5 bag rule?

ali-t

is it standard across banks to only allow people to deposit change in 5 bags?

I had approx 15 bags (£250) of £2 and 50ps today and alliance and leicester wouldn't let me deposit more than 5 of them. I asked if I could come back later in the day and do another 5 but they said no.:mad:

In the end I took them to the post office who deposited them into my A&L account using my link card. Just wondering if A&L policy is local and them just being arsey or a standard policy across the board with all banks.

Stageshoot

HBOS have a 5 Bag rule on all accounts apart from Childrens savings accounts where you can deposit an unlimited amount of bags!

olly300

It depends on the bank.

Newer banks seem to have stricter rules than older banks.

LuciferTDark

Abbey have the same rule in place, I think it's more a space issue than anything else as most banks are now in what used to be shops & there's not enough room to swing a cat in the ones I've been to recently.

gt94sss2

ali-t wrote: »

is it standard across banks to only allow people to deposit change in 5 bags?

No - it depends on the individual bank/building society

Some banks (mainly ex building societies) and current building societies don't like dealing with lots of small change or coin deposits and impose limits on the amount you can deposit each day and if it has to be bagged etc.

This is because dealing with these kinds of 'low value' transactions takes up a 'relatively' long time and there is nothing in it for the bank - also if the branch is busy the staff could be serving other customers (with potentially more profitable transactions etc)

Of course, if you ask them why - they will say something like 'our safes are smaller than other banks'

As such, if you want to deposit coins etc., you are better off sticking to the likes of the big 4 (HSBC etc) rather than the Halifax, A&L or Abbey National..

I hardly ever deposit coins at all (its not worth it imv), but if I do - I always wait until I have a full bag.. though this may change in future as some branches of HSBC (who I use) have fitted coin counting machines like those you find in supermarkets (but for free) where you just put all your coins in and the machine will automatically count them and produce a deposit receipt for you - which is much better for paying in 'odd amounts'

Regards
Sunil

Gymgenius

I'll be depositing mine in my children's building society accounts - but I believe they even have a bag limit, but I am more than happy to take the bags in over a number of visits. I'm going to get some more bags tomorrow, so I'll ask.

Still, it's cheaper than the 7.9% our local Coinstar machine charges to take your shrapnell (but a lot less fun).....and we are all here to save money!

ali-t

gt94sss2 wrote: »

.

I hardly ever deposit coins at all (its not worth it imv), but if I do - I always wait until I have a full bag..

Sunil

hi sunil, not sure what you mean about having a full bag. Each plastic bag could take £20 in £2 coins or £10 in 50p so I could bag a maximum of £100 abiding by the 5 bag rule. they wouldn't let me overfill the bags either which might have been another option.

gt94sss2

ali-t wrote: »

hi sunil, not sure what you mean about having a full bag. Each plastic bag could take £20 in £2 coins or £10 in 50p so I could bag a maximum of £100 abiding by the 5 bag rule. they wouldn't let me overfill the bags either which might have been another option.

Sorry - I mean't I don't currently bother paying in any 'loose change' when paying in cheques/cash into my account but always wait I have a full bags worth.

Though as I say I may start paying in 'odd amounts' now that HSBC have started fitting automatic coin sorting machines in branches.

Regards
Sunil

Smiley_Mum

At my local Bank of Scotland, I just take my bags of change to the business counter and the teller checks the change I've correctly bagged up and just pays it in, no problems. No limit on the number of bags or anything like that.

FlyHigh_2

I went to Nationwide and was only allowed to deposit 5 bags of pennys, and the lady was a bit reluctant. So I went to A&L next door to deposit the about another 15 bags and the cashier managed to count it all with a smile on her face. Although in Nationwide's defense it was 5 minutes before it closed on a busy saturday with a queue out the door

exel1966

When wanting to bank/exchange large/any amounts of coinage I find it best to call the bank first and request a suitable time to do it which will always be outside of the period 1100-1400 as staff are stretched at these times due lunchbreaks/number of customers wishing to do their banking.
Tellers don't have time to to process these kind of things when thay have 20 other people waiting in the queue. If you were in a queue, what would your reaction be if the person if front wanted to bank bags of coins ?