.Laurentian Bank Will Not Accept Rolled Change For Deposit

Laurentian Bank Will Not Accept Rolled Change For Deposit

Montreal man has $800 in rolled change, but his bank won't deposit the money

 Lauren McCallum, Verity Stevenson 2 days ago

Julien Perrotte brings rolled change to his bank each year. But now, Laurentian Bank says it will not deposit the coins into his account.

Julien Perrotte stood in front of the representative at his local bank last week, unsure he properly understood what she was telling him.

He was carrying about $800 worth of coins, sorted and rolled, that he had collected over the past year. But she said Laurentian Bank wouldn't deposit them.

"I'm like, 'It doesn't make sense,'" Perrotte told CBC News.

The woman told him he could exchange the coins for bills at local grocery stores, corner stores and pharmacies because "they love coins."

But Perrotte, who works as an independent insurance claims adjuster, says he doesn't have time to shop around for a small business to take his change — especially when it's a service he expects to receive from his bank.

He called Laurentian Bank's customer service line to see if there was any other way the bank would take his hundreds of loonies and toonies.

He was told it was a new policy at the bank not to accept coins.

"Pretty much, I was exasperated," said Perrotte, who has been a member of Laurentian Bank for 15 years.

"It's so absurd.… Everyone has coins, that's for sure. Poor people, rich people."

The other option Perrotte considered was to exchange the coins at a Coinstar machine, which are at some grocery stores and malls, but the machines charge about 12 per cent in fees for the service.

"So I would lose like 80 bucks just to try to get rid of money. And my bank doesn't want my money!" Perrotte said.

Some bank branches going cashless

As Perrotte points out, the Royal Canadian Mint is still producing coins as legal tender. But he now wonders who is ensuring that banks will take them.

He's worried other banks will follow Laurentian's lead.

In a response to a request for comment from CBC News, Royal Canadian Mint spokesperson Alex Reeves said the Crown corporation's mandate is limited to manufacturing and distributing Canadian currency.

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