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jman1237
Penny Sorter Member
USA
52 Posts |
 Posted - 02/02/2010 : 18:46:13
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I have had a number of banks get me several hundred dollars a week in pennnies for some time.... then all of a sudden they just refuse. Maybe $100 they say. They are being charged by the larger banks for transportation costs.... Does anyone have any better ideas... is the fee worth it, I am hearing $8 per $50 dollar bag.. THAT'S 16%, I don't think that makes sense...
Bottom line I need ideas to source more unsorted pennies rolled or loose!!
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Jason Rasset
http://iamabullionaire.wordpress.com/ |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 02/02/2010 : 18:50:58
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| There are banks on every corner. I NEVER pay for coins. If they will only order $100 w/o fees, then order. I pick them up where ever I can. Ask for CWR's. They love to get rid of those. If you have to ,set up a route. Order as many as you can, then go to all the banks that will order in one shot. This will save time and gas. |
You don't have to be the BEST you just have to be.......SLICK
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cptindy
Penny Hoarding Member
572 Posts |
Posted - 02/02/2010 : 18:55:40
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I hope this does not turn into a trend across the nation. What area are you from?
This is a post I will be watching!
Thanks for the update! |
"It is the nature of the human species to reject what is true but unpleasant and to embrace what is obviously false but comforting"
" The average man doesn't want to be free. He wants to be safe."
H.L. Mencken
http://silver-news-today.com/ |
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toomuchcopper
Penny Collector Member
USA
406 Posts |
Posted - 02/02/2010 : 18:56:39
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| dont pay fees, find new banks |
visit www.crazycoinguy.com
for information on how to sort, what to sort, and sorting equipment. We also sell copper pennies in bulk, and other coins. |
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kirkland
New Member
USA
0 Posts |
Posted - 02/02/2010 : 19:00:09
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| I agree with slick. Do not pay extra for bulk coin. There are plenty of banks, even if you're not in an urban or suburban area. A small town outside of Austin called Dripping Springs already has a Wells Fargo, Chase, Broadway (local bank), Prosperity (local bank), and more. With so many banks, you have a lot to choose from, dumping and buying. If you spread sources and dumps around, you're sure to work out a good situation with everyone. Good luck! |
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jman1237
Penny Sorter Member
USA
52 Posts |
Posted - 02/02/2010 : 19:01:16
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| I think I pushed them for too many... the tellers go ahead and order them... and then later on they say Whoa!! now we can't get you any without a fee or just maybe $100 a week... and even at that amount they are amazed and think I am crazy.. I tell them I am a coin collector.. somehow I can magically look through hundreds of dollars in pennies a week... any bank teller out there that have a clue???? All they know how to do is make promises then change rules, I think the Big Banks that transport are incurring higher costs or maybe somebody at the Fed is controlling the supply, think about it for the most part they are getting them all dumped in with the coinstar machines and such.... Why would they want to send them back out, (pay transportation costs) labor, etc... only to get the All zincs back... THE SHEEP CAN'T HAVE SOMETHING VALUABLE!!!! |
Jason Rasset
http://iamabullionaire.wordpress.com/ |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 02/02/2010 : 19:14:10
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| new bank I will not pay a fee no profit if you do pay a fee. you can alway use them as a dump bank |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 02/02/2010 : 20:02:15
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There's nothing nefarious or sneaky about banks charging coin fees. Banks don't care about copper vs zinc pennies. They do care about the costs of handling tons of low value coin.
If you are ordering several hundred dollars of coin at a pop, it occurs to them that you are in the business level category. Businesses get charged for coin handling.
I never pushed past 2 boxes at a stop. Just go to different branches on different days. If they charge, go somewhere else, or visit on a day with a friendly teller.
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Trust the government? Ask an Indian. |
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kirkland
New Member
USA
0 Posts |
Posted - 02/02/2010 : 20:15:36
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| I usually only get one box a stop, or even just some loose rolls. Often, the tellers use the excuse that the vault "locked them out", so I am forced to buy their on-hand rolls. |
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jman1237
Penny Sorter Member
USA
52 Posts |
Posted - 02/02/2010 : 22:09:43
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You guys are coming through loud and clear!! thanks for the input! I had been doing that, setting up multiple accounts.
I still have a few more to hit. So of course I am not giving up....it's just that one bank had stated this ANY amount stuff
and was delivering me 700-1000 a week in boxed pennies... The vault teller said it was no big deal. Then somebody else
changed her mind. Kinda bummed me out. |
Jason Rasset
http://iamabullionaire.wordpress.com/ |
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Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 02/03/2010 : 18:50:07
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| Smaller amounts help too. |
Awake, O kings of the earth! Come ye, O, come ye, with your gold and your silver, to the help of my people, to the house of the daughters of Zion, to the help of the people of the God of this Land even Jesus Christ. |
Edited by - Cody8404 on 02/03/2010 18:50:33 |
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garnede
Penny Collector Member
USA
386 Posts |
Posted - 02/03/2010 : 20:53:24
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| 700-1000 in a week is a lot for 1 bank, you should spread it out so that you never buy more than $100 per bank per week. They won't get aggravated if you keep the amounts small, and you won't get bumped into a business category. The vault teller probably does not see the bill for each order of coins. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 02/04/2010 : 06:16:32
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Spread the action, and dump at the banks that give you problems. As stated, NEVER pay a fee.
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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where do you get your pennies?
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