Bags of Change

nobblyned

darich wrote: »

Far from it.

I already said i can only deposit 5 bags per day at the branch and it's a 14mile round trip.
So driving to and from the bank will take me at least 30mins and use half a gallon of fuel and all i can deposit is 5 bags....what about the other 20bags or so that i have?

Every 5 bags is the same.

So you think it's more MSE to spend half a gallon fuel and take an hour out of my day for only 5bags?

For 20 bags that's 4 hours driving, 2 gallons of fuel and 60miles on my car.
Or i can pop into the local Asda AS I PASS IT ON THE WAY HOME FROM WORK and get everything converted in one visit.....for the price of one trip to my bank and in one quarter of the time.

Even if it was costing me the same financially (or even marginally more), I'd still do it because my time is valuable to me.

Did you actually think before you posted????

I am not disagreeing that for you that it is the best way of converting change, what I am disagreeing with the is principle of accumulating the money in the first place when it costs you 8% to get it back in a usable form! You have accumulated hundreds of pounds for crying out loud, it's costing you a fortune. (and yes I did think thank you....:rolleyes: )

Spend the bloody change!!!!! Don't withdraw the extra from your bank in the first place, you are impoverishing yourself by giving 8% of your spare cash to a supermarket!!!!!

emay

LittleVoice wrote: »

What I find hard to understand is how people accumulate so much change. If you have change it must be because you are using cash in transactions. Therefore use the coins in the next transaction.

I know some people seem to think that if they put the money aside at the end of each day, they will be saving it. But it just means they have to get notes out from their bank (which might pay sensible interest on the balance) sooner than if they used the coins sensibly in day-to-day spending.

If you don't accumulate the coins, you don't have to work out how to pay them in to your bank or exchange them for notes.

Oh well, each to his or her own!

I read somewhere a while ago, that most impulse buys are because you have the right change on you at the time, if you don't have the coins, the majority of people, can't be bothered to change a note for the item and don't buy it. So you are saving money by stashing your coins every night.

Works for me, I never have anything smaller than a £1 in my purse (if I'm lucky, normally it's just fresh air!!!)

FishFan_2

I never ever collect coins in a jar. It's dead money not working for you making any interest. Use coins to purchase small items like newspapers etc.

Margaret54

Hi all, My husband and I have been saving our 5p 1p and 2p coins for years now and we bag them up and take them to either of our banks(Halifax and Nationwide) who take up to 5 bags a day, and also give us lots of plastic money bags. The coins are weighed and the money goes straight into our accounts and it really does add up in no time. We now save our £2 coins and when we have the required amounts we take a bag to the bank as well.If you count it as you are saving them up then there is only a little counting to be done really and it all helps the bank balance, after all it is our money.

Penguin_hell_2

I know in most Barclays branches they have machines where you can put your coins in, and it'll count them and put them straight into your account. (don't even need to put your card in if you don't have it with you, just need to enter your sort code and account number). It's a lot less embarrassing that handing it over the counter, and a lot less time consuming.

You can put as little as a penny in too, which has helped me out a lot when i've found myself with only £9.99 in my account!

rb10

tegvic wrote: »

My bank will only allow me to lodge two bags per day which is annoying running to the bank everyday isnt worth it.

I know that Halifax have a standard limit of five bags per account per day, but they take unlimited numbers of bags into childrens accounts. So, if you have children, try paying it into their account, then just transfer the money over or withdraw the cash.

jonesMUFCforever

Penguin_hell wrote: »

I know in most Barclays branches they have machines where you can put your coins in, and it'll count them and put them straight into your account. (don't even need to put your card in if you don't have it with you, just need to enter your sort code and account number). It's a lot less embarrassing that handing it over the counter, and a lot less time consuming.

You can put as little as a penny in too, which has helped me out a lot when i've found myself with only £9.99 in my account!

I was in Wilkinsons the other night and came across a coin changer for I think £10.
Not sure if it was a toy or a proper one but there must be machines out there that can count your coins for you without you having to pay a % charge as in the supermarkets.

Valli

Why not make an appointment to bank your bags in one go...if they are expecting it it won't be such a shock.
How do businesses pay in cash takings?

Obi167

I collect change (like a maniac!). I have one tin for £1's and £2's, and a big bottle for everything else. There not aloud out of the pots until their full (or I really really need the money). So there tends to be lots of bags of change to get rid of - which i very much enjoy counting.

My bank (halifax) only accepts 5 bags, but i always take in lots more (use the charm offensive - be nice, not demanding and dont go in when there busy). It never fails... but if it does, take the bags to your local pub (or shop / garage / taxi rank), they dont tend to want coppers - but anything else. I took £100 of change into my local to see if they wanted it - which they really did. My landlady informed me she has to pay 2% on change taken out of the business account, and in saving £2 on my hundred - offered me a free pint, I still take my change to the pub and still get my occasional free pint - now thats money saving!!!

jonesMUFCforever

Valli wrote: »

Why not make an appointment to bank your bags in one go...if they are expecting it it won't be such a shock.
How do businesses pay in cash takings?

You can't make an appointment to stand at the counter!
Businesses pay in using various means - large department stores pay directly via security firms to their bank's cash centres.
Local shops pay in using nightsafes, or commercial bags which they hand in to be counted later or at the counter.

One thing that business do - and people with change don't - businesses get charged for paying in and collecting change.