Cashing in change

deed02392

Not sure if right place to put this but wanted to get it down before I forget.

Went into a few banks last week to deposit change. Had mixed experiences. I did think you needed to have the amount of change listed on the change bags for them to accept but at least in one case I was proven wrong:

• Halifax, told me not only did the amount of coins need to match the bag but they would only accept up to 5 bags at the counter even if the amounts were right
• Santander, didn't mention a limit on how many bags I could deposit but ONLY accepted bags with the right quantity
• HSBC, no limit on how many bags, accepted bags with any coin quantity (as long as the coin were consistent i.e. bag of all 20p, 50p etc.)

Interesting I got such a varied reaction. Perhaps just down to the mood of the desk clerk but I doubt Ms Halifax pulled the 5 bag limit out the air. Probably something they can fall back on if they are busy (they weren't).

Anyway, FYI!

pinkdalek

Some banks don't have the facilities to store change and have to pay to have it collected. The more collections the bank needs means more costs so they would incur that cost on Mr customer. Plus not all banks have business banking clients who on the flip side require coinage. Often in life if you're polite many of these banks will gladly accept your coin.

timbo58

pinkdalek wrote: »

Some banks don't have the facilities to store change and have to pay to have it collected. The more collections the bank needs means more costs so they would incur that cost on Mr customer. Plus not all banks have business banking clients who on the flip side require coinage. Often in life if you're polite many of these banks will gladly accept your coin.

Sorry Dalek, but boo hoo to the banks.
If it was my branch and they refused to accept whatever I wanted to deposit I'd dump them an go elsewhere (yes, even after 30 years of my business including lots of o/d charges, premium paid for services etc) I'd of course remind them of this potential 'loss' before I raised the 2 finger salute naturally, JIC they managed to understand they were losing someone who really DID pay their wages.

ariba10

Go to a self service till in a Supermarket and pay for your goods with it?

Hominu

timbo58 wrote: »

Sorry Dalek, but boo hoo to the banks.
If it was my branch and they refused to accept whatever I wanted to deposit I'd dump them an go elsewhere

The banks will not care about you. You'll have the hassle of changing everything over to a new bank and they'll still be raking in millions each year in bonuses.

If thousands of people did the same and caused the bank a problem, the government would bail them out, and assuming you pay tax, you'll be paying for it.

212

I take pretty much anything, even mixed coin where people shove all the bronze in together etc.

After one time of doing that, I was told policy was to only take full bags as described above - it stops people messing about at the counter saying there is 42p in this one, £4.10 in that one and 57p in another - which can then lead to till differences, particularly with new members of staff, especially if there are numerous bags.

Obviously if it's a case of 5p more or 20p less due to miscounting then we sort that out with the customer rather than reject it. But I've never refused, or seen anyone else refuse, any coin bags, even ones where the customer says it's only £3 rather than £5 etc.

You do need an account with us though for us to be allowed to take it, which I believe is consistent across most/all of the banks.

Money-Saving-King

timbo58 wrote: »

I'd of course remind them of this potential 'loss' before I raised the 2 finger salute naturally, JIC they managed to understand they were losing someone who really DID pay their wages.

I'm sure their wages would still probably be enough to be able to afford to hold the party they'd have seeing you've left!

pmduk

timbo58 wrote: »

...they managed to understand they were losing someone who really DID pay their wages.

By your logic, they're paying their own salaries as bank staff almost always have accounts held at their employer.

Goldiegirl

Many banks, particularly the ones that used to be building societies, just don't have the storage facilities for large amounts of coin. They don't have a strong room, or a coin cage, just a small safe, and too much coin takes up valuable room.

Anyone who thinks they can persuade the bank to take more coin by threatening to take their business elsewhere if they don't get their own way is kidding themselves. That sort of threat cuts no ice with bank employees, they hear it all the time. I'm sure the cashier would be pleased to help anyone start the account closure process - they really can do without people playing the 'do you know who I am and how much I've got invested with you' card.

alanq

Some banks have self-service coin deposit machines into which loose mixed coins can be deposited. However, information about where these are located is not easy to find.

Neither of the following is up-to-date but may be of help.

This thread is devoted to HSBC machines that MSE forum members are aware of.
https://forums.moneysavingexpert.com/discussion/2609377

In it is mentioned a site to search for machines at HSBC, Barclays and Natwest. However, this is by no means complete.
http://www.cashincoins.co.uk/

All MetroBank branches have these machines and it is my understanding that you do not have to be a customer to use them.

pinkdalek

timbo58 wrote: »

Sorry Dalek, but boo hoo to the banks.
If it was my branch and they refused to accept whatever I wanted to deposit I'd dump them an go elsewhere (yes, even after 30 years of my business including lots of o/d charges, premium paid for services etc) I'd of course remind them of this potential 'loss' before I raised the 2 finger salute naturally, JIC they managed to understand they were losing someone who really DID pay their wages.

They'd probably be grateful of you going, if you did raise the 2 finger salute then they would close your account down anyway, nobody should have to tolerate any form of agressive or insulting behaviour. I suppose if raising 2 fingers is your natural response it doesn't say much for you as a person.
Any business out there has the right to accept/refuse, it's their own policy, you don't like it, tough, move on.