who regulates Loomis, Brinks, etc.?

[port ewen ace]

3 years of CRH have been good to me, BUT---opened 2 nickel boxes from Loomis last night and in my normal routine of weighing all rolls I found all 100 rolls were light -- some as low as 196 grams. my estimate would be about $5 in Canadians. after a previous call to Loomis they claim they are not aware of large amounts of foreign coins being sent to banks. a MAGNET somewhere in the rolling process would eliminate this issue. now I feel they are dumping these coins with knowledge and intent (scheme to defraud would be the criminal code for this practice) on the banks and businesses which comes real close to bank fraud. please, no replies about 100% nickel Canadians, which would be a waste of time for paltry if any gains!!! so the question is-- to what agency do I submit a complaint to stop this sham-- Senator, FTC, FDIC, Treasury?. it also really sucks to get magnetic dimes and quarters in Loomis rolls. every bank gives me the same reply when asked about Canadian coins-- when they find one in a roll it goes in the TRASH, since no customer or business will take them and cashiers will not accept them at any retailer. time to stop this sleazy practice by the carriers. PS: good luck finding silver is quarter boxes, seems they are taking the time to cull them. as for my 2 nickel boxes, they are getting returned with full disclosure of the contents

 

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[mxh5891]

In my opinion it's just one of those things we have to endure as a CRH. The amount of coins that they process it would be impossible to get them all. Silver or foreign coins. Just roll them back up and send them back to the bank.

 

[TheMastermind]

I dump in bags, any foreign that I get in my boxes go right into the bag and back to the processing center. If the coin carriers and banks both refuse to take the hit, so do I.

I had a box of dimes that had 20 foreign coins; mostly Canadian dimes, but a few five pence as well.

 

[LooseChange]

You have no claim with Loomis. Your business is with your bank - your bank would have to go after Loomis.

However, if you complain to your bank about being short $5, you will become a PIA very quickly. If it continues to be a problem, switch pickup banks. It if was a one-time deal, look past it.

 

[Avago]

LooseChange, if the banks go after Loomis, Loomis will complain right back to the banks! Who do you think is giving them the coins that they're processing?

I'm sure Loomis processes bags off of the customer-facing coin counters (which seem to do a pretty good job of filtering out the foreign), but they're also processing rolls that customers hand over the counter. In reality, the tellers should be filtering out the foreign by hand and not giving the customer credit for them at this point. Why should Loomis take the loss by filtering out the foreign when the banks are the ones accepting it and sending it to them in the first place?

I'm sure both the bank and the processing facility have an unspoken agreement to let you, the customer take the loss instead of either of them.

I know some pawn shops around me will give 50% of face for Canadian, though I assume that's just for paper. Just a thought to cut your losses.

Also, if you raise a stink about them not filtering coins, before you know it they'll be filtering Canadian AND silver.

 

[LooseChange]

Noted Avago. There's even more to the story . . .

Often, the coin rolling service (ie, Loomis) never takes ownership of the coins - coins belong to the bank from the time that the bank buys them from their customer A (via coin machine) until sold to their customer B (via boxed rolls).

The trip to the sort and roll facility via armored carrier, coin-lok bag; the processing into rolls and boxes; and the trip to bank branch via armored carrier, boxed rolls doesn't change the fact that Big Bank is the sole owner of the coin and solely responsible for foreigns or counterfeits getting re-circulated.

 

[Avago]

LooseChange, that would make things very simple! In that case, it's 100% the bank's decision to instruct the processor whether or not to filter out foreigns (or to employ a processor that can and will.) The bank should be taking the loss if they are buying the foreigns in the first place, not the customer.

I wonder if the actual physical coin is tracked through the processor's system or if it's just numbers on a page...

Where that leaves the OP, I'm not sure. Roll 'em up and bring 'em back to the bank where you got 'em?

 

[Anduril]

That's what I thought too: Loomis, and its peers, are just glorified taxicab drivers (with machine guns).
They don't own the coins, or whatever else they carry in the backs of their armoured vehicles.

 

[Dozer D]

This all brings up a good point. Last week I was just about to use the self serve coin counting machine, young male teller quickly stops me "don't use that yet", I looked inside the hopper and saw a very large 20-peso Mexican coin that could not fit in the reject/trash slot but just stayed there spinning. Upon his return I asked if I can have that peso coin since it was not counted in the previous customers coin tally. He immediately told me "oh no, it has to be turned in when they come to pick up the big roll-away hopper". So my question is now, who in the he** owns the peso, certainly not the customer (since he didn't get paid for it), nor the bank since it is not in the hopper tally, so therefore it must be the coin vendor who picks up the hopper. Unless the bank teller is just giving me a line of bull, and thus goes in his pocket, so they say. This can also be happening to silver coins, maybe, please comment.

 

[Yinzi50]

CRH is a courtesy offered by the local branch; not an entitlement; I had one dump bank (after 2.5 years) and one buy bank (after 7 years) closed by the upper management. I had perfect relationship with local branches. But sooner or later somehow the upper management found out and closed my accounts.

Many CRHers here will tell you that it is very essential to stay out of the radar. If you try to call around, you may soon find out you can't search anymore.

 

[port ewen ace]

WOW, all replies are good info. I opened a huge can of turmoil and all replies seem to circle back to the fact that bank customers will always get the big middle one when all is considered. my pickup bank took them back and they certainly shared my disgust at all the beaver- butt enders. the coin machines do eliminate the crap and banks are getting leery of taking customer rolls. bottom line= we customers are screwed whether we complain or not. I love Canadians---just hate their crummy coins!!!

 

[mountainman 2]

I agree with Yinzi50. Better not to press the issue.

 

[TroutBumDave]

I love finding foreign coins, seriously. 20 or 30 cents to see something different, or to break the monotony of skunks? That's an easy spend for me. I've got a huge bag of coins from around the world, and I find myself going through those all the time just to see how cool the designs are.

 

[Zomotion]

the coin machines do eliminate the crap and banks are getting leery of taking customer rolls. bottom line= we customers are screwed whether we complain or not. I love Canadians---just hate their crummy coins!!!

Good point on banks getting leery on cwr, but so am I... Yesterday I bought $100 in cwr dimes and some dbag stuffed pennies into 11 of the rolls. I was lucky that I had a relationship with that bank and they were cool with taking the rolls back, otherwise I'd have paid $55 for $5.50 in pennies.

I often bank hop buying up cwr and don't peak until I get home. I don't mind taking a $1-5 hit once in a while (and I have with cwr dimes and quarters), but a $50 hit would have really put a bad taste in my mouth.

I bought that branch cookies today to say thank you for taking the coin back without any hesitation. I got talking to the teller and not 100% sure how it works but each teller gets graded on losses like this. I guess there is a tolerance that is allowed... Maybe FormerTeller can comment on this?

Treat your tellers well, they really do have a thankless job.