Friday, June 15, 2007

Regions Bank (AmSouth) Exchanges Canadian $ for Free!

I often "buy" quarters from my local AmSouth bank for use in parking meters, laundry machines, and other coin operated devices. Recently I found 3 Canadian Quarters mixed in with the US Quarters I expected. Since they won't work in US vending machines, and since they are not quite worth as much as a US Quarter, the next time I took a deposit to the bank and I also took along the 3 Canadian Quarters and asked for an exchange. Here's what I learned.

1) If you take a roll of coins to the bank, they WILL NOT put your name, acct. # or business name on the roll, so there is no way anyone can trace the roll back to you.

2) Usually they do not unwrap and recount the coins.

Therefore, to get FREE exchange of Canadian Coins to US $$$, just wrap them up with some US coins, take them to the bank and either deposit them or ask for paper money in exchange. NO EXCHANGE FEE involved!

Of course, the person who later "buys" the roll, as I did, gets screwed .. but the bank doesn't seem to care .. Even thought I'm a "good" customer, they refused to exchange my 75 cents Canadian for 75 cents US! (Who's more petty, them or me? - Well, I'm sure they have more money than me ... so it certainly hurt me more than it would have them! ... So much for "Customer Service")

They did tell me, however, how to avoid getting YOUR Canadian coins when I next purchase rolls of coin.

Simply insist on NEW COIN in Federal Reserve Wrappers! ... If the teller says they have none, then you will have to open the coins - at the teller window - to be sure you're getting what you asked for!

At a current exchange rate of around 7%, this is a better return on my investment than their savings accounts!