Banks refuse grocer’s 100,000 yuan deposit in coins

A Fuzhou, Fujian Province shop owner has been repeatedly turned away by local banks for attempting to deposit 100,000 yuan ($16,000) in coins because they don't want to count them.

The grocer surnamed Wang said containers of the 0.10-yuan coins he has collected over the past year are crowding his already cramped shop.

"We operate a small business, and we can't stop customers from paying with coins," said Wang.

Wang said although he used to deposit up to 10,000 coins at once, banks are now refusing to accept them, claiming it simply takes too much manpower to count them up.

The Wang family is now doing their best to use the coins whenever they can. Wang's daughter carries some 200 coins weighing six kilograms to school everyday for bus fare and snacks.

Banks cannot refuse coin deposits, according to China's commercial banking law.

"Counting 100,000 yuan in coins is time-consuming," a representative of a local bank told reporters, adding it would take all the branch's employees days to complete the task.