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.
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