Monday, November 28, 2011

Why do banks charge for depositing coins?

This has always bugged me that banks charge when you deposit coins into your savings account. I mean why? The banks readily accept money in note form no matter how much the amount so why not coins? Its still currency right? Then why??

Over here in Singapore, our banks charge us $0.0075 per coin. That means if you deposit 100 coins you'll be charged $0.75... Why? This goes to withdrawing coins as well, we're charged for that too but why?

When all coins and notes are minted and printed by the Singapore Mint, why the hell do the banks get to charge us for it?

I understand that in the United States of America, coins are legal tender at any denomination and is by law acceptable as payment for any amount of money owed, but here there is a currency act that limits the use of smaller denominations to pay up to a certain amount.

This also puts a strain and un-needed cost on businesses that operate mostly in coins
like vending machine operators or the neighbourhood mini-mart.

Again I ask, why? Why put a limit on the amounts that people can pay in and penalise those who just wanna deposit their hard saved/hard earned cash?


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