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Pooh's Mom
08-25-2004, 04:30 PM
I am curious to find out if anyone else has run into this situation....

Took $105 worth of rolled coins to the credit union today. A very heavy boxful which I had to lug in while also pushing my very heavy 14 month old in his stroller. I get to the counter and there is a sign saying that as of 7-19 they will accept 2 rolls free per transaction. Otherwise there is a 5% fee. If you wish to use the sorting machine, again, a 5% fee (This I can understand). Also, they will no longer be giving out coin wrappers. The only (posted) way around these fees is to deposit the money into a child's account.

I was fuming. It's like saying, well, we don't really want your money. I had to re-do my deposit slip. Of course I picked 2 rolls of quarters to deposit. I didn't have either of my kids' account numbers with me, so I will go back later and just put it in my son's account.

So, anyone else's bank have these kinds of fees?



Cindy

mrskay9
08-25-2004, 04:36 PM
I just did mine last week (spent it already too! blush!) and there was no fee. There was a sign that said if you didn't have an account there then they'd charge you a small fee.

Why a child's account and not an adult? Makes no sense to me.

mad4themouse
08-25-2004, 04:55 PM
My bank actually welcomes us "coin collectors". There's a counting machine in the lobby for our use. After the coins are counted, it prints a slip that I can take to the teller to get cash or deposit it to my account.

Strings
08-25-2004, 05:06 PM
My credit union still gives me coin rolls, and there are no fees. I would definately take all my change and deposit it in my child's account. I would then do a transfer into whatever account I wanted to originally do the deposit.

Pooh's Mom
08-25-2004, 05:31 PM
Thanks for the feedback. I was certain this policy was out of left field.

I had originally thought I would transfer out after putting in into my son's account, but I think I'll just leave it in there since his is much smaller than his sister's. My grandmother, who padded hers quite nicely every christmas, died before he was born. So his is pretty pathetic.


Glad no one else has run into this yet!


Cindy

patsal
08-25-2004, 06:11 PM
Wow a bank refusing money! I am offended by places that don't consider change money. What's next a fee for dollar bills, afterall not worth that much anyway!?! Neither of my banks or credit unions have come to this, but as a customer if they did I would write them and if they didn't consider change to be "money" I would have to rethink my banking relationship with them.

edited to add that maybe they are trying to encourage the use of the change counter to insure accuracy? I still don't think they are entitled to 5% anyway, but they are either paying rent on the machiene or getting a kickback from the 5%.

pjlla
08-26-2004, 08:33 AM
Just my experience..... my bank here not only has a change counting machine, but they do it FOR ME! I just bring my bucket to the counter and they take care of it for me! Regardless of whether I am depositing it or whether I want paper money for it. The only thing that they ask is that you not bring in change on Saturday mornings when they are really busy. Guess I will have to thank them extra next time I make use of this service (which is monthly!)....................P

bigbabyblues
08-26-2004, 10:03 AM
My bank also uses the change counter for it's customers, at no charge, as long as you have an account there. If you don't have an account there, I think there is a small charge.

Leota
08-26-2004, 10:11 AM
Wow - I wish our banks still had change counters - My DH's used to, but they don't do it anymore. Mine never did - but at least it happily accepts rolled change in quantity.
I'd be "changing" banks!

Mom2Ashli
08-26-2004, 10:24 AM
Yes, my credit union was also going to charge a fee to take rolled coins. They didn't mention anything about if I put the coins in my childs account I wouldn't have to pay. I am going to check that out. The fee I can understand at a sorting machine. But when I have rolled all the coins and have my account number on them. Why the Fee?

arizonacolbys
08-26-2004, 10:24 AM
I was thinking about trying to turn in lots of change we have all over the house before our upcoming trip - has anyone used the coin machines (we have one at our grocery store)? I'm assuming it must charge a fee for its use - does anyone know how this works?

Just not sure I'll have the time to roll the coins myself in the next couple weeks for our trip. TIA! :)

Annette_VA
08-26-2004, 10:44 AM
Originally posted by arizonacolbys
I was thinking about trying to turn in lots of change we have all over the house before our upcoming trip - has anyone used the coin machines (we have one at our grocery store)? I'm assuming it must charge a fee for its use - does anyone know how this works?

Just not sure I'll have the time to roll the coins myself in the next couple weeks for our trip. TIA! :)


Yep, the Coin Star machine charge a fee. The ones at our stores charge 9% :earseek:

adriannabannana
08-26-2004, 12:12 PM
I refuse to use those machines, the fee is outrageous. I'd rather roll the change myself and deposit it piece-meal into our account, I don't know if there's an option for my child's savings account. If there is, I'd rather do that than give Coinstar my money.

Annette, that pic of your kids with the Mickies is about the cutest thing I've ever seen!

Pooh's Mom
08-26-2004, 06:45 PM
Thanks for all of the responses. I am glad to see this isn't the trend, at least for now. As confused and angry as I am about it, it wouldn't be in our best intrest to leave the credit union over this. Our mortgage is through them and we are able to get very low loan rates. But it is certainly a tick mark in the negative column, and once that column gets big enough, well, that would be reason to leave. I will be writing a letter of complaint along with a suggestion that perhaps the fee might also be waived based on member level, as most of their fees are.


On a happy note - I booked our room for my b-day trip today with the FL res. rate! Saved close to $200 for 3 nights.



Have a great evening all,

Cindy

PattnFmly
08-26-2004, 07:25 PM
We have two accounts, my credit union at work and a regular bank because it's more local. The regular accepts rolled coins no problem, and give out the wrappers for you to do at home. But my credit union accepts NO COINS. At all. None. Doesn't matter where you want to deposit them. So at least we have an option, but that is my favorite account because it has the best interest!