Discussion in 'US Coins Forum' started by noahhutch01, Feb 14, 2022.
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Awaiting more answers: !!
The short answer today is: Banks have many options, are stressed for labor resources, closing branches, and may not accept unprofitable transactions with a potential customer.
I recently, when preparing to fund my tax payment, took a 5 figure sum of treasury bonds to a >50 years of a dealing account major bank where I have a large savings account, "safe deposit" storage box, etc..
I had done the paperwork in advance, so they would only need to accept my bonds for deposit, and spend less than 15 minutes transacting with me.
They refused the deposit, saying that I'd need to send unsigned bonds to a distant Federal facility that doesn't accept phone calls (common today) where they may open a savings account with my deposit, at their discretion. That wasn't an option as, with the shortage of available postal delivery employees, a certified envelope with a large money order payment, had been "lost".
This was a bank that refused my ~decade ago past order for a box of halves, and only accepts large "change" deposits for business accounts.
After considerable days investigation, I took my Federal funds deposit to another smaller bank, in my best attire, where I also have these services.
They accepted my bonds for deposit in a savings account, and spent the <15 minutes transacting with a smile.
You may need to do investigation prior to a "deposit"!
When I wrote to Suntrust corporate folks about limiting coin deposits to only $50, they wrote back and said no such limit is policy and all cash deposits should be accepted for deposit. I just stopped using that bank location.
Don't have any of those,we have 2 wells and 2 SunTrust.The wells will accept coins but the SunTrusts won't for some reason.
After decades of searching rolls...ask them. Seriously.
Have conversations with the tellers about whether you're inconveniencing them or not (you're not, by the way, it's part of the service your bank provides. Within reason of course).
You'll find that some banks have coin star type coin counters available for free for customers.
You'll find that often credit unions have coin counters and will happily take your loose change in any amounts. Typically accounts, even checking, are free at credit unions.
Have conversations...you will find that tellers will start to let you know when they have fresh boxes or get a bunch of customer rolls, you just have to ask...and...
My final honest piece of advice is that if you are a regular at one particular bank, like maybe you live in a smaller town, be nice! I fairly regularly bring the tellers a box of donuts if I've been seeing them a lot, true!
Many of my tellers over the years (a few are also collectors) also love seeing a photo or two of interesting finds! So before I walk in I load up a couple photos on my phone just in case I see a teller who'll enjoy seeing and hearing about a couple sweet finds, without slowing down folks in line behind me of course.
And sometimes I even visit the representatives in their cubicles around the lobby, especially the middle-aged and older ones, they seem to enjoy coins a bit more as they are no longer tellers and sometimes they or relatives are also collectors...the conversation can start with me obviously leaving with some rolls and asking the person..."want to see a really cool coin find I made from your rolls?!". You'd be surprised at the relationships that develop, as well as an occasional tip on interesting rolls!
Most of the tellers who've known me for years usually are greeted with "got any interesting rolls today?!"
I do the same thing and have for many years. I limit my half dollars to $10 per transaction with paper money for the remainder. Also, Walmart, Home Depot and Lowes have self serve check out which take halves (and dollar coins of course).
That used to be an easy solution for me when I lived in NY and went through a series of toll booths every time I drove, especially doing pick-ups and drop-offs at JFK.
I now reside in a different location and with the pandemic, I rarely use change.
The only coins I get are for my collection, which most are paid with PAYPAL.
Maybe I need to check other banks to see if I can get Half Dollar rolls from them.
And so there it is. every situation is different of course, but I was told from the start I was going to have a hard time getting rid of half dollars if I did manage to get them.
I've had branch managers at dump banks I have an accounts at come out to the lobby as I walk in the door and tell me, no, they won't take coins from me anymore, take it somewhere else, and they don't care if I close the account with them, bye bye!
And that was over rolled quarters nickels dimes and cents....
They might take it from you at first but depending on your frequency, they can and have shut people down and tell you, "we don't want it, take it back where you got it from".
And yeah there is always the coinstar machines and taking a gift card option so you don't take the processing fee hit as a last resort, last thing you want is to have to spend them here or there for the next forever.
Hello, Snowman! I am definitely planning on it, but I won't be able to spend $1000 in halves in everyday transactions before I get my next few boxes. I will be bringing several rolls and exchanging them in the drawers at work, and will spend several rolls myself. I just won't be able to spend them all in time.
Right now I'm not sure what to do with my bucket of searched change which must be well over 50 pounds at this point. I don't roll hunt anymore since BofA pulled that crap on me, this is just years and years of accumulated pocket dumps sorted into three bags - zinc, dimes, and quarters. Yeah, I save the copper and the nickels just because. I hear good things about credit unions so might be looking into moving everything to one of them someday - I've had it with BofA for plenty of other reasons anyway.
CoinStar is a crock. I don't want gift cards, I want to exchange my coins for an equal amount in notes, no charge, no shortages, no waiting. I might dump zincolns in there and take the hit since counting them isn't as worthwhile as other denominations, but that's it. It says a lot about our currency that the coins are such a burden that they trade at a discount in some places.
My advice would be to "interview" bank and credit union managers, being honest and ask them their policies. If they don't accept rolled coins, do they count and credit my account without a charge? A good relationship can be built on mutual trust when you get to know the people you are doing business with.
And BTW, Welcome to CT.
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