First Republic Bank doesn’t have physical coins

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DualCitizen
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First Republic Bank doesn’t have physical coins

Post by DualCitizen » Fri Oct 25, 2019 4:15 am

I have a First Republic Bank account that I use for a small business, but I was mostly using the online website and rarely stepped into the branch.

But last week I needed to withdraw a small amount in cash, to make the books balance. So I headed into the local branch and asked to withdraw $15.42. My bank representative explained to me that they are different from other banks in that they streamline everything to keep costs down, and one of those examples is that they don’t have coins.

I was really surprised to hear that. So I asked her how I was going to get my $15.42 in cash. She said that they would debit my account for $15.42 but would actually hand me $16 in cash. They always round up to the nearest dollar in the favor of the customer. And that’s really what they did. So I made $0.58 for free.

She explained to me that losing a few cents on cash withdrawals is cheaper for them than keeping coins on hand. I responded that this only makes sense in 2019 because of inflation. Even just 10 years ago this would have been insane.

I did not repeatedly ask to withdraw $0.01 in cash, giving me $1.00 each time, and earning me $0.99 net. But I’ll try it next time.

ARoseByAnyOtherName
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Re: First Republic Bank doesn’t have physical coins

Post by ARoseByAnyOtherName » Fri Oct 25, 2019 6:32 am

This seems like a win win. Bank cuts costs and customers get a couple extra cents. Why would you try to abuse it?

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obafgkm
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Re: First Republic Bank doesn’t have physical coins

Post by obafgkm » Fri Oct 25, 2019 7:37 am

This seems like even better customer service than the old First Citiwide Bank in the 80s. They had at least one branch here in Pennsylvania. Here is one of their old commercials.

MichCPA
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Re: First Republic Bank doesn’t have physical coins

Post by MichCPA » Fri Oct 25, 2019 7:45 am

DualCitizen wrote:
Fri Oct 25, 2019 4:15 am

I did not repeatedly ask to withdraw $0.01 in cash, giving me $1.00 each time, and earning me $0.99 net. But I’ll try it next time.
Something tells me they have thought about what to do in this situation and this won't have the repeated upside you think. There is probably a daily transaction limit.

ddurrett896
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Re: First Republic Bank doesn’t have physical coins

Post by ddurrett896 » Fri Oct 25, 2019 8:44 am

DualCitizen wrote:
Fri Oct 25, 2019 4:15 am
I did not repeatedly ask to withdraw $0.01 in cash, giving me $1.00 each time, and earning me $0.99 net. But I’ll try it next time.
Don't forget to post it to the "What frugal thing did you do today?" thread!

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lthenderson
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Re: First Republic Bank doesn’t have physical coins

Post by lthenderson » Fri Oct 25, 2019 8:49 am

In my area, many of the banks won't deposit coins anymore unless they are wrapped first. We often do a fundraiser where we get a lot of coins and we are having to go further away to find a bank that will accept them. The only alternative is for publicly available coin sorting machines that take a percentage or fee per transaction.

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David Jay
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Re: First Republic Bank doesn’t have physical coins

Post by David Jay » Fri Oct 25, 2019 8:50 am

I was in Canada a couple of weeks ago. They no longer accept (or handle) Canadian pennies, everything is rounded to the nearest nickel.

I asked them what I should do with my Canadian pennies that I brought with me (I live in Michigan and used to drive to London and Toronto for business) - they said mix them in with my US change when I got home (!)
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Stinky
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Re: First Republic Bank doesn’t have physical coins

Post by Stinky » Fri Oct 25, 2019 10:00 am

What would they do if you tried to deposit $15.42 of cash and coins into your account? Refuse to take the coins?
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dm200
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Re: First Republic Bank doesn’t have physical coins

Post by dm200 » Fri Oct 25, 2019 10:04 am

DualCitizen wrote:
Fri Oct 25, 2019 4:15 am
I have a First Republic Bank account that I use for a small business, but I was mostly using the online website and rarely stepped into the branch.
But last week I needed to withdraw a small amount in cash, to make the books balance. So I headed into the local branch and asked to withdraw $15.42. My bank representative explained to me that they are different from other banks in that they streamline everything to keep costs down, and one of those examples is that they don’t have coins.
I was really surprised to hear that. So I asked her how I was going to get my $15.42 in cash. She said that they would debit my account for $15.42 but would actually hand me $16 in cash. They always round up to the nearest dollar in the favor of the customer. And that’s really what they did. So I made $0.58 for free.
She explained to me that losing a few cents on cash withdrawals is cheaper for them than keeping coins on hand. I responded that this only makes sense in 2019 because of inflation. Even just 10 years ago this would have been insane.
I did not repeatedly ask to withdraw $0.01 in cash, giving me $1.00 each time, and earning me $0.99 net. But I’ll try it next time.
While I understand the cost/benefit here, I still wonder if this is fully OK -

1. Sure seems like rounding to full dollars - to customer's benefit could end up with a significant amount
2. Balancing and auditing could be a nightmare.

HEDGEFUNDIE
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Re: First Republic Bank doesn’t have physical coins

Post by HEDGEFUNDIE » Fri Oct 25, 2019 10:16 am

Sounds to me less like a cost cutting measure and more like the customer service for which First Republic is famous.
Last edited by HEDGEFUNDIE on Fri Oct 25, 2019 10:23 am, edited 1 time in total.

mptfan
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Re: First Republic Bank doesn’t have physical coins

Post by mptfan » Fri Oct 25, 2019 10:22 am

Stinky wrote:
Fri Oct 25, 2019 10:00 am
What would they do if you tried to deposit $15.42 of cash and coins into your account? Refuse to take the coins?
Would they refuse to take the coins and credit the account for $15.42?

wfrobinette
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Re: First Republic Bank doesn’t have physical coins

Post by wfrobinette » Fri Oct 25, 2019 10:37 am

dm200 wrote:
Fri Oct 25, 2019 10:04 am
DualCitizen wrote:
Fri Oct 25, 2019 4:15 am
I have a First Republic Bank account that I use for a small business, but I was mostly using the online website and rarely stepped into the branch.
But last week I needed to withdraw a small amount in cash, to make the books balance. So I headed into the local branch and asked to withdraw $15.42. My bank representative explained to me that they are different from other banks in that they streamline everything to keep costs down, and one of those examples is that they don’t have coins.
I was really surprised to hear that. So I asked her how I was going to get my $15.42 in cash. She said that they would debit my account for $15.42 but would actually hand me $16 in cash. They always round up to the nearest dollar in the favor of the customer. And that’s really what they did. So I made $0.58 for free.
She explained to me that losing a few cents on cash withdrawals is cheaper for them than keeping coins on hand. I responded that this only makes sense in 2019 because of inflation. Even just 10 years ago this would have been insane.
I did not repeatedly ask to withdraw $0.01 in cash, giving me $1.00 each time, and earning me $0.99 net. But I’ll try it next time.
While I understand the cost/benefit here, I still wonder if this is fully OK -

1. Sure seems like rounding to full dollars - to customer's benefit could end up with a significant amount
2. Balancing and auditing could be a nightmare.
How many times have you been to the bank and dealt with coins in the last year? I haven't even been in a branch to see a teller in over 2 years.

1. I bet it costs a branch less than $10 a day making up the difference.
2. Why? it would just put in a credit amount of non-cash in the transaction. When the drawer closes out it would tell the teller how much cash should be there.

Counting out coins to open and close a drawer takes quite a bit of labor.

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Doom&Gloom
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Re: First Republic Bank doesn’t have physical coins

Post by Doom&Gloom » Fri Oct 25, 2019 10:45 am

Sounds like my kind of bank! I haven't put a coin in my pocket in the past few years. Even quarters had become nuisances.

Credit cards and currency ftw!

mptfan
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Re: First Republic Bank doesn’t have physical coins

Post by mptfan » Fri Oct 25, 2019 11:32 am

Doom&Gloom wrote:
Fri Oct 25, 2019 10:45 am
Credit cards and currency ftw!
ftw? Am I the only one who does not know what that means? The proliferation of acronyms is off-putting.
:-?

Whakamole
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Re: First Republic Bank doesn’t have physical coins

Post by Whakamole » Fri Oct 25, 2019 11:34 am

mptfan wrote:
Fri Oct 25, 2019 11:32 am
Doom&Gloom wrote:
Fri Oct 25, 2019 10:45 am
Credit cards and currency ftw!
ftw? Am I the only one who does not know what that means? The proliferation of acronyms is off-putting.
:-?
ftw = "for the win"

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dm200
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Re: First Republic Bank doesn’t have physical coins

Post by dm200 » Fri Oct 25, 2019 11:41 am

Over the years, in doing balancing and auditing, I have often found that pennies are your friend!

For example, a balancing discrepancy of, say, $0.03 - could actually be an error of $99,97 in one direction and three cents in another.

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.

123
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Re: First Republic Bank doesn’t have physical coins

Post by 123 » Fri Oct 25, 2019 11:50 am

A few years ago Sterling Bank and Trust (offices in the SF Bay Area and maybe elsewhere) had signs posted at their entrance doors that they didn't do cash transactions. They just wanted to gather CD deposits and make loans, apparently they didn't want to deal with the riffraff customers who still used cash I guess. They do offer access to ATMs via one of the ATM networks.
Last edited by 123 on Fri Oct 25, 2019 11:55 am, edited 1 time in total.
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lotusflower
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Re: First Republic Bank doesn’t have physical coins

Post by lotusflower » Fri Oct 25, 2019 11:52 am

dm200 wrote:
Fri Oct 25, 2019 11:41 am
Over the years, in doing balancing and auditing, I have often found that pennies are your friend!

For example, a balancing discrepancy of, say, $0.03 - could actually be an error of $99,97 in one direction and three cents in another.

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.
I used to think the same thing, but really why do we need coins if they are not even going to make them out of precious metals? What problems do coins solve that you can't do with paper money and/or a chipped card of some sort?

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dm200
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Re: First Republic Bank doesn’t have physical coins

Post by dm200 » Fri Oct 25, 2019 12:02 pm

lotusflower wrote:
Fri Oct 25, 2019 11:52 am
dm200 wrote:
Fri Oct 25, 2019 11:41 am
Over the years, in doing balancing and auditing, I have often found that pennies are your friend!

For example, a balancing discrepancy of, say, $0.03 - could actually be an error of $99,97 in one direction and three cents in another.

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.
I used to think the same thing, but really why do we need coins if they are not even going to make them out of precious metals? What problems do coins solve that you can't do with paper money and/or a chipped card of some sort?
Coins last a LOT longer than paper currency - so it is much more cost effective to have coins for the smaller denominations - just as Canada has done.

MichCPA
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Re: First Republic Bank doesn’t have physical coins

Post by MichCPA » Fri Oct 25, 2019 12:17 pm

dm200 wrote:
Fri Oct 25, 2019 12:02 pm

Coins last a LOT longer than paper currency - so it is much more cost effective to have coins for the smaller denominations - just as Canada has done.
With the increased use of credit cards and app payments, this is quickly becoming academic though. Those both last longer than coins on a per transaction basis.

lotusflower
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Re: First Republic Bank doesn’t have physical coins

Post by lotusflower » Fri Oct 25, 2019 12:45 pm

dm200 wrote:
Fri Oct 25, 2019 12:02 pm
lotusflower wrote:
Fri Oct 25, 2019 11:52 am
dm200 wrote:
Fri Oct 25, 2019 11:41 am
Over the years, in doing balancing and auditing, I have often found that pennies are your friend!

For example, a balancing discrepancy of, say, $0.03 - could actually be an error of $99,97 in one direction and three cents in another.

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.
I used to think the same thing, but really why do we need coins if they are not even going to make them out of precious metals? What problems do coins solve that you can't do with paper money and/or a chipped card of some sort?
Coins last a LOT longer than paper currency - so it is much more cost effective to have coins for the smaller denominations - just as Canada has done.
I would argue that they don't need to last that long, since inflation can render them irrelevant. I just found a 1971 penny in my coin tray. Back in 1971 you could actually buy bubble gum with that, but no longer. Even dimes and nickels haven't really stood the test of time as useful objects. Sure they made dollar coins back then, but they didn't make enough for useful circulation, which is more or less the same issue. So engineering coins to last 50 years is really just a waste of effort and resources.

nervouscorps
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Re: First Republic Bank doesn’t have physical coins

Post by nervouscorps » Fri Oct 25, 2019 12:57 pm

FRB is the real deal. Have switched to them and never regretted it.

lhl12
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Re: First Republic Bank doesn’t have physical coins

Post by lhl12 » Fri Oct 25, 2019 2:52 pm

dm200 wrote:
Fri Oct 25, 2019 11:41 am

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.
I love this idea! For a while I have thought along exactly the same lines. The one other thing I would do is to replace the existing Susan B. Anthony one-dollar coin with something that looks and feels much more like the one-pound coin in the UK -- thicker and heavier, but smaller. The two-dollar coin could be closer in size to the existing $0.50 coin (though not quite as large) -- much bigger in area than the new one-dollar coin but not as thick. And, the new $0.50 coin could be about the size of the existing Susan B. Anthony one-dollar coin, but with an edge detail that makes it easier to distinguish -- slightly larger than the existing quarter

MichCPA
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Re: First Republic Bank doesn’t have physical coins

Post by MichCPA » Fri Oct 25, 2019 3:29 pm

lhl12 wrote:
Fri Oct 25, 2019 2:52 pm
dm200 wrote:
Fri Oct 25, 2019 11:41 am

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.
I love this idea! For a while I have thought along exactly the same lines. The one other thing I would do is to replace the existing Susan B. Anthony one-dollar coin with something that looks and feels much more like the one-pound coin in the UK -- thicker and heavier, but smaller. The two-dollar coin could be closer in size to the existing $0.50 coin (though not quite as large) -- much bigger in area than the new one-dollar coin but not as thick. And, the new $0.50 coin could be about the size of the existing Susan B. Anthony one-dollar coin, but with an edge detail that makes it easier to distinguish -- slightly larger than the existing quarter
FYI, there isn't really an existing Susan B Anthony dollar. It was minted for 4 years. 1979-1981 and 1999. I think you might be dating yourself.

wfrobinette
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Re: First Republic Bank doesn’t have physical coins

Post by wfrobinette » Fri Oct 25, 2019 3:30 pm

lhl12 wrote:
Fri Oct 25, 2019 2:52 pm
dm200 wrote:
Fri Oct 25, 2019 11:41 am

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.
I love this idea! For a while I have thought along exactly the same lines. The one other thing I would do is to replace the existing Susan B. Anthony one-dollar coin with something that looks and feels much more like the one-pound coin in the UK -- thicker and heavier, but smaller. The two-dollar coin could be closer in size to the existing $0.50 coin (though not quite as large) -- much bigger in area than the new one-dollar coin but not as thick. And, the new $0.50 coin could be about the size of the existing Susan B. Anthony one-dollar coin, but with an edge detail that makes it easier to distinguish -- slightly larger than the existing quarter
The Susan B was produce in the late 70's - 81 and in 1999. The current $1 coin is sacagawea coin (since 2000)

JGoneRiding
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Re: First Republic Bank doesn’t have physical coins

Post by JGoneRiding » Fri Oct 25, 2019 3:30 pm

lthenderson wrote:
Fri Oct 25, 2019 8:49 am
In my area, many of the banks won't deposit coins anymore unless they are wrapped first. We often do a fundraiser where we get a lot of coins and we are having to go further away to find a bank that will accept them. The only alternative is for publicly available coin sorting machines that take a percentage or fee per transaction.
And my local bank does NOT want them wrapped. They have a counting machine. Really nice actually.

MichCPA
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Re: First Republic Bank doesn’t have physical coins

Post by MichCPA » Fri Oct 25, 2019 3:37 pm

wfrobinette wrote:
Fri Oct 25, 2019 3:30 pm

The Susan B was produce in the late 70's - 81 and in 1999. The current $1 coin is sacagawea coin (since 2000)
And even that was only circulated 200-2001 and 2009-2011. The other runs were for collectors only.

Ocean77
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Re: First Republic Bank doesn’t have physical coins

Post by Ocean77 » Fri Oct 25, 2019 3:45 pm

dm200 wrote:
Fri Oct 25, 2019 11:41 am
Over the years, in doing balancing and auditing, I have often found that pennies are your friend!

For example, a balancing discrepancy of, say, $0.03 - could actually be an error of $99,97 in one direction and three cents in another.

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.
All good, except 2 and 3. When I travel to Europe, I always hate it when my wallet and pockets fill up with those heavy 1 and 2 Euro coins. I can't get rid of them fast enough. And I actually grew up there!

mindboggling
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Location: Upstate NY

Re: First Republic Bank doesn’t have physical coins

Post by mindboggling » Fri Oct 25, 2019 5:18 pm

I used to live in one of the outer boroughs of New York City. The local bodegas would round every purchase to the nearest 25, 50, or 75 cents, so they never had to deal with pennies, nickels or dimes.

Now I live upstate and every store purchase with cash is to the penny, so I hoard change. Periodically, I take it to the coin counting machines at the supermarket (Shop-rite). If you want cash back they take 10.9 percent. But they will give you the full amount as an Amazon credit, so I do that. Haven't tried taking coins to a bank in years.
In broken mathematics, We estimate our prize, --Emily Dickinson

CryingHawaiian
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Re: First Republic Bank doesn’t have physical coins

Post by CryingHawaiian » Fri Oct 25, 2019 5:52 pm

dm200 wrote:
Fri Oct 25, 2019 11:41 am
Over the years, in doing balancing and auditing, I have often found that pennies are your friend!

For example, a balancing discrepancy of, say, $0.03 - could actually be an error of $99,97 in one direction and three cents in another.

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.
The views of this forum tend to be skewed towards more affluent individuals and while I do agree with you that coins and small bills are a nuisance, they are still "necessary" for some people. The first two examples that came to mind:

1) Metered parking
2) Coin operated laundry machines
You get what you get and you don’t get upset

junior
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Re: First Republic Bank doesn’t have physical coins

Post by junior » Fri Oct 25, 2019 6:20 pm

I use coins to pay for parking at the train station when I commute to work. There is no electronic option. A bank that gives out coins is essential.

I also need them if I need to use a heavy duty washing machine at the laundromat if I'm washing something where a commercial laundry machine is recommended.

HEDGEFUNDIE
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Re: First Republic Bank doesn’t have physical coins

Post by HEDGEFUNDIE » Fri Oct 25, 2019 7:57 pm

CryingHawaiian wrote:
Fri Oct 25, 2019 5:52 pm
dm200 wrote:
Fri Oct 25, 2019 11:41 am
Over the years, in doing balancing and auditing, I have often found that pennies are your friend!

For example, a balancing discrepancy of, say, $0.03 - could actually be an error of $99,97 in one direction and three cents in another.

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.
The views of this forum tend to be skewed towards more affluent individuals and while I do agree with you that coins and small bills are a nuisance, they are still "necessary" for some people. The first two examples that came to mind:

1) Metered parking
2) Coin operated laundry machines
All the metered parking in my neighborhood take card.

ARoseByAnyOtherName
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Joined: Wed Apr 26, 2017 12:03 am

Re: First Republic Bank doesn’t have physical coins

Post by ARoseByAnyOtherName » Fri Oct 25, 2019 8:08 pm

HEDGEFUNDIE wrote:
Fri Oct 25, 2019 7:57 pm
CryingHawaiian wrote:
Fri Oct 25, 2019 5:52 pm
dm200 wrote:
Fri Oct 25, 2019 11:41 am
Over the years, in doing balancing and auditing, I have often found that pennies are your friend!

For example, a balancing discrepancy of, say, $0.03 - could actually be an error of $99,97 in one direction and three cents in another.

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.
The views of this forum tend to be skewed towards more affluent individuals and while I do agree with you that coins and small bills are a nuisance, they are still "necessary" for some people. The first two examples that came to mind:

1) Metered parking
2) Coin operated laundry machines
All the metered parking in my neighborhood take card.
Not everyone has a credit card.

"One out of every 13 households in the United States lives without a checking or saving account."
https://publicpolicy.wharton.upenn.edu/ ... sive-to-be

Workable Goblin
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Re: First Republic Bank doesn’t have physical coins

Post by Workable Goblin » Fri Oct 25, 2019 8:31 pm

CryingHawaiian wrote:
Fri Oct 25, 2019 5:52 pm
The views of this forum tend to be skewed towards more affluent individuals and while I do agree with you that coins and small bills are a nuisance, they are still "necessary" for some people. The first two examples that came to mind:

1) Metered parking
2) Coin operated laundry machines
Both of these are increasingly not the case...other people have talked about parking meters, but I want to point out that the washers and driers at my apartment complex can now be paid for via a mobile app, and therefore indirectly a bank account or credit card. The website for the app it uses, Payrange, likes talking about how easy and great it is for the operator, so I'm guessing this is going to become a lot more common over the next 5-10 years.

I'd add paying for mass transit to that list, too. Obviously, in most places mass transit is mostly used by the relatively poor, and while in some places there are systems to pay for transit with cards directly or indirectly, there are plenty of places where it's still a cash-based operation. Like, as I'm sure you're aware, Honolulu! They've only been rolling out Holo cards in a pilot program for about a year, so 90% of transit users (at least, as far as I can see) are still paying in cash. And if you're not buying a monthly pass, well, you're probably going to need small change at some point. And Honolulu is a relatively big city (once you factor in the rest of O'ahu, at least) with relatively high transit ridership; I don't want to think about what it's like in smaller and more car-dependent cities that barely have any kind of transit at all.

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Re: First Republic Bank doesn’t have physical coins

Post by RudyS » Fri Oct 25, 2019 9:17 pm

lthenderson wrote:
Fri Oct 25, 2019 8:49 am
In my area, many of the banks won't deposit coins anymore unless they are wrapped first. We often do a fundraiser where we get a lot of coins and we are having to go further away to find a bank that will accept them. The only alternative is for publicly available coin sorting machines that take a percentage or fee per transaction.
Our credit union has a counting machine. If you deposit the coins into an account, there is no service charge. If you want the cash, there IS a small charge.

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Re: First Republic Bank doesn’t have physical coins

Post by Starfish » Fri Oct 25, 2019 9:35 pm

DualCitizen wrote:
Fri Oct 25, 2019 4:15 am
I have a First Republic Bank account that I use for a small business, but I was mostly using the online website and rarely stepped into the branch.

But last week I needed to withdraw a small amount in cash, to make the books balance. So I headed into the local branch and asked to withdraw $15.42. My bank representative explained to me that they are different from other banks in that they streamline everything to keep costs down, and one of those examples is that they don’t have coins.

I was really surprised to hear that. So I asked her how I was going to get my $15.42 in cash. She said that they would debit my account for $15.42 but would actually hand me $16 in cash. They always round up to the nearest dollar in the favor of the customer. And that’s really what they did. So I made $0.58 for free.

She explained to me that losing a few cents on cash withdrawals is cheaper for them than keeping coins on hand. I responded that this only makes sense in 2019 because of inflation. Even just 10 years ago this would have been insane.

I did not repeatedly ask to withdraw $0.01 in cash, giving me $1.00 each time, and earning me $0.99 net. But I’ll try it next time.

All that explaining sounds a lot more expensive than handing several coins. For them and for you.

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Re: First Republic Bank doesn’t have physical coins

Post by Starfish » Fri Oct 25, 2019 9:47 pm

dm200 wrote:
Fri Oct 25, 2019 11:41 am
Over the years, in doing balancing and auditing, I have often found that pennies are your friend!

For example, a balancing discrepancy of, say, $0.03 - could actually be an error of $99,97 in one direction and three cents in another.

Slightly off topic - I believe the US should:
1. Eliminate the penny and nickel coins
2. Eliminate the $1 and $2 paper bills
3. Add a $2 coin and promote the $1 coin
4. Eliminate the quarter coin
5. Add (or replace) 50 cent coin with smaller coin
6. ALL financial transactions (whether paper currency, coins, checks, credit/debit card, etc.) are rounded to nearest 10 cents

Existing, but phased out, coins (penny, nickel, quarter) will be accepted indefinitely - BUT only when an even 10 cents.

I read a study between relationship between (expected) inflation and cut off between bills and coins. Countries with large inflation don't use coins that much.
Higher is the value of the coins, less the expected inflation. For example UK and UE have coins ~10-12X more valuable than the highest American coin (I don't consider 0.5 and 1$ coins to be "real" coins, they are very rare and almost never seen).
On the other hand every time I go to Europe I have to carry coins in my pockets. Fortunately cash is less and less common, but I end up with heavy (and valuable) coins anyway. They are easy to lose and annoying to carry around. I would take bills any day.

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Re: First Republic Bank doesn’t have physical coins

Post by fru-gal » Fri Oct 25, 2019 9:58 pm

Workable Goblin wrote:
Fri Oct 25, 2019 8:31 pm
I want to point out that the washers and driers at my apartment complex can now be paid for via a mobile app,least)
I don't have a smartphone. Good thing I don't live in that apartment complex, I guess I'd never be able to wash my clothes.

Really people, the country is full of people who use cash. Farmers' markets, parking meters, tips, buses, buying stuff like coffee, etc. and, as pointed out, many people don't qualify for credit cards.

I'm rather surprised it's legal for a bank/credit union to not deal in U.S. currency.

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Re: First Republic Bank doesn’t have physical coins

Post by willthrill81 » Fri Oct 25, 2019 10:59 pm

David Jay wrote:
Fri Oct 25, 2019 8:50 am
I asked them what I should do with my Canadian pennies that I brought with me (I live in Michigan and used to drive to London and Toronto for business) - they said mix them in with my US change when I got home (!)
We've lived within 100 miles of the Canadian border for a decade now, and occasionally we are handed a Canadian penny from a retailer.

I would think that a Canadian bank would still take pennies and give you larger coins in return, but there may have been a redemption period for such activity that is no longer open.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

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Re: First Republic Bank doesn’t have physical coins

Post by willthrill81 » Fri Oct 25, 2019 11:01 pm

fru-gal wrote:
Fri Oct 25, 2019 9:58 pm
Really people, the country is full of people who use cash. Farmers' markets, parking meters, tips, buses, buying stuff like coffee, etc. and, as pointed out, many people don't qualify for credit cards.
We are much further from a 'cashless society' than many seem to think. Young adults are still carrying cash nearly as frequently as older consumers.
Overall, 82% of consumers say they typically carry cash, which includes 78% of 18-to 29-year-olds. One-quarter (25%) of all respondents said they have $50 or more on hand at any given time. What’s more, 67% of respondents say they used cash to make a purchase during the past week (65% of 18-to-29-year- olds), while 61% said they used a debit card, 54% used a credit card, and only 20% of consumers reported using a mobile phone or smartwatch to make a purchase.
https://chainstoreage.com/survey-custom ... carry-cash
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

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Re: First Republic Bank doesn’t have physical coins

Post by OnTrack » Sat Oct 26, 2019 12:04 am

Workable Goblin wrote:
Fri Oct 25, 2019 8:31 pm
Obviously, in most places mass transit is mostly used by the relatively poor ...
Huh? I have used mass transit to get around NYC (subways/buses), San Francisco (Bart), London and Paris (underground). Not sure your definition of "relatively poor" but I would not put that label on myself; maybe relative to the 1% I would be.
The following link has photos of celebrities riding the NY subway including Ron Howard, David Muir and Savannah Guthrie.
https://pagesix.com/2019/07/12/stars-wh ... -subway/#1

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Re: First Republic Bank doesn’t have physical coins

Post by Workable Goblin » Sat Oct 26, 2019 12:51 am

OnTrack wrote:
Sat Oct 26, 2019 12:04 am
Huh? I have used mass transit to get around NYC (subways/buses), San Francisco (Bart), London and Paris (underground). Not sure your definition of "relatively poor" but I would not put that label on myself; maybe relative to the 1% I would be.
The following link has photos of celebrities riding the NY subway including Ron Howard, David Muir and Savannah Guthrie.
https://pagesix.com/2019/07/12/stars-wh ... -subway/#1
There's a reason I heavily qualified my statement with such phrases as "most places" and "mostly used" and "relatively poor"--it was specifically to exclude New York, given its unusually high rate of mass transit usage relative to the United States, as well as to convey the idea that while there might be individual well-to-do transit riders, in most places the majority of people who ride transit regularly are from the bottom end of the socioeconomic spectrum, not the top. People close to the top own cars and use them, in most places in the United States (including San Francisco).
fru-gal wrote:
Fri Oct 25, 2019 9:58 pm
I don't have a smartphone. Good thing I don't live in that apartment complex, I guess I'd never be able to wash my clothes.
There's a reason I said "can" and not "must"; they didn't take out the coin slots, they added the smartphone option. So yes, you'd be able to wash your clothes just fine (even if you didn't want to take your laundry to the laundromat a block or two away). But now I don't have to go to the bank every few weeks to get a bunch of quarters just for doing my laundry.
fru-gal wrote:
Fri Oct 25, 2019 9:58 pm
Really people, the country is full of people who use cash. Farmers' markets, parking meters, tips, buses, buying stuff like coffee, etc. and, as pointed out, many people don't qualify for credit cards.
I use credit cards to pay for tips and coffee and such things all the time. Where did you get the idea that you couldn't pay for them that way?

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Re: First Republic Bank doesn’t have physical coins

Post by OnTrack » Sat Oct 26, 2019 1:44 am

Using this inflation calculator that goes back to 1913, a penny in 1913 is worth 26 cents today.
https://data.bls.gov/cgi-bin/cpicalc.pl

"The half cent is the smallest denomination of United States coin ever minted. It was first minted in 1793 and last minted in 1857." https://en.m.wikipedia.org/wiki/Half_ce ... ates_coin)

An argument has been made that we need to keep pennies and nickels because for lower income people, having to round up to a larger denomination would be a hardship. However, I'm sure there were many lower income people around in 1913 when the smallest denomination coin was worth 26 cents and in 1858 when they stopped making half cents. Even within my own lifetime today's penny would have been worth only about 1/10th cent (aka 1 mill). The US has never issued 1 mill coins; we didn't need them in the past, so why keep the penny today. Therefore, I see no reason to keep issuing pennies and nickels. I can't understand why the penny wasn't retired a long time ago :confused .

If we take coins and currency that are issued today and map it to the inflation adjusted value in about 1951 we have the following. I am using 1951 because inflation since then is about 10x so the math is easy and because there are plenty of people still around that were born in the 1950s or earlier, so they can relate to having the smallest denomination coin worth about 10 cents. So for those people, it should be logical to eliminate the penny and nickel and also to issue some higher denomination currency which is what I propose.

....2019 ....1951 ...Comments
0000.01 000.001 ...Stop issuing pennies; they are only worth 1/10th of a 1951 cent
0000.05 000.005 ...Stop issuing nickels; they are only worth 1/2 of a 1951 cent
0000.10 000.010 ...Can keep dimes for now, they are essentially the new penny
0000.25 000.025 ...A quarter is worth 2.5 1951 cents. Seems big for such little value. Stop issuing.
0000.50 000.050 ...A 50 cent piece is worth 5 1951 cents. Big for such little value. Maybe issue a smaller 50 cent piece.
0001.00 000.100 ...A dollar bill is worth 10 1951 cents. Stop issuing dollar bills and use dollar coins (e.g. Presidential $).
0002.00 000.200 ...$2 bills are not used much anyway, stop issuing.
0005.00 000.500 ...I would keep the 5 dollar bill for now, but I could see the argument to issue a $5 coin instead.
0010.00 001.000 ...Keep the $10 bill, it is worth 1 1951 dollar
0020.00 002.000 ...Keep the $20 bill.
0050.00 005.000 ...Keep the $50 bill.
0100.00 010.000 ...Keep the $100 bill.
0500.00 050.000 ...Start issuing $500 bills; they would be equivalent to a 1951 $50 bill. Or just skip to $1000 bill.
1000.00 100.000 ...Start issuing $1000 bills; they would be equivalent to a 1951 $100 bill.

Note that I have proposed eliminating 3 coins (penny, nickel, quarter), eliminating 2 bills ($1 and $2) and creating 2 bills ($500 and$1000). Also, making the 50 cent piece smaller.

I know there is an argument that we shouldn't have bills larger than $100 because of money laundering, etc., but a $1000 bill would only be worth 100 dollars in 1951.

By the way, I do not agree with eliminating coins and currency altogether for various reasons including privacy. I sometimes get the feeling that the government would like to have all transactions go to traceable electronic transactions.
Last edited by OnTrack on Sat Oct 26, 2019 2:04 am, edited 1 time in total.

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Re: First Republic Bank doesn’t have physical coins

Post by Teague » Sat Oct 26, 2019 2:02 am

The problem with contemporary $100 bills is the off flavor they impart when used for lighting one's cigar.
Semper Augustus

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Re: First Republic Bank doesn’t have physical coins

Post by EnjoyIt » Sat Oct 26, 2019 3:16 am

OnTrack wrote:
Sat Oct 26, 2019 1:44 am
Using this inflation calculator that goes back to 1913, a penny in 1913 is worth 26 cents today.
https://data.bls.gov/cgi-bin/cpicalc.pl

"The half cent is the smallest denomination of United States coin ever minted. It was first minted in 1793 and last minted in 1857." https://en.m.wikipedia.org/wiki/Half_ce ... ates_coin)

An argument has been made that we need to keep pennies and nickels because for lower income people, having to round up to a larger denomination would be a hardship. However, I'm sure there were many lower income people around in 1913 when the smallest denomination coin was worth 26 cents and in 1858 when they stopped making half cents. Even within my own lifetime today's penny would have been worth only about 1/10th cent (aka 1 mill). The US has never issued 1 mill coins; we didn't need them in the past, so why keep the penny today. Therefore, I see no reason to keep issuing pennies and nickels. I can't understand why the penny wasn't retired a long time ago :confused .

If we take coins and currency that are issued today and map it to the inflation adjusted value in about 1951 we have the following. I am using 1951 because inflation since then is about 10x so the math is easy and because there are plenty of people still around that were born in the 1950s or earlier, so they can relate to having the smallest denomination coin worth about 10 cents. So for those people, it should be logical to eliminate the penny and nickel and also to issue some higher denomination currency which is what I propose.

....2019 ....1951 ...Comments
0000.01 000.001 ...Stop issuing pennies; they are only worth 1/10th of a 1951 cent
0000.05 000.005 ...Stop issuing nickels; they are only worth 1/2 of a 1951 cent
0000.10 000.010 ...Can keep dimes for now, they are essentially the new penny
0000.25 000.025 ...A quarter is worth 2.5 1951 cents. Seems big for such little value. Stop issuing.
0000.50 000.050 ...A 50 cent piece is worth 5 1951 cents. Big for such little value. Maybe issue a smaller 50 cent piece.
0001.00 000.100 ...A dollar bill is worth 10 1951 cents. Stop issuing dollar bills and use dollar coins (e.g. Presidential $).
0002.00 000.200 ...$2 bills are not used much anyway, stop issuing.
0005.00 000.500 ...I would keep the 5 dollar bill for now, but I could see the argument to issue a $5 coin instead.
0010.00 001.000 ...Keep the $10 bill, it is worth 1 1951 dollar
0020.00 002.000 ...Keep the $20 bill.
0050.00 005.000 ...Keep the $50 bill.
0100.00 010.000 ...Keep the $100 bill.
0500.00 050.000 ...Start issuing $500 bills; they would be equivalent to a 1951 $50 bill. Or just skip to $1000 bill.
1000.00 100.000 ...Start issuing $1000 bills; they would be equivalent to a 1951 $100 bill.

Note that I have proposed eliminating 3 coins (penny, nickel, quarter), eliminating 2 bills ($1 and $2) and creating 2 bills ($500 and$1000). Also, making the 50 cent piece smaller.

I know there is an argument that we shouldn't have bills larger than $100 because of money laundering, etc., but a $1000 bill would only be worth 100 dollars in 1951.

By the way, I do not agree with eliminating coins and currency altogether for various reasons including privacy. I sometimes get the feeling that the government would like to have all transactions go to traceable electronic transactions.
Please, please no extra coins. Get rid of the small denomination and keep the paper. I hate coins in my pockets and so does most of the population.

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Re: First Republic Bank doesn’t have physical coins

Post by ARoseByAnyOtherName » Sat Oct 26, 2019 5:42 am

fru-gal wrote:
Fri Oct 25, 2019 9:58 pm
Workable Goblin wrote:
Fri Oct 25, 2019 8:31 pm
I want to point out that the washers and driers at my apartment complex can now be paid for via a mobile app,least)
I don't have a smartphone. Good thing I don't live in that apartment complex, I guess I'd never be able to wash my clothes.

Really people, the country is full of people who use cash. Farmers' markets, parking meters, tips, buses, buying stuff like coffee, etc. and, as pointed out, many people don't qualify for credit cards.

I'm rather surprised it's legal for a bank/credit union to not deal in U.S. currency.
The Treasury says this, which I thought was interesting:
This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.
https://www.treasury.gov/resource-cente ... ender.aspx

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Re: First Republic Bank doesn’t have physical coins

Post by 22twain » Sat Oct 26, 2019 6:30 am

willthrill81 wrote:
Fri Oct 25, 2019 11:01 pm
We are much further from a 'cashless society' than many seem to think. Young adults are still carrying cash nearly as frequently as older consumers.
And there are millions of people in the US who don't have bank accounts or credit cards.

https://www.fdic.gov/householdsurvey/
Estimates from the 2017 survey indicate that 6.5 percent of households in the United States were unbanked in 2017. This proportion represents approximately 8.4 million households.
My investing princiPLEs do not include absolutely preserving princiPAL.

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Re: First Republic Bank doesn’t have physical coins

Post by student » Sat Oct 26, 2019 7:52 am

EnjoyIt wrote:
Sat Oct 26, 2019 3:16 am
Please, please no extra coins. Get rid of the small denomination and keep the paper. I hate coins in my pockets and so does most of the population.
For some reasons, US is not successful in introducing coins, so I don't think we will be seeing more coins anytime soon. I think two reasons are:

1) Many hate coins in their pockets as you have mentioned.
2) People perceive coins as loose change with little value, and perceive paper bills as something more substantial. Thus psychologically, they want to keep the dollar bill.

There are other reasons too. https://www.kansascity.com/opinion/edit ... 13108.html https://splinternews.com/why-the-sacaja ... 1793856386 https://www.forbes.com/sites/stancollen ... 6fc7381417

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Re: First Republic Bank doesn’t have physical coins

Post by dm200 » Sat Oct 26, 2019 10:29 am

willthrill81 wrote:
Fri Oct 25, 2019 10:59 pm
David Jay wrote:
Fri Oct 25, 2019 8:50 am
I asked them what I should do with my Canadian pennies that I brought with me (I live in Michigan and used to drive to London and Toronto for business) - they said mix them in with my US change when I got home (!)
We've lived within 100 miles of the Canadian border for a decade now, and occasionally we are handed a Canadian penny from a retailer.

I would think that a Canadian bank would still take pennies and give you larger coins in return, but there may have been a redemption period for such activity that is no longer open.
I do not know, for sure, but I would think that Canadian pennies are good indefinitely - with perhaps a requirement to have a certain number (such as ten).

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dm200
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Re: First Republic Bank doesn’t have physical coins

Post by dm200 » Sat Oct 26, 2019 10:30 am

I find it so idiotic that, here in the US, we spend more than a cent to make pennies and more than 5 cents to make a "nickel".

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