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 26, 10, 1:56 pm
  #8311  
 
Join Date: Oct 2000
Location: LA County
Programs: AA EXP- 2MM
Posts: 303
Originally Posted by Miami305 View Post
As a point of reference, has anyone taken coins into a Citibank to pay off a Citicard? How was your experience?
First they didn't want to take it. Than they ended up opening a new account for me which got me 20K bonus miles and the annual fee for ALL my 8 AA MasterCards waived. (Granted I already had some money with smith Barney).
verse99 is offline  
Old Mar 26, 10, 5:03 pm
  #8312  
 
Join Date: Sep 2008
Location: NYC
Programs: AA PLT 2MM
Posts: 392
Originally Posted by Miami305 View Post
As a point of reference, has anyone taken coins into a Citibank to pay off a Citicard? How was your experience?
Yes, I've done this a bunch of times with no trouble. They actually have a "Substitute Payment Ticket" (with a turquoise edge) that is used for making payments towards Citi credit cards, mortgages, or other loans. Fill in your name, address, and Citi credit card number and bring it to the teller with those coins.
j3brooklyn is offline  
Old Mar 26, 10, 6:10 pm
  #8313  
 
Join Date: May 2001
Location: BOS
Programs: All, but no status!
Posts: 751
Today I went in to a bank at Harvard Square and dropped off a few extra coins that we didnít give out during the week. To my surprise, the teller told me that they had to implement a new policy on these things.

Apparently, on Wednesday, some guy went in to this branch with over 150 pounds of $1 coins in Mint rolls, and, as he apparently explained to the teller in quite a bit of detail, he found out by reading a website called www.flyertalk.com that he could buy the coins using his mileage credit card, then take them straight to the bank! Then, heíd pay off his credit card and planned to repeat the process.

The teller told me that as a result, her manager had an all-staff meeting this morning in which all the tellers were informed of the incident, the cost to the bank, and a new policy was being introduced: as of now, anyone who is trying to deposit more that $20 in coins into a personal account needs to get approval.

I, and two of my friends, have been making modest deposits of coins into this branch for the past 19-20 months, never totaling more than $1,500--$2,000 or so per person per month. Together, the three of us have probably been able to deposit about $100,000 there during this time.

Now, because one person decided he needed to deposit $8,000 in a single, unannounced surprise visit, without making any prior arrangements, the branch has had enough.

So, let me make a few observations, and then a request.

-- The point of the Direct Ship program is to get the coins into circulation. Taking coins directly to the bank for immediate deposit doesnít comply with the goal.

-- 150 pounds of coins is not subtle, and doesnít go unnoticed.

-- Modest amounts add up over time, are easier and more reasonable for everyone involved to handle, and donít ruin things for everyone else. (Plus, you donít need a cart!)

And the request:
Whomever you are, please donít ruin this at the rest of the branches around Cambridge for the rest of us. I understand that you may be leaving the area because you are graduating, have flunked out, or were just passing through town, but try to have some respect for yourself and those of us who live here. Donít show up at any more Cambridge area banks with thousands of dollars in coins to deposit, unless youíve already cleared it in advance with the bank manager.

Thanks.
pawtim is offline  
Old Mar 26, 10, 6:46 pm
  #8314  
Moderator: Alaska Mileage Plan
 
Join Date: Feb 2005
Posts: 10,335
Originally Posted by j3brooklyn View Post
They actually have a "Substitute Payment Ticket" (with a turquoise edge) that is used for making payments towards Citi credit cards, mortgages, or other loans. Fill in your name, address, and Citi credit card number and bring it to the teller with those coins.
Since your making a CC payment, wouldn't it be easier and more secure to simply present the payment coupon from your statement?
dayone is offline  
Old Mar 26, 10, 9:20 pm
  #8315  
 
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 828
Originally Posted by j3brooklyn View Post
Yes, I've done this a bunch of times with no trouble. They actually have a "Substitute Payment Ticket" (with a turquoise edge) that is used for making payments towards Citi credit cards, mortgages, or other loans. Fill in your name, address, and Citi credit card number and bring it to the teller with those coins.
I have never ued a payment ticket or credit card billing stub, just slide card at teller counter machine or make payment online from Citi Website.
mrpickles is offline  
Old Mar 26, 10, 9:21 pm
  #8316  
 
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 828
Originally Posted by pawtim View Post
Apparently, on Wednesday, some guy went in to this branch with over 150 pounds of $1 coins in Mint rolls
Copycat, thinks he is mrpickles,....sheesh
mrpickles is offline  
Old Mar 26, 10, 9:28 pm
  #8317  
 
Join Date: Oct 2007
Location: USA
Programs: WN,DL,BA
Posts: 619
$20k max deposit in 1 day 400 lbs
Hertz4me is offline  
Old Mar 26, 10, 10:17 pm
  #8318  
FlyerTalk Evangelist
 
Join Date: Jul 2003
Location: Florida
Posts: 28,458
Originally Posted by mrpickles View Post
I have never ued a payment ticket or credit card billing stub, just slide card at teller counter machine or make payment online from Citi Website.
The one and only time I paid my Citicard with coins at a Citi bank branch was to slide my card at teller counter machine. I did get a receipt showing the payment amount afterward.
Happy is offline  
Old Mar 26, 10, 11:24 pm
  #8319  
 
Join Date: Sep 2003
Location: Here Today Gone Tomorrow
Programs: NW Silver, CO Silver,SPG Gold, USMint Presidential, Chase/BA 100k
Posts: 791
I got 150lbs next to my front door on a dolly right now. Wonder who the lucky teller will be tomorrow? Always do online payments, banks like deposits. Branches have deposit goals they need to make.
nwa330 is offline  
Old Mar 26, 10, 11:31 pm
  #8320  
 
Join Date: Sep 2003
Location: Here Today Gone Tomorrow
Programs: NW Silver, CO Silver,SPG Gold, USMint Presidential, Chase/BA 100k
Posts: 791
...........

Last edited by nwa330; Mar 27, 10 at 4:52 pm
nwa330 is offline  
Old Mar 26, 10, 11:49 pm
  #8321  
 
Join Date: Feb 2009
Location: SEA
Programs: Alaska MVPG 75K, IHG Ambassador, Hilton Diamond, Hyatt Explorist, Marriott Titanium
Posts: 1,645
Originally Posted by nwa330 View Post
I got 150lbs next to my front door on a dolly right now. Wonder who the lucky teller will be tomorrow? Always do online payments, banks like deposits. Branches have deposit goals they need to make.
What is the purpose of discussing about how much you are about to deposit at the branch tomorrow, rather than discussing about ways to put them into circulation, which is what the US Mint has stated what they intend?
buschoi is offline  
Old Mar 27, 10, 5:59 am
  #8322  
 
Join Date: Sep 2009
Posts: 1,758
Originally Posted by buschoi View Post
What is the purpose of discussing about how much you are about to deposit at the branch tomorrow, rather than discussing about ways to put them into circulation, which is what the US Mint has stated what they intend?
Some just like to brag and make things up. It is an ego problem. I guess it makes them feel important. They are very easy to spot.
QL_714 is offline  
Old Mar 27, 10, 10:26 am
  #8323  
 
Join Date: Dec 2009
Location: Between EWR & ABE
Programs: OnePass, AAdvantage, SkyMiles, PriorityClub, HHonors
Posts: 401
Originally Posted by mrpickles View Post
Copycat, thinks he is mrpickles
Your protege perhaps?
MojaveJack is offline  
Old Mar 27, 10, 3:24 pm
  #8324  
 
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 828
Originally Posted by MojaveJack View Post
Your protege perhaps?

I am not one to brag.
mrpickles is offline  
Old Mar 27, 10, 4:50 pm
  #8325  
 
Join Date: Sep 2003
Location: Here Today Gone Tomorrow
Programs: NW Silver, CO Silver,SPG Gold, USMint Presidential, Chase/BA 100k
Posts: 791
Originally Posted by QL_714 View Post
Some just like to brag and make things up. It is an ego problem. I guess it makes them feel important. They are very easy to spot.
Yes, I did make it up. The truth is it was 130lbs.
Sorry

I love how the first 500 pages were talking about coins and now its a crime to speak about them. Would you rather I speak about my toll booth experience or the reaction from my waiter? I'm sure people here don't need ideas how to spend their money. The limits are in place you don't have to worry about more articles exposing this.

Last edited by nwa330; Mar 27, 10 at 5:03 pm
nwa330 is offline  

Thread Tools
Search this Thread
Search Engine: