verse99

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).

j3brooklyn

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.

pawtim

Today I went in to a bank at Harvard Square and dropped off a few extra coins that we didn’t 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, he’d 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 doesn’t comply with the goal.

-- 150 pounds of coins is not subtle, and doesn’t go unnoticed.

-- Modest amounts add up over time, are easier and more reasonable for everyone involved to handle, and don’t ruin things for everyone else. (Plus, you don’t need a cart!)

And the request:
Whomever you are, please don’t 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. Don’t show up at any more Cambridge area banks with thousands of dollars in coins to deposit, unless you’ve already cleared it in advance with the bank manager.

Thanks.

dayone

Since your making a CC payment, wouldn't it be easier and more secure to simply present the payment coupon from your statement?

mrpickles

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

Copycat, thinks he is mrpickles,....sheesh

Hertz4me

$20k max deposit in 1 day 400 lbs

Happy

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.

nwa330

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

...........

buschoi

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?

QL_714

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.

MojaveJack

Your protege perhaps?

mrpickles

I am not one to brag.

nwa330

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.