazon credit.

 

Yeah, an Amazon credit is great. I'll never use it so I'd be paying 100%.
Now, if you could get a gift card to the supermarket you're actually in and shop at. BUT NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!

 

why don't you just spend them. I do all the time and the main store I use them at. I heard that they hate them in the money counting area... LOL !!!! oh well .... they can take them to the bank ...I'm know as the half dollar guy there..

plus many self serve aisle in stores takes halves like Walmart.. Home Depot ..even my local city bus I take a few times a year takes halves