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I just went to my local credit union the other day where I bank. They have a coin machine in the lobby. I dumped my coins in, it counted them, popped out a receipt, then I took the receipt to the window and got nearly 25 bucks cash back with no fee. I don't think you have to be a member to use it. They didn't ask me if I was a member or anything at all for that matter.
Losing 9-10% is horrible no matter how you slice it
So if you had a million dollars you're ok with losing 100,000?
If your boss said hey you can take a 10% pay cut you're ok with it?
If your house lost 10% in value you're ok with it?
If you had ten $10 bills you're ok with losing a $10 bill.
What if you lost 10% on every transaction you made?
Sorry but no matter how you slice it losing 10% is horrible.
Last time I took change in I had about $1600. I would of been giving $160 to a service simply to count the change. No thanks. I drove to my credit union and used their machine and kept the $160 in MY pocket
Large national banks have been getting rid of coin counting machines, and or having their tellers count coins for some time now.
The former is the result of lawsuits filed against TD Bank and others alleging under counting. The second is banks often have far fewer tellers than in the past and don't want to tie up that employee's time counting coins I shouldn't wonder.
It really only is relatively recently IIRC bank tellers counted coins at all. Can recall back in the 1970's and 1980's if you wanted to deposit a large amount of coins they had to be counted and rolled. Still have some of those paper rolls somewhere stashed away! *LOL*
Where I live, Fred Meyer (Kroger) superrmarkets have a pod of self-checkouts which individually accept most coins (cents - quarters) at face value; that's how I get rid of my change without charge.
So if you had a million dollars you're ok with losing 100,000?
If your boss said hey you can take a 10% pay cut you're ok with it?
If your house lost 10% in value you're ok with it?
If you had ten $10 bills you're ok with losing a $10 bill.
What if you lost 10% on every transaction you made?
Sorry but no matter how you slice it losing 10% is horrible.
Last time I took change in I had about $1600. I would of been giving $160 to a service simply to count the change. No thanks. I drove to my credit union and used their machine and kept the $160 in MY pocket
Do you have trouble reading? If not why are you asking me these questions?
Think also for many Americans "change" is simply becoming something totally alien. Almost every single thing one once needed coins for in the past (tolls, parking meters, laundromat machines, and so forth), now long have gone over to various electronic cards or devices. In our area they are fast getting rid of toll booths in favor of cashless systems even for those without an EZ-Pass.
When it comes time to pay for anything these most persons swipe/use their bank, credit or charge cards, and or various "app" devices.
Know for a fact my bank saw its coin machines mostly used by people who collect bottles/cans, the homeless and other panhandlers, along with others who merely wanted to convert coins to bills, but didn't have an account with the bank.
So if you had a million dollars you're ok with losing 100,000?
If your boss said hey you can take a 10% pay cut you're ok with it?
If your house lost 10% in value you're ok with it?
If you had ten $10 bills you're ok with losing a $10 bill.
What if you lost 10% on every transaction you made?
Sorry but no matter how you slice it losing 10% is horrible.
Last time I took change in I had about $1600. I would of been giving $160 to a service simply to count the change. No thanks. I drove to my credit union and used their machine and kept the $160 in MY pocket
And yet.. People will spend money they don't have and pay 10% or higher interest to a credit card company without batting an eye.
Perhaps it seems lower on change because that is normally 'found money'.
Someone mentioned the TD lawsuit.. Yeah.. that was pretty big and why many banks don't have the machines anymore. The Coinstar machines by and large are considered highly accurate. The ones in banks were horrible, at least the TD ones. One of them was off by 15%. The average being off by $4 on $300 in coins.
So, unless you counted that change first to verify that your credit union machine was accurate.. You very well might have paid $160 to have it counted.. You just didn't know it.
Like most people every day I come home, I empty my pockets and I throw my loose change into a container and when that container fills up I take it in to my local Chase to deposit. It usually comes out to $150 or so. This last time that I went they told me that they do not have the coin counting machines anymore and I would have to roll all the coins to be able to deposit them. Now, I've done this many times before and there was never any issue about it. So this policy change smacks me as a bit narrow minded on their part. I even asked the teller don't you have to still verify that the rolled coins are actually money and he admitted that they have some sort of machine that verifies the coins.
Since change/coins are legal US currency aren't they obligated to take it, even if I bring a whole bucket full? I realize this is a bit of a minor issue but it just seems that banks handle money and yet they're telling me they can't handle it unless they get it a certain way. Maybe I'll put a little bow on each roll to make them happy.
Your coins are more hassle than they are worth to Chase, by the time they factor in the verification and maintenance on the machines it easier to simply say, nope. Plus if they have made this policy change it is because not enough people where affected by their coin acceptance, hence you were one of the very few who deposited coins.
As for the legal us currency, that is an urban legend that has been going on for years, private businesses are allowed to enact their own policies. Just like convenience stores can refuse to accept $100 bills, banks can say no coins.
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