Where do you still use cash/check?

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CarefulBuilder14
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Re: Where do you still use cash/check?

Postby CarefulBuilder14 » Tue Aug 25, 2015 11:43 pm

On the topic of bags (well, a bucket) of change, does anyone know of a way to convert loose American coinage to paper money without incurring a big fee?

I checked with my Chase branch and they won't take loose coins. I think I can use a Coinstar machine and get face value for Amazon - though my cards give such good Amazon rewards that it would seem almost a waste.
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Vermonster
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Re: Where do you still use cash/check?

Postby Vermonster » Wed Aug 26, 2015 11:11 am

You should be able to deposit any coins. Sometimes banks will ask that you roll them yourself. But if I remember correctly they can not refuse to take the money you are trying to use to repay a debt. There was a court case a few years ago that mentioned that if a person pays with coins it is up to the receiving party to count them to make sure they are getting a fair amount of money. Coins are still legal tender so can be used in any instance that cash is used. If you have a loan of any sort you should be able to use them to pay that. Deposits don't count as debt so you'll have to work around that.

Than again, you could have a branch manager just keep saying no to coins. I mean what are you really going to do about it. No one is going to investigate a branch for refusing to take one person's coins. And it isn't like you're going to lawyer up over this.

PS. Coinstar is a ripoff. I think BoA and TD are the only banks that offer a similar counting machine free for banking customers.
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Vattené
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Re: Where do you still use cash/check?

Postby Vattené » Wed Aug 26, 2015 11:28 am

All the banks I use will covert coins to paper money for free - not just take as a deposit, but actually give you cash for change. I like to bank with small/local banks (whenever I have any control over it), so that's not helpful at all. I am surprised more banks don't do it for free at least for customers.
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CarefulBuilder14
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Re: Where do you still use cash/check?

Postby CarefulBuilder14 » Wed Aug 26, 2015 11:41 am

I think I can also use them at an automated checkout stand at the grocery store - but again, with EDP and Sallie the lost rewards are effectively a big fee.

This wouldn't seem like a problem if I didn't have such awesome rewards cards! :ppp

Maybe I will hunt around for a new bank that will take them. I doubt Schwab - where I just opened an debit/ATM card account - will.

*It's probably $50-$100 of change, so saving 10% of that is only $5-$10 and not worth the inconvenience of accounts with BofA or TD, where I currently have no other accounts.*
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

Kevin86475391
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Re: Where do you still use cash/check?

Postby Kevin86475391 » Fri Aug 28, 2015 4:20 pm

Whatamuji wrote:Kevin you should at least consider getting TX TAG. It's good for all Texas toll roads and it doesn't cost you anything just to have the account open. I've got one on my car and I never need to use it.


Thanks, I know I absolutely should and it's sort of on my list of things to do eventually. It would be nice just for the 1 or 2 times a year when I do accidentally get on a toll road.

Also, while I hate toll roads, I do agree it makes sense especially where 18-wheelers and commercial trucks are involved. I remember reading some absolutely ridiculous statistic about a single 18-wheeler having a wear-and-tear impact on the road equal to like hundreds or even thousands of standard size cars because the damage done is exponential based on weight. Still, I'd personally be in favor of singling out commercial vehicles and making them pay tolls for using roads rather than penalizing tax-paying locals driving normal vehicles too.

Regarding coin deposits, I actually had the opposite experience once several years ago. I took my rolled coins in to the bank to be deposited and was told that they had to be UNROLLED. Which actually that makes perfect sense to me because it seems like people could scam coin rolls some kind of way. It seems like the bank would want to see each and every coin it accepts.

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Re: Where do you still use cash/check?

Postby Vattené » Fri Aug 28, 2015 4:51 pm

Kevin86475391 wrote:Regarding coin deposits, I actually had the opposite experience once several years ago. I took my rolled coins in to the bank to be deposited and was told that they had to be UNROLLED. Which actually that makes perfect sense to me because it seems like people could scam coin rolls some kind of way. It seems like the bank would want to see each and every coin it accepts.


I've always thought that about banks that ask for coins to be pre-rolled, too. You couldn't make a ton off of it, but if they're not verifying what they accept (right in front of you before giving out cash), it shouldn't be too difficult to cheat them out of money. Maybe they figure it ends up costing more in the long run to pay people to count and roll it in-house??
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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