Why do the charge so much?

[Deleted]

The flower vase I use to drop my change was full so I took it to the bank and it came up to: $119.74.

I put $19 in my pocket and deposit the $100.74 in our savings account (boring I know). But if I was not a member (TD Bank) they would have charge me $11.73 for the service

That is 9.8% ... does that service warrant that price? Do the coins machine in super market charges as much? Would it be or is it worth it to you?

[sapphire12]

It would not be worth it to me. So, I roll my coins every so often and take it to the bank. I don't use cash too often so it takes me a couple of months to amass about $15 in coins to roll; most of it is in quarters so no big deal to me to roll coins while watching TV.

[Kung Fu Panda]

I went to a bank one time, and they said they wouldnt take coins that were pre-rolled anymore. I was told I would have to use the coin machine...

[phil5185]

The flower vase I use to drop my change was full so I took it to the bank and it came up to: $119.74.

If you use a cc for all purchases you won't have to carry, count, or screw with coins. And the extra $119 that you didn't spend is still invested and earning. The point? - Find a method where the system works for you, not against you - and receive the 9.8%, don't pay 9.8%.

[Wisconsin Beth]

Mar 22, 2011 8:03:06 GMT -5 Kung Fu Panda said:

I went to a bank one time, and they said they wouldnt take coins that were pre-rolled anymore. I was told I would have to use the coin machine...

Ditto us too. I do take the time to count my change before taking it in, just in case.

[Waffle]

Yep the coin machines charge that much. I used to pay that fee. The last time, I had change I got an Amazon gift certificate out of the coin machine - (they don't take a percentage from me that way), since I knew I was going to buy something from Amazon anyway.

Don't know what I'll do in the long run.

[Colleenz]

I went to the supermarket coin machine intending to get an Amazon GC for no fee. After counting out my $300+ in change the machine said it had an error and gave me a reciept to get cash from the customer service desk - no fee.

[Savoir Faire-Demogague in NJ]

The real question is how long would it have taken to count out and put the coins in rolls yourself. Was it worth it to pay $11.73 to have it done automatically, thus freeing up your time to do something more interesting?

Similar to having a mechanic or one of those drive-in oil change facilities.

[Urban Chicago]

My bank won't take rolled coins anymore either. I just go to coin star and get an amazon card. Works for me!

[schildi]

Similar to Phil, we almost never use cash. There is really not much of a need for it. With the little cash that I am using, I make sure that I eventually also spend all the change. Some places don't accept CC's under $3 or so (which they should not do, but that's a different discussion), and if I have to pay $2.29 for example, they may see a dollar bill, 4 quarters, a dime, a nickel and 14 single pennies from me. :-)
We don't roll, we don't use coin star machines, and we don't have a jar full of change at home either.

As for the 10% charge, I understand them doing it. It's not your bank, why would they spend their time to provide a service to you for free? How much time did it take in total to get your transaction done?

[Clever Username]

They are simply limiting the services they provide to their customers.
How would you like it if somone knocked on your door tonight and asked you to change all of their pennies into silver dollars?
What you see is that though you CAN do it, you've got no reason to.

[runewell]

A friend once told me, you needn't have more than $1 in change at any one time. And you know, he's right. IF you get in the habit of spending your change, you don't accumulate $100. I pay for just about everything with a credit card anyway, but I get breakfast at work once a week and if I have $2 in change that is how I pay for my breakfast. Problem solved.

[Savoir Faire-Demogague in NJ]

They are simply limiting the services they provide to their customers.
How would you like it if somone knocked on your door tonight and asked you to change all of their pennies into silver dollars?
What you see is that though you CAN do it, you've got no reason to

What you say is true, but Cawiau, is not in the banking business.

[cronewitch]

I knew the answer before I even saw the entire question. Because they can! Some people think their time is so important they can't be bothered saving money so will pay for things others will not pay for.

My niece's husband heard of a store where you bag your own groceries. He said he would have to save a lot of money before he would do that. To me it isn't a big deal, I like to bring reusable bags and put the heavy stuff in one, frozen in another, produce in another so when I get home I can put the frozen in the freezer in the garage, leave the heavy on the floor of the garage and just take the produce and dairy in the house and go back later for the heavy or get DBF to help. So I would bag mine for no savings to get them how I want them where he has even had his wife have the store deliver groceries at extra cost when they had Grocer.com

[Plain Old Petunia]

I refuse to pay for converting change. I have a handful of clients for whom I am basically their contracted bookkeeper and do banking for them regularly. So I chose a bank I visit regularly anyway to open a savings account. About every 2 - 3 weeks, I pull out all the coins in my wallet and deposit them into that savings account. It doesn't cost me a single cent or any time. From time to time I use the money which has built up towards something.

[Peace77]

I just spend my change. I would never pay someone to count it.

[motherto2]

My CU has a coin machine so it's free. But I do love to count how much I have first, because it makes me feel rich seeing all those coins spread out all over my bed. ;D That is until I count it and realize it's not as much as it looks like

[zibazinski]

I'm going to get flamed but I always figure that is what all my pennies are for-to pay that fee. The kids and I put our spare change in a jor and donate it to charity at the end of the year. usually Humane Society but this year it was Big Cat Rescue in honor of a maintenance worker who died and wanted donations to go there. rats, i forgot to add that donation to my taxes!!!

[sesfw]

My CU has a machine in the lobby and I take my saved change in once a year. One time it was around $180. Easy way to save.

Fifty years ago when hubby and I were first married we decided to save all our pennies each year and use that to buy our Christmas trees. We did that until we moved to a different area and had permits to cut a tree from the forest.

Last time I check the grocery coin machines charge 8.9% unless you get one of the gift cards. IMO the grocery machines are convenient but expensive.

[shanendoah]

I guess I'm not surprised at all. Banks have long given things "free" to their customers and charged people who weren't their customers.
15+ years ago, my freshman year of college, I had a small scholarship from my high school. They sent the check directly to me instead of to the school. So, I went to my bank to cash it (it was around $100) in order to buy books. When I first got to the counter and asked to cash the check, they told me they couldn't because the check had been issued by another bank. They said I needed to go to that other bank in order to cash the check. On the verge of tears (because I was a stressed out 18 year old) I managed to say "But this is where my account is." At which point the teller said, "Oh, you're one of our customers? Okay, we can cash the check for you."

This is why I now belong to an NCUA Credit Union. I can walk into any NCUA credit union and they will treat me like one of thier customers.

[Bluerobin]

One supermarket we patronize counts the change for no fee, if you take a store certificate instead of cash.

[Plain Old Petunia]

My credit union has a coin machine too, but it is not free. 3% to members, 8% to non-members. Since they are currently paying 1/17th of 1% interest, I am not interested in depositing my coins there as it will take about 40 years to break even.

Zib, you can always amend your return.

[Clever Username]

Mar 22, 2011 10:23:51 GMT -5 Savoir Faire-Demogague in NJ said:

They are simply limiting the services they provide to their customers.
How would you like it if somone knocked on your door tonight and asked you to change all of their pennies into silver dollars?
What you see is that though you CAN do it, you've got no reason to

What you say is true, but Cawiau, is not in the banking business.

My point exactly.
The same way that a random door knocker is not Cawiau's banking client.
A random door knocker is not your bank's client either.

They probably charge this high of a fee specifically to discourage this behavior.
Or vice/versa they may be trying to encourage them to open an account.

I had something similar to this happen with a Jewel Foods / TCF Bank.
Cashier won't make any more change than needed.
In my quarters-for-laundry days, I'd buy a roll of quarters at the grocery store.
Then TCF Bank opened in store, cashiers stopped selling rolls, directing over to TCF. TCF wouldn't do it for non-customers.

So, I'd go to my regular bank instead.

Double strange looks I'd get cashing in a jar of coins and asking for it in quarter rolls.
Once when asked, I pointed out the receipt where I'd cashed nearly all pennies, dimes and nickels.... we had two jars.

[Deleted]

Mar 22, 2011 7:42:55 GMT -5 TheHaitian said:

I put $19 in my pocket and deposit the $100.74 in our savings account (boring I know). But if I was not a member (TD Bank) they would have charge me $11.73 for the service

That is 9.8% ... does that service warrant that price? Do the coins machine in super market charges as much? Would it be or is it worth it to you?

I think a lot of people are missing the part where his bank DIDN'T charge him for this service. cawiau didn't get charged 9.8%. He WOULD HAVE been charged that amount if he WASN'T a member or customer of that bank/credit union. Here's a little known fact everyone SHOULD know. Most banks tend to charge a check cashing fee if the person cashing the check isn't a customer. Shocking I know. How dare the bank or credit union charge someone who has absolutely no ties to the bank or credit union?

[Savoir Faire-Demogague in NJ]

My point exactly.
The same way that a random door knocker is not Cawiau's banking client.
A random door knocker is not your bank's client either.

Not sure what a random door knocker is or the relavance.
Banks were probably getting shorted with taking in rolled coins from the public. When they take them, they weight the rolls... too much bother.
Didn't your laundromat have a change machine? I still do laundry at the laundromat....

[Savoir Faire-Demogague in NJ]

Most banks tend to charge a check cashing fee if the person cashing the check isn't a customer. Shocking I know. How dare the bank or credit union charge someone who has absolutely no ties to the bank or credit union?

That is interesting and I have heard of this. A demand deposit account means that the customer who writes a draft on their account, and if this instrument is presented to the bank by the payee, the bank "must" honor and make payment.

[AgeOfEnlightenmentSCP]

Mar 22, 2011 13:51:39 GMT -5 Savoir Faire-Demogague in NJ said:

Most banks tend to charge a check cashing fee if the person cashing the check isn't a customer. Shocking I know. How dare the bank or credit union charge someone who has absolutely no ties to the bank or credit union?

That is interesting and I have heard of this. A demand deposit account means that the customer who writes a draft on their account, and if this instrument is presented to the bank by the payee, the bank "must" honor and make payment.

Our experience so far is that they will try to charge a fee if they can get away with it. Chase tries this all the time, and once I had to ask for a manager and explain that I have a right to cash their customer's check with no charge. He disagreed, but honored it anyway. Since then, I have been going to another branch with no issues.

we will often take our tenant's rent checks immediately to their bank and cash them at the counter because if they bounce it doesn't cost us anything, and it's nice to be first in line to get paid while they're out using their debit card, and before other checks can clear as they proceed to overdraw their account)

[AgeOfEnlightenmentSCP]

It's an interesting legal question- can a bank charge a fee to count money? I guess it's different depending on whether you're asking for change, or making a deposit. If the latter, I really don't see how they can charge a fee to count money. It's pretty much their job to count money. For example, if the OP sits down with a banker and says they'd like to open an account (and yes, I read it- I know the OP wasn't charged a fee) and hands over the vase and says, I'd like to open the account with my $119.whatever -- can they charge a fee provided the prospective account holder meets all the other terms?

[Deleted]

Mar 22, 2011 13:51:39 GMT -5 Savoir Faire-Demogague in NJ said:

Most banks tend to charge a check cashing fee if the person cashing the check isn't a customer. Shocking I know. How dare the bank or credit union charge someone who has absolutely no ties to the bank or credit union?

That is interesting and I have heard of this. A demand deposit account means that the customer who writes a draft on their account, and if this instrument is presented to the bank by the payee, the bank "must" honor and make payment.

Let me clarify that previous statement. I'm not talking about a bank cashing a check drawn off that particular bank. I'm talking some random guy walking in to say a BoA (don't know if they do this or not) and wanting to cash a WellsFargo check and he's not a BoA member....again....this may not be something BoA actually does. However, where I bank, they in fact do cash checks drawn on other banks without that person having to be a customer/member. That's when the fee comes in to play. They don't charge if the draft is from my particular bank.

[Savoir Faire-Demogague in NJ]

You do know this PBP, that when a small business makes deposits, there are various charges related to the items in the deposit, like number of items, cash, checks, etc...