Can you velieve this bank story!

Last week I picked up over $700 in half dollar rolls from bank (A) I knew that were searched except fro a few rolls. I and was happy to find a nice bright 2005-S pinside one of the unmarked rolls.
I even took a picture of the the rolls: (they don't look short to me.)


Instead of taking my coins loose (to bank B) to the coin machine to count them I decided to leave them in the rolls and take them to bank (C). The next day after taking them to bank C I get a letter saying that the deposit was $35 dollars short. I called them up and they said that every roll was 1 coin short and took it out of my account. The next day on my Wednesday coin run I go into a different branch of bank C and they say "sorry cant sell you any coins, your account has been cancelled." I couldnt believe it. I called up bank C and the lady said "We take rolled coin on trust from out customers, and since $35 in a substantial ammount we have decided to close your account. The bank never gave me a chance to go retrieve the rolls and fix the problem, I could of taken them back to the bank that I had received them from. Instead I get one screw you notice in the mail and a cancelled bank account. I find this unbelieveable and I cant get rolled coins from one of my favorite sources!!! I told the lady at work and she could not believe it. What do you guys think?

 

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That is ridiculous.

 

1) When you took the rolls to Bank C were the rolls short one coin each?

2) If so, were you aware the rolls were all one coin short? (If not, why would you not know the rolls were short? Don't you make sure your rolls are full before you deposit them?)

3) If you were aware the rolls were all short one coin did you inform the teller or did you allow the teller to receive them as full rolls?

If you were deposited the rolls in Bank C knowing all the rolls were short one coin you most certainly owe the bank the shortfall and I don't blame them one bit for closing your account.

 

"Looks" don't cut it.

 

So you picked up $700 in rolls that looked searched but didn't bother checking them anyway and just decided to dump them on another bank. I'd say the bank was very reasonable.

 

Went to one of mine today to dump, and they said they have to charge me 10 cents a roll after the first 10 rolls of pennies I was like what????? so I can only deposit $5 at a time lololol I said forget it and took them to my other bank.

 

I don't blame the banks for their action. Eventually such misuse of their free services will cause all banks to place a charge on redeeming change without a business account, and when it does happen, the cause will be those who will protest the most. I searched boxes of halves back when it was rewarding with silver, but the commons were spent at stores. It meant that your money was tied up for a while until you could spend it, but the idea of dumping such amounts at a bank and expecting them to accept freely is too much. Just buying at one bank and dumping at others doesn't make it OK, as other people may be doing it in the other direction.

Jim

 

sounds to me like they don't like "coin miners" and saw a great opportunity to be rid of you. They could have simply charged your account and left it at that.

They do not have coin sorting machines in my area so I have to turn everything in rolled. I just dump it out of the rolls look for goodies and dump it straight back in. If I get shorted I suppose I would be shorting my bank and never realize it. That makes this a scary story for me, but I can't imagine counting every roll.

I'm surprised everyone is being so harsh on the OP. this is clearly and innocent mistake.

I'm thinking us roll searchers are the Red Headed stepchild of CT!! LOL

 

Yes it was an innocent mistake, but the bank doesn't look at it that way. They look at it as you shorted them $35. Then the bank wonders how many other times it might have happened?

 

I re-roll almost all of my coins and only one bank around here cares about attaching your account information to the rolls. They happen to have a coin counter so they make it difficult if you want to bring in rolls to exchange. I brought in alot of rolls to exchange at this bank recently and the teller wrote my account number on every roll of pennies that I brought in. She said if they get rolls that are short they will withdraw the money from your account. Likewise she said if you put a dime in a roll of pennies they will credit your account 9 cents, for example. I laughed when she told me this but she was serious.

Now, nobody at most banks is really going to care if you bring in some rolls of nickels and pennies that are short a coin here and there. The problem with halves and quarters is that this can add up to a substantial dollar amount quickly. This is what makes me nervous with CWR rolls of halves and quarters. A teller at my bank told me that he had $300 in rolled quarters available. I opted to buy his nickels and pennies instead. What if some crook filled some of these quarter rolls with washers from his garage? That would be alot of money that I'd stand to lose and I don't know if I reported it to the bank that they would care or believe me and give me back my money. One possible solution is to bring a magnet to the bank and go over the CWR rolls of quarters while there but this would be seen as strange and weird so I'm not too sure about doing that.

Here are my stats from a few years ago on buying CWR rolls of quarters:
06-16-2007
Quarters redeemed: $1522 (6,088 quarters)

Anomalies: Nickel found in roll. In 1 roll, 38 of the 40 quarters were State. One roll contained no state quarters; however all quarters from 1998 were well circulated. One roll contained only 38 coins. One roll contained only 37 quarters and a nickel! One roll contained a worn 1995 1 peso from the Philipines. One roll contained only 39 coins. One roll contained only 39 coins. One roll contained only 38 coins. One roll contained only 39 coins.

Those are just the rolls I sampled to check for accuracy before re-rolling. As one can see, CWR rolls of quarters are short left and right due to incompetency or fraudulent intent from those who bring them in to be redeemed at banks. I can't even fathom if I bought alot of halves that were short like Noobismatist unwittingly did.

 

Why would they wonder how many times it has happened? If they had these rolls counted I would think they are running everything through there machines.

Another thing I am curious about. I have heard many times from people who have said they dumped a known amount of coins in the bank counter and got shorted by the counter (or got more than they put in) If these machines are frequently making counting errors who can be held accountable?

 

The errors at the coin counter don't hurt the bank, since they don't pay out until you bring the ticket to the counter. It only hurts the customer using the machine when it malfunctions, and if they don't notice the error they're just out their money. That's why I always write down how much I'm supposed to have. I watched a teller scoop up handfuls of pennies, dimes, and nickels that were laying in the bottom of the machine yesterday and throw them in the bags so the bank got a little bonus. If you're lucky, they'll throw 'em in with yours.

 

To put into a perspective, suppose you put up an auction for a roll of 1964 silver halves, and a person purchased it and then returned it, and it was one coin short...How would you feel? You might think it was 100% their error, but they might have never counted them and depended on your accuracy and felt it was your problem,

 

Are they willing to replace the coin, like noob was?

 

None of this is saying the OP did any of this...

If a person is lets say weekly dumping coins at a bank for the past year. Then the bank realizes on the last deposit the rolls were each $0.50 short. You really don't think the bank will wonder if it has happened before to them?

Not all banks check the rolls for accuracy, hence why the OP made this topic in the 1st place.

 

I do think the bank overreacted. That said I'm not as passionate about this as I seem LOL. I've kind of slipped into devils advocate mode!

I've bought dimes from a bank were one of the rolls was like 1.50 sort! is was so short it should have been noticed by the teller right away so that kind of hacked me off. I knew not to bother with it though. can't prove anything even if I wanted to.

In defense of my prior post, I am operating under the assumption that banks will either have the machines and run ALL of their coin through it. or not have the machines and not run any of it. If that is the case then they would either catch everything and not need to worry about getting ripped off, or catch nothing and never know there is an issue.

It could be possible though that they just audit a few rolls every so often. that would make your premise more reasonable.

Either way it would have been more appropriate to take it out of his account and give him a warning that they will close him out if he did it again. I personally would be happy to take my money elsewhere. If they don't want me as a customer I certainly would not beg to do business with them! I don't know how many options the OP has in his area though, and I feel badly for him if this honest mistake has done great damage to his ability to continue his hobby.

 

Even if bank C told you you could take them back, and kept you as a customer, your taking them back to bank A would not have solved anything. Bank A would have rightly told you to take your coins and your story with you away from that bank. The problem is this: When you go into a bank and deposit coins (rolled) the bank then give you a receipt for the coins they think they have. But when the bank determines that the count is off (this happened to me, where the teller counted my rolls of pennies as 1 dollar each instead of two for one dollar, and neither of us noticed - I received a phone call about a half hour later, we discussed it, and I realized they were correct), they will then make the necessary changes to the deposit for the account (for example, if a bank chooses to audit 5 rolls of dimes, and finds that in those 5 rolls there are 4 US cents, 2 Canadian cents in place of dimes, and the 5 rolls are 2 dimes short other than that, they will convert the deposit from 25.00 to 24.24, and will attempt to notify the depositor of such on the phone, or elsewise, like via a letter, if they cannot. They may or may not elect to let that customer continue to deposit coins or use their services. In this scenario I gave here, I would think that the bank would rightly conclude not that the customer was personally stupid and didn't know the filling of the rolls was incorrect, but instead would conclude that is enough to make it attempted fraud (meaning the depositor deliberately did this).

However, if you take rolls from the bank and then return saying that you were shorted, you will not have the opportunity to get a refund of coins you are claiming you were shorted. There is no presumption of honesty or ethics upon you, but there is with the bank. If you received all those rolls one short, then it is too bad. All you have to do if you are buying rolls from banks is to take a measurement that you know is accurate with you. Take a piece of paper (a marked empty wrapper will do) so you know how long the coinroll should measure for that denomination. If it is short, open up one, and count them there. If it's short, refuse the transaction in front of the teller.

I have had two banking institutions I know of who audits their received rolls from customers. One wouldn't give me some cwr's she had at her station, and instead went to the back to get what I requested - because she had just taken in those rolls and said they would be checking them first to make sure it was only US cents in there, and if it was off, the depositor would be credited if too much was in there, and debited if too little. The other one used a measuring tool, as well as a magnetic device on the outside of some halves and quarter rolls I gave them to see if the were the right length (no missing coins, presumably) and not filled with magnetic metal (not coins).

You also should realize that if you had taken them to a machine and put them in, with them being short and you not knowing, then you would have yelled and screamed to high heaven about the coin machine shorting you, and caused a lot of problems that would not be necessary.

Plus, when you take out rolls, even if you do one roll at a time, it's fairly easy to count to 20 (for 10.00 in halves) when you roll it yourself (or 40, for the 20.00 long rolls). If you have 19 or 39, then you know the count is off.

Sorry to be so harsh, but part of coin searching for me is like that box of chocolates....I never know what I will get.

One roll of quarters gave me 3.00 in Canadian quarters....exactly in the middle of the roll, all together. Think that was some tourist deliberately not wanting to be out their money when they went home. I've gotten numerous world coins, euros, and magic half dollars, etc. Again the surprise is mine, and generally it's ok, as sometimes I also get a dime or two in rolls of cents. So over all it kind of works out.

 

Never happened at my bank. Though if you didn't count them it could very possibly be true. If some example teenager got $700 of rolls and took one dollar out of every roll and went to the bank since they all look equal they may accept them. But you bank must count them and noticed it unless they were just trying to rip you off. I think closing your account was VERY wrong of them. Contact Bank A and ask them about this situation you in.

 

Most banks have that counter (table) in the middle of the bank or along a wall where you can write out deposit slips or whatever. I never see anyone using them. If I bought a box of halves I think I'd take a sack with me and then use the table to count them all and if they were all there I'd just put them into the sack and go home, but if there were a significant amount missing I'd alert the teller.

 

I think you should still contact your "buy" bank and maybe even take your photo of the rolls you bought in to them because it appears they have another CRH that is shorting them and causing problems not only for you, but shorting that bank as well.
Might generate some good will there?