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#2247154 - 01/04/21 10:31 PM Re: Tellers buying coins Anonymous
Anonymous
Unregistered

Because the money doesn't belong to them and any profitable items coming in would be the property of the business, not the employee.

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#2247186 - 01/05/21 06:38 PM Re: Tellers buying coins Anonymous
Anonymous
Unregistered

But the business is not in the coin collecting business. There's no difference in giving it to a customer.

I have allowed this for my staff for years, and will continue to do so. I also have a fairly large collection of silver from my tellering days.

We once had a an older woman come in with a bag of silver dollars, from the late 1800's, early 1900's. We tried unsuccessfully to get her to go to a coin dealer; she did not want to be bothered. We paid her face value, then each were able to purchase some coins.

My only requirement is that we do not do a currency exchange. You do a withdrawal from your account.

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#2247193 - 01/05/21 06:48 PM Re: Tellers buying coins Anonymous
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,568
Galveston, TX
I am really not sure why anonymous posters felt it necessary to revive an 8 year old thread. But unless you want to face all kinds of issues with favoritism accusations and allowing certain employees profiting while the other employees are cut out of the action, the coins get shipped to the Fed. That has always been the policy at every bank I worked and it was covered in the Employee Code of Conduct.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2247194 - 01/05/21 06:50 PM Re: Tellers buying coins Anonymous
ColoradoAML Offline
100 Club
Joined: Mar 2018
Posts: 240
This seems like walking a fine-line to me. A lot of the posters who have approved the practice seem to have qualifiers like "as long as they try to convince the customer not to give them the valuable currency first." That hardly seems enforceable or verifiable, and some of these examples are pretty stark. If I learned that my relative with dementia brought in their $100,000 coin collection, exchanged it at face-value for $1,000, then the tellers bought up the coins and traded them across the street, the promise that "we told him it was a bad idea" wouldn't convince me that they had acted in good faith, nor would it convince me that I shouldn't hire a lawyer. The amounts listed in this thread obviously might not warrant a law suit, but it hardly feels like something that should be greenlit with no thought.

In my view this is ethically questionable at best, and I certainly understand why a bank would have a policy prohibiting it.

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#2247202 - 01/05/21 07:06 PM Re: Tellers buying coins Anonymous
Anonymous
Unregistered

If I learned that my relative with dementia brought in their $100,000 coin collection, exchanged it at face-value for $1,000, then the tellers bought up the coins and traded them across the street, the promise that "we told him it was a bad idea" wouldn't convince me that they had acted in good faith, nor would it convince me that I shouldn't hire a lawyer.

Would there be a difference if the teller took it in, then sold it to another customer?

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#2247206 - 01/05/21 07:10 PM Re: Tellers buying coins Anonymous
Anonymous
Unregistered

Lawsuits and accusations and profitability, oh my!

No need to get all worked up about a thread that started when Obama was being re-elected.

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#2247218 - 01/05/21 07:42 PM Re: Tellers buying coins Anonymous
ColoradoAML Offline
100 Club
Joined: Mar 2018
Posts: 240
"Would there be a difference if the teller took it in, then sold it to another customer?"

I'd argue yes, giving out change to other customers is not the same thing. However, when I last worked on the teller line, apparently when this thread was started, that bank also didn't permit customers to go through our change, so maybe I'm having trouble imagining the situation where these coins are advertised to other customers.

Regardless, I didn't realize this thread was as old as it was when I replied. I see I'm giving my input to questions that it doesn't seem anyone is asking.

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#2247292 - 01/06/21 09:09 PM Re: Tellers buying coins Anonymous
Anonymous
Unregistered

We have a coin machine that we use for all excess amounts of coin, like from the piggy bank, the jumbo glass beer bottle, etc. Therefore, we handle very little coin. We used to be able to look at coin and actually had customers that wanted to buy things like silver dollars, Susan B's, silver dimes, etc. The only coin we get now is small deposits. If it's more than a few coins in the deposit, it goes to the coin counting machine.

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#2247547 - 01/12/21 08:19 PM Re: Tellers buying coins Anonymous
Anonymous
Unregistered

I am reminded of my childhood one late June day. The fireworks stand was open and I was 12 years old - and I knew where mom kept her dime collection. Oh the men selling the fireworks were sure happy to see me coming. I paid dearly for; A. stealing mom's coins and B. buying fireworks without permission.

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