Buying rolls and bank tellers
hyf88
Posts: 294 ✭✭✭
Went to the local bank today that happens to be across the street from an elderly assited-living complex and bought $20 in cents to look through, as I do every month. There's always some wheats and lots of older memorials to check for varieties. There was a new teller at the bank and he had to check with his supervisor to see if he could sell me the rolls. He also asked me if they were for a business and gave me a very strange look when I told him they were for me to look through as a hobby. Anyone else get this reaction from bank tellers?
It always makes me smile when people think we coin collectors are a little left-of-center!
It always makes me smile when people think we coin collectors are a little left-of-center!
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<< <i>He also asked me if they were for a business >>
Thats what it's all about.
Banks don't wish to supply a business rolls if they don't have an account with them.
She is the weekend teller manager and with a couple of exceptions now, every time I have to cash in change I wait until Saturday and go in when I know that she will have to oversee the teller running the change machine. Let’s just say if look could kill, I’d have died a thousand deaths by now.
The worst I have even gotten was a mini lecture on how it cost them (the bank) money to roll these coins, and for someone like me, who just buys them to just look through and return, is a waste of money and their resources.
Oooh, Big Banking Institutions, how I weep for you. *plays violin*
Bruce
In honor of the memory of Cpl. Michael E. Thompson
When I take my coin back to deposit back into my account, I try to select a branch that is near a major shopping center. Those branches tend to have to order large quantities of coin for their business customers on a regular basis, and are always more than happy to take the coin off my hands. It works 99.99% of the time, and I do find some interesting pieces.
<< <i> kiyote - The only reason banks would be upset is because they haven't found a way to charge you for getting rolls yet. >>
Which is surprising odd, since it is about the only service they don't have a service charge for.
I am often given an odd look when they reply, "But sir, we have $700.00 in half dollars"
My reply is usually "Great, thank you!"
That's when the dirty looks come
Banks aren't your grandfather's institutions anymore. Banks don't exist to sell rolls of change, accept rolls of change, cash SS checks, or interact with customers. That's all carryover nonsense from eras past. If they had their way, they wouldn't interact with people to do anything except sell loan products and add-on services.
An authorized PCGS dealer, and a contributor to the Red Book.
etc. What if a bank teller gives out all of these rolls of change and
then later in the day the bank has trouble making change for
teller transactions at the bank? What if all of these rolls of change
are given out to a coin collector and then the next person in line
is the owner of a convenience store (and a regular bank customer for
30 years) and this store owner is about to run out of coins to make
change for customer transactions at his store and the bank
does not have anymore rolls to spare?
<< <i>My local bank, Sovereign; I go there 2 times a week typically for various things...very familiar with all the tellers (first name basis) They put aside IKES for me when they get them, I don't think they would have a problem with me getting vast quantities of anything. I tried getting rolls of dollar coins, but the manager only allows 8 at a time. Craziness! >>
To be honest, banks that limit the number of state quarters or presidential dollars to a set amount per customer are actually those banks that care about collectors. Banks are not there to distribute collectible coins to every man woman and child that walks in off the street. They make absolutely no money dabbling in the mint's latest marketing schemes. They don't profit from coins and they certainly hate dealing with them. It would actually be the easy way out to sell the entire stockpile to the first person that asks for them. The banks that don't want change, don't want to deal with change, and can't stand collectors roaming in asking for change, are the banks that don't have limits on these coins. My bank has no limits on these for this very reason. Sold out on the Washington's on day 3 of issue. The banks that set limits still have them--the tellers aren't very happy with it, because now in addition to dealing with 90 year old women and their old fashioned checks and other nonsense, they have to count out 8 coins per customer and enforce "limits", while the manager believes this to be a fair way to generate business among collectors.
I went to a Best Buy and picked up a DVD, and laid out $20 in Washingtons. The girl looked at me, picked up a coin , read it, then said please wait, called her supercisor and asked "do we accept these quarter dollars?". I have no idea what went through the supervisors mind--isnt a quarter a quarter dollar? Anyways, the answer she got was yes. So she put them in the till and gave me my change. I was sooooo tempted to say hold, I have to call my wife and ask if we accept these penny coins. The look on the girls face stopped me though. She looked ticked already.
<< <i>I just deposited 1000 GW Presidential dollars to my bank from a $1,000 brick I searched for smoothies. >>
That tells me you looked at 1000 coins and not a single smoothie, what rotten luck.
<< <i>
<< <i> kiyote - The only reason banks would be upset is because they haven't found a way to charge you for getting rolls yet. >>
Which is surprising odd, since it is about the only service they don't have a service charge for. >>
They do in both banks in my town. If you have a business account, getting change carries a transaction fee. When my Dad still ran a local store, he would only try to do it once a week, as it was a transaction fee - getting one roll of pennies or $500 in change carried the fee.
I do get strange looks when I get my rolls and they do ask if it is for a business account and you have to show your ATM/membership card not tied to a business account.
"You Suck Award" - February, 2015
Discoverer of 1919 Mercury Dime DDO - FS-101
open and run them through the counter.
I wouldn't blame a bank for refusing to provide rolls or take back rejects but
would switch to another bank if they did. With the spreads they use in interest
rates now days they shpould be able to afford a minimum level of customer ser-
vice. By the same token though I try to make my hobby as painless for them as
possible. I avoid taking coin in when they're busy and am polite when requesting
rolls. I' also try to spend a lot of the rejects to minimize the number.
Here's why. I call ahead to see if rolls or bags of coins are available before I go to any bank. It saves me gas money and it saves the bank tellers aggravation.
They have a little bit, (It really isn't much) of paperwork to do to exchange coin from the vault to their teller station. They will also gather up coin from other tellers for you if they have a chance to do it ahead of time. Again, more paperwork.
Here's the scenario they are not happy with. Long lines in the bank and "Joe,the Roll Searcher" walks in and asks for a bag of cents, any halves that might be laying around and if they have them, a few Eisenhower dollars. Oh , and while your at it, "Joe" asks the teller... Do you have any two dollar bills? :-) Better still is doing all that while bringing back a bag of 5000 cents:-)
I find that if I let them know what I'm doing and If I understand their system, I can be on their side so to speak and cause as little grief as possible. All the tellers know I'm the coin guy:-)
It even becomes a little humorous now and then. The tellers know who I am and what I am doing. They saw me come in to the bank for my "pick up" and at the same time, there was another guy in the bank dropping off two bags of cents. I didnt tell him who I was or what my hobby was but I did ask him if he was one of those guys that likes to look through pennies. He got a little cagy but was still friendly when he said yes. He proceeded to tell me that there was this guy that writes for a coin magazine that looks through bags of coins and finds a lot of interesting collectible coins in the bags and rolls. So..( Tongue in Cheek) I asked him what kind of things he looked for. Then he really got secretive. His response was..."Well...Stuff" . Then he was silent. I still didnt tell him who I was:-)
When he left, and when I got to the teller, she gave me a big grin as she got a kick out of watching the whole situation unfold. I then asked her to give me the bags that were just dropped off along with the coins that I usually pick up. The teller was happy to help and I was gonna go home and see how well the competition was doing:-)
Well, I still found a nice 1984 D DDO Lincoln in one of the bags along with two 1998 Wide AM cents. The other bag contained a 1972 D DDO lincoln as well. It was a fair DDO and I had not seen one like that before. The competition wasn't going to be a problem, that's for sure:-)
Anyway...the easier you can make it for the tellers, the easier it will be to have fun searching through rolls.
Have Fun,
Bill
myurl http://www.foundinrolls.com
It most certaintly is the banks business. They asked cuz it costs them money to have those rolls and are for the banks customers.
(people with accounts) and people that need alot of coin can be charged for it too.
They can and do charge business's for coin.
They do not have to give you the coin simply cuz you want to exchange dollars for cents.
Steve
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>They do in both banks in my town. If you have a business account, getting change carries a transaction fee. When my Dad still ran a local store, he would only try to do it once a week, as it was a transaction fee - getting one roll of pennies or $500 in change carried the fee.
I do get strange looks when I get my rolls and they do ask if it is for a business account and you have to show your ATM/membership card not tied to a business account. >>
True - our bank handles business accounts different then retail accounts and charges the business a transaction fee. I think it ranges from 2-3 cents a roll for pennies, nickels and dimes or around a $1 for a box and like 3-4 cents for for quarters or between $1 and $2 for a box. Not certain about halves and dollars.
The couple of banks that I usually go and buy change from, I don't get any weird looks or funny stares, and I also don't have an account there. Never have been asked if I have and account or what I am getting the money for and they always have rolls of halves. Gotta like the little small home town banks.
First Citiwide Change Bank I
Customer #1.....Jan Hooks
Bank Representative.....Jim Downey
Customer #2.....Kevin Nealon
[ Announcer: "When you do only one thing, you do it better" ]
Customer #1: I needed to take the bus, but all I had was a five-dollar bill. I stopped by First Citiwide, and they were able to give me four singles and four quarters.
[ Announcer: "At First Citiwide Change Bank, We just make change" ]
Bank Representative: We will work with the customer to give that customer the change that he or she needs. If you come to us with a twenty-dollar bill, we can give you two tens, we can give you four fives - we can give you a ten and two fives. We will work with you.
Customer #2: I went to my First Citiwide branch to change a fifty. I guess I was in kind of a hurry, and I asked for a twenty, a ten, and two fives. Their computers picked up my mistake right away, and I got the correct change.
[ Announcer: "Correct Change" ]
Bank Representative: We have been in this business a long time. With our experience, we're gonna have ideas for change combinations that probably haven't occurred to you. If you have a fifty-dollar bill, we can give you fifty singles. [ SUPER: "We can give you fifty singles" ] We can give you forty-nine singles and ten dimes. We can give you twenty-five twos. Come talk to us. [ SUPER: "We can give you twenty-five twos" ] We are not going to give you change that you don't want. If you come to us with a hundred-dollar bill, we're not going to give you two-thousand nickels.. [ SUPER: "We're not going to give you two thousand nickels" ] - unless that meets your particular change needs. We will give you.. the change.. equal to.. the amount of money.. that you want change for!
[ Announcer: "At First Citiwide Change Bank, Our business is making change" ]
Bank Representative: That's what we do.
Could it have to do with the recent concerns about melting and selling of pennies?