The cost of changing coins
I have heard that the banks charge a percent fee for changing coins. Is this true? If yes, is this legal? I would appreciate an answer as I have a full coin jar I wish to change.
Auntie’s answer: The quick responses are yes and yes. As discussed in a recent column (see Non-account holder unable to cash cheque), and as most people are painfully aware, banks charge for a whole list of services.
I have included a link to the most recent list, which is updated quarterly, below. The six retail banks have varying policies on their charges for handling coins, ranging from a set 2% fee on the amount to a minimum of $10. Two banks do not charge anything for this service. But, unfortunately, only account holders at each bank can change coins, which means you cannot choose to exchange your silver at the institution with the best deal.
List of Retail Bank Fees as at 1 February 2019
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Category: Ask Auntie, Banking Questions
9.48 am has hit the nail on the head, but I wouldn’t go as far as eliminating 5c, 10c and 25c coins. However the one cent coin, or penny, has no practical use and should be done with as they did in Canada some years ago. They only abolished the coin but not the unit of currency. This should happen here.
My daddy always said if you have to ask how much something is, you can’t afford it!
They may as well give you rocks for all the use that Cayman coims are. “Your change is $0.17, here’s a pebble.
Auntie
Perhaps the question should really be “why do we have all these coins in the system anyway?” Couldnt we at least ditch pennies and 5 and 10 cent pieces? The supermarkets etc could just make every price end in .25,.50..75 or .00. The reason the banks don’t want cash is it is costly to store. No one ever comes into withdraw coins. Couldn’t we just stop minting them as they must also be costly for CIMA to produce, ship and store. Perhaps your excellent Ask Autie service could ask CIMA what’s the point of the small
change?
The link to the list of retail fees is useful – thanks.
It sure is… Butterfields fees are criminal!! How do they have any customers!?
$.30 for using a Butterfield ATM as a Butterfield customer!? Surely you are doing them a favor by using the ATM and reducing the need for bank tellers?? Disgusting the way they treat their customers!
Great question, specially after they closed down the netbank for consumers without notice – a lot of customers were stranded! Who makes up these things??