Coins

[mastein]

Ok folks, I know this is trivial, but there are larger issues here. . .

It seems that my bank no longer accepts unrolled coins. I have a small zipper bag full of coins, and nowhere to deposit them. While I realize small timers like me aren't important to these big regional banking conglomerates, but it sends a very very bad message especially to kids who do actually save coins for purchases that they consider important (e.g. candy). The message here is... Save your pennies then when have enough take them down to the store so some machine can take 10% of your money. Also, we will do nothing to help the American people save!

[apnu]

1. well dealing with unrolled coins is a pain... but...

it doesn't mean not accepting them is acceptable.

That being said, you could easily find home sorting machines that will take rolls and fill them up for you. Also, in my area, there are machines at the grocery store that will take and sort your coins and give you cash (after a 10% cut) for your coins.

[CaptainClark23]

2. Rainy days and old movies

Here's what I do with all that loose currency:

rent yourself a couple of flicks you love. settle in with coins and rolls and movies. its like knitting. there's a zen-like serenity to it.

[Frodo]

3. Our currency is "legal tender for all debts public and private"

That doesn't mean private citizens/organizations are obligated to accept them. I can say "don't send cash" if I want to.

Rolling coins is a convenient way to transport them and a necessity if you are going to account for large amounts of coin on a daily basis (as a bank must do).

"The message here is... Save your pennies then when have enough take them down to the store so some machine can take 10% of your money."

Well, no. The message is "wrap your coins if you have more than a pocketfull". Those machines were invented for lazy people. Lazy people are willing to pay a fee to have others work for them.

Speaking as a banker - they are perfectly within their rights to require you to do the wrapping - especially if you have larger amounts. For really big amounts (bags full) - I bet they have a service (that they charge for) that will take them for deposit at central locations without wrapping.

Also speaking as a former teller who was happy to roll them for you if possible (customer volume permitting) - YOU are always free to move your money to a better bank that values your relationship.

[54anickel]

5. When I worked at a bank and someone brought in hand-rolled coin,

we'd break them open and run them thru the coin machine anyway. We could not ship hand rolled coins bank to the Fed anyway. A bank sure isn't going to take your word for it that there are really 50 pennies (or whatever) in that roll. Sure, we could have you write your account number on each and every roll and use them at that office for change, but then the tellers would have to verify they were correct as they utilized them.

Then coin machine sorted and bagged the coins, we'd ship them back to the Fed, along with any amount of cash above our bonded limit for credit to the main office.

The first time I'd ever heard of this was about 8 years ago from my parents who lived in central Florida.

Personally, I think it's silly but then again the idea of a "full service" bank went out long ago in some areas.

[Frodo]

6. Times change.

The bank likely doesn't "care" if you short them a penny or two - and rolls are actually slightly more likely to be a tad over than short - people don't always count the coins they just fill the roll. Both are driven by a similar priority... a dime just ain't worth the trouble these days. If my teller makes 10$/hr that's 13-14$/hour with benefits/taxes. Ten minutes to process coins costs me over 2$ (plus the agravation of any other customer in line which costs me a lot more than 2$)... all to avoid the possibility that you shorted me a couple quarters? if you're my customer I'm taking your word for it.

Sure, as a teller I came upon the occasional roll of quarters that had three or four washers in the center. We laughed at those people.

I'm not sure I remember the last branch I saw that still had a coin counter, but those that still do probably WILL take unrolled coin (perhaps with a deposit slip to process later).. and guess what? The fed doesn't even count the coins in those bags we ship out. They just get weighed and we get credited/debited a few cents on the estimate.

And privacy rules (those rolls might be handed back out to commercial clients) keep most banks from putting your account number on the rolls any longer.

[54anickel]

7. I'm lucky here in the sticks of SE WI. I can't think of a bank in the

area that doesn't have a coin counter. Way back when I worked at the bank our main office even had one of those nifty ones that would fill up one of those roll sleeves and there was a crimper to seal 'em up just like when they come from the Fed.
I liked running that machine for a nice mindless break away from it all. B-)

[amazona]

10. my bank is the same

I bring a bag with my account number written on it and a deposit slip. Say it's a bag of pennies. They put the bag and the deposit slip to the side. When they have some slow time, they dump the bag in the coin sorting machine and mail me back the deposit slip telling how much was in there. No need for me to roll or count the pennies, I would just be getting in their way. And no charge for this, certainly. Having people roll up coins just so some poor teller with too much to do already has to unroll them...that seems silly to me but each bank has their own procedure, I guess.

[Maurkov]

4. Call around

Some banks have automatic sorters and would be happy to help you. Depending on how many coins you have, you might be able to buy your own sorter for less than the 10% the public machines want.

[Kenneth ken]

8. Find a new bank

as others have pointed out, the bank doesn't send rolled coins to the fed; they send bags of pennies, nickels, etc. So find a bank that does accept loose coins. If you want, maybe open an account there, and just add your coins to that account as you redeem them; this would of course depend on minimum balances, monthly fees etc. for having the account.

I will say that my Wells fargo branch accepts loose coins.

If you feel strongly enough about the issue, you can close your account(s) at your current bank and tell the manager why.

[amazona]

9. OK here are some ideas

I'm surprised because my bank no longer takes ROLLED coins. I must put my (sorted) coins in a bag -- one bag for the pennies, one bag for dimes. They have a coin counter and don't feel like breaking open a lot of stupid rolls.

But keep in mind, you can get nickels, quarters, fifties, and dollars all weighed for no charge free at any casino. There are so many casinos around now that you can just stop by on occasion and get them to change your coin. One time I brought in over $300 in quarters so security at the entrance did look in the box to see what I had that was so heavy but you don't have to let things get into quite THAT state of affairs.

As for dimes and pennies, I usually just take bags to the bank, but when I'm being lazy, and just want to spend them, I make a point of bringing my coins with them and using them whenever I buy something. Several cashiers have told me that they appreciate getting the change. To avoid holding people up, if I see someone just buying one or two items, I waive them ahead of me, because I know paying cash is a little bit slow when you have change.

Before they stopped allowing rolled coins, my bank would give the papers for wrapping free, so just ask for the wrappers. Instead of having that rip-off machine roll your coins, either roll 'em yourself while watching TV or tell your kids they'll get the ten percent cut if they want to "roll." At least that way the "rolling" fee stays in the family.

The most coins I ever saved before I realized it was getting out of hand was around $700 -- that's when I had the $300 in quarters I mentioned. It's really heavy. No way to handle the whole $700 at once. I think I stopped in the casino twice and I also brought the penny and dime bags to the bank.