Question about banks.

Have any of you ever been to a bank that doesn't let you get rolls of coins? If you were going to a bank for awhile and getting say 10 or 20 rolls of quarters and 50 to 100 dollars worth of nickels a month and some other random rolls whenever you had a few dollars, and then a new manager came in and said that you couldn't get any rolls any more unless you upgraded to a business account, even though you didn't own a business, and brought 99% of the coins back within the week, could that be considered a breach of contract? I don't see how a bank can say you can't get rolls of coins past 3 or some arbitrary number, that doesn't make any sense.

 

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I say find yourself a new order bank and use your old bank as a dump bank.

The way the country is set up, they (banks, businesses) can pretty much do whatever they want. That's why I never feel guilty making money off the bank.

 

Just a couple of points here. I know they pay for the coins, I'm getting the coins they already have and then bringing them back, so they aren't getting anything extra or losing anything. I'm not rich, so i might get 8 rolls of quarters and 10 rolls of nickels that they already have on hand. I've only gotten over a hundred in quarters 1 time and they already had the box to get them from, I only got them because i cashed a check and had the money at the time. If they don't have any coins that are bank rolls or that i marked i just don't get any. See what I'm saying, they aren't doing anything special for me whatsoever.

Also, i did ask about ordering coins for awhile and told them that i would pay the fee over face, they never would tell me if i could do this. I don't have a problem with paying the fee for a one time box of coins.

There's nothing in the contract i signed that said they could not give me rolls of coins or limit them unless i have a business account.

 

A little more background, the only problem i ever had at this bank was with 1 teller, she would lie and say that they were out of say quarters and then someone would go back and get the box because they needed them right when i was standing there. She was chunky and lazy and didn't want to go back and get them because they were heavy, so she just decided to lie and say they were out. This new manager and her are chummy, i caught the manager doing the same thing one time, lying about what they had. They are lazy, so that apparently means that i have to pay more money to get coins. No one else there has a problem.

I called customer service and raised these issues, first with an indian person i couldn't understand, then an american person who told me that the regional manager was supposed to call me back within 48 hours. He never called.

 

You're missing some math somewhere.

If you have 15-20 rolls of coins OUT of the bank, at home searching them, that's 15-20 rolls they can't hand out to someone else...namely, businesses that require the coins to give out in change.

The fact you bring them back doesn't change that. If a convenience store manager comes in and wants coins, the bank needs to have them available. "Sorry, Bob, we expected to have them but one of our personal checking customers who usually brings his coins back didn't make it in yesterday" doesn't cut it.

Will that ever happen? Nobody knows. but the bank must PLAN for the contingency.

In other words...they need to order the extra rolls.

Since that cost is, usually, on a per BOX basis, regardless of denomination, you just tacked on an extra monthly cost for no gain to the bank.

In short...you're not making them enough money to justify spending money to keep you around.

They won't tell you because, simply put, it's not worth it to them.

You're offering to pay their coin delivery fee.

Have you offered to pay the extra time it takes to handle the coins? Have you offered to pay the fee they pay to RETURN the coins? Have you offered to pay the time spent counting and rerolling?

You said above you're "not rich"...and have suggested that even $100 coin order is a stretch. That's fine, nothing wrong with that...but it DOES suggest that you likely don't offer the bank very many or very large transactions, or deposit significant amounts of money...the two sources of a bank's income.

In short...they're losing money on you, or making very little...and you're asking them to absorb some significant costs for the privilege.

There's probably also nothing in it that says they have to provide to you a service, for free, that they typically provide only to more profitable customers.

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Having said all that....

A bank is part of the community it serves, more so than nearly any other business. It's also a business that, more than others, can develop lifelong relationships that undergo great change, many times, over many decades.

The local grocer probably won't see a hugely significant change in his relationship with you. Even if you shop there for life, from teenager to retiree, your grocery bill simply isn't going to fluctuate by tens of thousands of dollars.

The bank, on the other hand, may be with you from age 8, as you deposit $5 a week of your allowance, through your first minimum wage job and debit card, through home, auto, college, and personal loans from tens to hundreds of thousands of dollars, and possibly even through millions or dollars gross from your business. They may, over the course of your life, guide you from your first ever "big purchase" of your very own skateboard to helping you with the funding for a warehouse that employees 20 other members of the community.

In short, a bank can impact dozens of families and millions of dollars over the life of a single customer's relationship, at great profit to themselves.

Losing sight of that for what is, in the grand scheme, an insignificant cost, is poor business.

So yeah...it makes perfect sense. And it's a perfectly reasonable, legal, and logical thing for the bank to be doing.

That doesn't make it smart.

Find a new small community bank.

 

I don't understand this way of thinking. I am new too roll searching. When I started I opened an account letting the manager know what I was going to do. I asked if this was going to be a burnden to them. I order about $2000 a week from them. They lost my order this week and called me on the phone to ask me about it. Across the street I order my nickels and pennies from different bank. I never dump at these banks. That's what they hate. If you order from a bank don't dump there. I have also have found some banks have coin macines that put coins into a can like a coin star machine does. This is nice for the tellers because they don't have to deal with bags. Bags are a pain for tellers and armored. When I go into a bank to order coin everyone knows my son and myself. We now even have the people in the office coming out and talking to us. Even asking what good things we have found.

 

I usually bring them back the next day, at least half, and i also usually only have small amounts, but i know what you're saying. They've never run out of coins, i was there all the time and if there was ever going to be a problem with it the normal tellers who i saw lots would just say so, although they rarely did and i asked, and then I'd come back another time. Easy. The present is a bad thing to base all business decision on, you never know what will happen in the future and what they could have gotten out of it.

This bank is in a walmart, they aren't hurting for change, and my rolls here and there aren't going to limit them.

Anyway, I just went and closed my account there and checked service and other: breach of contract for the reasons. From my understanding ambiguity in a contract benefits the person signing the agreement. I might try a credit union.

I guess no big deal, the only silver i've ever pulled out of quarter bank rolls is a canadian, the nickels were better for finding stuff. I only was getting the quarter rolls to find errors and primarily to fill my state quarter books with nice coins. It's just annoying.

 

I should sue them, i know i was going to find a bunch of coins worth a bunch of money this week and they just screwed all that up. :yes:

 

I would just stay away from that bank. Try somewhere else.

 

To prevent this from happening, I use four different banks. After I search the rolls, I may return to the same bank, or swap them out at a different bank. The Banks operating costs only applies to the original purchase. When you swap your rolls with different rolls it is a one for one exchange and no real cost to the bank, other than the tellers time.

 

They don't give you rolls of coin because they know full well that "you" are going to return it to them. Find yourself another brand of bank and save yourself the high blood pressure.

 

That's what I did probably 80% of the time. I guess i should have mentioned that, I wasn't going in and getting coins and returning them and then doing it again separately, I would get some coins and then just swap them out until i needed the money most of the time.

 

Too many banks have a time with the concept that they are a customer service business. They can not always rely upon our government for help.

 

Couple points I have a hard time agreeing with.

1. Banks are no more a customer service business than any other business entity. Banks are a business engaged in buying and selling money. They do this basically by taking your deposits and lending them to other customers at interest. Most banks are for-profit entities. Customer service is simply a benefit of doing business with a company. They provide better service to their better customers, simply because of the amount of business they do with these customers. While I don't think any customer should receive shoddy service, the $100/week depositor should not expect the same perks as a $10,000/week depositor. Just as a $50 purchase at a large home improvement store doesn't warrant the same discounts as the contractor spending thousands of dollars per visit.

2. I don't understand why roll-searchers think they have the right to demand these consessions from a bank. Keep in mind that asking for coin rolls is (for the most part) no different than walking into a convenience store and asking the clerk for change for a dollar, without buying anything. Do that a couple times, and the convenience store manager will more than likely ask you to leave, if they don't refuse you "service" the first time. The banks provide change for their business customers and absorb the costs because, in the long run, they still profit from the business deposits.

3. What "contract" did you sign? I know when I opened bank accounts that I sign an agreement, outlining fees and terms/conditions on maintaining the account and required balances. There was nowhere in the agreements that even mentioned providing or accepting "rolled coins".

Don't get me wrong. I don't have a problem with roll-searching. My issue is with those individuals who think it is their inherent right to have the bank bow to their evry demand for rolled coins, irregardless of the cost in time and money to that bank, without understanding that when you go into a branch and ask for coins in exchange for cash (even if you're taking that money from your account) you are not a customer, but simply exchanging medium at their expense.

 

Just as an attempt to answer without thinking about it too much.

1. That just makes the poorest people have to pay more than everyone else.

2. I wasn't demanding anything. Once the manager said this i called customer service and eventually ended my business with them, I don't know about anyone else. Most of the time i was withdrawing money that was transferred into my account or cashing a check and asked if i could get that back in some coins, then i just swapped them.

3. The agreement never said i couldn't get rolls of coins or that there was a limit to business accounts. Is that agreement not a contract?

Also, i did ask if i could order coins and pay the fee, they don't reroll the coins i bring in, they just give those right out to customers, so there's nothing that costs them anything when i bring them back. I know for a fact that they just stuck them in the coin holder and gave them to people.

 

:dead-horse:

 

I'd threaten to close my account.

 

Slippin....I don't think you undestand what Omaha meant

In #1, what he is saying is that the bank would be willing to deal with a few minor inconvienences for a business because of the volume of cash they have in the bank or deposit weekly. And a regular personal account, the bank is not so willing. Has nothing to do with the poorest people paying more.

Each bank keeps a certain amount of coin on hand to handle their daily to weekly needs. They base this amount on what the local business need. If collectors are getting rolls/boxes from banks to search, the bank doesn't keep coins on hand for that purpose.

With most banks the average teller cannot walk back and get boxes of quarters. It is done by the head teller. As the boxes are located in the vault and they don't allow access to the vault by every teller