When is money not money? According to some big banks, it’s when it comes in the form of loose change. While policy varies from institution to institution, many of America’s largest banks don’t accept “pocket change.” They only accept pennies, nickels, dimes, and quarters if properly rolled in paper wrappers.
That’s what real estate agent Ryan McBay found out a few days ago when he attempted to deposit his loose change at Chase Bank. In a video posted to TikTok on Saturday, McBay revealed that he was denied by the teller when he asked if Chase would deposit his four dollars in loose dimes into his account.
In the video, which has 1.7 million views as of publication, McBay displays a baggie full of coins to his viewers while relating his frustrations. The caption reads, “Chase Bank denied my deposit of dimes. They don’t take loose change?”
McBay was aware that he would have to wrap up a portion of his dimes in paper rolls but was told by a teller that the bank could not take the remaining four dollars in unwrapped dimes. (Dime paper rolls are only available in $5 amounts).
“Chase Bank, she said is … the policy is to not take loose change at all,” he tells his viewers. “They will give you loose change, but they won’t take any loose change.”
“I said, ‘What if it was only twenty cents?’ She said no, they will not take loose change. I don’t know why but what the f*ck? Somebody explain that to me,” he asked. “Why won’t they take it?”
@ryan.mcbay Chase bank denied my deposit of dimes. They don't take loose change? #bank #wrong #chase #money #why ♬ original sound – Ryan McBay
“We’ve finally reached the day that even banks won’t take cash,” Bret Brian (@bretbrian) wrote in the comments section, echoing McBay’s irritation.
“Don’t take legal tender of my money to put in my account? then I’m closing [the] account before walking out,” another viewer added.
While banks cannot refuse to accept forms of legal tender as payment, there is no regulation that prevents them from refusing a form of tender for deposit. Automated coin-counting machines can be costly, and even with automation, the process is time-consuming, so many national banks no longer offer the service.
According to Bitkan.com, Chase’s current policy is to accept only rolled coins. The Daily Dot has contacted Chase via email for a statement.
In a follow-up video, McBay revealed he rolled the coins and presented them to another branch of Chase Bank, where they were accepted. However, the teller told him that if the branch had been busy, he would not have accepted the loose change.
Bankrate.com advises seeking out smaller institutions to cash out your change, stating, “Many big banks have phased out their coin-counting services in recent years, but the regional banks or credit unions that do offer coin exchange likely do so at no cost to customers. There may be a small fee for noncustomers to use the bank’s coin-counting services.”
Many of the commenters on McBay’s original video agreed.
“Shoot my credit union has taken CONTAINERS of change from us threw it in their counter machine and gave us cash back,” Dawn (@narfariously_sassy) wrote.
Another added, “Credit Union is the way to go!”
The Daily Dot has reached out to McBay via TikTok for further comment.