saving loose change (merged)

Poppycat

Great so you can get the cash instead buying goods

Cumbrian_Male

Old_Gold wrote:

Why not just give it to the girls on the till and let them count it. If we did this then the Supermarkets would soon drop the charge.

Because for coinage once you reach a certain amount it ceases to be Legal Tender and the shops can then refuse to accept it.

Poppycat

I found this, yes its the coinstar we have at my local shop

http://www.coinstar.co.uk/UK/WebDocs/A1-1

How It Works
Coinstar's patented self-service kiosk is easy and fun to use. Just pour in your jar of mixed coins and watch them add up. The Coinstar Centre accurately counts up to 600 coins per minute, saving you the time and effort of sorting, rolling and taking them to the bank. When you cash in, you'll get a voucher to redeem for cash at the store checkout or apply to your purchases. Check your voucher for special promotions or sweepstakes that Coinstar may be offering. In the UK, the fee for our coin counting service is 7.9 pence per pound counted.

Phoenix79_2

SteveyJC wrote:

I remember seeing this in the States years ago, but i dont think it took a commission. It's disgusting when you think about it, as most shops have to pay the bank for change (and quite alot too!) and they are getting change for free, and charging 7.5pc commission. ARGH

Why is it disgusting? You are paying for the the conveinience. If you don't want to pay the 7.9% cut then don't use it. Simple as.

I recently paid over £200 in 1p, 2p and 5p coins at the bank. I bagged them myself. While i admit it wasn't the most exciting night when i bagged them it saved me a fair bit of money

Phoenix79_2

Old_Gold wrote:

Why not just give it to the girls on the till and let them count it. If we did this then the Supermarkets would soon drop the charge.

Because they would refuse it. Not sure of the exact regulations but shops don't have to accept coins in payment for goods over a certain value

Poppycat

Yes the machines have to be paid for some how. The shop benefits from increased custom, the operator benefits from revenue from the cut. The customer doesn't have to spend all night counting and yes its tedious.

Robert_Sterling

I take loose change to the local baker's shop.
They are delighted to take it as they are nearly always
short of change.

You might say that they knead the dough.

souwesterly

They've got a machine at our local Asda - I had £180 in 1ps and 2ps - but no way was I going to hand over about £14 just for counting my money!
My local Abbey bank weren't very pleased however - they had nowhere to store that amount of change!!!!
Have you ever tried to carry that amount of small change??? Took me three trips, having labouriously bagged everything up, to cart it from the carpark to the bank.
Never again - we only save larger stuff now.
Your local small shopkeepers are delighted to have change - they have to pay for change from the banks. My greengrocer now gives me a considerable discount because I help him out.

Stompa

Changed about £50 worth of 1p's, 2p's and 5p's at the local post office last week. They told me they only take them if you deposit them into an account, and would not just convert them to notes.

Phoenix79_2

Heh, my arms were nearly pulled out of their sockets when i took a leather holdall into the bank with over £200 in one and two pence coins! It was like a scene from worlds strongest man when they have to drag that massive chain link! Except i'm only small and i was dragging it through a shopping centre!