# Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin charges



## oaky9 (5 Mar 2008)

I had a bridging loan in my own name which had an  outstanding balance of 24k and paid it all off by lodging 24k in 2 euro coins. 

Now this morning get my bank statements for my 2 limited companies plus the quarterly bank charges statement which is usually forty euro on each account but one of the companies was charged 240 euro for coin handling. 

How can the bank charge my company for me lodging coins to my personal bridging loan account, is this allowed.


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## dewdrop (5 Mar 2008)

*Re: Bank charges rip off*

most banks make a charge for accepting coin lodgments. they incur a cost indisposing of it. nothing is free nowadays but i appreciate the shock you got and im sure the bank official must also have wondered where all the coin came from!!


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## Brendan Burgess (5 Mar 2008)

*Re: Bank charges rip off*

Oaky

Are you seriously trying to say that you paid 12,000 coins into a bank and you expect them to handle them free of charge?

I presume this is a wind-up? 

Come on. What is the punch-line? 

Brendan


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## Blueberry08 (5 Mar 2008)

*Re: Bank charges rip off*



Brendan said:


> Oaky
> 
> Are you seriously trying to say that you paid 12,000 coins into a bank and you expect them to handle them free of charge?
> 
> ...



I paid for a few bits and pieces in my local Statoil yesterday with e2 coins that had mounted up at home. The bill was around e12 and the assistant sighed her way through the ordeal of having to count *six* e2 coins. I'm going to print out the OP's post and bring it down to her


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## mathepac (5 Mar 2008)

*Re: Bank charges rip off*



Blueberry08 said:


> I paid for a few bits and pieces in my local Statoil yesterday with e2 coins that had mounted up at home. The bill was around e12 and the assistant sighed her way through the ordeal of having to count *six* e2 coins. I'm going to print out the OP's post and bring it down to her


Increasingly, staff in retail outlets seem anxious to dish out as many coins as possible when making change, and are reluctant to take coins in payment, thus decreasing the burden of counting coins when cashing out the till at the end of a shift.

So staff in retail outlets don't want coins, the Central Bank is asking us not to hoard them, the retail banks charge for handling them. I there a case for abolishing coins altogether and going back to something like the paper farthings Johnson Mooney & O'Brien's used years ago in their shops?


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## ajapale (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

Why did the bank charge the limited company for the service provided to an individual on his personal account?


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## bankrupt (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*



ajapale said:


> Why did the bank charge the limited company for the service provided to an individual on his personal account?



It seems that there are a few interesting facts here:

1.  The OP actually paid off a €24,000 loan in coins!
2.  The bank then saw fit to charge a handling fee to another (unrelated?) account, presumably without notifying the OP of said (large) charge?
3.  It costs €240 for the bank to accept 12,000 coins.  Were these already bagged?  If so, presumably they could simply be weighed?

It seems unusual that the bank should be allowed to charge to accept legal tender.  What provision is there, if any, to stop them not accepting any cash at all without a handling fee?


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## Joe1234 (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*



ajapale said:


> Why did the bank charge the limited company for the service provided to an individual on his personal account?



As a limited company has seperate legal entity from all it's directors, then what the bank did was no different to them charging the op, for lodgements made to (say) my account.


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## Joe1234 (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*



oaky9 said:


> I had a bridging loan in my own name which had an  outstanding balance of 24k and paid it all off by lodging 24k in 2 euro coins.



Do you qualify for free banking?  Maybe that was a reason why the bank could not charge your account with the fee, so someone there decided they would hit you through your company.  Remember that if the charge is not reversed, then technically the company paid a personal bill for one of it's directors, and you need to repay the money back to the company.


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## Simeon (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

I've heard about wheelbarrows of the stuff being paid for a loaf of bread during Weimer inflation, but how did you manage to transport this stuff? And secondly (if you are not joking), are you feeling alright?


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## Brendan Burgess (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

A mod has edited the title.

I had missed the point about the charge being applied to your company's bank account.

Did you by any chance, withdraw 12,000 in €2 coins from the limited company? 

It seems to me that they made the right charge, but simply charged it to the wrong account. I don't blame them for this error - it was probably at the end of a very long day for all the staff, counting those coins.

Brendan


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## sam h (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*



> but how did you manage to transport this stuff?


 
I was thinking the same thing (okay, this is anal) but apparently a 2euro coin weighs 8.5grms, which for 12,000 is equal to 102kgs...or 16stone.  The weight of a rather large man (or 2 small women!!). 

I'll bet the cashier was delighted to see you coming.  How on earth did you collect & store so many coins and how often did you count them? - images of Silas Marner spring to mind!


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## ajapale (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

Perhaps the OP has a vending machine business?


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## Simeon (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

Or a mint.


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## sam h (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

If they had a business which regularly dealt with coins, surely they would be lodging coins on a regualr basis & therefore their normal banking charges would not be so low.  I was just making the point that it's not that easy to store/transport that many coins!

I do however see his point that the charges for lodging into his mortgage account should not have been applied to his business account.  Can the OP confirm if the accounts were both held in the same bank or was he transfering from his normal business account branch to his mortgage branch (possibly with a different bank)?


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## oaky9 (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

i brought the coins in over a period of 4 weeks at 6k per week which is heavy enough i do admit. and thank you ajapale for getting back to the real question of how they can charge my company for this personal matter.


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## oaky9 (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

say for example i have a current account in bank a and owe 20k of a loan in bank b and pay off the loan with 20k of 2 euro coins who do they charge then or is it tough luck for the bank.


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## MugsGame (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

I assumed the OP had an "issue" with the bank's handling of his loan, so decided to make a "smart" point by lodging large amounts of coins. But perhaps not.

Was the source of these coins your business? The bank couldn't charge your personal account for this as coin lodgement fees do not apply to personal accounts (not any that I'm aware of). The correct course of action for the bank would have been to refuse the lodgement and insist you deposit it into the business account. Instead the bank have now recouped their "costs" by charging your business account for the transaction. 

It's a company account, so you aren't covered by consumer legislation. I'd challenge this on a number of points
- it's obviously an "error" as the accounts are unrelated and they had no authorisation for this charge
- you will be bringing this "error" to the attention of The Business on RTE Radio (mention Joe Duffy too, but I don't think he'd be interested.).
- the charge is unfair as it does not reflect the economic cost of the transaction (it doesn't take long to weigh that many coins.).


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## mathepac (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*



oaky9 said:


> ...
> How can the bank charge my company for me lodging coins to my personal bridging loan account...



Did you ask them?


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## sam h (5 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*



> say for example i have a current account in bank a and owe 20k of a loan in bank b and pay off the loan with 20k of 2 euro coins who do they charge then or is it tough luck for the bank.


 
But the question remains, who did you pay the money to?  If you go to bank "a" with the coins to be transfered to bank "b", then bank "a" should have charged you on the spot for the transfer.  However, they may have a policy to only deal with large quanities of coins via a business account and hence charged your business account.  But if that is the case then they should have made it clear that they will need to dealt with the coins as a lodgement to bank "a" (business account) and thereafter a transfer to bank "b" (mortgage) and charge your business account accordingly .  

Banks charge for almost everything these days - however, as you have 2 business accounts with the bank, it would probably be worth having a chat with the manager and saying how unhappy you are and would even consider transfering your account as you were not advised in advance of the charges.  You may very well get a full refund.  Most cashiers just apply the standard charges, but a word in the right ear can get them lifted - has happen us in the past.


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## oaky9 (6 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

thanks sam h and other posters this was not me being smart as another poster stated this is a vending machine business and i thought to avoid bank charges i would lodge this to clear my loan.


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## Brendan Burgess (6 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

Hold on a moment here. 

If this was the proceeds of your business, why were you lodging them to your personal account? 

In reality, this was a business transaction. You were charged a fee for it. 

Mugs Game said


> - the charge is unfair as it does not reflect the economic cost of the transaction (it doesn't take long to weigh that many coins.).



This was a very expensive transaction for the bank. It is not just the cost of counting them. It is the storage and transport as well. There is no way the bank recovered their costs by charging €240. 

Certainly go to your bank. I would expect that they might ask you to stop being smart and take your business elsewhere.

Brendan


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## Bronte (6 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

Don't the banks have machines that count coins in a jiffy - can't see much cost to this?  Also in some places the banks just weigh the coins instead of counting them.


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## moneyhoney (6 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

From ECONOMIC AND MONETARY UNION ACT, 1998 SECTION 10

'No person, other than the Central Bank of Ireland and such persons as may be designated by the Minister by order, shall be obliged to accept more than 50 coins denominated in euro or in cent in any single transaction.'

!


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## oaky9 (6 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

the fact is my company was charged 240 for lodging the coin to my personal account and these accounts are totally unrelated if i lodged 24k in cash i would still have been charged a fee which i think is  22 cent per hundred which is 52.80. 

brendan said
Are you seriously trying to say that you paid 12,000 coins into a bank and you expect them to handle them free of charge?

ok if i was on the other side of the fence and walked into a bank which i had no account in and had 50k in legitimate cash to put into a savings account or deposit account would they tell me i would have to pay a bank charge for putting the money on deposit for example at 22 cent per hundred which amounts to 110 euro,now i would have 49890 or would they be glad of the new business.


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## rmelly (6 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

they may waive the fee, but that is at their discretion...


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## ubiquitous (6 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

don't feed the trolls.


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## oaky9 (6 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

its hard to win with banks basically might close my current and ssia account and cancel my credit cards and put all the cash under the mattress so they cant win with me anymore lol, cant close it yet have to go cheltenham hope i dont win too much sterling though haha they prob have a high rate for foreign exchange. thanks guys for all the smart and also good serious feedback will let you know how i get on.


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## Complainer (6 Mar 2008)

*Re: Lodged 24k in 2€ coins to my personal ac. My ltd co charged €240 coin handlin cha*

Don't the bank have an obligation to quote any fees or charge up front, like normal businesses would do?


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