saving loose change (merged)

Stompa

rusty-london wrote:

Thanks for the advice, I'll have to try a different Post Office, the on I tried is quite a small one!
I'll maybe try to pop into a couple of other banks this week to try as well!

The Post Office don't seem to care what type of bags they are - some of the ones they gave me were Dairy Crest milkman bags!

Bear in mind also that even when you've got the bags your problems may not be over. Some banks restrict the number of bags they'll accept at once (the number 5 rings a bell for some reason). There's another thread about this somewhere.

catz747

Halifax only take 5 (that's for an ISA) unless it's a kids saver account.

Robert_Sterling

My local baker's shop is more than grateful for any change I take them.

timberflake

The Alliance & Leicester will only take 4 bags in one go

djdido2

the coin$tar machine$ do take around 7% but i think it goe$ to charity if i am right in $aying!!!

Stompa

djdido2 wrote:

the coin$tar machine$ do take around 7% but i think it goe$ to charity if i am right in $aying!!!

It's 7.9% I believe. You are given the option of donating to charity, but I think that applies only to the remaining 92.1%

http://www.coinstar.co.uk/uk/html/A2

jonesMUFCforever

moonrakerz wrote:

There is a lot of misunderstanding about what exactly "legal tender" means.

The quote below comes from the Royal Mint website concerning coinage legal tender.


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. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded.

The Bank of England website is very similar concerning notes.

Where the confusion arises is whether the offer of legal tender is for a normal day to day transaction or is in settlement of a debt. Legal tender has to accepted for the latter, but not the former.
However, even this becomes a little confusing following a case (in Scotland, where NO notes are "legal tender") when one local authority tried to refuse a cash payment (in Scottish notes) on the grounds it wasn't "legal tender", but lost their case when the sheriff effectively said that they were obliged to accept anything which was commonly accepted as "money".

To me, both of the Mint and BoE statements mean that a Bank is quite within its rights to refuse to accept whatever its wishes not to accept. This does seem strange when one considers some of the the methods used by the banks to help themselves to their customer's money at any opportunity !

I would ask for the manager and ask him if he actually wants your custom or not !!

And - a "Bank" is a "Bank", regardless of whether it used to be a Building Society or not.

Yes but they only HAVE TO DEAL WITH THEIR OWN CUSTOMERS not anyone with a load of change who do not bank with them.

Cumbrian_Male

Guidelines for Legal Tender

dunstonh

And - a "Bank" is a "Bank", regardless of whether it used to be a Building Society or not.

I think it was clear what I meant. Perhaps I should have called them toytown banks instead. Ex building societies generally are not as flexible or offer the wide range of services that the big 4 offer.

Poppycat

Stompas right you have the option to donate the money if so wish, the 7% goes to run/pay for the machines. It didnt rip me off last month I got all the money minus the fee, I didnt have to spend ages either or keep popping to the bank to get a few quid change.