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cecropia_moth
Penny Pincher Member
USA
222 Posts |
 Posted - 12/03/2009 : 00:49:50
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As I indicated on Silver Halves/Other Coin finds earlier in the day I was told I would be charged $5.00/box "going forward" for halves. This was after only picking up 4 boxes from this particular branch in the last two weeks. Four boxes doesn't sound like a lot, especially when only two of the four boxes needed to be ordered (the other two were "in stock" in the vault), but maybe they just got sick of my face or they are plain lazy and don't want to deal with it.
Anyways, here's my question(s) -
When an armored car service does pickups/deliveries to a bank branch, how is the branch charged for their services?? My thinking is that it is a contractual set-rate fee (maybe monthly or yearly) to visit the branch (depending on size) either daily, twice per week or maybe once a week. I do not believe the bank branch would be charged extra just to have a few boxes of halves delivered...boxes of coin would be included in the wrap or set-rate fee.
Is this thinking wrong??? If they aren't charged an extra fee for boxes of coin, then it appears to me that they are just using me to re-coup some of their armored car expenses.
Just doesn't seem right when my family has banked there for 35+ years, has two decent sized direct deposits coming to this bank a month and maintains a money fund account there as well. The fee was imposed by the teller supervisor...maybe I can go over her head.
They were soooooo nice until today...been hacked off ever since and then on top of it I had to sort those two boxes to find one stinking 1968-D.
Suggestions/comments welcome.
Jeff
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myfundsarelow
Penny Collector Member
USA
388 Posts |
Posted - 12/03/2009 : 01:38:37
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| hi C M, you are the boss of the bank, you can talk to a higher up. with all of your accounts they might sing a new tune if you told them you would close these accounts if they charged you this hefty fee as they are not paying any high interest rates you can always go to a more frendly bank. ! good luck PEACE!! |
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1945V
Penny Pincher Member
Canada
153 Posts |
Posted - 12/03/2009 : 06:34:35
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I think banks are starting to clamp down on coin sorters and some tellers are laying down the law.
At my bank, they clearly state a fixed fee per coin roll deposited or withdrawn will be charged in their pamphlets.
But, in my hundreds of visits to this banking chain, I have never been charged this per roll fee. Most teller ignore this charge.
Last week in a very rude manner, one teller tried to charge me this fee.
I took down her name (name tags are very handy sometimes) and told her I will be calling customer service to report her.
In Canada the banks are very competitive for customers and frequently call you to have you rate your service experience and provide feedback.
I normally, give the tellers that serviced me in the past 10 on 10 ratings.
This teller will get zeros across the board and I might threaten to take my business elsewhere if don't get an apology. |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 12/03/2009 : 14:03:14
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Bank charge business accounts for coin, because they get charged for processing coin.
If you are ordering several boxes of coins, you may get lumped into the business category. I discovered this at a large bank branch in a commercial district. It had the commercial tellers on a different floor. I was told to go there for my box of pennies, then told by the helpful teller that it would cost me $5 above face.
If you are getting boxes for free, you have a very unique banking arrangement or an unaware teller. |
Trust the government? Ask an Indian. |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 12/03/2009 : 15:37:35
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it varies.
big banks with multiple branches have a contract and typically its a set fee.
1-branch banks more frequently get charged per box. brinks takes bank coin deposits, rolls them, and then resells them to branches. they charge maybe 8-10 cents a roll i think. so 50 rolls is 5 bucks. its prob what they charge business customers. is your account business or personal?
if this is a smaller bank i think its very possible you are costing them money on this and they are just passing it along. if this is a mega chain i think they are just nickel and diming you (sorry about the pun). |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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2old
Penny Pincher Member
188 Posts |
Posted - 12/04/2009 : 09:19:09
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| In my area, the larger banks do not charge for boxes if you do not abuse the privilege. I can usually get two boxes or all of their bags for no fee if I show up the day before they ship the bags out. Only one smaller bank asked for $4.00 per box, and I was a customer. I have no accounts at the other banks, and they just hand them over for cash and a thank you. The bank where I dump has offered to order all I want, as well as two other banks. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 12/04/2009 : 11:55:59
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Each armor car company bills differntly.
This is how it is normaly done:
Bank XYZ has a contract to have service X amount a times for week.
The bank than gets charged a wrapping fee for each box of doin they get it. Usually between 4-7 cents per roll, so $2-3.50 per box of pennies.
On top of that some banks get charged per item they are delivered.
It costs money for the bank to supply people with coin. Times are tough for banks so that is why they are cracking down on sorters. |
Copper Penny Investing
www.portlandmint.com |
Edited by - highroller4321 on 12/04/2009 11:56:37 |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 12/04/2009 : 12:34:30
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So lets use $3 a box. So when I order 20 boxes, they are getting charged $60 for my $500.00 in pennies. Seems like it is costing them a lot of money to keep a customer.
What about when they send in bags? Is there a charge per bag? |
You don't have to be the BEST you just have to be.......SLICK
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TXTim
Penny Hoarding Member
629 Posts |
Posted - 12/04/2009 : 15:28:21
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It varies here.
Some branches order by the box and get charged by the box.
Other branches (of the same bank), pay a fee for unlimited coin.
Avoid the banks that order by the box. |
Beer is my currency. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 12/07/2009 : 01:31:27
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quote:
Originally posted by slickeast
So lets use $3 a box. So when I order 20 boxes, they are getting charged $60 for my $500.00 in pennies. Seems like it is costing them a lot of money to keep a customer.
What about when they send in bags? Is there a charge per bag?
It depends what their contract states. If they don't get charged per "slot" than no there should not be a fee. However, most tellers are convinced that they can't order loose coin. |
Copper Penny Investing
www.portlandmint.com |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 12/07/2009 : 06:44:27
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quote:
Originally posted by highroller4321
quote:
Originally posted by slickeast
So lets use $3 a box. So when I order 20 boxes, they are getting charged $60 for my $500.00 in pennies. Seems like it is costing them a lot of money to keep a customer.
What about when they send in bags? Is there a charge per bag?
It depends what their contract states. If they don't get charged per "slot" than no there should not be a fee. However, most tellers are convinced that they can't order loose coin.
Yeah, I have encountered that many times.
My question was, Do the banks get charged by the bag when they are picked up? |
You don't have to be the BEST you just have to be.......SLICK
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Question: Re: Armored car service to banks.
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