HSBC rant - Unbelievable!

Debt_Free_Chick

lynzpower wrote: »

As the OP has shown they have almost 80 quid in coins.

Do you think that YOU would buy something for 80 quid using shrapnel like this, ie,would you take 40 quids worth of copper to fill up your car? Would you spend 50 quid of copper to sainsburys?!!

Lynz - think of it like this ....

Let's say it took the OP 6 months to accumulate £80 in coinage. Over that same period, they have actually spent £80 in notes, rather than use the change.

Of course I try to offload bits here and there if eg I buy a newspaper Ill of course try to pay in copper. But over a pounds worth and it DOESNT GET ACCPETED

Agreed - but when you spend cash, if you use up the copper first, you will then find you have more silver. Then use up the silver, before you go to £1/£2 coins ... then use those up, before you go to notes.

Going back to the first point .... that £80 which the OP spent in notes, over whatever period, could have been saved in a savings account and earned interest over the same period.

For excessive amounts of coinage, get friendly with the owner/manager of a small shop you use regularly. Then, ask them if they would take bagged change from you. More often than not, they will do - as they have to PAY FOR coins when they get them from the bank (bizarre, but true).

For copper, they will (more often than not) even accept being short-changed (inadvertently, or deliberately ) by 10p or so, as it's still less than what they pay the bank.

Failing all of this ... your own branch of your bank will accept bagged coinage, if you pay it as a deposit into your account. But this is still less MSE than using it as you go along - as you are drawing out more notes to spend, rather than using up the coins.

When I pay cash, I simply count out the copper first .... 10p, 20p or 30p worth ... then the smaller silver etc etc.

My partner is a "cash man" and gives me £200 (usually in £20 notes :eek:) every week.

I - on the other hand - am delighted as it means that my shopping is done by cash leaving money in our joint account to accumulate interest

I shall surely be arrested soon for "money laundering" :rotfl: Probably on Monday when I have to pay an electricity bill and I shall be handing over £170 in cash :rotfl:

Although ... no bagged coins there

wolseley_2

Debt_Free_Chick wrote: »

Let's say it took the OP 6 months to accumulate £80 in coinage. Over that same period, they have actually spent £80 in notes, rather than use the change.

Ok, it was a little longer than 6 months, but you make a very valid point. By having this amount of coinage in my posession, is does mean that I have effectively 'leaked' this money out of my current account over a period of time.

I, quite possibly like many other people, am not perfect. Yes, as has been pointed out, collecting coins in a change jar at home rather than taking them back out the next day is not a particularly prudent thing to do as this money will earn no interest sitting there, or worse still a debt somewhere else will be accruing more interest than it needs to. There have been some good suggestions in this thread about how easy it is to keep recycling your change in future transactions, and I can honestly say that I am going to try and do this from now on.

When I wrote the original post, it is fair to say that I was not in a good mood (hence why I called it a rant). I feel that the thing which annoyed me most was not that the branch I travelled out to would not accept the coinage (surely paying cash into an account is one of the most basic functions of a bank), or that they seriously suggested that I try to get it changed at an off licence, but that my local branch had previously both been open on a Saturday, and had accepted coinage on a Saturday.

lynzpower

I totally "get" the fact that I should use up my change as I go along. Generally, I do do this, although shifting copper in large amounts ( ie paying for something over a pounds worth) in copper goes down really badly.

Today, it happened again, I just spend 4.06 in sainsburys. As I only had 3.24 in change, I had to break yet another fiver- creating more change.

I dont spend unneccesarily, in fact the only thing I tend to actually spend on using CASH is soft drinks, the odd newspaper maybe once a fortnight, and food shopping. I fill my petrol using my card, and use london underground using my card ( un less I have a lot of silver to offload, when I use a mix) and cash is used for parking meters ( i dont bother with pay per text even though thats the way its all going - rubbish for me as I need the ticket for my expenses claims)

On a budget of £1 per day, this is why I have so much change. As I seldom spend that much money per day, as Ive said.

Why should ANYONE be practically called an idiot for saving ANYTHING. Surely ANY savings be it pennies or 50 quid notes, is A GOOD THING, and surely MSErs everywhere should be supporting others to save, against banks objections and obstacles.

Oh well i live in hope.

gt94sss2

I'm beginning to think this thread has gone far enough.. it doesn't really matter how/why the OP has coins they want to put in a bank..

I personally, try and pay for almost everything with cards and don't carry a wallet for cash - just a few bank notes (I can always go to an ATM if I need more money) unless I know I need some coins for a specific purpose.

If at the end of a day, I have some coins I come home, empty my pockets and place any coins in a bowl - over time this builds up (even with me 'raiding' it occasionally) so I feed the change into a coin sorter I have and then bank them.

The reason I don't carry coins with me is that I find my trouser pockets develop holes in them eventually due to coins..

Regards
Sunil

rbrian

lynzpower wrote: »

I totally "get" the fact that I should use up my change as I go along.

Today, it happened again, I just spend 4.06 in sainsburys. As I only had 3.24 in change, I had to break yet another fiver- creating more change.

So give the cashier £5.06, get a nice round £1 coin in change.

Or, you could give them £5, get a 50p, and a 20p, and two 10p, and two 2p coins in your change. Your choice, but I know what I'd do.

MarkyMarkD

I was going to say exactly the same thing. Obviously if Lynz has to pay for anything more than the exact change in her purse, she simply hands over a £5 and no additional coins.

And then moans about accumulating change.

D'oh!

gt94sss2

Ironically, I think the demand for change is about to fall quite a bit as shops and banks rollout PayPass and payWave nationally on debit and credit cards this year - its currently used in parts of London

Regards
Sunil

carolinosourus

I don't know if this has been mentioned as I just skimmed the rest of the thread but speed is an issue in a lot of places, if you're on your way to work in the morning and stop at a shop it's much easier to hand over a couple of pound coins or a note and just shove the change in your purse/wallet/pocket/sock/bra. This is especially the case if there's a long queue behind you, I wouldn't feel comfortable holding up a massive queue so that I could count £3 out in change, and then the cashier would have to count it too so taking even longer than if you just thrust a note at them and had them count out 13p in small change...

BallandChain

gt94sss2 wrote: »

Ironically, I think the demand for change is about to fall quite a bit as shops and banks rollout PayPass and payWave nationally on debit and credit cards this year - its currently used in parts of London

Regards
Sunil

So another chip and pin card to add to the collection. Doesn't make sense at all. I'll stick to cash and it doesn't bother me in the slightest if people are waiting behind me. They have to wait their turn to be served in the queue like everyone else.:D

MarkyMarkD

If we're talking about saving money here, why are you (carolinosourus) making impulse purchases on the way to work anyway?