Wednesday, January 14, 2015

The Coin Story

There's a new regulation that German business operations face in 2015....which is an odd least to an American.

Banks are now charging (it appears most will conduct the practice)....for the occasion when you walk in and present significant collections of coins.  I'm NOT talking about the minor transaction where you present 105.22 Euro in a hundred-Euro bill and three coins (2 x 10-cent pieces and a single 2-Euro cent piece).  The case I'm talking about is where you walk into the bank with sixty coins.....say all 10-cent pieces and attempt to redeem them for cash or deposit.

For a number of banks.....the fee will be waived for fifty coins or below, at least if you are a private citizen.  Over fifty coins, it's going to cost something.  Yeah, you read that correctly.

Some banks are shifting this around and just saying a private citizen presenting coins will be free....but a small business operation will have to pay a fee of 1.50 Euro for amounts up to 1,500 Euro.

Some banks are going to 15-Euro cents per roll.

The trigger for this?  Well.....the EU sat down last year and decided it was the bank's business to examine coins coming into the system for damage and validity. can imagine a bank director reading this EU law put into effect.....he has to maintain some type of gimmick which appears that he has someone (a night clerk or some sixteen-year-old apprentice) who stands there on a very tall chair and looks over coins that gets deposited, and passes judgement if they seem valid, or damaged.

What happens if there's damage?  I'm assuming some type of report is typed up and the coin is mailed to someone who swaps the coin with the national bank.

What happen if there's a question over validity?  That would be a curious one to ask.

So, depending on the German bank you do business with, and their view of this stupid EU might have to pay an extra couple of cents or a Euro.....just to get them to accept your coins....if you were to walk in and do a bulk drop.

My advice?  If you got a coin box of three-hundred coins collecting dust....just pick up forty and use them for gas purchases, a beer at the local pub, or use them to pay the kind ladies who manage the public toilets for you.  Thank the EU.....for another simple but stupid rule.

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