So. California - my bank is halting half-dollar orders...?

Any other So. California people on here hunting halfies?

I just tried calling in an order of half-dollar boxes and was told they"received an email instructing them not to order any more half-dollar coin until further notice..."

This is a nation-wide bank, not a CU.

When I asked for clarification they specifically said:
"the Fed Reserve is OUT and has to RESTOCK" ???


Does this sound bogus to anyone but me? I find this hard to believe.

Is any one else experiencing this in So. Cal?

 

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I'm in CenCal and my credit union and a couple others have them. However, the manager of my primary CU said they may be taking them out because they are always needing service. Primarily because people garbage in there instead of just coins. He said the CU won't pass the cost on to customers, so they may be taken out. Total bummer because I'll have to rethink things if it happens. Especially with what I was able to pull out of my half boxes last night.

 

Are you talking about coin machines? My post is about ordering boxes of halves....

 

Several Banks in L.A. have told me they will no longer order halves over the last year. I still have my regular branches that still order for me though. There have been a few bad eggs around L.A. that have made things hard for the rest of us. With massive orders and massive dumps, that have have resulted in a lot of banks not ordering anymore.

 

Don't believe everything your bank tells you. I've been saying for years that sooner or later the banks will start charging a fee for this service. The fact that you use a dump bank is the dumbest response I've heard. The coins still have to go back into the system somehow. Some banks have started charging service fees, and what kind of response do they get? Yeah, that's right! The greedy CRH'ers threaten to take their business elsewhere. You asked for it! You got it!

So, now, you believe the bank when they say the Fed has a shortage. How ridiculous can you get? Face it! The banks don't want to mess with that part of your business, but they get tired of you threatening the tellers with your garbage.

Chris

 

Both. They will stop ordering at the same time. I have connections with some other banks that will continue ordering for me as long as they are ordering for themselves. That way it doesn't cost them anything. But, yep some of the banks are stopping altogether.

 

As far as restocking at the Fed, I don't buy that. The coin logistics companies (Loomis, Garda, etc) recycle those coins, re-roll and box them, and then deliver orders. I haven't had a box yet come from the "Fed."

 

It's their indirect way of saying, figure it out yourself. Which, BTW, you did. Just as they knew you would.

Put yourself in their position. They're supplying a silver addiction. What's keeping the addict's business worth to them? Now you know...

 

Figured as much.
Thx everyone, just wanted to hear it from someone else....

Time to make friends in higher places

 

Update: I just left a Chase Bank and they told me that they cannot order half dollars right now because the vault is all out of Halves and they are waiting on the Feds to send them more. So this sounds like a corporate policy shift with a B/S story about them being out of half dollars. They aren't the only bank that doesn't want to order halves but this is the newest addition to the list for me, and the 1st time I have been given this story.

 

What is the point of a bank even keeping halves in stock?
No one uses them. No one gets them in change, no one spends them.
I am talking collectively about the billions of these coins and not a handful of
transactions involving this coin. The half dollar has outlived it's usefulness. It is a pointless coin in today's society. Look at the fact they have decreased production for the last 15 years and don't even release them into circulation. The banks get nothing out of ordering boxes of halves. It's just an unnecessary expense.

 

My bank has never stocked half dollar and has never been willing to order them. There is a local business that makes a habit of giving them in change. I have no idea where they get them from. Most of them end up at the bank so once in a while they have a handful available. I once got a whole roll of them and there was actually a 40% one in there. But I have basically given up asking.

 

Hello,

I've kept up on this type of posts as they intrigue me.
I guess this is the pattern of argument that is going to be applied to all coins, then? Given that it seems we are heading towards a, maybe not cashless, but definitely coinless, society?
First to be phased out (in the US) are the 1/2 dollar and dollar coins, then the cent and and, i don't know, the dime. Then the nickel and quarter...

What irks me is that they are, at the moment, still currency! And the banks should at least offer to order them as they are what, we the customer, would like to get...

Just my humble, idealistic, opinion. Don't mean to hijack this thread or step on any toes...

John

 

I think the cent and nickel cost more to produce than face value, so the dime and quarter seem safe.
I think the dollar coin costs (38 cents?) and can last 30, 50, 100 years. But we are reluctant to transition from the dollar bill to the dollar coin. I think the dollar bill only costs a few cents but the average life span is less than a year.
While the shift to more cashless transactions is inevitable, I don't think they are going to completely phase out coins.
But as someone mentioned in another post, the mint facilities could stop making cents (and halves) and use the equipment to mint coins for other countries and make a little profit.
Is the face value argument valid? The same coin is used repeatedly in thousands of transactions.

 

It has nothing to do with a "cashless society". It has everything to do with banks trying to avoid expense and manpower involved with transactions that have nothing to do with the business of banking. Fees for this type of thing are added as a deterrent.