Go Back  FlyerTalk Forums > Miles&Points > Credit, Debit and Prepaid Card Programs > Manufactured Spending
Reload this Page >

Buy Presidential Dollar Coins with CC @ Face Value, Free Shipping

Buy Presidential Dollar Coins with CC @ Face Value, Free Shipping

Old Mar 13, 10, 8:13 am
  #8176  
 
Join Date: Oct 2009
Location: LA
Programs: Hilton Diamond, SPG Gold, Delta Platinum Medallion, AAdvantage Platinum Pro
Posts: 600
Originally Posted by flyertm View Post
Yesterday attempted to deposit $2000 in coins at a different branch, where I had gone 6 times before over 5 months. They tell me there will be an $18 fee. I say, "show me this in the fee schedule." The teller disappears for 10 minutes and brings me the BUSINESS ACCT Fee Schedule. I tell her that doesn't apply since mine is a PERSONAL acct. Further, the fee she quoted is different than what it says in the book. Later she disappears another 10 minutes in the back, to return to BS me even more. Her manager and the branch manager later come. They try to tell me its a business transaction and must charge a business fee. I insist its PERSONAL. They say its commercial. I insist its personal I call them out for trying to pull imaginary fees out of thin air. They say they normally dont accept coins. I say they always "normally" accepted them in the past. Finally they agree to accept without charging me $18.
Lovely...

What chain branch did you go to?

As a point of information: Wachovia is now instituting branch-wide restrictions on coin deposits.
Miami305 is offline  
Old Mar 13, 10, 8:16 am
  #8177  
 
Join Date: Feb 2008
Location: HHH , SAV
Programs: Delta, AA, BA, United, Hyatt Globalist, Hilton Honors Diamond, SPG Marriott Gold, Sixt Platinum
Posts: 994
Any details about the restrictions. Like, how big a deposit gets restricted. Since coins have been in short supply, I've been keeping my deposits around $750 to $1,000 and visiting different branches.

I made several Wachovia deposits this week , no mention.
Mint web site down second weekend in a row.I will spend some family time.


Originally Posted by Miami305 View Post
Lovely...

What chain branch did you go to?

As a point of information: Wachovia is now instituting branch-wide restrictions on coin deposits.

Last edited by beachmiles; Mar 13, 10 at 9:29 am
beachmiles is offline  
Old Mar 13, 10, 10:19 am
  #8178  
 
Join Date: Oct 2009
Posts: 104
Originally Posted by Astrophsx View Post
They might have made a note on their computer about your account. It doesn't matter what branch you go to... they still can see the notes. They could try to close your account.
They said there were notes on my account already where they claimed they told me in October that there would be a fee, but they never told me this in October. So, Im certain my account is noted now, if not before. Yes, they could close my account. In fact, they told me to go to a different branch. They didn't restrict me from all branches, just that particular one and instead specified branches where I should go with them. So it was a single branch ban (unless I pay the fee), not a nationwide branch ban.

They claimed their vault was not big enough; however, I suspect they didn't want to have to do the work of unrolling and bagging them, which they said they must do. I felt like all their excuses were meant to deflect from this real reason of not wanting to do extra work.
flyertm is offline  
Old Mar 13, 10, 11:29 am
  #8179  
 
Join Date: Nov 2005
Posts: 199
sweet bank for deposits in seattle

already gave out.

Last edited by juggler451; Mar 13, 10 at 4:52 pm
juggler451 is offline  
Old Mar 13, 10, 12:11 pm
  #8180  
 
Join Date: Mar 2010
Posts: 26
Originally Posted by beachmiles View Post
Any details about the restrictions. Like, how big a deposit gets restricted. Since coins have been in short supply, I've been keeping my deposits around $750 to $1,000 and visiting different branches.

I made several Wachovia deposits this week , no mention.
Mint web site down second weekend in a row.I will spend some family time.
I'm thinking of buying some too, restrictiosn would be nice to know.

Last edited by samsong; Aug 4, 10 at 5:02 pm
samsong is offline  
Old Mar 13, 10, 1:08 pm
  #8181  
FlyerTalk Evangelist
 
Join Date: Jun 2004
Location: MSP
Programs: DL PM, MM, NR; HH Diamond, Bonvoy Gold, Hyatt Explorist, IHG Spire, others
Posts: 11,795
Originally Posted by beachmiles View Post
Any details about the restrictions. Like, how big a deposit gets restricted. Since coins have been in short supply, I've been keeping my deposits around $750 to $1,000 and visiting different branches.
If the Treasury Department discovers you've made a number of cash deposits that add up to $10,000 or more and haven't filled out the appropriate paperwork, you can get busted for "structuring". (The paperwork is not a hassle, and the Treasury Department doesn't care about charging coins to get airline miles, they just want to prevent money laundering.)
sethb is offline  
Old Mar 13, 10, 2:53 pm
  #8182  
 
Join Date: Feb 2009
Posts: 3,562
Originally Posted by flyertm View Post
They said there were notes on my account already where they claimed they told me in October that there would be a fee, but they never told me this in October. So, Im certain my account is noted now, if not before. Yes, they could close my account. In fact, they told me to go to a different branch. They didn't restrict me from all branches, just that particular one and instead specified branches where I should go with them. So it was a single branch ban (unless I pay the fee), not a nationwide branch ban.

They claimed their vault was not big enough; however, I suspect they didn't want to have to do the work of unrolling and bagging them, which they said they must do. I felt like all their excuses were meant to deflect from this real reason of not wanting to do extra work.
Their vault could very well not be big enough, this could be one reason behind having to unroll them and feed them into the counter, so they go into the coin bags. Your best bet is to develop some sort of relationship with the bank and ask them if it's ok. I would suggest getting a new account at another chain of banks if this is the bank you do your regular biz at. You don't want it closed down due to coins. Are you trying to do more than 50 boxes?
Astrophsx is offline  
Old Mar 13, 10, 2:55 pm
  #8183  
 
Join Date: Feb 2009
Posts: 3,562
Originally Posted by sethb View Post
If the Treasury Department discovers you've made a number of cash deposits that add up to $10,000 or more and haven't filled out the appropriate paperwork, you can get busted for "structuring". (The paperwork is not a hassle, and the Treasury Department doesn't care about charging coins to get airline miles, they just want to prevent money laundering.)
I'm guessing he means different branches on different days.
Astrophsx is offline  
Old Mar 13, 10, 3:01 pm
  #8184  
 
Join Date: Feb 2008
Location: HHH , SAV
Programs: Delta, AA, BA, United, Hyatt Globalist, Hilton Honors Diamond, SPG Marriott Gold, Sixt Platinum
Posts: 994
Yes, always keep it under $10,000 per day.
beachmiles is offline  
Old Mar 13, 10, 4:35 pm
  #8185  
 
Join Date: Jan 2010
Location: LAX
Posts: 380
I made a $2000 deposit at Wells Fargo 5 days ago, and they put it in a coin vault for counting?
Anyway, I got the deposit credited as $1999.50 today.
Now I did the math, and the only way 2000 coins can be added up to this amount is if they count 1 of the coins as a half dollar coin.
I doubt a dollar coin can be mistaken for a half dollar coin.
I wonder how they came up with this fuzzy math then?

Not gonna call to complains for 50 cents, but I did transfer most of my money into a different bank out of spite.
mainbill is offline  
Old Mar 13, 10, 10:19 pm
  #8186  
 
Join Date: Jul 2006
Location: ALB
Programs: AA Gold 1MM, HH Dia, yadda, yadda....
Posts: 117
Originally Posted by mainbill View Post
...credited as $1999.50 today.
Now I did the math, and the only way 2000 coins can be added up to this amount is if they count 1 of the coins as a half dollar coin.
.
Or, more likely, two coins were counted as quarters.
photo_guy is offline  
Old Mar 13, 10, 10:53 pm
  #8187  
 
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 828
Originally Posted by sethb View Post
Would you prefer the Mint to cancel your future orders or theirs when it asks the bank who deposited the large numbers of coins?
You ARE JOKING aren't you? The Mint never speaks to the banks about a customers deposits and even if they did they would need a court order to get any information. Furthermore, once the coins hit the bank they go to the Federal Reserve which is not the same as where they came from (US Mint). Why would the Mint even care? My bank even accepts them in the unopened boxes.

It might be a different story if my bank did not want the deposits, but they are encouraging me to bring in as many as I want, I even will be making deposits for a few fellow FT's in my nieghborhood who are having trouble at thier banks.

Besides, $7500 deposit is NOT VERY BIG. You need to look at my previous postings for depositing up to $70K at one time in dollar coins. That is what I consider a large deposit.
mrpickles is offline  
Old Mar 13, 10, 10:59 pm
  #8188  
 
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 828
Originally Posted by beachmiles View Post
Yes, always keep it under $10,000 per day.
If you schedule your deposits to intentionally avoid going over $10k a day that is also the definition of structuring. You best bet is to make one big deposit and let them fill out the forms I have probably had over 50 large cash transaction reports (LCTR's) filled out on me already with no problems at all.

I don't see any reason at all to "create" a situation where one does not get filled out. Your best bet is to let one get filled out and have everyting all documented.

Many times the customer does not even know if one is being completed. If they ask for your occupation, or where you work at when you make a deposit, then they are filling out a LCTR on you.
mrpickles is offline  
Old Mar 13, 10, 11:49 pm
  #8189  
 
Join Date: Feb 2009
Location: SEA
Programs: Alaska MVPG 75K, IHG Ambassador, Hilton Diamond, Hyatt Explorist, Marriott Titanium
Posts: 1,644
Originally Posted by photo_guy View Post
Or, more likely, two coins were counted as quarters.
hummmm.... that will make it $1,998.50, wouldn't it?
buschoi is offline  
Old Mar 14, 10, 12:13 am
  #8190  
 
Join Date: Jun 2009
Location: USA
Programs: AA Plat; HH Diamond; IHG Plat; SPG Plat;Hertz Pres Circle; Jelly of the Month Club - Marmalade Level
Posts: 167
Originally Posted by Carl Johnson View Post
Go back in there and say, OK, I'm here for my coins. You're not debiting my account, though; I made a deposit and you accepted it. You don't want the coins, great, I'll take the coins, but my deposit stands.
Absolutely. The bank will let the deposit stand, hand over the $3000 and he can take it to another branch to re-deposit. Doing that twice a day will give him over 2 million miles per year. Better yet, it will give him over $2 million on deposit.

Or....

He could get real.
OrvilleWright is offline  

Thread Tools
Search this Thread
Search Engine: