COINS bank charges for them?

rsewill · May 27, 2012

It was just a couple of decades ago the banks would pay you more than face value for your coins due to a shortage of coins.

ultrarunner · May 27, 2012

I spend them or give them to my nieces... they love getting change...

Keep a lot of quarter in the truck ash tray.... it saved me more than one over the years.

Used to be great for parking meters... a quarter only buys 8 minutes now so got to have a lot of them if I go downtown.

I work with a lady that keeps them in jars... when her jar is full she goes Indian Gaming...

MadJack · May 28, 2012

About twenty years ago I switched to using a credit union. That particular one started charging for little things like a bank does and I quickly changed to another CU.
Now when I hear stuff like this [coin charge] I laugh...

Check out a local credit union, you'll see what I mean.

Oaktree · May 31, 2012

MadJack said:
About twenty years ago I switched to using a credit union. That particular one started charging for little things like a bank does and I quickly changed to another CU.
Now when I hear stuff like this [coin charge] I laugh...

Check out a local credit union, you'll see what I mean.

Credit unions are like banks, there are good ones and not-so-good ones. I checked out the one near me...discovered they nickel and dime you on everything, charge you for a checking account (or whatever CUs call them) unless you use a debit card a certain # of times per month, etc.

Ended up going with a community bank. Still not great...can not my saviing account with an ATM (only checking), and they only have a handful of branches (none of which have lobby hours on Saturday), but they seem the best of a sorry lot.

ultrarunner · Jun 2, 2012

Oaktree said:
Credit unions are like banks, there are good ones and not-so-good ones. I checked out the one near me...discovered they nickel and dime you on everything, charge you for a checking account (or whatever CUs call them) unless you use a debit card a certain # of times per month, etc.

Ended up going with a community bank. Still not great...can not my saviing account with an ATM (only checking), and they only have a handful of branches (none of which have lobby hours on Saturday), but they seem the best of a sorry lot.

Had the same experience with the first credit union... had to use the debit card to avoid fees.

The final straw is when the card wouldn't read and they refused to make an exception with only 9 of the 10 required swipes for the month...

New Credit Union is vastly superior... although, their great rates are also way down the last couple of months...

Every time I had a good local bank... they were bought out by either Wells Fargo, Washington Mutual of U.S. Bank...

jimmyj · Jun 3, 2012

Up here in the great white north banks will take your coin if it's a personal account. If you have a business, you pay.

Examples, there are charges to businesses for:

- depositing any form of cash, coin or bills
- buying rolls of coin

I could go on and on and on. The fees to businesses to accept consumer payment by debit and credit cards are simply obscene.

Regarding payment by legal tender. Up here in Canada, a transaction is a two part deal. The purchaser makes an offer to pay and the vendor must accept it. This includes accepting the dollar amount and the type of payment tender. That's why it's not actually the law that I have to give someone the sticker price on an item if it is wrong. I can if I want, but I don't have to sell a $40 item for $30 simply because it's improperly marked.

I would think if someone wanted to pay me a bazillion pennies, I'd take it as I want any business I can get (that's the difference between gov't and private enterprise). But, I have to agree to accept it. Thus I bet there is no legal requirement to accept payment in pennies etc.

I hate banks.

Larry Caldwell · Jun 3, 2012

jimmyj said:
I could go on and on and on. The fees to businesses to accept consumer payment by debit and credit cards are simply obscene.

That's one of the reasons I deal in cash wherever possible, particularly at small local businesses that have to go through a credit card service agent because of low volume.

The other reason I don't use credit cards is that they tempt you to spend money you don't have, and then they screw you in addition to screwing small businesses.

ultrarunner · Jun 4, 2012

Pretty much limited to Credit Cards here...

Even the local filling stations won't accept anything larger than a $20 and none accept checks... same with the Hardware and Lumber Yard...

I was running low on gas one night and pulled into a station and they even had a $10 limit on credit cards...

Some parking meters still take quarters... which buys you 8 minutes... all the new meters are credit/debit card.

Seems Credit is king...

TCJatko · Jun 4, 2012

Slightly off topic, but:

"Billions of dollars are added to the national debt each year to subsidize credit unions. So, why aren't they paying taxes like every other type of financial institution?"

Billions of dollars are added to the national debt because our elected officials continue to spend without limits. Buying votes with other peoples' money; what a deal!

jimmyj · Jun 4, 2012

Larry Caldwell said:
The other reason I don't use credit cards is that they tempt you to spend money you don't have, and then they screw you in addition to screwing small businesses.

You are spot on. The average plastic "spend value" is bigger than the average cash transaction. So it's a curse and a blessing. When they use plastic, I pay, but they buy more and are easier to convince to buy extra stuff or upgrade.