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Can a bank prohibit you from changing dollar bills into dollar coins, unless you buy a roll?
I went to the bank today to try to get some Adams dollars for the kids' Whitman folder. This is a large national bank. I won't name it, but its initials are BoA.
I went up to the teller and told her I would like 5 Adams dollars. She said that she was sorry, but I would have to buy $25 of them in a full roll. I tried to explain that I did not want 25 of them, and I only wanted to exchange a $5 for 5. She then said that the head teller does not allow rolls to be broken and that is their rule. I asked what the reason for that was, and she replied that customers like the nice wrappers that come with the coins, and they have a policy that they will only sell rolls.
I told her that was a little strange, because if I came in here with a $20, and wanted 20 dollar bills, they would exchange those. She said she was sorry, but if I wanted any Adams dollars, I would have to take a $25 roll. Needless to say, I was a little annoyed.
Has anyone heard of banks doing this? How will these coins ever circulate?
Just to stick it to 'em, I let the kids take lollipops from the bowl, even though we did not do a transaction.
[Hopefully Barry won't get mad that I'm asking another legal question to the boards
)

I told her that was a little strange, because if I came in here with a $20, and wanted 20 dollar bills, they would exchange those. She said she was sorry, but if I wanted any Adams dollars, I would have to take a $25 roll. Needless to say, I was a little annoyed.
Has anyone heard of banks doing this? How will these coins ever circulate?
Just to stick it to 'em, I let the kids take lollipops from the bowl, even though we did not do a transaction.

[Hopefully Barry won't get mad that I'm asking another legal question to the boards

Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
If you're a member of a bank, you'd think they'd be willing to help you out with basic things like... say... exchanging money.
<< <i>You should have bought the roll for $25, opened it, and handed her 20 coins and asked for a $20 bill......Then watch her face. >>
You're good! I am not that quick on my feet!
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Please PM me Longacre. We are much more helpful in the midwest.
Banks have funny rules. Is there another institution besides the IRS that actually charges you money to hold your money ?
``https://ebay.us/m/KxolR5
Steve
She/he would have simply stated that they do not accept coin unless it is wrapped. And it has to be complete.
banks are a business with overhead.
Steve
San Diego, CA
Unless the paper buck is killed, banking institutions and merchants will kill the dollar coin simply for lack of use!
The name is LEE!
<< <i>Hopefully Barry won't get mad that I'm asking another legal question to the boards
Not angry at all. Just surprised. Maybe I should start asking eye questions
Banks can do whatever they want, too, just like parking garages. For example, ask for the latest state Q and they may not have any because they didn't order any. They are a business, and while it may be nice and good customer relations, they are under no obligation to do something that's not law or doesn't make them money.
You should have bought the roll for $25, opened it, and handed her 20 coins and asked for a $20 bill.
This reminds me of a funny story my father told me years ago. He took one of those day bus trips to Atlantic City. When you get off the bus they hand you a voucher for a roll of quarters that you can claim in the casino. He's not a gambler, just went to sightsee. So, he gets his roll of quarters, goes somewhere to have lunch and offers the roll as payment. The clerk says "You can't use those here. Those are for use at Ballys." He then asks the clerk if he wants the roll opened and handed the quarters one by one. The clerk took the roll.
p.s.
I use Sovereign Bank. (The swallowed and ate my local banks)
My local bank has changed hands 3 times, but at least most of the employees stayed so they get rolls for us (they even try to give me H/T rolls when they have them) so they try. I think if you have an account and you tried to deposit the coins, they couldn't refuse them. But they do ask me to roll them (if there is enough for a roll).
It is a shame that these coins won't circulate, but I'm trying to circulate a few by losing them at our poker games!
Whether or not it's a good policy to antagonize your customers is another issue.
``https://ebay.us/m/KxolR5
If you are, you should have asked to speak with the manager.
I am a collector
And things, well things
They tend to accumulate
<< <i>The best "banks" for coin hunters is the main cage at any casino. They'll usually take all the coins you have (unwrapped) and exchange them without any fee (with the hopes that you will be gambling). But with the influx of ticket in/out systems, they no longer stock nearly as many coins as they used to. Instead of going to the bank and being rejected, you should just call ahead and make sure they'll do what you want beforehand. It saves time and frustration. My Wells Fargo told me they'd let me play around with coins if I opened an account, so I did (with $50 or something), and I even got a free set of markers and a crayon box. Now when I go in there I proudly give them my account number and remind them I'm a customer, and then I make my silly coin exchanges and unreasonable demands. At least that was until I insisted on purchasing $840 worth of dimes and half dollars, took them over to the carpet, sat down Indian style and busted open each roll, yanked out 14 silvers, dumped the remaining coins back into a canvas bag, and demanded the same teller give me my money back. She also handed me my $50 and an account termination slip. Funny, the coin star machine is never so cruel. But it charges 8%. >>
I'm still laughing at this story.
BTW Some merchants are eating the vig on CoinStar. I think my supermarket will give you 100% if you get a gift card to spend there.
<< <i>I'm still laughing at this story.
And people wonder why banks have the kind of rules they do. Imagine that.
<< <i>She/he would have simply stated that they do not accept coin unless it is wrapped. And it has to be complete. >>
In that case I would have stood there in front of her window and not moved until I got what I wanted. One time I went to the movies, and my mom accidentally bought one too many tickets (there was a large group of us; she miscounted). She immediately caught her mistake and apologized and asked for a refund on the extra ticket. The 15 year old at the window wouldn't refund her money. So we just stood there and told the kid we weren't moving until we got our money back. We had about twenty people in line behind us. The manager finally came in and gave us a refund when he saw five people get out of line and walk back to their car.
Personally, I'll just stand there and block traffic until I get what I want (as long as it's reasonable). I would have told the teller to go get her head teller or the bank manager if she needed to, but I was not going to move until I got my five dollar coins.
when my son spends them at the local burger king - he is known as the "dollar coin kid" and they think they are cool
you might make someones day
Snowman
<< <i>Longacre, are you a BOA account holder? I can understand if you'd rather not answer.
If you are, you should have asked to speak with the manager. >>
Yes, I am. And if you ask RYK, I am a BIG account holder.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>Some peoples' stupidity is beyond me.
If you're a member of a bank, you'd think they'd be willing to help you out with basic things like... say... exchanging money. >>
Indeed. If it was my bank, I'd say something like "Oh, so I can't get twenty Adams dollars? In that case, please give me all my money."
<< <i>
<< <i>Some peoples' stupidity is beyond me.
If you're a member of a bank, you'd think they'd be willing to help you out with basic things like... say... exchanging money. >>
Indeed. If it was my bank, I'd say something like "Oh, so I can't get twenty Adams dollars? In that case, please give me all my money." >>
Corporations rule the world. It's a conspiracy!
Liberty: Parent of Science & Industry
<< <i>I'm not clear on why you wouldn't simply buy the roll, select the best 5 coins to save, and spend the rest, and not worry about their "policy" >>
I'm a non-conformist. Don't you know that about me already?
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Lafayette Grading Set
<< <i>
<< <i>I'm not clear on why you wouldn't simply buy the roll, select the best 5 coins to save, and spend the rest, and not worry about their "policy" >>
I'm a non-conformist. Don't you know that about me already?
Ever see the W.C. Fields movie where he runs a drug store, and every P.I.T.A. customer in the world comes in? One wants to buy exactly one One Cent stamp, and spends five minutes trying to pick the nicest one out of a sheet of one hundred. Then she wants the prize offered to every customer.
Remember this the next time you decide to go out and "non-conform."
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay