New bank fee on returning coins

My mom just got notice that her bank is now charging a fee of $5 PER transaction to turn in change for the coin counter. As of now, said charge only applies to non-account holders.

As I have predicted, now that interest rates are rising, the banks are starting to 'get squeezed' and are looking for ways to cut costs (like for giving out rolled coins or for taking in machine counted coins) and add user fees.

Enjoy the free roll hunting while you still can.

 

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If it only applies to non account holders I can understand the banks stance. While I don't sympathize with them I'm sure they have many CRHers (myself included) USING their banks solely to dump coin. If I owned a business I would be none too pleased with someone dumping their unwanted coins at my location.
If they start charging that fee to account holders on the other hand... I'd just take my business elsewhere.

 

I still say banks *should* charge for taking coins if your annual transactions exceed a certain percentage of your average daily balance.

 

Put $25 or $50 into a Savings Account. Then you are an account holder.

I know many banks charge fees for many things for non-account holders.
have you ever used an ATM that wasn't from your bank?

 

I can see that argument being made, I'd imagine that banks may worry that customers would just switch banks in that event though, being how many banks there are in virtually everytown, USA

 

They have not added the fee for coins to increase profits, they added the fees to prevent people from bringing them in in the first place. It is a waste of time and resources that serves no useful purpose for the business.

Many banks have been doing this for a while.

 

For people with a large S account they will do it as a courtesy.

 

Bank fees = $50 billion annually.

 

So instead of just asking them to take back massive box dumps without any service charge, why don't we make them give us cash? After all, if they're charging $50 billion annually, they can afford it, right?

 

Banks must approve new accounts. If you have a history of small accounts being closed at banks, eventually, no bank would allow you to open a new account.

 

In February my credit union where I use the coin star fee free, sent a message saying All customers would be charged. I complained and threaten to pull all my accounts. My account now indicates I am a fee free customer for coin exchange. I am sure they did an analyst and realize the paultry fee did not compare to my home, auto, savings account, checking, etc accounts leaving the credit union. I lost a few weeks during my complaint but it appears they are still doing a thriving business in excepting coins through the coin star in each branch. I'll continue until they stop it all together or when cash eliminated all together.

 

My credit unions charge 5% for non-members and fee free for members. Commercial bank charges 5% for customers and 9% for non-customers or business customer.

I think Coinstar machines are 9-10% but they are free free if you get a gift card thing for Amazon, Home Depot etc - which I admit I have used when I am making purchases. Their machines are slower than frozen molasses though.

 

I opened a new account at a bank in which an old account of mine was closed, they charge somewhere in the neighborhood of 2 dollars a month if your account is under 200 dollars at the end of the month, I imagine they make thousands of dollars off of that 2 dollar fee on a monthly basis.

 

They have stopped doing the fee free gift cards at some locations already. The only time I stop at one is when little man or I scouts the reject bin.

My newest bank in rotation just requires one transaction per month, be it a deposit or withdrawal of $.01. I only did it so I could exchange over $100 in coin and paper at a time. They're still out there.

 

Coin Star might vary in different areas. Where I live it used to be 9.5% and now it is a ridiculous 10.9%.
Why anyone would pay this 11% extortion to turn their money into money is beyond me.

 

I end up with rolled coin because even banks that have coin machines are loathe to force little old ladies to use them.

 

Realistically if you have an account with under $200.00 in it at the end of the month and they charge you a $2.00 fee, they are lucky if they are breaking even with costs of dealing with your debit card, check and/or ACH activity. If you don't have any other account relationships generating income like loans, credit cards or mortgages, they are taking a loss. The break even point for any consumer bank is probably closer to the $500,000.00 liability balance range.

 

I think the real problem for the banks are the people bringing in half dollar and dollar coins in large quantity. The banks can't get rid of these coins because the general public/ business community refuse to circulate them. So.. one the one hand, banks are thrilled when people ask for them out of their current inventory - but ordering them is a hassle and they don't want to get stuck with them if the people reneg.

I doubt that there is a bank in America that doesn't realize people who are ordering half dollars are looking for silver. NOBODY is spending a whole box of halves every month!

I anticipate that banks will start blocking orders for halves... it's their easiest way out of the problem. You just won't be able to buy them any more. End result... nobody will be bringing in halves to be counted, because nobody can buy them.

 

I'm not sure that I can agree. I ordered a box of halves to go through from a bank and asked the vault custodian about the process. It does cost the bank money to order coinage, but if there is already an order being delivered it's not a hassle for them. I waited until the next order was placed, it arrived and I went through it and dumped it at another bank. If you go to the one bank in Mayberry it may be cause for some questioning by the manager. If you go to a busy bank that orders for businesses and has boxes of coin coming and going it won't be an issue at all. That all said if you don't just walk up to the counter and demand boxes of coins. If you are polite and treat the people you are dealing with with respect and dignity it shouldn't be a problem at all. I even reroll the coins into the rolls they came in so I'm not dumping a bucket of coins on them and making it their problem. A little chocolate goes a long way as well.

 

I bank at one Credit Union (my dump bank) for over 25 years. 10% for non-customers, 5% for customers with less than $500 in the account, otherwise free for customers. I have a an account at my pick up bank just because I felt guilty about them ordering me coins and not having an account with them. They were nice enough to order for me, so I opened the account. I am in very good with the vault manager who orders the coins and she orders me whatever I want weekly. As long a she is ordering for the bank it isn't a problem. She also collects all of the customer wrapped coins for the week and sets it aside for me. It doesn't happen often, but when she doesn't have to order coins for her bank she let's me know and I deal with it. She's doing me a favor in the first place. However, we have figured away around that problem. She placed a double order for everything I like weekly, that way if she gets in a situation where she doesn't need to order, she has coins for me. Then she just places another double order the next time. She's awesome!