Personal Finance

Alert - Laurentian Bank no longer accepts coins. Even if rolled

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  • Sep 20th, 2019 12:16 pm
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Alert - Laurentian Bank no longer accepts coins. Even if rolled

https://www.cbc.ca/news/canada/montreal ... ed_CBCMain

"He called Laurentian Bank's customer service line to see if there was any other way the bank would take his hundreds of loonies and toonies.

He was told it was a new policy at the bank not to accept coins."
Not only did we embarrass Marky Mark, we let down the Funky Bunch.
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This institution is going to keep dwindling, because while they think that they will be successful in reducing costs by eliminating tellers and most basic services, they don't realize that people don't go to banks just to get "advice". They go to banks to get a complete package of convenience, not to get hustled by people whose only ability is extracting ressources from people and selling them overpriced things they don't want, like used car salesmen.
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It would be one thing if Laurentian actually provided competitive products. Lots of Swedish and Norwegian banks no longer have cash or accept it, but their societies are very much cashless these days. Canada isn't there yet.
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xgbsSS wrote:
Sep 17th, 2019 10:08 pm
It would be one thing if Laurentian actually provided competitive products. Lots of Swedish and Norwegian banks no longer have cash or accept it, but their societies are very much cashless these days. Canada isn't there yet.
I hope we never get there. Only having a small number of privately owned systems as being the only methods to exchange money scares me. Being able to pay each other directly in cash without fees or any tracking is something of a right IMO

That rant aside, Laurentian is marching towards a more online experience. It raises a interesting question about handling cash or ATM discrepancies with online institutions. If I have no teller access in branches you're crazy to think I'd pay a account fee. Even with teller service, and I almost never need it, I'm still not interested in fees or account minimums
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unusual wrote:
Sep 17th, 2019 11:46 pm
I hope we never get there. Only having a small number of privately owned systems as being the only methods to exchange money scares me. Being able to pay each other directly in cash without fees or any tracking is something of a right IMO
That and the GST police.
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Is that guy a panhandler?? He should just spent it over a long period of time. It's inefficient to use cash and coins.

I've used cash twice this year - both times for haircuts. I'd switch to a place that takes cards except I've been going to the same place for 30+ years and I'm happy with them. I have some dollar coins in my car for the shopping carts at the grocery store. I'm reluctant to give them to the homeless person that offers to take the cart back for me for the dollar because I'm not sure when I'll get another one. :rolleyes:
xgbsSS wrote:
Sep 17th, 2019 10:08 pm
It would be one thing if Laurentian actually provided competitive products. Lots of Swedish and Norwegian banks no longer have cash or accept it, but their societies are very much cashless these days. Canada isn't there yet.
I don't think Canada will ever get there. In China, even panhandlers accept electronic payment because so few people carry cash anymore.

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batcave wrote:
Sep 19th, 2019 3:45 am
Is that guy a panhandler?? He should just spent it over a long period of time. It's inefficient to use cash and coins.

I've used cash twice this year - both times for haircuts. I'd switch to a place that takes cards except I've been going to the same place for 30+ years and I'm happy with them. I have some dollar coins in my car for the shopping carts at the grocery store. I'm reluctant to give them to the homeless person that offers to take the cart back for me for the dollar because I'm not sure when I'll get another one. :rolleyes:
I don't think Canada will ever get there. In China, even panhandlers accept electronic payment because so few people carry cash anymore.

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Personally I'm all for electronic payments and predominantly use cards. However, I do carry cash with me at all times. Perhaps cultural. Japan is predominantly cash. Germany I know is too.
For me, I do shop some small businesses and at these times try to use cash or for small $2-3 payments. I tend to give gifts with cash and I know that is more cultural than anything.

I'm all for going all electronic. We could reduce money laundering, tax evasion, and underground economy in one go. However, the cost of our banking services are too high unfortunately for me to support it at this stage.
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xgbsSS wrote:
Sep 19th, 2019 12:11 pm
Personally I'm all for electronic payments and predominantly use cards. However, I do carry cash with me at all times. Perhaps cultural. Japan is predominantly cash. Germany I know is too.
For me, I do shop some small businesses and at these times try to use cash or for small $2-3 payments. I tend to give gifts with cash and I know that is more cultural than anything.

I'm all for going all electronic. We could reduce money laundering, tax evasion, and underground economy in one go. However, the cost of our banking services are too high unfortunately for me to support it at this stage.
I regularly have charges on my card for a dollar or two. Usually I forget to order something at a quick service restaurant. I've had to leave a few places because they didn't take card. But I've also gone to a few places that didn't accept cash.

Interesting that you state banking services are too high. I have not paid for banking services in most of my adult life, with the exception of mortgage interest charges and credit card fees, which are both a means to an end for me. There are always free alternatives.
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batcave wrote:
Sep 19th, 2019 2:09 pm
I regularly have charges on my card for a dollar or two. Usually I forget to order something at a quick service restaurant. I've had to leave a few places because they didn't take card. But I've also gone to a few places that didn't accept cash.

Interesting that you state banking services are too high. I have not paid for banking services in most of my adult life, with the exception of mortgage interest charges and credit card fees, which are both a means to an end for me. There are always free alternatives.
Not so much for personal banking, but for merchant services, business accounts etc. It is getting better but we are still very expensive compared to other countries. Japan is even worse than Canada and we have to use wooden/bamboo seals (hanko) still to this day :facepalm:
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Slightly OT but anybody know how to get rid of US coins? Over the years, my small business has accumulated quite a few rolls of US coins. Would be willing to donate them even, just don't know where.
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batcave wrote:
Sep 19th, 2019 2:09 pm
I've had to leave a few places because they didn't take card. But I've also gone to a few places that didn't accept cash.
I rarely use cash either, but always have at least $100 cash on me at all times. It comes in handy when the payment network goes down, which actually happened to me at the supermarket a few months ago. The electronic payment network might seem like it'll always be on and ready to use when you need it, but I don't have that much faith in any electronic system. I remember about 20 years ago when the network went down all over Vancouver for about 45 minutes. No credit or debit payments, and no ATMs. It caused such a disruption that it made the top story on the local TV news that night. That's when I started always carrying cash.
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Kiraly wrote:
Sep 20th, 2019 1:14 am
I rarely use cash either, but always have at least $100 cash on me at all times. It comes in handy when the payment network goes down, which actually happened to me at the supermarket a few months ago. The electronic payment network might seem like it'll always be on and ready to use when you need it, but I don't have that much faith in any electronic system. I remember about 20 years ago when the network went down all over Vancouver for about 45 minutes. No credit or debit payments, and no ATMs. It caused such a disruption that it made the top story on the local TV news that night. That's when I started always carrying cash.
I would probably just leave if the payment network went down. It's so infrequent that it wouldn't bother me.

I often go out without a wallet. I'll carry two cards in case they don't take Google Pay. I'm more fearful of my phone dying. In China I go out without cash or a wallet as my phone is the primary payment device. Recently, one person in line at the grocery store had their phone run out of juice. They put their groceries down and walked out of the store. I guess they also did not have a wallet or cash with them.
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That's pretty brutal. It's legal tender, and appears to be well organized, they should find a way to accept it, I don't care if they are "100% advice based"

I don't really use cash, but many others do. If I somehow came into a whack-load of coin, I'd certainly expect to be able to deposit it (if reasonably organized).
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Lakers24 wrote:
Sep 20th, 2019 9:41 am
That's pretty brutal. It's legal tender, and appears to be well organized, they should find a way to accept it, I don't care if they are "100% advice based"
The limit is 20 toonies, 25 loonies, 40 quarters, 40 nickels, and 100 dimes. If you have more than that, coins are not legal tender, even if rolled. This is in the Currency Act. "Legal tender" really has no legal status in Canada anyway. It's defined as coins issued by the Mint and bank notes issued by the Bank of Canada. There is no definition beyond that; nothing about anyone being required to accept payment in legal tender.

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