Coin Lodgements Bank Of Ireland ! you wont believe this !!!!

FGR

Hi all! Just noticed what Laura mentioned there about BOIs that accept coins.

Would it be possible to tell me if the branches in Dungarvan, Midleton or Little Island accept non-full bags of coins for personal customers? 

Thanks!

Bank of Ireland: Tara

Hi FGR,

Thanks for getting in touch.

The three branches you've mentioned are not part of this pilot. Some branches may have local initiatives in place so you would be best to call the branch before making a trip, to ensure loose coin can be accepted. Contact details for the branch can be found here.

Thanks
Tara

Sheep Shagger

Coin lodgement machines are not new, here's a few options thy have been around a while.

https://www.asb.co.nz/business/ways-to-bank/cash-banking

Also don't understand why there are only a handful of lodgement machines nationwide available outside of banking hours, instead of putting multiple machines in branches having them on street fronts would surely service customers better?

Bank of Ireland: Pat

Hi Sheep Shagger,

Thanks for your post. Along with the internal branch Lodgement ATMs, our External Lodgement Machines and Self-Service Lobby are still in the pilot phase. There are plans to introduce more of these as the feedback has been very positive.

Thanks
Pat

jos28

I would like to know what BOI suggest that small retailers do to balance their cash books and bank statements since they are no longer accepting coin lodgements. As far as I am aware Revenue expect retailers to lodge ALL their takings not just the notes. How are bookeepers expected to reconcile their accounts under these new regulations. For example, if a shop takes in €1083.27 they can either lodge €1080.00 or €1085.00. Either way it does not match their till takings. Rounding up or down lodgements on a daily basis would make a mess of small retailers cash books by the end of the month never mind trying to do an end of year balance. I would love to know what the legal implications of this are from the Revenue Commissioners point of view. Our local Branch Manager suggested writing a cheque every day to cover the coin ??? How exactly woudl that help ???

Tow

A good question Jos. My wife asked much the same at a branch last week, the girl at the counter just broke into tears and said that; others has asked the question already. And she did not know what to do. Head Office issues instructions to them and if they disobeyed they get into trouble.

Bank of Ireland: Sean

Hi jos28,

 

We would like to clarify that Bank of Ireland still accept coins.  We are not refusing coin.  However we have changed the way we accept them as part of lodgements.  We will only accept coins in full bags and sachets for certain customers.  We ask that you hold back any loose coins you may have until you can fill a bag.

 

Many thanks for taking the time to post.

 

Seán

jos28

Bank of Ireland: Sean wrote: »

Hi jos28,

 

We would like to clarify that Bank of Ireland still accept coins.  We are not refusing coin.  However we have changed the way we accept them as part of lodgements.  We will only accept coins in full bags and sachets for certain customers.  We ask that you hold back any loose coins you may have until you can fill a bag.

 

Many thanks for taking the time to post.

 

Seán

Thanks Seán but I think you are missing the point. Small retailers need to lodge every cent they take in and reconcile their daily takings with their bank statements. Holding loose coins until you fill a bag does not allow you to do that. It means carrying over a mis-balance every day until you have enough to fill a bag. That makes things extremely awkward as the amount of loose coin will never come to an even amount. There will always be a mis-balance and this is not good book keeping practice.  It will never round up exactly. Furthermore some software packages will not let you close ledgers or log off the system with a mis- balance or un-reconciled amount.

Bank of Ireland: Sean

Hi jos28,
 
We will pass your feedback on to the relevant department.  However we would suggest you contact your Relationship manager in your account holding branch to discuss this.  They may be able to offer you some advice and suggestions that may help you regarding this new policy.
 
Many thanks for taking the time to post
 
Seán

jos28

Hi Seán,
Thanks for your help, much appreciated. We tried our local Manager and explained the situation but he maintains his hands are tied. It's an instruction from Head Office apparently. Look forward to hearing what the relevant department says. It is a major hassle for small businesses. I spoke to one person yesterday who has taken to queueing up at the post office to get a postal order to cover the loose coin amount - crazy stuff ! We have always been careful to keep the loose coin amount to it's lowest, never exceeding €5. Hopefully BOI can be a bit more facilitating.
Thanks again

Bank of Ireland: Sean

Hi jos28,
 
We passed your feedback on to our Branch Network Team and they have come back with the following:
 
 

"In order to keep your books straight the retailer will need to use the 'carry forward' function in their accounting/bookkeeping - best to discuss this with their book-keeper or accountant".  

 

I hope this helps in some way.

 

Thanks again for taking the time to post

 

Seán

Valetta

It is absolutely not necessary to lodge every cent in a cash business. I don't believe the revenue would ever insist on this.

Keep a float within a limit eg. between €40 and €60 and it can fluctuate depending on loose change from day to day.

This would be basic bookkeeping procedure.

ectoraige

In other words, screw you customer.

Tow

This is not true in the case of charities.  If X is collected in week etc, X must be deposited.  The whole process must be seen as fully above board and recorded not only for the organisation and its own auditors, but for Revenue.  Remember, Revenue refund people's tax against their 'registered' charity donations, the paper work must be perfect, they carry out regular audits on it and if not happy no refund or at best long delay.  For most charities this represents over 30% of their income, so there can be no messing around with floating €5 etc from week to week.