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Do banks have to accept change?
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# 1
juno-eclipse
Old 14-04-2009, 12:10 AM
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Default Do banks have to accept change?

Just been having a discussion with my partner, i needed to pay some money into my account so buy something of the internet with my card, and i emptied the change in my pocket and a few jars and the bank refused to accept the change, and he said by law they have to accept it whether its baged up in pounds or not, so just wondering is this true?

Thanks alot.
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# 2
agsnu
Old 14-04-2009, 12:18 AM
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No, it's not true.
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# 3
jonesMUFCforever
Old 14-04-2009, 12:21 AM
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No they do not. Each bank will have its own rules but change must be bagged and counted before you appear at the counter.
If you don't do this how would you feel if you were the next customer having to queue because of you?

If you don't want to count it why collect it?
Find a coin counter - but they will take a cut out of your money.
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# 4
Extant
Old 14-04-2009, 1:33 AM
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Banks aren't obliged to accept anything they don't want to.

If you went to the Bank of England, then yes, they would be obliged to accept your money. A high street bank, though? No.
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# 5
So Sad Angel
Old 14-04-2009, 1:57 AM
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Unless you take it in ready bagged in the correct denominations of course....with the paying in slip all correctly completed etc etc

....just to save the cashier any unecessary work!!....in my day as a cashier we had to count the money by hand! ...but then counter terminals/electronic scales had`nt been invented either!

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# 6
Inactive
Old 14-04-2009, 1:57 AM
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Quote:
Originally Posted by BarclaysManager View Post
Banks aren't obliged to accept anything they don't want to.

Not quite true BM, the banks have all been forced to accept quite a lot of " change " just recently.
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# 7
Extant
Old 14-04-2009, 2:05 AM
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Quote:
Originally Posted by Inactive View Post
Not quite true BM, the banks have all been forced to accept quite a lot of " change " just recently.
(Insert contextually irrelevant retort here.)
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# 8
PinkPig
Old 14-04-2009, 7:06 AM
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Exactly as people have said, there's no legal obligation for them to accept change. If you want to pay in change your options are:

1) Find a coin counting machine - these are often found in supermarkets where they take a cut of the money (I think 7% of so), and also apparently in some branches of HSBC where they don't charge.

2) Ask the bank for some money bags and count it out properly yourself. You have to pay in a complete bag of the same type of coin - the amount that makes up a complete bag is shown on the side of the bag. It's £1 for 1p or 2p, £5 for 10p or 5p, £10 for 50p or 20p and £20 for £1 or £2. You can then fill in a paying in slip as you would for any other deposit.

Although there are some things that banks do that do irritate me I don't think it's particularly unreasonable not to accept money in jam jars - counting it really would take forever, hold up the queue and annoy other customers. When you're paying in complete bags they don't count anything - they just weigh the bags.
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# 9
NBE
Old 14-04-2009, 11:00 AM
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Quote:
Originally Posted by PinkPig View Post
You have to pay in a complete bag of the same type of coin - the amount that makes up a complete bag is shown on the side of the bag. It's £1 for 1p or 2p, £5 for 10p or 5p, £10 for 50p or 20p and £20 for £1 or £2.
That's not true, you don't have to have a completely full bag to pay it in, just as long as its not overfull and there is no mixed coin. I regularly pay in bags of change with less than the maximum in.
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# 10
kelloggs36
Old 14-04-2009, 11:24 AM
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But they don't accept lots of the full bags either - many banks have a limit of no more than 5 at a time!
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# 11
ShelfStacker
Old 14-04-2009, 6:23 PM
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As BM said, banks don't have to accept anything they don't particularly want to. We'll accept any amount of anything within reason so long as it's being paid into an account or you're a customer.

It's mainly Halifax, Alliance and Leicester and the other ex-building societies who won't accept bagged coin, and Nationwide apparently won't accept random odd pieces of coin. Lesson to be learned: If you want a bank, use a real one.
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# 12
olly300
Old 14-04-2009, 7:42 PM
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Quote:
Originally Posted by ShelfStacker View Post

It's mainly Halifax, Alliance and Leicester and the other ex-building societies who won't accept bagged coin, and Nationwide apparently won't accept random odd pieces of coin. Lesson to be learned: If you want a bank, use a real one.
The Nationwide is a building society not a bank and don't pretend to be one.
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# 13
rb10
Old 14-04-2009, 7:48 PM
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Quote:
Originally Posted by ShelfStacker View Post
It's mainly Halifax, Alliance and Leicester and the other ex-building societies who won't accept bagged coin
Halifax definitely do accept bagged coin.
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# 14
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Old 14-04-2009, 7:58 PM
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Quote:
Originally Posted by olly300 View Post
The Nationwide is a building society not a bank and don't pretend to be one.
They just act like one when rewarding the executives....
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# 15
willo65
Old 14-04-2009, 8:58 PM
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Quote:
Originally Posted by rb10 View Post
Halifax definitely do accept bagged coin.
But how much will they accept?
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# 16
Comyface
Old 14-04-2009, 9:10 PM
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Quote:
Originally Posted by willo65 View Post
But how much will they accept?
It's 5 bags at a time, unless it's going into a charity or a child's account.
Are the words 'I have a cunning plan' marching with ill-deserved confidence in the direction of this conversation?
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# 17
7sefton
Old 14-04-2009, 9:34 PM
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I'm always amazed how many time this 'paying in coins' question comes up on these boards. Hope this helps:

Traditional clearing banks (namely Lloyds TSB, Barclays, HSBC, NatWest, RBS) will generally accept an unlimited amount of coinage, as long as it is bagged correctly. It helps if you go at a quiet time of day, or even call the branch to arrange a time to pay in a considerable amount of bags.

Current and ex building societies (Halifax, Northern Rock, A&L, Nationwide, Britannia, Yorkshire, Abbey, B&B, etc.) will only accept a max of 5 bags per day, which must be bagged correctly. The exceptions are for childrens and charity accounts. Sometimes the rule is 5 bags per day per account, or per customer. Just ring up and ask!

And a growing number of banks (most commonly HSBC, but also NatWest and Barclays) have coin-counting machines in their bigger, flagship branches. You must have an account with the bank but they are free to use and you can pay ANY amount of coinage in, in ANY combination. The money is deposited directly to your account.

Or you can use the CoinStar machines in supermarkets, which convert your coinage to cash or shopping vouchers instantly but take a fee of around 7%.

Things I am unsure about:

- Post Office coin-acceptance policy
- Bank of Scotland's policy (it is a clearing bank, but is obviously connected to Halifax which has the 5 bag rule)
- Positions of Clydesdale and Yorkshire banks
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# 18
benjus
Old 14-04-2009, 9:44 PM
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Quote:
Originally Posted by juno-eclipse View Post
Just been having a discussion with my partner, i needed to pay some money into my account so buy something of the internet with my card, and i emptied the change in my pocket and a few jars and the bank refused to accept the change, and he said by law they have to accept it whether its baged up in pounds or not, so just wondering is this true?

Thanks alot.
I wonder if your partner is getting confused with the definition of "legal tender". Anything that is legal tender must be accepted by law in payment of a debt (strictly speaking, the recipient cannot sue for non-payment if a settlement is offered in legal tender). However, there are two reasons why this doesn't apply in your situation:

1. You're paying money into your account (effectively lending the bank money), not settling a debt.
2. The definition of "legal tender" for coins varies with the denomination of the coin - for example, 1p coins are only legal tender up to a value of 20p, so if you offered 10000 1p coins in payment of a £100 debt, the other party could legitimately refuse the offer.
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# 19
dzug1
Old 14-04-2009, 9:54 PM
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Quote:
Originally Posted by 7sefton View Post
- Post Office coin-acceptance policy

I think the policy (which individual branches may not always adhere to) is that coins are accepted in payment for stamps/services/bills, etc, or payment into an account, in any amount. You can still get sent away with a flea in your ear if it's not properly bagged and if it reaches the stage where it overflows their safe it can be refused. (At a small office this could in reality mean not that much can be taken)

They will change bags of coins for notes if they have a need for the coins - again officially. Individual branches may be more flexible, particularly if they know you.
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# 20
Extant
Old 15-04-2009, 12:32 AM
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Quote:
Originally Posted by benjus View Post
2. The definition of "legal tender" for coins varies with the denomination of the coin - for example, 1p coins are only legal tender up to a value of 20p, so if you offered 10000 1p coins in payment of a £100 debt, the other party could legitimately refuse the offer.
http://news.bbc.co.uk/1/hi/wales/south_east/5239962.stm

How dumb.
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