David A. Donathan sent a message to Kelly S. King - Chairman and Chief Executive Officer of BBT Corporation - Email Address that said:
Imagine how surprised I was when I showed up at the Springfield Branch to have coins sorted and was informed that due to a policy change, BBT will start charging to accept coins effective May 2017!! When I asked for details, I was told that corporate headquarters had determined it was “too expensive” to continue accepting coins for paper money or direct deposit to BBT accounts and that customers were to be charged 5% of the coinage total.
When I asked how BBT could contemplate charging a customer with direct pay check deposit and thousands of dollars on deposit 5% to deposit coinage into a savings account earning about 1% interest, effectively PENALYZING the customer 4% for the unmitigated audacity of depositing COINS into a bank account, they were stymied!!!! They did, however, mention that a currently unknown dollar amount of coins might be accepted at no charge.
Since the deregulation of the banking industry in 1999, it seems bank customers have seen a consistent erosion of “free” services and interest rates on savings with a concurrent imposition of a plethora of additional fees. Customer service beyond the local branch seems to have become extinct.
I propose a different business model (at least for small town branches where tellers and bank officers have forged strong ties with their communities through consistent pleasant, courteous and professional service):
1. Customers with accounts at BBT continue to receive “free” coin-to-paper conversion. This can be once or twice a year or up to a set amount each time conversion is necessary. You may not realize it, but people at my level pick up coins off the street, drop change in a container each evening and otherwise collect coins. We even teach our kids to save coins by encouraging piggy banks and bank accounts.
2. Customers without BBT accounts can convert their coins for a service fee.
If I want to pay 5% or more to convert my coins to paper bills, gift cards or store charge cards, I can do that at Walmart, Krogers or any number of other stores. I dont expect my financial institution to be charging the same rate as a vending machine franchise!
I urge you to reconsider charging customers for using this bank service and consider the detrimental effect telling a customer “Sorry, we are going to charge you 5% of this deposit to your savings account because it includes too many coins.”