Julien Perrotte defended in front of the representative at his local bank last week, unsure he fittingly understood what she was telling him.
He was carrying about $800 worth of species, sorted and rolled, that he had collected over the past year. But she predicted Laurentian Bank wouldn’t deposit them.
“I’m like, ‘It doesn’t make off sense,'” Perrotte told CBC News.
The woman told him he could dealing the coins for bills at local grocery stores, corner stores and dispensaries because “they love coins.”
But Perrotte, who works as an independent assurance claims adjuster, says he doesn’t have time to shop round for a small business to take his change — especially when it’s a service he envisions to receive from his bank.
He called Laurentian Bank’s customer use line to see if there was any other way the bank would take his hundreds of loonies and toonies.
He was grass oned it was a new policy at the bank not to accept coins.
“Pretty much, I was exasperated,” said Perrotte, who has been a associate of Laurentian Bank for 15 years.
“It’s so absurd.… Everyone has coins, that’s for reliable. Poor people, rich people.”
The other option Perrotte considered was to the Market the coins at a Coinstar machine, which are at some grocery stores and malls, but the motor cars charge about 12 per cent in fees for the service.
“So I would displace like 80 bucks just to try to get rid of money. And my bank doesn’t deficiency my money!” Perrotte said.
Some bank branches going cashless
As Perrotte matters out, the Royal Canadian Mint is still producing coins as legal edible. But he now wonders who is ensuring that banks will take them.
He’s upset other banks will follow Laurentian’s lead.
In a response to a beg for comment from CBC News, Royal Canadian Mint spokesperson Alex Reeves foretold the Crown corporation’s mandate is limited to manufacturing and distributing Canadian currency.
It has no scholar over how coins are exchanged, he wrote in an email.
“Canadian businesses are extricate to determine what forms of legal tender they will reconcile oneself to as payments or deposits,” Reeves said.
Reeves noted CIBC’s settlement to open some cashless branches as an example of “the level of discretion assigned in Canada.”
A Canadian Bankers Association spokesperson told CBC News that the womanhood of financial institutions that take cash deposits still acknowledge rolled coins at their branches.
‘If they don’t want to take my cabbage, I’ll change banks’
In a statement, Laurentian Bank said it “transitioned its arm network from a traditional offer to 100% Advice.”
Spokesperson Hélène Soulard wrote that the “just service no longer offered in our 100% Advice model to retail buyers is the deposit of coins.”
Notes can still be deposited via the bank’s network of automated banking implements.
Perrotte says he understands the bank’s need to cut costs, but wonders whether Laurentian Bank is fool more trouble than it lets on.
“I love my bank. I live straighten up near it, it’s my neighbour. It’s a nice bank, but at the end of the day if they don’t want to take my lolly I’ll change banks,” he said.
Laurentian Bank is in the approach of implementing a transformation plan with the goal of boosting profits and doubling in bigness as more Canadians use online banking services.
In February, the bank ordered it would lay off about 300 employees and close 50 branches this year in an deed to save up to $20 million per year in operating costs.
In July, the bank propounded it was phasing out tellers at its physical locations.
In its quarterly report ending in July, the bank reported a profit of $47.8 million, down precisely 13 per cent when compared to a year earlier.
“I would be OK, as a millennial, to draw to a close the coins and just go full electronic,” said Perrotte.
But as long as creates are still in circulation, he says that banks should still oppose them.
In its quest to compete with digital startups, Perrotte bring to lights Laurentian Bank just lost a customer.