Bank Support: Hunting for Rare Coins

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Question: Do banks sell rare coins?

Asked by: Bud from Great Falls, Montana.

Answer: Banks typically refrain from actively engaging in the buying, selling, or trading of rare coins due to federal regulations. They are generally limited to processing coins at their face value. One method of finding rare coins at a bank is to develop a relationship with the local staff. Expressing an interest in coin collecting and establishing rapport can boost the chances of staff members spotting rare pieces and informing the collector when they are available. This approach can also help to gain priority access to newly released or limited-edition coins. Acquiring rare coins at a bank can also be done through coin roll hunting. This process entails searching through rolled coins to identify valuable pieces based on factors such as rarity, condition, metal content, and historical significance. Rolled coins can be bought, sold, or exchanged at bank branches. It is important to note that certain banks will only process coin transactions for their customers.

Question: What are the most common types of bankruptcy?

Asked by:  Maggie from Lorain, Ohio.

Answer: When facing significant debt in the United States, individuals can seek relief through bankruptcy, a legal process to repay debts under court protection. The two most common types of bankruptcies are Chapter 7 and 13.  They each offer tailored solutions for specific financial situations. A Chapter 7 bankruptcy, also known as a “straight” or “liquidation” bankruptcy, is for individuals with limited income. In this process, a trustee oversees the sale of non-exempt assets to pay creditors. Some assets, like basic household goods and a primary vehicle, are exempt from being sold. To qualify for Chapter 7, individuals must pass a means test that compares their income to the state’s median income. If a filer has excessive disposable income, the court may refuse the petition or convert it to a Chapter 13 filing. A Chapter 13 bankruptcy, also referred to as a “wage earner’s plan,” allows individuals to devise a repayment strategy to pay all or some of their debt. The debtors work with a court-appointed trustee on creating a repayment plan that typically lasts three to five years. Once approved by the courts, the debts are consolidated into a single monthly payment.  The funds are collected by the trustee who in turn pays the creditors. At the end of the repayment period, the court discharges any remaining debt.

Question: How accurate are credit score apps?

Asked by: Stu from Nashua, New Hampshire.

Answer: Apps like Credit Karma, myFICO, Mint, Credit Sesame, and others promise instant access to an individual’s credit score. The accuracy of these apps depends on several factors. The first factor is which of the primary credit scoring models, FICO or VantageScore, is the app using. While they share many similarities, they differ slightly in determining credit scores, including the categories considered and the weight assigned to each. The second factor is the frequency in which the scores are updated. Credit scores can fluctuate due to changes in the credit report. Apps that update their scores more frequently provide a more accurate reflection of the user’s credit status. The final factor depends on which credit reporting bureau (Experian, Equifax, or TransUnion) the information is pulled from. Different apps may source data from one or all of these bureaus, leading to varying scores due to potential discrepancies in information.  While credit score apps provide convenient access for monitoring financial standing, the scores shown are generally educational estimates rather than the precise scores used by lenders.

Written by: Alex Sanchez

Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com

About our Author: With nearly 20 years of experience in the banking industry, Alex is currently a branch manager with First Interstate Bank. Throughout his career, he has contributed his expertise to renowned financial institutions like Bank of America, US Bank, and Chase. He also has a bachelor’s degree in Business Economics from the University of California, Riverside.

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