Bags of Change

tegvic · 23 September 2008 at 10:37PM

Has anyone got any good ways of spending lots of change - its wasted money lying around my house. My bank will only allow me to lodge two bags per day which is annoying running to the bank everyday isnt worth it.

I've over 100 bags of change counted out and all

I've worked a system of using self service checkouts in tescos when getting my lunch of bringing in a pocket full of change and a few pound coins, if its busy I just stick in the pouind coins if not then I put as much change in as I can - I'm talking about 1p 2p 5p and 10ps mostly so it takes a while to pay for stuff thats £4-5

Simon

jackomdj · 23 September 2008 at 11:02PM

no advice, but I would moan to your bank or try to go when they are not busy. My bank (lloyds) lets me take in as many as I want so long as it is bagged up in the right values.

why not try another bank?

Nicky

tegvic · 23 September 2008 at 11:07PM

I've tried a few some allow 4 some only 2 then others won't take any. its really silly that they won't take money off you with the current crisis the banks are going through

pandora205 · 23 September 2008 at 11:13PM

I've always taken bags of change (sorted and counted) to Lloyds too, and will do when I open my Sealed Pot Challenge too. It seems very strange that some banks don't accept change - after all many businesses must pay in lots of change.

jonesMUFCforever · 23 September 2008 at 11:29PM

pandora205 wrote: »

I've always taken bags of change (sorted and counted) to Lloyds too, and will do when I open my Sealed Pot Challenge too. It seems very strange that some banks don't accept change - after all many businesses must pay in lots of change.

Of course they do as long as they have accounts with the bank.

scubaangel · 24 September 2008 at 12:24AM

I have no problems taking bagged change to my local branch of RBS but the main branch in town limits bagged change to no more than 4 bags a day, but in other places Ive lived they've had other limits some 2 bags some for more and some by a max value of change, it seems to be pretty much up to the cashier/managment at a particular branch what they'll allow. So if theres another branch near by might be worth paying them a visit?

honeyD · 24 September 2008 at 2:16AM

My bank will only take so many bags in one transaction.. I recently took some into the bank with the thought that if they wouldnt take it all in one go I would go stand back in the queue and keep going until they decided to take it all, luckily I didnt have to do that though haha. I would do it though if they were being a pain!

maninthestreet · 24 September 2008 at 8:48AM

My local HSBC branch has a coin counting deposit machine for such a situation. You literally just pour the coins in the top, and it counts them for you, and credits the total to your bank account. Not sure if this service is only available to HSBC account holders.

dzug1 · 24 September 2008 at 9:10AM

Some supermarkets have 'coins into cash' machines - you pour it in, it sorts it and counts it and gives you - gasp - CASH. As if coins were not cash.

They charge a fee though which negates the point

Post Offices will accept it in payment for anything or into an account. They MAY change it anyway if they have the need for it. (That's central policy - whether a local office observes it is another matter)

charlie555 · 25 September 2008 at 8:05PM

dzug1 wrote: »

Some supermarkets have 'coins into cash' machines - you pour it in, it sorts it and counts it and gives you - gasp - CASH. As if coins were not cash.

They charge a fee though which negates the point

Yes they do charge a fee, so avoid!

I tend to accumulate loads of change as well. But it is a lovely feeling when I go to the shops and pay in coins - it's like getting stuff free!

£2 and £1 coins are "legal tender" in any amount. This means that you could pay £25,000 in pound coins for a new BMW and the dealer is obliged by law to accept the coins. So paying £50 in £1 and £2 coins in Morrisons may not make you popular but they can't refuse you.

50p and 20p pieces are legal tender up to an amount of £10. 1p pieces are only legal tender up to an amount of 20p: this means a shop might accept a pound's worth of 1p pieces but they are not obliged by law to take more than 20 in any one transaction.

LittleVoice · 26 September 2008 at 12:04AM

From the Royal Mint website: "Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. "

As far as I know, buying a new BMW is not usually done by paying into court.
.........

Though the thread started in connection with paying in bagged coins, a Nationwide branch assistant seemed to take pleasure in telling me that, starting at some date in October I believe, they would not accept odd coins, only full bags of coins. I had paid in £301 - which included just a single coin. So it seems counting one coin is too much for them to do but weighing/counting a bag of coins is acceptable.

Bags of Change

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