BOK out of the coin business
Posted: Fri Oct 26, 2012 8:33 amIt has been a while since I sorted any coins. Yesterday, I took in a bag full of zincs to convert into some folding money.
I walked into the bank where I have my commercial accounts and did not see the coin counting machine in the lobby. "Where is the coin counter?" I asked. "We don't have them anymore." was the reply.
It turns out they have removed all coin counting machines from all their bank locations. That is significant. The Bank of Oklahoma (BOK) is the largest bank in Oklahoma. There are now a lot of people who can't convert their coins into FRN.
Now you have to deposit the coins in a BOK bag and they ship the bags of coins to a central location. The bags of coins are opened there and counted by BOK staff. You have to accept their count and the amount will not appear on your account until ten business days have passed.
I told them I was not willing to do that. "Well, then you have to use CoinStar at a grocery store. That is your only other option." I laughed at the guy. "No, there are lots of other options! There are other banks for me to do business with!"
I have struggled with BOK for over three years now about coins. Their Vault Teller has complained long & loud about how her vaults do not have room for coins. I guess she won the argument with bank management. Their new policy will drive away anyone who deals in coins. Be they coin sorters, collectors, or small businesses that accept coins in transactions in their businesses. Businesses like gas stations and retail outlets will not be willing to wait ten business days to have access to their money.
Would anyone in Oklahoma want to recommend a new bank to me?
I walked into the bank where I have my commercial accounts and did not see the coin counting machine in the lobby. "Where is the coin counter?" I asked. "We don't have them anymore." was the reply.
It turns out they have removed all coin counting machines from all their bank locations. That is significant. The Bank of Oklahoma (BOK) is the largest bank in Oklahoma. There are now a lot of people who can't convert their coins into FRN.
Now you have to deposit the coins in a BOK bag and they ship the bags of coins to a central location. The bags of coins are opened there and counted by BOK staff. You have to accept their count and the amount will not appear on your account until ten business days have passed.
I told them I was not willing to do that. "Well, then you have to use CoinStar at a grocery store. That is your only other option." I laughed at the guy. "No, there are lots of other options! There are other banks for me to do business with!"
I have struggled with BOK for over three years now about coins. Their Vault Teller has complained long & loud about how her vaults do not have room for coins. I guess she won the argument with bank management. Their new policy will drive away anyone who deals in coins. Be they coin sorters, collectors, or small businesses that accept coins in transactions in their businesses. Businesses like gas stations and retail outlets will not be willing to wait ten business days to have access to their money.
Would anyone in Oklahoma want to recommend a new bank to me?
