Are banks required to make change for non-customers?: Money Matters (2024)

Q: My understanding was that any bank in the United States had to accept legitimate U.S. currency and exchange it.

Growing up, I was used to being able to walk into any bank and exchange one form of U.S. money for another without needing an account. I could cash in rolls of coins (sometimes they would open them and count, but not always) for bills or break a bill for small denominations or for change.

During the past year, I have walked into some local banks to "break" a $20 bill for $1 bills which are handy for tips and vending machines. I have been told that unless I open an account, that the bank would not exchange the bills.

I believe the actions are illegal, but I ended up going to the Post Office and buying a single stamp to break a $20 bill (they won't make change either).

N.S., Cleveland

A: The operative phrase in your question was: "Growing up, I used to be able . . ." Those were different times.

There is no law that requires banks to make change. In fact, laws to guard against money laundering prohibit banks from making change for any old amount.

At PNC, "limited currency and/or coin exchange is permitted for non-PNC customers up to and including $25," said spokeswoman Marcey Zwiebel. "No exceptions are able to be made to the $25 maximum due to Bank Secrecy Act reporting (to which all currency and coin exchanges are subject)."

At Huntington, they're not as flexible.

"Huntington's policy is not to make change for non-customers," said spokesman Bill Eiler. "But if a person comes in the branch, we are pleased to welcome the opportunity to make that person a customer."

You don't indicate whether you actually have an account with any bank or credit union. If you do, I suggest you plan ahead and get your $1 bills from that institution. Or be prepared to make a lot of purchases of postage stamps or chewing gum to break those $20 bills.

Q: I went to Cox Cable to pay my bill and they wanted my ID, which I didn't have with me. They said I couldn't pay my bill without it. If someone wants to go in and pay someone's bill, what's wrong with that? Why would they demand ID?

R.A., Brooklyn

A: If you had wanted to pay in cash, there would have been no problem. But since you wanted to pay with a check, Cox needed ID to verify your identity so the company could process your check. So someone else could pay your bill by check, as long as he or she had ID.

Q: I receive at least one credit card offer a week. While they give me the option of opting out of receiving these offers, when you call the phone number provided, you're asked for your Social Security number. The number is the same on all offers 888-567-8688.

I am not comfortable providing this information to a company that already seems to have a lot of my personal data. Is there another way to opt out? Do you think it is safe to provide the Social Security number?

P.G., Cleveland Heights

A: You're wise to be leery any time you're asked to provide your Social Security number.

I've never understood why the credit bureaus want to protect us so much from someone who is nice enough to have all of our personal information but only wants to save us from getting credit card offers.

But this "opt-out" phone number is legitimate. It's a collaborative effort by the credit bureaus, Equifax, Experian, TransUnion and, the lesser-known, Innovis Consumer Assistance.

You can opt-out either by calling1-888-567-8688or by filling out the form online at www.optoutprescreen.com. Yes, you must provide your name, address, SSN and date of birth.

You can also submit the form by mail if you're opting out permanently. But you must begin the process online and then print the form and following the mailing instructions.

You can get more information about opt-outs, and verify this phone number and other contact information, by going to the Federal Trade Commission's site:http://www.consumer.ftc.gov/articles/0262-stopping-unsolicited-mail-phone-calls-and-email

If, weeks or months from now, you decide you want to opt-out from credit card offers and don't have this column in front of you, don't just do an online search for "opt-out" and "credit cards" or whatever. That's a recipe for coming across a scam website.