Coin counting fee

A coin counting fee may be charged for giving change in coins or receiving, counting and packaging coins for deposit in a customer’s account. Customers may also be charged for cash withdrawals in coin.

Banks are not obliged to accept more than 50 coins per payment.

This fee is usually applied to business customers whose activities involve frequent cash services, as these require considerable staff time and resources.

Any fees must be stated in the terms and conditions of the account. Also:

• Funds are deposited subject to recount by the bank. If the amount stated by the customer differs from that counted by the bank, the bank’s count prevails unless the terms and conditions state otherwise.
• Customers will be supplied with blister packs to make coins easier to count.
• Business customers may be offered integrated cash-management services, including collection and/or delivery of cash by armoured vehicle, counting, packaging and changing cash.

What requirements must be met in order to charge this fee?

• The fees charged by banks are unrestricted, except in cases where they are limited by law. In the case of the coin counting fee, there is no limit, so each bank can establish the fee it chooses.
• The bank must inform you of the fee amount before the transaction is performed.