COINS bank charges for them?

chopped · May 23, 2012

Just wondering how everyone else handles the coins,My three banks here now do not accept loose coins. One has a machine that counts them and they charge a fee.

At this point, the bank refunds half of the coin-star machines fee. But this will go away soon and we (customer) will be paying the whole fee.
One other bank has no machine at all and I am told to use the machine in the grocery store and they would re-inburse me the fee:thumbsup:
Sounds crazy as this is their business and its 'legal tender''.
just curious if this is just my area.

mikim · May 23, 2012

everywhere....the more machines do for us the lazier we get. Haven't used my wheelbarrow in weeks. I got a tractor bucket.

sfloggie · May 23, 2012

I take our coins to a machine in our local grocery store or Walmart. This machine charges a fee unless I accept the money as a gift card (paper receipt with barcode) and then I get all of the money plus a merchant discount.

I go to Lowes quite often, so I take that as the gift card and use it plus get a 10% military discount.

I have not been in bank in years as I dislike how they operate. I use USAA, Farm Credit, our Credit Union and a 5gal water bottle,which keeps us happy!

Oaktree · May 23, 2012

Yeah, banks here don't take coins unless they're rolled. More if a PITA than I feel like being bothered with. I just use one of the machines at the supermarket & take it as Lowes credit. Figure I'll use it soon enough anyway, no sense paying Coinstar almost 10%.

jinman · May 23, 2012

I think the CoinStar machines are the result of some smart person who is probably getting to be well-off because they found the niche ahead of anyone else. They only work in cash like coin laundries and car washes.:thumbsup: They definitely provide a service for which I'm willing to pay.

On the other hand, my wife goes into the bank every couple of weeks and buys rolls of quarters so she can give our grandson spending money for snacks at school. The bank never charges her for those coin rolls. It's always 1:1 face value.

Does anybody remember or ever used coin changers in laundromats that would charge you for making change? They'd only give you $0.95 for a dollar. I've seen those and think they are the biggest ripoff around because you are using the change in their machines. However, I also know that people used to come into the laundromats and get change when the car wash down the street had a broken changer.

moored4 · May 23, 2012

My bank does not charge us for the service!

DKCDKC · May 23, 2012

A benefit of a local bank in a small town... No charge for cashing in coins.

cdaigle430 · May 23, 2012

chopped said:
Just wondering how everyone else handles the coins,My three banks here now do not accept loose coins. One has a machine that counts them and they charge a fee.
At this point, the bank refunds half of the coin-star machines fee. But this will go away soon and we (customer) will be paying the whole fee.
One other bank has no machine at all and I am told to use the machine in the grocery store and they would re-inburse me the fee:thumbsup:
Sounds crazy as this is their business and its 'legal tender''.
just curious if this is just my area.

I work for TD Bank and if you have an account there they dont charge you for them.

schoolsout · May 23, 2012

chopped said:
Just wondering how everyone else handles the coins,My three banks here now do not accept loose coins. One has a machine that counts them and they charge a fee.
At this point, the bank refunds half of the coin-star machines fee. But this will go away soon and we (customer) will be paying the whole fee.
One other bank has no machine at all and I am told to use the machine in the grocery store and they would re-inburse me the fee:thumbsup:
Sounds crazy as this is their business and its 'legal tender''.
just curious if this is just my area.

If it's legal tender, they must accept it. I'd make them count it. If they refused, I'd ask for the manager. Those machines are just another ploy to skim from the producers and make profits for doing nothing. The banks are just getting slimier and slimier.

jinman · May 23, 2012

schoolsout said:
If it's legal tender, they must accept it. I'd make them count it. If they refused, I'd ask for the manager. Those machines are just another ploy to skim from the producers and make profits for doing nothing. The banks are just getting slimier and slimier.

If you think coins are legal tender, just try paying your taxes with pennies. I guarantee you won't win that battle.