Bank paying a bonus for cashing in loose change

Originally published at: https://boingboing.net/2020/07/20/bank-paying-a-bonus-for-cashin.html

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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.

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A local coinstar machine near me is worse than 11.9%, it’s $0.10 plus 12.5%.

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Want some free* money?

  1. Open an account with a competitor bank and deposit $10k
  2. Withdraw the $10k in coins
  3. Bring coins to this bank and collect your free* $500
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And that’s why we can’t have nice things.

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Also, good luck getting $10k in coins from the bank in step #1

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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.

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If I turn in my change, what am I going to spite-pay my parking tickets and other various fines with?

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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.

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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?

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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?

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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.

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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.

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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.

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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.

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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.

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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.

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Considering that most of what we wheeled in was pennies, that makes a lot of sense. My back hurts just thinking about it.

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Obligatory

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