depositing gold coins in bank
penny2many
Posts: 126
You can send the gold coins for collection if they want to deposit them in the bank but you can not give immediate value for them. We do not take gold coins if they are wanting to sell them to us. We are not set up to do that and most tellers do not even know what a real gold coin looks like. I think a lot of tellers don't know what a half is especially the younger ones. I know they would not know what a Peace dolar or Morgan dollar was and they would refuse it but I have tried to train my tellers about this stuff. As for the gold coin the woman wanted to sell I asked questions because she was not sure what she had and I am wondering if it was a piece of fake jewerly or something like that but I would not tell her I would take it and give her back money for it because the roads were bad and I sure didn't want someone out in the country to waste their gas coming into the bank. If it was something real then she would be able to get real money from someone that was willing to take it then and give her cash then. That is what she was wanting, not to deposit it. She was not a customer of ours and I think she had called several banks to try to sell it. That is why I was asking what it said on it. sounded like she was just out of bed and not real alert so you can draw your on conclusions. I did!
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Comments
Ray
Wait a minute...
...there wasn't a question.
The bank is not equipped to exchange bullion for spot value or rare coins for numismatic value. It is equipped to store and exchange money for face value.
<< <i>You can send the gold coins for collection if they want to deposit them in the bank but you can not give immediate value for them. We do not take gold coins if they are wanting to sell them to us. We are not set up to do that and most tellers do not even know what a real gold coin looks like. I think a lot of tellers don't know what a half is especially the younger ones. I know they would not know what a Peace dolar or Morgan dollar was and they would refuse it but I have tried to train my tellers about this stuff. As for the gold coin the woman wanted to sell I asked questions because she was not sure what she had and I am wondering if it was a piece of fake jewerly or something like that but I would not tell her I would take it and give her back money for it because the roads were bad and I sure didn't want someone out in the country to waste their gas coming into the bank. If it was something real then she would be able to get real money from someone that was willing to take it then and give her cash then. That is what she was wanting, not to deposit it. She was not a customer of ours and I think she had called several banks to try to sell it. That is why I was asking what it said on it. sounded like she was just out of bed and not real alert so you can draw your on conclusions. I did! >>
You actually work at a bank and you dont even know that a bullion gold eagle IS LEGAL TENDER??? You are 100% absolutely WRONG. If I wanted to, I could walk into my bank with a 1oz American gold eagle right now, and deposit it into my account for a credit of $50. By FEDERAL LAW, you are required to accept my $50 deposit. There is no debate over that. Why dont you learn your job?
<< <i>There was a similar question by the OP yesterday.
The bank is not equipped to exchange bullion for spot value or rare coins for numismatic value. It is equipped to store and exchange money for face value. >>
That is not the argument RYK. She states that you cannot deposit a 1oz AGE for $50 credit into your account. You would be crazy to do so, but you ABSOLUTELY can! You could deposit an 1895 double eagle into your account for $20 credit if you wanted to.
roadrunner
<< <i>I am prepared to travel to local banks to pay $50 in FRN's for 1 oz legal tender GAE's. Please PM me for the next offering.
roadrunner >>
HAHA! But roadrunner, can you make a $50 deposit into your account with a 1oz AGE if you wanted to?
If it's paper they want, it's paper they'll get.
While not so funny, one of my local dealers has taken in gold coins and paid out face value in cash......I kid you not.
roadrunner
<< <i>If I wanted to, I could walk into my bank with a 1oz American gold eagle right now, and deposit it into my account for a credit of $50. By FEDERAL LAW, you are required to accept my $50 deposit. There is no debate over that. Why dont you learn your job? >>
There are no Federal Laws requiring a bank to take your money or your bullion. They are a business just like any other business and can choose who they will do business with and who they will not do business with.
The name is LEE!
Federal Reserve Act of 1913
Dealings in, and Loans on, Gold
Every Federal reserve bank shall have power:
(a) To deal in gold coin and bullion at home or abroad, to make loans thereon, exchange Federal reserve notes for gold, gold coin, or gold certificates, and to contract for loans of gold coin or bullion, giving therefor, when necessary, acceptable security, including the hypothecation of United States bonds or other securities which Federal reserve banks are authorized to hold;
[12 USC 354. Part of original Federal Reserve Act; not amended. See also 12 USC 5116 through 5118.]
roadrunner
What is this thread about?
Wasn't the FRA of '13 ammended or replaced after '33? Doesn't it also only apply to FRB's?
<< <i>
<< <i>If I wanted to, I could walk into my bank with a 1oz American gold eagle right now, and deposit it into my account for a credit of $50. By FEDERAL LAW, you are required to accept my $50 deposit. There is no debate over that. Why dont you learn your job? >>
There are no Federal Laws requiring a bank to take your money or your bullion. They are a business just like any other business and can choose who they will do business with and who they will not do business with. >>
Notice the "my bank" part of my post? That would imply that I already have an established account with them.
The Federal Open Market Committee (FOMC) was established in the 1930's as an ammendment to the original bill. The Act should apply to all member Fed Reserve banks.
roadrunner
accept a $5 gold bullion coin . One who does , will accept the coin , replace
it with a $5 Fed reserve note , and happily sell the bullion to whoever .
<< <i>
<< <i>
<< <i>If I wanted to, I could walk into my bank with a 1oz American gold eagle right now, and deposit it into my account for a credit of $50. By FEDERAL LAW, you are required to accept my $50 deposit. There is no debate over that. Why dont you learn your job? >>
There are no Federal Laws requiring a bank to take your money or your bullion. They are a business just like any other business and can choose who they will do business with and who they will not do business with. >>
Notice the "my bank" part of my post? That would imply that I already have an established account with them. >>
Actually the bank is under no obligation to accept any deposit from you regardless of whether or not you are an account holder. Yes the Eagle is legal tender with a face value of $50, but that doesn't mean that anyone, with the exception of the Federal Government, has to accept it as payment. That being said, if you insisted on depositing it, the teller would be foolish not to accept the deposit and buy it from the drawer at face.
Tom
Branch Manager
Chase Bank
Walk into your bank with 11,000 pennies and try to deposit them.
You might succeed... or might not.
The result will not determine whether or not pennies are legal tender.
In 1947 my local savings bank called me and wanted to know if I wanted a $5 gold piece for $5. I accepted.
That was nice of them to humor a 12 year old. While it was perfectly legal of me to hold a gold piece as part of a collection (which they did mentioned), I don't think their offering of it was legal. I was not complaining though.
<< <i>While not so funny, one of my local dealers has taken in gold coins and paid out face value in cash......I kid you not. >>
sounds like a few of the scumbag dealers that are around.
*vomit*