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

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.

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.).

Click to expand...

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

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.

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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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.

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...

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

don't feed the trolls.

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.

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?