Can a Credit Union refuse to take Coins

torrevieja

I was in a credit union today paying off a loan and putting in a small amount in shares,

the ledger told me they could not take coins because the bank won't accept them from the Credit union

am i missing something here

Nervous Wreck

They can refuse them if they please.

coylemj

Anyone can refuse to accept coins, they are only legal tender up to 50 coins per transaction. That means that if I owe you €51 and I offer to pay you with 51 x €1 coins, you can refuse them. If you are in a bank or CU and simply lodging money, they can refuse to accept coins of any kind.

Banks have severely tightened up on coin lodgements because they take longer to process, this has resulted in people using building societies and credit unions to dump lodge the coins they've built up in their giant Smirnoff bottles at home as a result of which the building societies and credit unions have now started to impose the same restrictions. Proper order too.

torrevieja

But if someone is paying off a loan of 120 euro which consists of 100 euro notes and 20euro in 2 euro coins, this can be refused?

So someone is doing there best to pay off a loan

Is this not a form of racism ?

Stheno

torrevieja wrote: »

But if someone is paying off a loan of 120 euro which consists of 100 euro notes and 20euro in 2 euro coins, this can be refused?

So someone is doing there best to pay off a loan

Is this not a form of racism ?

How would it be racism?
The credit union can refuse to take coins if they want.

Frynge

I would suggest you check what racism means.

torrevieja

so im trying to pay a loan and i only have coins to pay it, but im been refused to pay it because this establishment doesnt want to take coins ,

coylemj

torrevieja wrote: »

But if someone is paying off a loan of 120 euro which consists of 100 euro notes and 20euro in 2 euro coins, this can be refused?

So someone is doing there best to pay off a loan

Is this not a form of racism ?

Is that your reaction when you don't like the local rules - call the bank teller a racist?

angeldelight

torrevieja wrote: »

so im trying to pay a loan and i only have coins to pay it, but im been refused to pay it because this establishment doesnt want to take coins ,

Most small shops/pharmacies etc will be crying out for change and swap the coins for you

coylemj

torrevieja wrote: »

so im trying to pay a loan and i only have coins to pay it, but im been refused to pay it because this establishment doesnt want to take coins ,

I thought it was because they are racists?

torrevieja

angeldelight wrote: »

Most small shops/pharmacies etc will be crying out for change and swap the coins for you

Will do that so,

for a minute i was beginning to think Coins were of no value here,

The Bully Boys Dictate the Pace

Shop I worked in last year; we used to do lodgements to the bank. They said they wouldn't be taking any coins off us after X date. Only notes.

Stuff we were selling was always rounded off to an even number, so very few coins came across the counter in the first place, but can't imagine the hassle it'd cause for the likes of sweet shops and such. I'd say it's an enormous pain in the hole.

P. Breathnach

torrevieja wrote: »

But if someone is paying off a loan of 120 euro which consists of 100 euro notes and 20euro in 2 euro coins, this can be refused?

No.

The key is that you owe them money, and are offering to pay what you owe. That means that the concept of legal tender applies. Any mixture of euro notes and coin is legal tender, provided that there are no more than 50 coins in the mix. You could make a case that they refused your legally-valid offer of payment, so you no longer owe them the money.

It would be different if you wanted to pay in coins to pay for shares. In that area, the CU can impose restrictions on forms of payment.

...
Is this not a form of racism ?

Of course it's not racism, because their decision is not based on race. Using the word in this context simply throws the discussion off-track.

torrevieja

P. Breathnach wrote: »

No.

The key is that you owe them money, and are offering to pay what you owe. That means that the concept of legal tender applies. Any mixture of euro notes and coin is legal tender, provided that there are no more than 50 coins in the mix. You could make a case that they refused your legally-valid offer of payment, so you no longer owe them the money.

It would be different if you wanted to pay in coins to pay for shares. In that area, the CU can impose restrictions on forms of payment.


Of course it's not racism, because their decision is not based on race. Using the word in this context simply throws the discussion off-track.

U got the gist of what i was saying and your point has been made clear , and yes the racism word may have been the wrong choosing thanks again