Navy Federal Credit Union and coins.

Rob85635

I don't know how many here belong to Navy Federal but if you do I wanted to let you know of something that I think is happening with all branches. My Navy Federal has a coin counting machine that is free to use for members. I was using it one day a couple months ago when one of the employees told me it was going away in April. We chatted a bit about it and she told me the maintenance costs were not worth it for them. I asked a few questions and from what I could gather (and I could be wrong) they are going away everywhere.

Fast forward to today when I had a bag of over $100.00 in dimes, a ton of pennies and some halves I asked the lady at the front desk about it to confirm the date. Lo and behold it is being removed the 23rd of this month. So if you are a member of this credit union and they have one of these machines you might want to check with them about it. My days of not rolling coins are almost gone, no other bank in my town has a machine. I jokingly laughed if the machine was for sale. Apparently it is not.

mt_msla

:-(

MsMorrisine

This is a trend at other banks, too.

I'm hoping for a fire sale on the machines.

RogerB

TD Bank did the same.

MsMorrisine

@RogerB said:
TD Bank did the same.

They got sued. Commercial users said some NYC machines were under counting.

Welcome to the result.

Don't tell anyone that the banks use machines to count the real money, too.

PTVETTER

A story was done that showed the bank coin counters were not accurate.
Looks like coin dealers have better coin counters that banks.

MsMorrisine

As a coin roll hunter, I go in knowing exactly what I have to run through. There are errors, but they were right on most times. One bank had an internal foreign, junk, trash tray. If more than a couple of coins off, I'd have them open it up and retrieve. For TD, they have great machines if they'd reset them to bag more than $100 in $1/50¢. Since TD lost, I imagine there was some issue. My guess would be some local issue. (Rogues know they undercount and let it happen & bank keeps difference)
If TD universally had bad machines there would be complaints from me and likely others.

I've picked up a sealed box of nickels from a bank only to find it 1 roll short. Me being a familiar and honest type, I got the $2 back from that bank.

A sealed box of half dollars once had some quarter and dollar coins in them. I think I netted 75¢ or 50¢.

I think there was a study. Coin operated machines sometimes take your money. Anyone shutting down coin operated machines?

ricko

I do not use the machines.... and the Coinstar machines are notorious for rejecting or undercounting... most people do not even realize it though since they just pour in jars/cans/bags of coins.... I roll mine and take them to the bank...once a year or so...Cheers, RickO

jessewvu

I belong to a NFCU. ILL GO IN AND ASK. theybare broken a lot

oih82w8

I once made a trip with my bag-o-change and thought that I counted it correctly PRIOR to running it through the coin counter. There was no fee since I was depositing it into my account, but I did manage to come up short. I did a little experiment with a couple rolls of dimes that I got from the counter. I ran them through the machine and sure enough it came up shorter than the two rolls of dimes ($10). It was an odd amount which included cents, $9.73. Which would indicate that three dimes were counted as cents as they passed through the sorting plates. The counter lady did not have any reasoning and she wrote up a ticket for maintenance. I do not know what the follow-up result was other than I quit going there for their coin counter.

From what I understand, one of banking establishments is requiring your account number to written on the coin rolls and the amount being deposited in rolled change will be "held" for x-number of days for counting. Sigh. Isn't technology wonderful (eye roll).

RogerB

The "old tyme" bank process was to have customers put their account number (or business stamp) on each wrapper. Tellers ran each roll through a counting machine and hand-counted if there was a discrepancy. The account number permitted debit/credit adjustments.

Cameonut

I roll my own quarters and leave the smaller coins to the Coinstar counter. Don't really care if it undercounts a bit as I normally get an Amazon gift card anyway. Saves me a ton of time.

FWIW - my credit union once had a coin counter that members could use. No idea why it disappeared, but it was around the time of the advent of Coinstar.

shorecoll

I've told this story before, but...my sister got laid off after working in a factory for 25 years, went back to school. Broke and starving for 2 years...after she graduated she asked me to come help her roll "some coins". She opened her closet and had 6 5 gallon water bottles full of coins. "Broke and starving" with thousands in change in her closet. And I found a common Barber quarter in F in one of the bottles. First non-AG barber I ever found from circ.

johnny9434

my credit union was to stingy to put one in. they said it wasent cost efficient

Aspie_Rocco

They are taking out the counter at NFCU Hueneme also
They are notorious for undercounting. Every machine I have used seems to do this.
Not sure if it happens due to the high speed process or what. I have added rolls directly to these devices and seen the miscount. It's usually negligible enough that I do it worry. Saves time and it's still less than coinstar fees.

Stork

My nearest NFCU is almost 3 hrs away .

ricko

We do not have an NFCU around here.... too bad.. they are a good group.... My daughter uses them in NC... Cheers, RickO