Originally published at: https://boingboing.net/2020/07/20/bank-paying-a-bonus-for-cashin.html
…
7 Likes
I know we don’t turn in our change as regularly as we could; Coinstar’s an automated shakedown. This “bonus for change” is not only smart, but the easiest solution to the current problem.
12 Likes
A local coinstar machine near me is worse than 11.9%, it’s $0.10 plus 12.5%.
7 Likes
Want some free* money?
- Open an account with a competitor bank and deposit $10k
- Withdraw the $10k in coins
- Bring coins to this bank and collect your free* $500
7 Likes
And that’s why we can’t have nice things.
5 Likes
Also, good luck getting $10k in coins from the bank in step #1
17 Likes
Transporting that 10k in coins (at least at once) will be costlier in physical strain and pain than the $500 is worth. After my father in law passed we rolled up his change jars, about $1000 in various coinage, and needed a rolling suitcase and a shoulder bag to carry it all. It was a nightmare. Getting it into the car nearly did me in. I was sore for days and, at my age, NOT being sore is worth more than $500.
9 Likes
If I turn in my change, what am I going to spite-pay my parking tickets and other various fines with?
13 Likes
Maybe make a few trips? I get it, though. I will load myself down with absolutely every single grocery bag to the point that I can’t even open the door instead of going back again.
12 Likes
Damned straight. If I can slip just one more handle over my arms and carry in all the groceries at once…that’s winning right?
7 Likes
I’m confused about this coin shortage. If the shortage is due to everyone avoiding cash, then why hasn’t the demand for coins fallen at the same rate as the supply?
6 Likes
OT but we switched to Coinstar once local banks switched their coin counting to “customers only.” (Our bank has no branches.) Pocket change gets swapped 1:1 for Amazon credit which inevitably gets used. Haven’t rolled coins by hand in years.
Is it better to say it’s a coin distribution issue? Has all America started collecting change in jars?
Another unexepected behavioral side effect of sheltering and distancing, I guess: TP shortages, haircut protests, and now a lack of small change. What a weird decade this year has become.
7 Likes
Sounds a lot better than Capital One who removed all the change-collection machines at their branches because they were so popular that they jammed nearly every day.
2 Likes
People are spending bills because it is a quick exchange, but don’t want to handle the change after they get it to respend it so it sits at home.
5 Likes
That’s even more confusing to me. The risk to oneself isn’t in handing over your own change, but it accepting it to begin with.
1 Like
Factor in the time spent standing there. People are a lot more likely to hand over a 20 and call it a day rather than count out exact change. It may not be fully rational, but people are definitely doing it.
3 Likes
No I get that. But not taking the change doesn’t cause a change shortage.
Edit: wait, I think I misunderstood you.
$10000 in quarters or dimes weighs about 500 pounds. In nickels, it’s a metric ton even. In pennies, it’s two and a half metric tons, or 5500 pounds.
5 Likes
Considering that most of what we wheeled in was pennies, that makes a lot of sense. My back hurts just thinking about it.
4 Likes
Obligatory
6 Likes
