Interesting time at the bank this afternoon (loan, transaction, percentage)
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OK, I can't even think of where to put this, so if any mod wants to switch it somewhere else, that's fine. I just figured banking, economics...you know.
Anyway, I was curious as to how other people felt about this.
I walked across the street to Chase bank this afternoon and tried to turn in 4 rolls of pennies and ten dimes for three dollars. Guess what I was told?
Chase bank will not exchange cash for cash unless you are a customer of theirs. OK, I could understand the rolled pennies. But ten dimes? Come on! The teller counted them in front of me, then handed them back when she found out I didn't have an account.
I went back home and called the bank and was connected to someone who worked at this particular branch. He verified that it was their policy to not exchange cash for cash if the person exchanging it was not a customer. I let him know that I may not be a customer now, but I was a potential customer when I walked in their door and thanks to the way I was treated, I walked out vowing I would never be a customer there.
Remember when you tried to get four quarters for a dollar at 7-11 and they told you they weren't a bank? Well, apparently, Chase is not a bank either!
I had a situation which was even crazier. I was starting a new job and moved from Arizona to New York. I had a job, contract to buy a house, and a temporary place to stay. I had a cashiers check from my old bank and wanted to open an account. I walked into a bank...I think it was Citibank...and tried to open an account. No way! The teller would not open an account because I had an out of State drivers license. I explained I did not want to cash the check, just open an account for later use. The branch manager would not agree either.
That is why I am a Chase customer. I went to another local bank and opened an account and a few years later that bank was bought out by Chase. I often travel in areas with no Chase branches...that is true for a large part of the western US. I also maintain a small Wells Fargo account.
If you don't have an account it seems no bank is interested in helping you with even trivial issues.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Banks are in business to make money, taking an employee's time at $10/hour to turn change into bills is not going to produce any revenue. I prefer credit unions now, but rather than roll change, I just use the Coinstar machines. They take a percentage but it's worth it to just dump them in and watch the count go up.
Banks are in business to make money, taking an employee's time at $10/hour to turn change into bills is not going to produce any revenue. I prefer credit unions now, but rather than roll change, I just use the Coinstar machines. They take a percentage but it's worth it to just dump them in and watch the count go up.
Where you come from the tellers must be really slow. How long does it take a teller to count ten dimes anyway? I'll tell you. Less than 5 seconds because she did it in front of me. It took her longer to tell me she couldn't take the dimes and give me a dollar for them.
This is a bank across the street from me. Twenty feet away. As I said, I was a potential customer and now they have definitely lost revenue, because I won't be going back. Also, isn't this basically part of the job of a bank? I mean, if I cant get 4 quarters for a dollar at a bank, where am I supposed to go?
Nothing like having a policy in place that says "We'd rather bank on losing revenue than allow our tellers to exchange cash for cash and maybe lose revenue."
By the way, there was one teller there and I was the only customer in the bank at that time. For the entire duration.
7/11 is understandable. A lot of times they can't open the register without a transaction
They can. I worked at 7-11 for 4 years. The problem with quarters is the cashiers can only keep a certain amount of money up top in the register and if you need coins, you get them out of a timed safe. Ours only spit out a coin roll every two minutes, which was why we tried to not empty our till out of coins if we didn't need to.
I also worked for two banks for a combined total of almost 17 years and I never would have dreamed of turning down anyone wanting to exchange cash. That was my job, for crying out loud.
This is a bank across the street from me. Twenty feet away. As I said, I was a potential customer and now they have definitely lost revenue, because I won't be going back.
That seems like weak reasoning. Were they losing revenue before you set foot in the door for the first time? No. They haven't "lost" anything.
Around here Chase makes it clear who they want as their customers. They offer cash bounties for your business, but they only want five-figure balances and higher.
Chase Bank has some interesting policies. One time I tried to deposit a couple hundred dollars in cash into my son's account. They refused. They do not accept cash from anyone but the account holder.
As I said, I was a potential customer and now they have definitely lost revenue, because I won't be going back. Also, isn't this basically part of the job of a bank?
They haven't "definitely" lost anything unless you were actively looking for a new bank, would have otherwise opened an account at Chase, and would have been the type of customer that generates revenue.
A bank like Chase doesn't have a job other than to be a profitable business, they don't have a community service function where any non-customer can walk in and receive services that take up their time. Some banks probably would have changed it, hell many retailers would have changed it, but that doesn't mean that becomes the job of a bank.
Quote:
Originally Posted by rodentraiser
I mean, if I cant get 4 quarters for a dollar at a bank, where am I supposed to go?
Is this seriously a problem you cannot solve on your own? Like you're going to have four quarters (or ten dimes) forever due to the cruelty of the Chase branch across the street? Like sure does throw some serious curve balls, I bet that change is clinking in your pocket right now hampering your mobility, an albatross to bear since no reasonable solution is at hand.
I became a customer of City National Bank in Columbus Ohio in 1964. Got my first loan there. This was when banks couldn't have branches outside of their home county. City National morphed into Bank One, which in turn got rolled into J.P. Morgan/Chase.
Still do our banking at Chase even though the nearest brick and mortar branch is about 2,500 miles away. Still have the same account number with a few extra digits on the front end
Note to OP - I'm sure the branch manager lost a lot of sleep, considering they just lost a $3 deal with no profit.
Mahalo
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