Had my first "report" done on me by a bank today while depositing $2K. I deposited once before at this branch a few months ago, but I'm sure they don't remember me; they're just peeved that people keep dumping these coins on them. Today, they asked me for photo ID, my occupation, & how much I'd deposited in total. I honestly couldn't tell them the answer to the last question as it's been tons but never more than $2500 at a time or more than total $8000 in one day at different branches. (I live in a large metro city with many banks/branches. I don't have a car, but drop them off on my way to work via subway/bus, and I can't comfortably carry more than $2500 at a time). The teller just kept repeating "this isn't right" but couldn't tell me what the problem was except that she didn't want to accept the coins. I explained where I got them and why, but it didn't sink into her skull. Anyway...what kind of follow up can I expect from the feds/IRS? I know I'm not doing anything wrong, but this hobby of mine is only worth so much hassle. How long has it taken for the feds to follow up if they ever do?
Why are people accepting treatment like this from their banks? At the point where a lowly teller is asking where do you work, and how much you have deposited in the past and is repeating 'this isn't right' is the point where you tell her it's none of her business, tell her she's free to fill out whatever 'SAR form' she wants and stop trying to do the job of the authorities because clearly she is incapable of doing it for them, as much as she'd like to think she can. Or, perhaps just ask for another teller or supervisor to finish this transaction, as you don't appreciate the attitude.
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Originally Posted by IAHtraveler
It's been 2 weeks since Wachovia filed paperwork on me (they said headquarters would contact me and 'the government might, too'). I haven't heard anything yet, but the bank is getting more annoyed.
Again, what attitude? That sounds like a veiled threat to me ('government might contact you' in the context of getting annoyed at handling coins).
Last time I had such a silly statement from a teller (at Citibank), where she said something along the lines of 'If you continue to bring more coins we are going to have to either charge you for the deposit or inform the police of this activity...', I had to aptly reply:
'Considering that your employer recently needed $20 billion in direct bail out, and $300 Billion in loan guarantees all courtesy of taxpayers such as myself, I would hope that you would welcome any form of deposit'.
Believe it or not, she actually became a little nicer, and backed away from her 'police threat' (stupid threat anyway) and then pleaded the 'we just can't handle all of these in a short period of time case'. To which I then said 'understood, I'll only come by once a month or two, and keep the amounts to under $5000'. Problem solved.
This was a few months ago, and, real lesson is, just don't overwhelm your bank/branch (as we've been discussing here for many posts anyway).
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Originally Posted by IAHtraveler
On another note: has anyone bought coins from the Chase card where you get 3 percent cashback on your top categories? If so, do the coins fall into a category where you get the increased cash? I might open a card w 3 percent if I could get it on the coins... it'd be better than airline miles/hotel points!
Does that card still exist? I think they changed the rules a while ago so that it's no longer your top 3 categories, just some 'rotating categories' or something like that. Sadly, we missed out on that one.
In terms of trying to get a bit more bang out of this, could this be combined with a bit of eBay/bing cashback? Considering it's now at 12%, the max $200 rebate is available at $1666.67. Sort of a sweet spot where the seller could cover all eBay/paypal fees and turn a small profit, and buyer could actually buy the coins for under face value net of cashback.
6. Increases labor requirements for banks so can't lay people off, or have to reduce layoffs. The amount of work for armored car companies is increased, increasing labor requirements for those companies. If they have to decrease executive bonuses, so much the better.
7. The use of the rewards (at least in my case) benefits the travel industry.
Good point, the financial institutions receiving the credit card fees from the Mint spend some of those funds buying miles and points. The airline industry is a critically important U.S. industry. The miles purchased from airlines like United helps reduce the possibility of airline bankrupties that would damage the U.S. economy and international competitiveness. Fewer flights to Asia is bad for the country.
Andd thanks to the poster that thought my post was a good one.
Did you subtract the cost (waste) of the energy required to make, transport, store and guard all of these coins. Especially since most (all) of them are ultimately destined to sit unused in a warehouse somewhere for years on end.
I am persona non grata at the four Chase branches closest to me. Luckily, Chase has a ridiculous number of branches on Long Island, especially with all the Wamu branches. My regular bank, TD (formerly Commerce) has required that I break open the rolls and put the coins in large, plastic coin bags. TD will not give me any more bags so I ordered them online for $73 for 100 bags with shipping from General Bank Supply http://www.generalbanksupply.com/sto...100-count.html TD gave me some attitude in the beginning, but now accepts $2500 a week without problems. Now that I have ordered the bags, this deal will probably tank shortly!
I am persona non grata at the four Chase branches closest to me. Luckily, Chase has a ridiculous number of branches on Long Island, especially with all the Wamu branches. My regular bank, TD (formerly Commerce) has required that I break open the rolls and put the coins in large, plastic coin bags. TD will not give me any more bags so I ordered them online for $73 for 100 bags with shipping from General Bank Supply http://www.generalbanksupply.com/sto...100-count.html TD gave me some attitude in the beginning, but now accepts $2500 a week without problems. Now that I have ordered the bags, this deal will probably tank shortly!
If you think Chase gave you problems , you havent seem/heard anything yet till you hit the former WAMU branches
I deposited $1250 in rolls (as is my usual m.o.) at a Wamu/Chase branch last Friday. At first they did not want to take them as "it's after five o'clock". In the end, a head teller accepted them. They clearly were not too happy!
Did you subtract the cost (waste) of the energy required to make, transport, store and guard all of these coins. Especially since most (all) of them are ultimately destined to sit unused in a warehouse somewhere for years on end.
I agree that the long-term math only works if the production of dollar bills is greatly reduced. The short-term stimulus math builds the infrastructure for the long-term benefits, and the short-term stimulus comes at an opportune time.
If the long-term benefits never materialize, I suppose that the government will have a large stockpile of metals, mostly copper, which could be melted and released into the market at a time that commodity prices become out-of-control high.
Hopefully, though, the dollar coin program will work and it will never come to that. Seems to work in Canada and Europe.
I deposited $1250 in rolls (as is my usual m.o.) at a Wamu/Chase branch last Friday. At first they did not want to take them as "it's after five o'clock". In the end, a head teller accepted them. They clearly were not too happy!
i've been to numerous chase banks in my area. (at least 5-6 different branches) only has 1 given me an attitude. other than that it's been smooth sailing. sucks to hear that some of you are having issues.
Had an interesting occurrence yesterday at BofA.(hadn't been to this location in over a month) The teller said she would have to charge me $5 for the deposit because her "manager is on maternity leave and usually handles these types of things". Seriously.
After inquiring a bit further and pointing out to her exactly what she had just said she backed off saying she would waive it this "one time" but that any deposit in the future could only be $100.
Lo and behold I check the account today and there is a $25 teller charge. If that doesn't drop off in the next day or two I'm not going to be happy.
Does anyone have the link to BofA's policy on fees with deposits handy? Did some quick searching and didn't find it right away.
I agree that the long-term math only works if the production of dollar bills is greatly reduced. The short-term stimulus math builds the infrastructure for the long-term benefits, and the short-term stimulus comes at an opportune time.
If the long-term benefits never materialize, I suppose that the government will have a large stockpile of metals, mostly copper, which could be melted and released into the market at a time that commodity prices become out-of-control high.
Hopefully, though, the dollar coin program will work and it will never come to that. Seems to work in Canada and Europe.
The long term math isn't what's important right now, what's important is taking up the slack in the economy. We're not using up goods and services and crowding out other people, we're using goods and services that would otherwise go unused.
The dollar coin program works in Canada and Europe because they have no dollar notes. There will be bitter protests here if they try to eliminate the paper dollar. I know, because I'll be in the vanguard, writing foaming-at-the-mouth letters to my Congressman, and writing long, incoherent letters to the newspapers about the international cabal behind the plans to eliminate the paper dollar. I tell this to my wife; she rolls her eyes and says "You just want to keep the dollar coin program going, you don't care about the elimination of the paper dollar at all!"
The long term math isn't what's important right now, what's important is taking up the slack in the economy. We're not using up goods and services and crowding out other people, we're using goods and services that would otherwise go unused.
The dollar coin program works in Canada and Europe because they have no dollar notes. There will be bitter protests here if they try to eliminate the paper dollar. I know, because I'll be in the vanguard, writing foaming-at-the-mouth letters to my Congressman, and writing long, incoherent letters to the newspapers about the international cabal behind the plans to eliminate the paper dollar. I tell this to my wife; she rolls her eyes and says "You just want to keep the dollar coin program going, you don't care about the elimination of the paper dollar at all!"
So you're anti-American (i.e. you want to cost the Gov't excess money)?
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Originally Posted by primusux
The teller said she would have to charge me $5 for the deposit ...I check the account today and there is a $25 teller charge.
The BofA fee schedule for small businesses does have a $5 charge for bags of mixed coin or "non-standard" amounts. (I'd argue that running coin for the US Mint is does not make me a "small business".) This is in addition to a "cash deposited" fee of $0.20 per $100 (over $10,000). Sounds to me like someone is trying to get you to use another branch.
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The BofA fee schedule for small businesses does have a $5 charge for bags of mixed coin or "non-standard" amounts. (I'd argue that running coin for the US Mint is does not make me a "small business".) This is in addition to a "cash deposited" fee of $0.20 per $100 (over $10,000). Sounds to me like someone is trying to get you to use another branch.
Interesting. It's definitely a personal account though. Even with those fees they couldn't come up with the $25 they've charged me from this one transaction.
Thanks for the link though. Is there also a personal account pdf like that?
And I agree about the different branch idea. What's weird is this is just the second time I had used this particular branch and they were so friendly the last time they even sent a card saying thanks for coming in.
Oh well, will go back to the other branches I have been using.
Interesting. It's definitely a personal account though. Even with those fees they couldn't come up with the $25 they've charged me from this one transaction.
Thanks for the link though. Is there also a personal account pdf like that?
i posted a while back about a missing order of andrew jacksons, and i can now update with the news that the mint sent me a new box of them finally. i had called enough to get a single csr's name and extension, which made things a lot easier. she told me the issue had been sent 'to headquarters' because of the $500 amount, and the reimbursement had to be approved by a higher-up. well it didn't take long after that for me to get an email saying they had shipped the new box and it showed up the next day. so from my end this is all wrapped up and i'll stick to orders of NA now.
i did get a call from UPS a few days later asking for details since they had apparently gotten a claim from the mint for the lost box, and i didn't have any useful info other than 'it never showed up, and the tracking info just said -billing information received- '
i was pretty worried for a while but it all worked out.
