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<p>[QUOTE=&quot;NorthKorea, post: 1578238, member: 29643&quot;]BTW, think about what you&#039;re saying, tater: $500 in halves per week dumped into their laps. That&#039;s $26k a year in transactions that you&#039;re expecting the CU to do for free. Your non-revenue transaction costs the branch significantly.</p><p><br /></p><p>Here are the costs that go into your $500:</p><p><br /></p><p>1) Teller time &amp; fraud risk. The teller needs to verify that the coins you&#039;re &quot;dumping&quot; on them add up correctly. Essentially, this means your deposits with the branch must exceed your monthly transactions. So, if you have under $2500 at the branch, they should be refusing to accept your coins.</p><p><br /></p><p>2) Coin roll servicing. The branch needs to pay a delivery service to pick up the rolls. Some banks will charge 2% of the total transaction whenever swapping out coins for cash. Why? They&#039;re unable to freeze the funds (pending verification of the rolls), so the 2% is a precautionary measure AND a service fee. Others charge 5% of amounts in excess of $100.</p><p><br /></p><p>3) Mission statement. Credit unions, by their nature, are membership organizations. Whenever you deposit money to a CU, you&#039;re paid dividends on your money held with them: Basically, you become a shareholder. As a shareholder, would you like knowing that the CU accepts weekly transactions that COST them an extra $50-$100 per month as a regular aspect of doing business? I know I wouldn&#039;t.</p><p><br /></p><p>Essentially, if you offered to pay the CU $25 for every $500 that you &quot;dumped&quot; on the bank, they&#039;d be happy to deal with you.</p><p><br /></p><p>The calibration and servicing on the counters costs the bank money also. There are many elements to your non-revenue transaction that you&#039;re simply ignoring, since you just see that you&#039;re being &quot;screwed over&quot; by the CU. The reality is exactly the opposite: Your actions cost the CU (and by extension, their members) money. They should close your accounts.</p><p><br /></p><p>If I come across as strong on this matter, there&#039;s a reason: I care about credit unions. For the most part, these are smaller organizations that were formed for the benefit of helping their members with acquiring loans (auto/mortgage) when traditional banks might be a bit more leery. CUs don&#039;t have access to &quot;everyone&quot; when it comes to pricing risk; CUs can only lend to their members. Typically, they charge low rates on loans and offer higher dividends than local banks on deposits. Their margins are tighter than banks. They try not to cut corners on service, as they understand their mission statements. If you tried what you did with a bank, they&#039;d simply close your account and be done with you. CUs don&#039;t really have that luxury. Why? Simple: You&#039;ll manipulate the story and complain to other members about the poor service that you received. They take member complaints seriously, and I&#039;m sure they&#039;ve put up with your &quot;dumping&quot; for a while before mentioning it to you.</p><p><br /></p><p>I say close your account with them and find a bank that&#039;s willing to take your rolls. You&#039;ll see that they will charge you 2-5% of the amount you dump. Alternatively, as a newer member suggested: spend the coins.</p><p><br /></p><p>The financial institutions don&#039;t exist for the benefit of roll searchers. If you want to do high volume searching, form a business. Then you can order all the coins you want and dump them when you want. Of course, there are service charges, but you&#039;ll never hear a complaint again.[/QUOTE]</p><p><br /></p>

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