Recent Posts
Loading...
Tuesday, 29 April 2014

Coin counters everywhere! - Stop rolling your coins

(Newest Update - July 8, 2016: It looks like TD's coin counters have been removed as per the article below from the Financial Post.) 

Toronto-Dominion Bank facing class action lawsuit over coin-counting machines in Canada


If you are still rolling your loose change by hand then please put down the roll and step away from the coins. This tedious and time-consuming task is no longer necessary thanks to a number of banks that have installed free to use coin-counting machines in their branches.
BMO Bank of Montreal, TD Canada Trust, and a number of credit unions are among those who have installed coin counters for their customers to use.

As of today the BMO machines are FREE to use by customers and non-customers alike. (Update: A commenter below states that BMO now charges 7% for non-customers. I haven't confirmed this at the moment so just a heads-up.)
TD's coin counters are far more numerous, but are free only to personal banking customers while business customers and non-TD customers will pay a fee of 3% and 8% respectively. Needless to say, if you're not a TD customer then don't waste your money paying a fee at TD if you can avoid it by going to an equipped BMO branch nearby. Vancity Credit Union also has two locations in the GVR which are equipped with coin counters and are free to use for members and the public.

Here's an actual video of a BMO coin counter in action. It's amazing how quick it is.

Video credit - Youtube user:MPRussSel.

I can remember rolling coins for my grandparents when I was young and thinking how there must be a better way to do it. Sorting and rolling pennies and nickels for a couple dollars didn't seem like a good use of one's time. I didn't think so when I was just a poor kid and now that I've become a poor adult I still don't think so. I also remember our family buying an at-home coin counter and thinking how useful it would be... if it actually worked as it was supposed to. Ah the cheap products of the 90's.(Amazingly you can still buy this product and judging by the Amazon reviews they are just as bad as ever.)







<---DO NOT BUY THIS




Click here to see a map of coin counters in the Greater Vancouver area and on Vancouver Island.
By Richard Chu, accompanying his article below in Business in Vancouver.
TD Canada Trust bets big on coin-counting machines


Find a BMO coin counter near you
http://www.bmo.com/home/personal/banking/everyday/how-to-bank-bmo/branch/coin-counter

Find a TD Canada Trust coin counter near you
http://www.tdcanadatrust.com/products-services/banking/coin-counter.jsp

5 comments :

  1. Hi, just curious, I only have e-series mutual fund accounts and a Visa with TD. I do not have any actual chequing or savings accounts with them. Do you know if I still qualify as a "personal banking customer"? I do have a TD bank card although I'm not clear what I can actually do with it given the types of accounts I have. I can't find anything on TD's site that defines "personal banking customer". Thanks!

    ReplyDelete
  2. Hi, I think they give you an access card just so you can use easyweb online and I don't believe you would qualify as a personal banking customer. I'm not certain though so you should still check with them.

    ReplyDelete
  3. Bmo now charge 7% to non bmo clients.

    ReplyDelete
  4. That's disappointing, thanks for letting me know.

    ReplyDelete
  5. 8% at the BMO on provost/ester shiner in toronto. the one at bayview/major mac was out of service as well.

    ReplyDelete

Back To Top