Coin shortage

[Sigblitz]

My bank won't let me deposit it unrolled. I used to be able to dump it in the checkout, then they hung a sign.

 

[marvin02]

Chase Bank no longer counts change. They expect it to be rolled or in "secure coin bags" if from businesses.

Tech Credit Union has self service coin counting machines at the following locations:

• Cedar Lake
• Crown Point
• East Chicago
• Gary
• Lowell
• Merrillville
• Valparaiso

I don't know the details of their use.

Here's an article on the state of coin handling at banks.

You can get your coins counted fee free at CoinStar machines if you choose to get an Amazon gift card for the amount.

I remember when we used to annually take our change jar (5 gallon water jug) to the bank and cash it in to donate to Little League, Girls Softball, or some other activity my kids were involved in. Can't do that any more, they want you to roll it yourself.

 

[maxwelhse]

Our bank doesn't have a coin counting machine. If they do, they won't count loose change for us. They told us that they got rid of the machine because too much junk was being brought in with the loose coin and it was constantly damaging the machine. They give us the paper rolls to roll the coin and accept the rolls that we take in without counting it. The only option I know of around our area is the coin machines at Walmart that count them and charge you a percentage to do it.

We take the rolls to local family style restaurants and have never had an issue with any of them not wanting to take the rolled coins.

I hadn't even considered that any bank wouldn't have a coin counter. That makes me wonder how they're servicing their business clients.

Perhaps you're the prototype area for the cashless society Phase2 is predicting.

edit: While I was typing it looks like others added that their banks don't take unrolled change either. It seems I've been surrounded by a change friendly society my entire life and I thought the "change rollers" were living in the past! Looks like I've just been coin privileged my whole life.

Come to think of it... I have access to a coin counter that rolls change... What's Coinstar's fee? I'll beat any deal! I WILL NOT BE UNDERSOLD!

 

[marvin02]

I hadn't even considered that any bank wouldn't have a coin counter. That makes me wonder how they're servicing their business clients.

Perhaps you're the prototype area for the cashless society Phase2 is predicting.

Coins are counted offsite now. Businesses bring the coins in bagged and get credit at some future date when it's been counted. This has been going on for a while.

 

[maxwelhse]

Coins are counted offsite now. Businesses bring the coins in bagged and get credit at some future date when it's been counted. This has been going on for a while.

I've been totally oblivious to all of this. It could entirely be that my Dad's bank still has one expressly because he's a coin operated business that banks with them and my credit union has one because they're not a bank. Last I used 3R FCU's machine was around 2 years ago which is darn near 10 years from the date of that article.

I can tell you that my Dad would flip his s*** if they told him they were going to mail away the proceeds of his entire business and get back to him in a week or two about it.

 

[Phase2]

Meijer Stops Accepting Cash As Nationwide Coin Shortage Erupts

* That article title is misleading. It is the self-checkout machines that are now CC only. Manual checkout lines still accept cash.

Fed Chair Powell admitted to lawmakers last week that The Fed has been rationing coins as the circulation of coins across the US economy ground to a halt due to the pandemic.

"What's happened is that with the partial closure of the economy, the flow of coins through the economy ... it's kind of stopped," Powell told lawmakers.

 

[marvin02]

Credit Unions seem to be the last refuge of free coin counting machines.

Who knows, your dad may bank at the location with the coin counter? OR - they kept one there because of the volume of business they do with customers like your dad.

 

[maxwelhse]

Credit Unions seem to be the last refuge of free coin counting machines.

Who knows, your dad may bank at the location with the coin counter? OR - they kept one there because of the volume of business they do with customers like your dad.

It's been my experience that credit unions are generally the last bastion of decent customer service in general, but as I'm learning tonight, my experience is apparently quite limited in these matters.

Yeah... I have no way of knowing why this has never become "a thing" to me before now, but you can bet I'll be asking my Dad to ask his bank about it. I'd be shocked if this entire concept isn't as foreign to him as it was to me 20 minutes ago.

Anyhow, I stand corrected and as usual INGO delivers. It's disturbing how mind blown I am by this. Now I'm wondering if not every McDonald's has fries or all sorts of other random things I've always thought were normal but may not be. You guys all have 10 fingers?

 

[Sigblitz]

You guys all have 10 fingers?

Well, I can't speak for Rhino, but I still have mine.

 

[maxwelhse]

It has also now dawned on me that maybe the reason there's a change shortage is because people are getting charged to get rid of it or waiting so long to get it back that they just don't care to bother.

This is like the world's least interesting mystery novel unfolding before my eyes as I get evidence that everyone else has had for a decade. Next will be "the case of the missing paint lead".

 

[MCgrease08]

10 fingers? Funny you should ask.

https://www.indianagunowners.com/forums/class-iii-nfa/482917-stupid-weird-question.html#post8349886

 

[Ballstater98]

Chase Bank no longer counts change. They expect it to be rolled or in "secure coin bags" if from businesses.

Tech Credit Union has self service coin counting machines at the following locations:

• Cedar Lake
• Crown Point
• East Chicago
• Gary
• Lowell
• Merrillville
• Valparaiso

I don't know the details of their use.

Here's an article on the state of coin handling at banks.

You can get your coins counted fee free at CoinStar machines if you choose to get an Amazon gift card for the amount.

I remember when we used to annually take our change jar (5 gallon water jug) to the bank and cash it in to donate to Little League, Girls Softball, or some other activity my kids were involved in. Can't do that any more, they want you to roll it yourself.

Chase aka Bank One got too big too fast years ago in the 90's. F them to the 10th power. 5/3 followed suit

 

[maxwelhse]

Chase aka Bank One got too big too fast years ago in the 90's. F them to the 10th power. 5/3 followed suit

5/3 was kind enough to steal about $100 from me, $5 at a time, in maintenance fees when I moved the bulk of my money off to a better deal somewhere else. I left the minimum balance behind in case i ever want ed to come back. Fast forward X months and "we've deactivated your account for inactivity. Your balance is $0" letter in the mail. Never said a word to me about that when I withdrew the money to begin with...

I never went back. I keep their Mastercard because they pay me to take it.

10 fingers? Funny you should ask.

https://www.indianagunowners.com/forums/class-iii-nfa/482917-stupid-weird-question.html#post8349886

Well, at least that leads me to believe that 10 is likely the appropriate number. But... Wow!

 

[Ballstater98]

5/3 almost cost us our son. We had a substantial HELC to adopt based on worse case scenarios. Without notice, they jerked 1/2 the line away with no warning. I was being responsible and not touching the approved credit. Had I socked away the cash and been irresponsible, I would have never seen the difference.
MainSource worked with us and got us our amount and our son. Still customers.

 

[maxwelhse]

5/3 almost cost us our son. We had a substantial HELC to adopt based on worse case scenarios. Without notice, they jerked 1/2 the line away with no warning. I was being responsible and not touching the approved credit. Had I socked away the cash and been irresponsible, I would have never seen the difference.
MainSource worked with us and got us our amount and our son. Still customers.

Gotta love banks. I had my identity stolen a few months before I bought my first house and it tanked my credit scores into the low 500s. Prior to that I was pre-approved for about double what I planned to spend at about half the interest rate I ended up getting... What was the point of the pre-approval?

After weeks and weeks of work I finally got 2 out of the 3 reporting agencies to remove the fraud, but Transunion dragged their feet. The only way I could get a loan, or miss the house (which I should have... longer story) was FHA and the only lender that would even talk to me was me 3 Rivers FCU underwritten by some other bank I'd never heard of before or since. Everybody else saw that one 520 or whatever score and just escorted me to the door.

The insult to injury of all of that is I bought immediately before the financial crisis and subsequent bailout. As I said, my original mortgage was underwritten by some bank I'd never heard of. Days after Citibank was bailed out for financing shady subprime loans, MY subprime loan was sold to them. I made 1 payment to the initial lender and the next 10 years to the scumbags that wouldn't even talk to me to begin with and took our tax money for their bad practices and didn't even wait a full month before doing it again. It took Transunion 6 additional months to finally get my score fixed and every time I had a chance to refinance to some other scumbags, life had other ideas.

At least in my case the only life hanging in the balance was mine, but I grew a pretty strong distaste for the banking industry in a hurry over that. I'm glad you got it worked out for your son.

 

[MCgrease08]

There are still mortgage lenders that do manual underwriting. Churchill mortgage being one of the more well known lenders that does it.

The only thing a credit score is good for is showing how good you are at taking out debt. But if you don't borrow money for anything other than a house you won't have to worry about it.

 

[maxwelhse]

The only thing a credit score is good for is showing how good you are at taking out debt. But if you don't borrow money for anything other than a house you won't have to worry about it.

I'm not sure I understand what you're trying to tell me. Are you saying credit scores are useless unless they're bad, and then only if you're trying to buy a house?

I'd generally agree with that. I still had a credit card in my pocket with a limit on it that was well in excess of anything responsible. I could have bought a brand new car, no questions asked, with no money down if I was dumb enough to do it. Yet working hard for weeks getting all of my ducks in a row to demonstrate the prior 10 years of fiscal responsibility, and working hard for years to come up with a down payment well in excess of the fraudulent debt, was useless when I tried to take on actual secured debt in a responsible fashion.

 

[1775usmarine]

Got 34.47 in change will sell for $100.

 

[Phase2]

Throw in a Mosin and you've got a deal.

 

[MCgrease08]

I'm not sure I understand what you're trying to tell me. Are you saying credit scores are useless unless they're bad, and then only if you're trying to buy a house?

I'd generally agree with that. I still had a credit card in my pocket with a limit on it that was well in excess of anything responsible. I could have bought a brand new car, no questions asked, with no money down if I was dumb enough to do it. Yet working hard for weeks getting all of my ducks in a row to demonstrate the prior 10 years of fiscal responsibility, and working hard for years to come up with a down payment well in excess of the fraudulent debt, was useless when I tried to take on actual secured debt in a responsible fashion.

I'm saying credit scores don't do anything to demonstrate your fiscal responsibility, they only demonstrate that you know how to borrow money. I would argue someone who lives below their means, saves their money and pays cash for things only when they can afford them is much more fiscally responsible than someone whose entire paycheck goes out the door to creditors every month. (Not saying that's you.)

Credit scores allow banks to lend to people without having to think about whether that person can actually afford the loan. It doesn't include factors like annual income, monthly expenses, existing assets, or anything relevant to a person's actual financial situation. It's a number based on how a person handles debt, nothing else.

Manual underwriting is a process a lender uses to examine one's actual financial situation. They look at things like bank accounts, owned assets, income vs expenses. So yes, it's possible to get a mortgage without using a credit score, or without having one at all. Many people don't realize this. They've been told all their lives that they need to borrow money to build a credit score so they can borrow money. It's a dog chasing it's tail and it gets a lot of people in trouble. (Again, not saying that's you.)

I am at a point in my life that I will never borrow money for anything other than a home. I'm working on saving a down payment currently and will use manual underwriting for the mortgage. Once that home is paid for I will never borrow money again. So to me, a credit score is irrelevant.

I don't say all this to be critical of someone who does use credit. I'm just putting it out there for anyone who isn't aware there is an alternative to living life with debt.