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

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oaky9

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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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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!!
 
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
 
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 presume this is a wind-up?

Come on. What is the punch-line?

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

Or a mint.:)
 
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)?
 
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.
 
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.
 
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.).
 
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...
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Did you ask them?
 
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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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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