Banking coins

[R13...]

I have lots of coins. Do banks charge extra to deposit coins?

Last time I left so many coins around the people who broke into my place emptied them out and left only the 5c coins.

 

[biometrics]

Give it to a friends child to make R1 stacks to take to Toys R Us. They don't say no to kids. Got rid of bags full this way and felt good about it

 

[froot]

What he said.

Or, group them, go to the bank, give it to the teller and go home with R100 notes.

 

[R13...]

Lol, that may be a good idea just not sure if the parents of the people who live in my complex won't take it the wrong way.

 

[R13...]

I'm thinking of going to the bank and getting those coin bags as a start.

 

[Other Pineapple Smurf]

Banks require you to sort the coins yourself, some will charge you if you don't.

12 years ago I was given R500 in 1c-20c coins and spent 2 days sorting it into bags as my local bank wanted to charge me R75 to do it. Back then my drinking poison was Tassie @ R15 a bottle.

Edit: I forgot that Capitec actually has a coin sorting ATM for coin deposits in Stellenbosch

 

[HavocXphere]

Shops can legally tell you to gtfo....legal tender rules set a limit on how small the small change can be vs the total amount. Banks don't have that privilege afaik.

I'd lose it if they tell me to sort it...the banks have machines for that. Don't make me sort that stuff by hand...

 

[R13...]

A coin accepting ATM would be ideal. But I don't bank with Capitec or live in that direction.

 

[R13...]

A friend of mine owns a shop and he started refusing to accept 5c long before they were discontinued. His reason was that they're too much work to sort even though he banks bags of coins.

 

[Other Pineapple Smurf]

Shops can legally tell you to gtfo....legal tender rules set a limit on how small the small change can be vs the total amount. Banks don't have that privilege afaik.

I'd lose it if they tell me to sort it...the banks have machines for that. Don't make me sort that stuff by hand...

From a rather interesting article:

http://www.iol.co.za/business/perso...utting-donkeys-to-work-1.1460722#.Um0r0JSzvVQ

At Standard Bank, it will cost you 6.75 percent of the total value of the coins exchanged, and the coins need to be counted and separated by denomination.

At Absa, you will pay a cash handling fee of R4.85 plus R1.15 for every R100 of the value of the deposit, Arrie Rautenbach, Absa’s head of Retail Markets, says.

You also need to sort the coins by denomination in a standard format. For example, if you are using a small plastic bank bag, you put in a hundred five-cent pieces per bag, 50 twenties, and so on.

 

[froot]

From a rather interesting article:

http://www.iol.co.za/business/perso...utting-donkeys-to-work-1.1460722#.Um0r0JSzvVQ

I've never paid for the service at any bank.
They've got scales that can tell you how much it is dependent on the denomination and its weight.

 

[Chevron]

Why not tip car guards and petrol attendants that wash your windows?

 

[Other Pineapple Smurf]

I've never paid for the service at any bank.
They've got scales that can tell you how much it is dependent on the denomination and its weight.

The problem comes in when you give them unsorted coins of mixed denominations and coin types (old vs new).

 

[R13...]

Why not tip car guards and petrol attendants that wash your windows?

That's what I usually do but you should see the sneering looks at the more brown coins. And I always mix them with plenty of the shiny ones. So, I will not be tipping with them. If a tip is deserved I will tip as deserved and not try to get rid of my brown coins. Otherwise, no tip.

 

[Shimmeringshadow]

Last time I heard, if you have an account with the bank they won't charge you for the coins that you want to deposit/ change for larger denominations. However, if you don't have an account with them you have to pay a handling fee.

 

[froot]

The problem comes in when you give them unsorted coins of mixed denominations and coin types (old vs new).

Yeah that may be problematic.

 

[Creag]

Honestly, I'd just find a charitable cause and let them have it.