Banks blocking coin sorting??? Recently at my (beloved) bank....I asked for $22.00 in nickels and the CLERK came back at me ASKING why? Of which..I asked her WHY(?) back. Seems they don't want persons looking for coins. Now....I only then set myself back and I say-to-her how.... And...I went about my business taking $22.00 nickels with me. To my minds eye 'THAT' is communisum. Before I got out I say a few words about all-of-this. 1) "Isn't freedom"//Nation founded on "freedom"/I thought! 2) why not you only charge for a return? (That's *fair play) Anyway...I told her I own a business which is true. But, now I know better than to drop the coins at same branch. Any thoughts about this?
We've addressed this in the Coin Roll Hunting Forum. I would just switch banks. I agree with some that coin roll hunting is somewhat abusive and not a given right for a customer. However, I do it anyway as kind of anti-social behavior as I love Coin Roll Hunting! Until they tell me to stop I will keep doing it.
After the price of silver skyrocketed, more and more people started searching rolls for silver coins. As a result, banks found themselves incurring higher costs for "processing and delivery". Some of the banks are faced with the dilemma of adding a surcharge for this service at the risk of losing some customers or eating the cost and reducing their profit margin. Why should you expect the banks to incur the added costs just to satisfy your greed? If you think it is so simple, why don't you open your own bank? Chris
Despite how some may feel, banks, while being members of the Federal Reserve Banking System, are nothing more than businesses which incur overhead costs, maintenance costs, payroll costs, etc. As businesses, they do have the right to choose WHOM they do business with and how that business is conducted. (Try visiting one of the 12 Federal Reserve Branch Banks and ordering or even obtaining coins.) IF, a bank does not want to give someone coin rolls then they have that right and the requestor should simply go to another bank. This has NOTHING to do with "Freedom" and has EVERYTHING to do with Business as Usual.
My bank charges for specific requests. It's called "currency services". Coin is really a pain to move around and has associated costs. Other banks may have a lot people with free time and money to burn for hobbyists. Busy branches don't need extra traffic in the queues with customers that don't have a business relationship for this over the counter type of activity either.
As a customer of bank X who doesn't CRH, I'm happy they are blocking or charging for coins, since it increases MY costs.
Communism? Really? Actually it is closer to Capitalism. The bank is a business and they are trying to reduce costs to increase profits. Wanting someone to provide you with a service, that does have associated costs, at no expense to you, THAT'S closer to Communism. Contrary to common public opinion, banks do not exist to exchange money for people, or even to provide safe places to put your money. Banks exist to create profits for themselves by making loans and collecting interest on those loans. And from other investments. The money changing is merely a service provided to their account holders to encourage them to deposit money with them that they then use to make more loans (They have to get the money they are loaning from somewhere.) Years ago they also paid more than just a pittance in interest to their account holders to encourage deposits as well. But for the most part all of the "services" provided to their customers are expense to the bank and they would like to minimize them as much as possible. Exchanging rolls of coins is an expense they can do without.
I keep going to US Bank hoping they can fulfill my request, they look at me with an "eh...?" kind of face. Like they don't order rolls of coins. Or at least my branches don't. I usually walk to another bank which I don't have an account with at all and they kindly just hand them to anyone with cash. Funny how that works.
Cliffs: OP feels entitled to something he is most definitely not entitled to which made him angry and he also doesn't understand what communism is.
I read that coins and cash are going to be extinct in a few years. Then we can start a "coin roll wrapper club!"
If I open a business across the street from a "Competitor X", I should expect to pay for some sort of advertising to encourage customers of Competitor X to visit my store instead. Gee! It's funny how that works! Chris
Really? Awesome! That means that my 18,000 Westward Journey nickels will be worth more than face value before too long. How much do you think those customized Mint wrappers will be worth? Wouldn't they be like the "First Strike" and "FDOI" inserts? Chris
I recall folks saying this almost a decade ago, and it's even further from the truth now. Cash and coins will always be a thing, or else we won't have a world that goes round.
I am yet & still reading the responses here ("wow"). Notice: I am only against it the CHOKE HOLD. Not against it the surcharge that is VERY REASONABLE. (*reading skills)
also keep in mind there are intermediaries such as Brink's which distribute, count and process paper and coin monies. They have to make their money from someplace which comes from the Banks and CUs.
What does this even mean? It would help us understand exactly what issue you're taking here if you typed up your thoughts in a clearer way. The original post is tough to read but I interpreted it as you wanted to exchange $22 in bills for $22 in nickels and were told they don't do that and that is communism to you. If you meant otherwise please clear it up, because that sounds way more like entitlement than communism.
And then there are these institutional things called credit unions. I am a member of three different credit unions with with a total of 9 branches. I don't call or go in asking for coin - they call me! They will order coin for me, save up CRH coin that comes in, call when Ike dollars come in etc. I only have two commercial bank accounts now but they will also save and order coin for me. I admit I am a schmoozer who will horse trade with tellers that are collectors, will bring goodies in as a form of bribery etc.
When I was a kid, you could walk into any bank, without an account, and get a roll of pennies, or change for the bus, or anything. And they were happy to do it, no questions asked. I went to a bank where I did not have an account and they wouldn't even give me $5 in cents. I didn't say anything, but I certainly would never give them my future business which is significant. Of course they have that "right", but what they are losing is much greater in the long run. (Wells Fargo was willing to do it, but they were all brand new 2015's so I left without them.) A lot of things changed after 9-11 (this could be one of them) and there is a freedom factor that is missing. This is not the America I grew up with. I did a little CRH but I found it abusive and I didn't like the dump part of it, so I just spent the coins over time. People constantly buying boxes of halves (and other coins) and then dumping 99+% of them, is only good for Loomis or other coin services. Banks are going to start charging/ eliminating this "service", and put a cap on how many rolls you can get. With a service charge. Well I don't need 10 rolls of dimes for $52 that's insane.
You might be better off going to retail businesses and offer to buy their excess coins so that they don't have to haul such a heavy bag to the night deposit.
