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Robarons
Penny Hoarding Member
USA
522 Posts |
 Posted - 11/13/2009 : 18:32:36
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Recently I decided to strengthen my penny operation to crush the copper supply in my area so I opened an account at Chase.
One term I had with them was I could return penny bags. They agreed. So I bring in my first bag with no problems or flak. But however she said it takes about 2 weeks for it to get credited to my account. I was thinking it might be a one time thing, but does this sound right?
Also is there things to keep out of the bags, like steel Canadian pennies? Also chewed up pennies that might now get accepted?
How accurate are they? Has anyone had any problems? Thanks
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Robber Baron= Robarons |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 11/13/2009 : 18:44:54
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Im sure they are just sending the bags off to an armor car service to get processed. Hence why it takes 2 weeks.
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Copper Penny Investing
www.portlandmint.com |
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fb101
Administrator
USA
2856 Posts |
Posted - 11/13/2009 : 18:58:12
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| I'm told that is normal time at Wachovia banks, that is why I do not use that option. |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 11/13/2009 : 19:44:24
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I have one bank that told me they will take bags. They even supplied me with the bags. I have not returned any yet. I continue to dump in the machines, that way I can get the FRN's right then.
I might have to take a few in just to see how the process works.
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You don't have to be the BEST you just have to be.......SLICK
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bman
Penny Collector Member
USA
425 Posts |
Posted - 11/13/2009 : 21:03:38
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| I think it depends on what day you drop them off, if you drop them the day before armored car pick up they will be processed faster. |
check out my coins for sale on ecrater : http://bmanscoinsforsale.ecrater.com/ |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 11/14/2009 : 07:13:28
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i dump at wachovia in bags and get instant credit. of course i'm a mature adult with a lot of business, high balances and an old account, they've pulled my credit report because its a checking rather than a savings account, etc.
a 2 week wait is reasonable when starting. its still worth it imho.
give it a few months and then ask for better terms.
also, keep in mind they will put your coins through a mechanical counter. bent, cruddy/gummy or other coins may cause problems. canadians and steels do not. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 11/14/2009 : 07:39:14
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I bring them in and they hand me the cash! Or, I deposit them in my account and get credit that day.
One time a week the armored carrier picks them up and takes them back to the Fed. If they weigh short or have an issue then I am good for it. At this point, my counter has been spot on and I have never had a bag come back short!
Maybe it is just my charm, LOL!, or the fact that I’m in the more rural eastern North Carolina where we do things a little different.
I can't imagine giving someone money and letting them ride me for two weeks. That is crazy, in my opinion!
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 11/14/2009 : 11:41:52
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Only one of my banks will take them loose in the bags and then the policy varies by branch. Most of them pay me cash on the spot or credit my account instantly and I just tap the ATM for the funds, but some branches tell me the deposit is "subject to count" and credit my account a week or so later. Guess which branch I don't deposit very many bags of pennies in.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 11/14/2009 : 11:45:32
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| I want to know how one "Crushes the copper supply" in an area. As hard as I hit it and as many banks as I have accounts at, I don't think I am even "denting" the copper supply in my area. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 11/14/2009 : 11:50:21
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| You should remove any pennies that might potentially jam up a machine. This will avoid maintenance issues on the bank's part and help ensure that you get an accurate count. Plus, it is just the right thing to do. Best way to do this is to run them through your own counter.. if they clear yours, they will probably clear theirs. Removing steel Canadian pennies is the proper thing to do also. Some counting machines like Mach 7's have a very strong magnet at the end of the inspection tray that takes care of this automatically. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Robarons
Penny Hoarding Member
USA
522 Posts |
Posted - 11/14/2009 : 13:00:11
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Thanks for hitting the nail on the steel cents issue. Where I live I get a reasonable amount of Canadian cents and could be removed by magnet, thus not getting counted. Thats why its harder to find .999 Can nickels too. I will also have to watch the bent stuff.
Thats what I find funny about this forum, people say that returning bags is the best thing you can do, but most people dont =) But those are valid point for the no-baggers. Theres no free coin counting here so I am stuck paying 2% at my coin machine. But the quick cash and removing of uncounted coins is a bonus.
To crush the local coin supply is to hit every bank until the last coppewr is gone.Okay, its not a brillant plan but I have noticed a steep drop in Wheats and lower coppers. |
Robber Baron= Robarons |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 11/14/2009 : 17:41:22
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Man, sure makes me glad that I return loose for instant cash/credit. They don't even keep my bags.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 11/14/2009 : 20:42:15
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Where you live the copper percentage is like 30%, so it would be harder to crush it. Nothing wrong with a 2 week float as long as you plan for it and have sufficient capital. The convenience is certainly much better than eating 2% for counting.
I used to return exclusively in bags, but I pushed the envelope a little too hard and my main dump bank cut me off.. so now I spread the dumps around a lot more. Having the rolling machines gives me a lot more options. There is only 1 free coin counter in my area.. and it is at my credit union which is only open M-F while I am at work. Plus, it is a CoinStar, so it is 10 times slower than my own machines. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Robarons
Penny Hoarding Member
USA
522 Posts |
Posted - 11/15/2009 : 00:06:24
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Sorry for the spelling errors above.
Its funny that you mention that you only have one bank that does free coin counting and its a coinstar. In my area there is one credit union with free coin star counting. So I became a member and dumped like there was no tomorrow, up to $200-300 a week. But they put a freeze on my accounts and forced me to see the bank manager. They said I was not doing enough business with them (loans) and cut me off.She alos said they have to pay the 8.9% fee and they do not recieve any discounts, which I think she was lying. I posted a thread of my experiences like this a while back.
I hope I can get the instant credit thing going in the future. Its not like I have a rush, I got my copper percent down to 33% from 37%.
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Robber Baron= Robarons |
Edited by - Robarons on 11/15/2009 00:08:01 |
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jldco
Penny Pincher Member
USA
114 Posts |
Posted - 11/16/2009 : 21:54:24
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| Shes not pulling your leg, Robarons. Thats how it works. Someone is paying the 8.9%. If not the consumer, then the retailer/Bank or CU. I've seen the contracts. There is a discount at certain $ levels but if the CU is footing the bill, there's no advantage for getting to that price point. Somebody has to pay for that machine and the service ..... |
Mark 8:36
www.pennybullion.com |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 11/16/2009 : 23:17:11
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I think she was being straight with you Robarons. Are you familiar with the TANSTAAFL principal? It stands for There Ain't No Such Thing As A Free Lunch. Somebody has to pay the freight. Certainly things are negotiable such as splits or rent for the space, but a CU is not an ideal location and would not bring in enough volume for them to be able to negotiate much of a deal with the CoinStar franchise holder. Any place you "dump like there is no tomorrow" will take notice and start to associate the cost of that dumping with how much value they think you are bringing in as a customer.. then you will get to have that little talk with the manager. This is one reason I use the CU very sparingly, and why I spread my dumps around to many banks and branches.
That 2 week float is starting to look pretty good right now, isn't it? |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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vrbsroma
Penny Collector Member
394 Posts |
Posted - 11/17/2009 : 09:21:30
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| I've been to a Chase by me that gave me large plastic coin bags and said I could return in those. They told me what day to bring the bags in. I make sure to double-check the count. I get an instant deposit, like cash, and have never had issues. |
As far as I know, it is stated "In God We Trust" on the US dollar. How can I trust this currency if I do not believe in God?
Possession is nine-tenths of the law.
When I give my two cents, they're always copper! |
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Time concerns with Penny bags
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