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Legality of banks opening up their coin counting machines
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<p>[QUOTE="Truble, post: 2513448, member: 80662"]That is a great question. Since the CU or bank pays the coin machine owner a fee for machine and processing coins, I would say the bank owns the coins until they are reimbursed for coins actually removed from the machine. The coins deposit by a customer are reimbursed by the bank thus transferring ownership from customer to bank. Thus why if something happens to the machine during processing, a message on coinstars say YOUR coins are safe, please contact a bank associates for assistance. So as soon as the bank pays you for the coins minus a fee to process, the asset is transferred to the bank. The coins become an asset of the bank, since the processor has not emptied the machine. Not until the machine has been emptied by the processor do the coins transfer ownership.</p><p>I think coin machine "guy" was doing his own search of coins and capture of rejects, and found he was being short "changed"<img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie2" alt=";)" unselectable="on" unselectable="on" />[/QUOTE]</p><p><br /></p>
[QUOTE="Truble, post: 2513448, member: 80662"]That is a great question. Since the CU or bank pays the coin machine owner a fee for machine and processing coins, I would say the bank owns the coins until they are reimbursed for coins actually removed from the machine. The coins deposit by a customer are reimbursed by the bank thus transferring ownership from customer to bank. Thus why if something happens to the machine during processing, a message on coinstars say YOUR coins are safe, please contact a bank associates for assistance. So as soon as the bank pays you for the coins minus a fee to process, the asset is transferred to the bank. The coins become an asset of the bank, since the processor has not emptied the machine. Not until the machine has been emptied by the processor do the coins transfer ownership. I think coin machine "guy" was doing his own search of coins and capture of rejects, and found he was being short "changed";)[/QUOTE]
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