Realcent.org

Anyone here that does that? Would a bank have the right to deny payment of a mortgage in cash vis-à-vis half dollars? Oh boy, banks would love that one...your mortgage bank is your ordering bank is your dump bank, lol.

Many members pay their debts by dumping sorted coins. I've been paying my credit cards with coin sometimes.

i pay for gas in halves

I just paid down $15,000.00 of my home equity loan in half dollars. I told them that I was going to keep coming in weekly with a hand truck full because they screwed us over on a refinance. Well, it got someones attention because now they are letting me refinance at 3.125% with no appraisal required. Funny how they can make things happen when they want to.

NHsorter wrote:I just paid down $15,000.00 of my home equity loan in half dollars. I told them that I was going to keep coming in weekly with a hand truck full because they screwed us over on a refinance. Well, it got someones attention because now they are letting me refinance at 3.125% with no appraisal required. Funny how they can make things happen when they want to.

Nice

JerrySpringer wrote:Anyone here that does that? Would a bank have the right to deny payment of a mortgage in cash vis-à-vis half dollars? Oh boy, banks would love that one...your mortgage bank is your ordering bank is your dump bank, lol.

I read somewhere that a bank (or maybe also an individual or a business?) can deny any method of payment for trade or purchase, but not for actual debts owed. Of course, coins don't have "this coin is legal tender for all debts public and private" like FRN's do...

rexmerdinus wrote:

JerrySpringer wrote:Anyone here that does that? Would a bank have the right to deny payment of a mortgage in cash vis-à-vis half dollars? Oh boy, banks would love that one...your mortgage bank is your ordering bank is your dump bank, lol.

I read somewhere that a bank (or maybe also an individual or a business?) can deny any method of payment for trade or purchase, but not for actual debts owed. Of course, coins don't have "this coin is legal tender for all debts public and private" like FRN's do...

My only question is if there is some condition that would be permitted for them to charge an additional service charge for accepting and going through the additional work that would otherwise not be incurred.

I have a friend who works in a gas station / convenience store. His boss would get change at this bank, and once came back with about six rolls solid 90% silver Roosevelt dimes plus a roll or two of solid 90% silver Washington quarters. He couldn't just cash out to take the rolls home, he had to replace it with some sort of change to keep the register stocked. So my wife and I hit up her parents change jar and grabbed about $40 worth of clad dimes to exchange. It was quite a nice payoff, which my friend nicely split with us.

I figured somebody must have been bringing in coins from an estate, so quickly opened an account with this bank and started buying rolls. Never hit the same sort of payoff, save for two or three silver dimes. Then I bought some half dollar rolls, and in the first two rolls pulled about sixteen 40% JFKs and a few 90% JFKs! After going through this bank two or three more times for halves and some other rolls (I was dumping elsewhere of course) the teller told me they no longer carried half dollars. I was thinking about speaking with the branch manager, there must be some way they can help me out.

i read a link on this site once stating (paraphrase here) : Any merchant can deny any form of payment for his goods ie: coins, checks, credit cards... But, if you owe a debt to someone(such as your mortgage) they are required by law to take any form of US currency including coin. I take all of my coin dumps to the bank that holds my mortgage knowing that they cant stop me or charge me for my coin dumps.

tedandcam wrote: I take all of my coin dumps to the bank that holds my mortgage knowing that they cant stop me or charge me for my coin dumps.

And that, ladies and gentlemen, is a beautiful thing.

Under the Coinage Act of 1965, coins made by the US mint are legal tender for payment of debts. I often pay my credit card balance in coins. If the bank holding my mortgage had any branches in my area, they'd be getting payed in halves or cents.

Remember "legal tender" refers to payment of already existing debt, meaning you owe someone money. A transaction in which no debt exist can be refused if seller does not want to accept payment in coins, large notes, etc.

Just a thought, If I go to the gas station and fill up my tank, would the station be required to take whatever I decide to pay them with? Would the gas in my tank be considered a debt? I know a lot of stations will not take large denomination bills.

tt

1832veto wrote:Under the Coinage Act of 1965, coins made by the US mint are legal tender for payment of debts. I often pay my credit card balance in coins. If the bank holding my mortgage had any branches in my area, they'd be getting payed in halves or cents.

Remember "legal tender" refers to payment of already existing debt, meaning you owe someone money. A transaction in which no debt exist can be refused if seller does not want to accept payment in coins, large notes, etc.

But as a practical matter, if they refused your coin as payment of debt, what can you do? Call the cops?

TXSTARFIRE wrote:Just a thought, If I go to the gas station and fill up my tank, would the station be required to take whatever I decide to pay them with? Would the gas in my tank be considered a debt? I know a lot of stations will not take large denomination bills.

tt

"Merchants" will typically post signage indicating what they will accept or not accept. ie signs at the gas station stating we do not accept checks and or we do not accept large bills. They will also sue stickers on door entering or at the point of sale which forms of credit cards they do accept. The pump at the station is considered the point of sale and they would be required to state they do not accept coin. This would definetaly not be considered a debt.

TXSTARFIRE wrote:Just a thought, If I go to the gas station and fill up my tank, would the station be required to take whatever I decide to pay them with? Would the gas in my tank be considered a debt? I know a lot of stations will not take large denomination bills.

tt

They'll take large bills...you may just have to wait half an hour for your change unless your tank is big enough to drop your change to under $20.

As for filling up with change, go for it. I wouldn't be mean enough to hand them a sack full of loose pennies, but rolled small change or loose halves/dollars would be fast enough for them to count.

stevkc wrote:

1832veto wrote:Under the Coinage Act of 1965, coins made by the US mint are legal tender for payment of debts. I often pay my credit card balance in coins. If the bank holding my mortgage had any branches in my area, they'd be getting payed in halves or cents.

Remember "legal tender" refers to payment of already existing debt, meaning you owe someone money. A transaction in which no debt exist can be refused if seller does not want to accept payment in coins, large notes, etc.

But as a practical matter, if they refused your coin as payment of debt, what can you do? Call the cops?

No cops. Get the refusal in writing, and then send them a certified letter stating that you consider their refusal to accept lawful money a breech of contract along with a demand for compliance with the coinage act and a promise to pay them in bent pennies if they refuse to accept your halves at any point in the future.

Engineer wrote:

stevkc wrote:

1832veto wrote:Under the Coinage Act of 1965, coins made by the US mint are legal tender for payment of debts. I often pay my credit card balance in coins. If the bank holding my mortgage had any branches in my area, they'd be getting payed in halves or cents.

Remember "legal tender" refers to payment of already existing debt, meaning you owe someone money. A transaction in which no debt exist can be refused if seller does not want to accept payment in coins, large notes, etc.

But as a practical matter, if they refused your coin as payment of debt, what can you do? Call the cops?

No cops. Get the refusal in writing, and then send them a certified letter demanding compliance with the coinage act and a promise to pay them in bent pennies if they refuse to accept your halves at any point in the future.

They can legally refuse coin. ANY merchant can legally. The coinage act is for "debt". ie a loan from bank or credit card debt.

tedandcam wrote:They can legally refuse coin. ANY merchant can legally. The coinage act is for "debt". ie a loan from bank or credit card debt.

I was referring to debt, (specifically mortgage debt) and agree with you on the merchant's ability to deny various forms of payment.

I was referring to debt, (specifically mortgage debt) and agree with you on the merchant's ability to deny various forms of payment.[/quote]


Sorry, I thought you were refering to the gas station scenario.

LOL back to the original subject...


I use the toll roads to dump coins alot. A stretch has a bunch of $0.50 to $1.50 tolls and a coin basket, I always use pennies there... (I wasn't sorting last time I had to drive this road often unfortunately) I was able to dump a red solo cup of pennies every 2 to 3 days though.

Now I dump halves on the other highway, When I went to NYC I had a large van and trailer, toll for G washington bridge was like $40, I handed them a large pile of loose halves. They were not amused, but I have a problem with paying to use publicly funded roads, especially with the gas tax I had to pay out there...

While in NYC I used the balance of my halves right before leaving to pay down my credit card