Where do you buy your rolled coin? - US Bank charged my account $20.00 afterward!

I just wanted to let everyone know that you should avoid US Bank for your rolled coin purchases. They charged me a $20.00 fee the day after I picked up 4 penny boxes. I have picked up 22 boxes in the last month, but a fee was only mentioned the last time I went on 12/27. I have filed a BBB complaint against US Bank and their response is still the same - they won't refund the fee.

I will be picketing outside US Bank to inform their customers as the walk in or drive by they should move their money to another financial institution (preferably a credit union).

Stay away from US Bank and all other big banks that so desperately needed the bailout funds only a couple years ago. US Bank only "needed" $6,599,000,000 for their "bailout." Now they are paying back their customers by charging them fees after the time of service.

 

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I understand your frustration. If you've been a good customer, they should have at least given you a one time adjustment and not charged you for it. But in the future, you would be. Then it is your choice to either continue to get coins there (boxes) or elsewhere.

Many banks, etc. are adding fees and charges where-ever they can. I can actually forsee a day when people won't be roll searching because their banks charge for the coins, both ways. The banks are having to order coins for their business accounts, and cannot buy coins they don't forsee using. If they add boxes for non-business customers, they are taking more work to acquire it, and possibly more money out to do so.

But, that doesn't mean they should be charging 5.00 a box. That's huge!!!!! I never liked US Bank, but not for this reason. The good news is that there are a number of banks and credit unions that do not charge for you to get coins in rolls (either in boxes or just rolls) and some that don't charge for you to return rolls or in their coin machine. But that may change again.

I'd start looking for another bank to deal with, personally. I've had a couple banks over the years that were taking a hard stance on a small charge of theirs, and nearly every time it caused me to look for another bank to deal with. I think it's sad that the banks are nickel and diming the small customers, but that's the way the business is. They'd rather have a few really large customers than lots of small ones. Wells Fargo lost me after nearly 6 years due to them starting to charge for a checking account. I said "good bye". They don't care, I'm sure they still have lots of customers to get that fee from.

 

They are doing you a service, it costs them money to order coins. Many banks do it actually.

 

When 40% of the GNP of the USA is banking services, it becomes problematic to keep taking a piece of every dollar each time it passes from one person to another. The dollar never gains purchasing power, but it must somehow provide earnings to compensate for services rendered. Sadly, the money is just not there to keep tellers employed to handle transactions. Too many fingers in an empty pot. One solution is increased fees. IMHO

 

Credit Unions are your friend. When you join you become a member and shareholder. I moved most of my money into local credit unions. You haven't heard of them getting bailed out, nor will you. They do not get involved in the riskier stuff that savings and loans and then commercial banks did.

 

I heard they where going to start around this time, but not 'til January. They Stopped minting pennies in April.

 

I agree wholeheartedly with going to credit unions. I have been a member of mine for about 40 years, starting as a kid.

One thing, though. Everyone who roll searches should really understand that they are costing their bank/credit union money. Even if you are lucky and they are not charging you, you are costing them. They cannot get rolled change for free. If they let you have it with no charge THEY ARE DOING YOU A FAVOR AND LOSING MONEY DOING SO. People need to remember that, and not think that "By god, I am entitled to free rolls". No, you aren't. I like to find a place that has loose bags of coins from a coin counter or the like. These do not cost the banks any money, so I feel better about getting them, sorting through them, and then returning.

Chris

 

The most important factor in dealing with banks, credit unions etc is that you have to remember that the tellers are your friends. They don't mind little favours, like gift cards, coupons etc. A couple of banks I deal with probably do charge people for boxes of coins, but curiously they continue to order for me on a weekly basis and never bother me about fees etc. Of course, I have befriended the tellers and am certainly not above using charm to get what I really want. I usually do like coffee type gift cards, but I have a couple that have been so generous with calling me with finds in the past couple of months that they are getting Olive Garden gift cards.

 

Great advice sir.

 

scottishmoney,

I took your words to heart, and felt it might be worthwhile. So I bought 8 - 5$ Starbucks cards, and gave 1 to a particular teller at a credit union, who collects world coins (I've given her a couple), where I get usually about 200 in rolled coins every so often. The other 7 I gave to the managers and tellers at another bank, where I turn in money to the coin star for free (since I opened an account there to do so). That branch remembers me by name each time I come in, and I also opened up two SDB's there. I am letting them know I appreciate being able to turn in my coins there, and they can in turn count on me to put some business to them. I also showed some of them the 1999 WAM I found in rolls, so who knows? I do know that a little grease can turn wheels, so hopefully this will work out. And if it doesn't, well, I've only diverted some of the money I usually give to charity each year, so it's no loss to me that way.

 

+1

 

At first I didn't understand that, but with the help of this forum, I am beginning to understand the costs the banks go through for the coins. I am not unappreciative. But the coins from a coin counter also cost the banks --- the banks have to provide (pay for) the machine, it's operating costs, the plastic bags that go in there, the time for the managers and tellers to change out bags, the cost of the service that picks up the bags, etc.

That being said, I'm going to milk what I can while the roll searching is still available "without cost" to me, other than my time, gas money, and effort. I really do think that this is the past, sort of like when wagon makers could still make a living that way. Times change, and I think that with more people using plastic of some sort, or wired (internet) transfers, there will be even less reason for banks to allow customers to get large amounts of rolls without a cost. And once the cost is factored in there, there will be less reason for the roll searchers to "buy" them.

 

i am lucky. i know the bank tellers on a personal level so i have them pull coins if they see them and hold them for me, also i can buy as many rolls and no extra charge.

 

Kasia, I was not trying to say anyone who roll searches was a bad person. My experience with bags is simply my CU who uses mint cloth bags, and I can get a bag when I want when one is full. I bring the cloth bag back, so they are only out the labor to count the change, which they do for a deposit anyway. Any way you slice it handling change and currency is an expense to them, its just rolled change is probably the most expensive expense.

I just wanted to post so everyone understands why its not a "right" but a privilege to be able to get rolled change to sort through. If my bank charged, I doubt I would agree to the charge and try to find another bank. However, I simply do not think a bank is "evil" for charging, they are simply trying to recoup their expenses.

That's all.

Chris

 

All laws have been repealed that apply to banks. At least no laws are being enforced. When they get caught stealing now they don't go to jail and don't even have to pay the money back.

Civilization itself is founded on trust. (many banks even have this word in their name).

One has to suspect that civilization itself is in extreme danger.

We had a 12,000 year run though.

 

at least in my area credit unions are terriblefor roll searching. Great for banking but not roll searching. they are smaller so have less access to shipping coin and additional fees. my Credit union gets there coin from a local bank. I assume they have to pay both for brinks to ship it to the bank and then also for the bank to ship it to the credit union, so double dipped in fees.

I would check with one of the big chains that just got slammed with that dump you bank thing. they should be begging to get accounts opened!!

 

If you want your money back, talk to your states attorney general. You can usually file a complaint online. Just outline what happened. "Went to bank to pick up 4 boxes of cents, they gave me the boxes of cents, no mention of any fees, then retroactively charged my account $5 per box, for a total of $20, and refuse to refund me despite not taking proper steps to inform me about said fees." or something along those lines.

Mine got BAC to refund $300 in late fees and interest rate hikes to my credit card. They decided to stop sending me bills and wouldn't let me check my account online, so I ended up forgetting about my bill for three months... pretty nice plan by them to suck some more cash out of my wallet, but I don't stand for that BS.

 

When I get cent rolls from the bank I always ask if they have customer wrapped rolls. If they have an abundant supply they seem very happy to get rid of them. They are not as willing to give up full boxes.

 

Hmm, my credit unions order boxes for me. I keep CD accounts in my several, for that very reason. You scratch my back I scratch yours. BTW just today my one credit union called me up and told me they just had 38 Ike dollars come in and that they were mine. Oh yes, and they take the time to know me by name - one of my one bank's tellers left her job at the bank and just got a job at the credit union - bonus! I even know some of them well enough outside of banking business that I have them on facebook.

 

Let me lend this thought to your delemma. 1)a bank nor does the federal reserve have to honor any request for rolls, new coins or currency. They only have to have enough of the old stuff on hand to do day to day business. 2)as such banks can levy fees for doing the service of giving you their stock piles of coins. It stinks yes, but that's the federal reserve for ya. Even though you are doing it from a collector prospective the banks look at you as a business that need rolls upon rolls of change and charge the same. 3)the only exceptions to this are coins that are declared to be "commemorative". From my understanding this means that they have to order coins for customers for the 2009 lincoln rolls, the sacagawea's seeing that the reverse changes year to year as well as the presidential rolls. You still may not get them though if the fed doesn't have any to send. I know the state quarters didn't qualify and I'm not sure if the america the beautiful do either. However I do not know if they can charge service fees for doing so. Most if not all of the coins can be ordered via roll from the usmint, and many decent brick and mortar coin shops sell them with only a 1-5 dollar over face premium for the rolls. Depending on denomination. Unless they are hard to come by and can't get them like the 09 dime's and nickels. Community banks, credit unions and even some people get to know their local check cashing/currency exchanges as many that do a regular business get armour car deliveries from the fed or banks. Bottom line large corporate banks won't do it you're small potatoes to them.