Currency exchange at Credit Unions or Banks

nukeman

Active Member
Aug 25, 2005
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I have a question and I hope someone can answer it for me. When I take loose or rolled change to a my credit union how can they charge me a fee of up to 10% for the exchange. They dont charge me if I have 100 1$ bill and ask for 2 50$ but if I have 100 dimes they want to charge me 10% for having to count the change.

I don't understand how this is legal since I am exchanging legal US currency of one type for another.:eusa_wall:

If anyone has any information as to how they (credit unions and banks) can legaly do this I would love to know.

If anyone know's of any rules stating that they can't do this I would be doubly appreciative.
 
Counting coins is labor-intensive, which is probably why you didn't want to do it in the first place, thus the charge. Actually, they probably have a machine that does it, but the machine probably isn't cheap.

My advice: find a Coinstar at a grocery store. I want to say it's 5% or 6%, but I know for a fact it's not 10%. At least not where I live anyway.
 
Counting coins is labor-intensive, which is probably why you didn't want to do it in the first place, thus the charge. Actually, they probably have a machine that does it, but the machine probably isn't cheap.

My advice: find a Coinstar at a grocery store. I want to say it's 5% or 6%, but I know for a fact it's not 10%. At least not where I live anyway.

I understand counting coins is labor intensive. That is why I will gladly roll the coins myself yet they wont take them that way either. I might be trying to cheat them by shorting or putting slugs in the wrapper

What is at issue here is the exchange of legal US tender of one sort for another. I dont understand how we can be charged for exchanging change.

If I want the Banks to exchange 100$ bill for 100 1$ bills they dont charge me. This is my main issue. Why the discrepency in policy for change and not for bills

If I saved 1$ bills and deciede to take 1,000 of them in it is just as labor intensive to count them as it is 1000 pinnies. Actually it is more so due to the fact they dont routinely have a bill counter but they do have a change counter.
 
Counting coins is labor-intensive, which is probably why you didn't want to do it in the first place, thus the charge. Actually, they probably have a machine that does it, but the machine probably isn't cheap.

My advice: find a Coinstar at a grocery store. I want to say it's 5% or 6%, but I know for a fact it's not 10%. At least not where I live anyway.

Bingo, and that is why my tight ass rolls my own coins I refuse to pay 10% on something I can do in my spare time watching TV or something.
 
I understand counting coins is labor intensive. That is why I will gladly roll the coins myself yet they wont take them that way either. I might be trying to cheat them by shorting or putting slugs in the wrapper

What is at issue here is the exchange of legal US tender of one sort for another. I dont understand how we can be charged for exchanging change.

If I want the Banks to exchange 100$ bill for 100 1$ bills they dont charge me. This is my main issue. Why the discrepency in policy for change and not for bills

If I saved 1$ bills and deciede to take 1,000 of them in it is just as labor intensive to count them as it is 1000 pinnies. Actually it is more so due to the fact they dont routinely have a bill counter but they do have a change counter.

It's a service the bank is providing for you, and they have the right to charge you to exchange coins for paper currency and not other sorts of services.

I actually find it odd that they charge for this. I routinely cash in my coins at my bank for cash and I don't get charged a fee.
 

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