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deleted
5 Posts |
 Posted - 06/04/2006 : 11:26:41
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Any suggestions for obtaining & disposing of large quantities (e.g. 1,000,000+) of pennies repeatedly on a regular basis?
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realcent
Forum Admin
USA
246 Posts |
Posted - 06/04/2006 : 13:21:17
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quote:
Originally posted by sndchaser
Any suggestions for obtaining & disposing of large quantities (e.g. 1,000,000+) of pennies repeatedly on a regular basis?
I have never dealt with those quantities, but were I to try I think I would stop by my local bank and ask for the name and phone number of their contact at the Brinks office. They bring the coins and cash to the bank already in rolls, and pick up the loose change from the coin counter machines.
I would then call Brinks and find out about the cost and procedure of setting up a pick up and drop off schedule for wherever I had the coins.
I don't know if Brinks would do a residential pickup, or if that would be a good idea security-wise. (I wouldn't want my neighbors to see a Brinks truck stopping at my house every week) Maybe meet them at a local bank where they would be going anyway?
Oh, and welcome to the boards!
RealCent
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 06/04/2006 : 15:10:17
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Brinks or maybe Wells Fargo. I can't see them wanting to hand money over to you in the bank's parking lot though. If you were buying in that much of a bulk, I would think they could deliver to you in unrolled and in bags.
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If you can conceive it, you can achieve it. -Napoleon Hill |
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n/a
deleted
42 Posts |
Posted - 06/04/2006 : 16:38:05
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| Defiantly something that may even need some kind of license or a tax number at the least, something. Any time amounts close to 10k get exchanged it will get watched.(someone files a Form 8300 I think) And any time smaller amounts get exchanged on a frequent or related too manner (structuring I believe) it also is tracked. A one to one with a big bank bigwig is in order for an endeavor like that. A CPA and a heavy duty dolly would be nice also. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 06/04/2006 : 19:03:01
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Working with a banker would help if you could show him that you can make money off the pennies (cents  ) and would deposit it in th bank. That is of course he or she does not steal your idea first.
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If you can conceive it, you can achieve it. -Napoleon Hill |
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Obtaining large quantities of coins
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