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3Saints
Penny Sorter Member
USA
55 Posts |
 Posted - 04/27/2010 : 09:23:01
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Does anyone know what fees banks are charged for providing coin to customers?? Let's assume Brinks is the contracted provider. Does the bank pay flat rate per delivery...per box....or a combo.
What I am getting at is would we be less of a burden on the bank by combining a $500 order weekly into a $2000 order monthly. They have one transaction and perhaps lower fees.
I know some of you don't care about what fees the bank actually incures but a relationship has to work for both parties if it is to continue long term.
Any info much appreciated.
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 04/27/2010 : 09:33:10
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I have wondered the same thing. I get conflicting information from my banks, some say there is a fee charged only for ordering, some say they are charged a fee only for returning coin to the FED, and some say they get charged on both ends.
I just got cut off from ordering from my main source bank again. This is a bank I have done business with for over 30 years. It has happened before and eventually I was able to talk them into ordering for me again. Hopefully next fall I will be able to talk them into it again. I always wonder when a BANK says they won't order coins for us, where are we supposed to go to get them? We are asking for currently circulating coins. If you want to buy shoes you go to a shoe store, if you want to buy a shirt you go to a clothing store, if you want to buy groceries you go to a grocery store, so if you want to buy coins you would think you would go to a BANK. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 04/27/2010 : 09:36:31
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I think you're going about this in the wrong way. regardless of what the bank has to pay. if they are willing to order you coin, order what you need as long as it is okay with them.
i've found that most banks will order as much as $500/twice a week, and as low as $100/week. But it really depends on the bank, the vault manager and you're overall relationship with the bank.
I have no idea what it's cost the banks to order my coins, i have no idea what it's cost the banks to receive my coins. I am concerned with whether or not i can order and dump coin, that is all. And that has worked for me.
goodluck!
~JobIII |
Selling Copper cents. $0 FV available at 1.4xFV. Also interested in trading for wheat pennies and other coins Please pm me for requests or inquiries.
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 04/27/2010 : 10:30:27
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This is a hard question because every armored carrier is different but I will explain it the best I can.
Banks have several fees that they have to pay.
#1: They pay X amount of dollars per month for a certain number of days of service a week. Typically 3 days a week.
#2: Depending on which armored carrier they also have to pay X amount for each "slot/space" that has coin in it.
#3: They have to pay X amount per wrapped roll of coin. Typically 5-7 cents per roll but it vaires. (thats why they cut people off on pennies first)
#4: Depending on the armored service they also have to pay Fuel surcharges and other misc fees.
Those are the typical fees that a bank gets charges. There are other fees but I didn't want to get to complicated.
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Copper Penny Investing
www.portlandmint.com |
Edited by - highroller4321 on 04/27/2010 10:30:42 |
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3Saints
Penny Sorter Member
USA
55 Posts |
Posted - 04/27/2010 : 11:33:50
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Thank you...so a bank order of $500/week may cost them $50 or more. When you annualize...$2500 per year is quite substantial. Like I said...a long term relationship needs to work for both parties and a $500 checking account does not justify that expenditure.
On the other hand...if you have quite a bit of business at my bank I would expect them to eat it...but if I were the manager looking at the charges each month it would sure irk me. |
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johnsonjohn2441
Penny Pincher Member
USA
102 Posts |
Posted - 04/27/2010 : 21:24:25
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| keep it real with the banks and let them know how much you need and when you need it, works for me so far. GOOD LUCK |
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johnsonjohn2441
Penny Pincher Member
USA
102 Posts |
Posted - 04/27/2010 : 21:25:27
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| keep it real with the banks and let them know how much you need and when you need it, works for me so far. GOOD LUCK |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 04/27/2010 : 21:33:33
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I had one of my banks threaten me with a charge for future orders of $4.25 per $25 box. I moved onto a different bank. If those were the actual costs... and they were just transferring them rather than earning a small fee, then the actual cost of that branch ordering me my weekly $500 would have been $85. I can see why they would cut you off eventually. That's why I'm socking away back-up boxes while I can afford to do so and while they're available. When they do cut me off, I'll have several hundred boxes of sorted coppers to sift thru and discover what I actually found  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 04/27/2010 : 22:40:08
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highroller4321 thanks for the accurate information. It is in line with what my bank told me. My banks only receive coin once a week. The other special orders are for CASH pick ups and drop offs. The head teller informed me they are charged .05 cents for each roll of coin they order. This(coin rolls) are usually reserved for commercial customers. The manager at my bank knows I order a substantial order weekly and she has yet to stop it. The head(vault) teller and sometimes the other tellers actually help me load my order each week. I am blessed to have a wonderful working relationship with my financial institution.
I also have a standing agreement with them that if they ever run out of pennies or nickels I am only a phone call away. I am on a first name basis with my bank friendsand Yes I do get regular weekly phone calls that my pennies are in. Guess all those bags of chocolates and Subway gift cards go a long way in the win/win relationship. |
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Wulfgang
New Member
USA
4 Posts |
Posted - 04/28/2010 : 20:34:54
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| It'd be interesting to know. I've had to change pick ups quite a few times when they have announced fees. I'm in a new area now and still working out a list of drops and pick ups. Starting from scratch on the banks to deal with. |
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wildjo
Penny Sorter Member
USA
28 Posts |
Posted - 04/29/2010 : 09:51:32
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I'm pretty cynical, so take this for what's it's worth.
Banks are for-profit entities (even credit unions must make money). I would be shocked if they incurred such high fees for customer coin orders and did not pass on even a modest fee. It would be unprecedented bank behavior. My guess is that they are charged flat fees, not per roll fees. If they were, my bank would surely charge me, and they don't. Are there any tellers here who can give definitive info on this? |
Life is more than getting from point A to point B. |
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3Saints
Penny Sorter Member
USA
55 Posts |
Posted - 04/29/2010 : 13:03:25
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Went to meet manager of larger bank yesterday. She said they would be happy to order me any amount of coin for free. BUT...Repeat....regular orders would be 5 cent/roll. She was nice enough to say that if I didn't order more than 8-10 boxes at a time it shouldn't be an issue and that there are many branches locally. I checked their website when I got home..probably 40-50 in 20 mile radius. Still looking for that special place that will give me big weekly order without worries of being cut off.
Bottom line....spread it around. |
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Camtender
New Member
USA
23 Posts |
Posted - 04/29/2010 : 23:20:39
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I have always thought that this would be the end game for the penny sorting. Once enough people start asking banks for pennies, mandatory coin fees would kick in. All the commercial accounts I have ever seen are fee accounts.
Anyone else have the same thoughts? |
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biglouddrunk
Penny Pincher Member
138 Posts |
Posted - 04/29/2010 : 23:53:07
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| It would be kind of funny if the transaction cost off set our gains to the system as a whole. |
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biglouddrunk
Penny Pincher Member
138 Posts |
Posted - 04/30/2010 : 00:16:19
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| It might have an odd effect if many banks started charging fees. First they might only start doing it to big sorters those who get more than 100 per week. Although what people are getting for selling coppers is low there is some amount of demand for copper pennies. If the demand is base solely on coppers prices the banks cutting us off would have little effect however if the price is based more on demand it would case the price you get out of copper pennies from those who buy them to go up. Thus is might cost CP to go from 1.5 face to 2.5 face or something like that. |
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natsb88
Administrator
USA
1850 Posts |
Posted - 04/30/2010 : 10:56:44
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quote:
Originally posted by wildjo
I'm pretty cynical, so take this for what's it's worth.
Banks are for-profit entities (even credit unions must make money). I would be shocked if they incurred such high fees for customer coin orders and did not pass on even a modest fee. It would be unprecedented bank behavior. My guess is that they are charged flat fees, not per roll fees. If they were, my bank would surely charge me, and they don't. Are there any tellers here who can give definitive info on this?
But to look at it from another point of view, coin processing companies are also for-profit entities, so wouldn't it make more sense for them to charge per roll rather than a flat fee? Clearly they incur more expenses when the bank starts to order an extra 20 boxes of pennies each week. They pay for the paper or plastic wrappers, the cardboard boxes, the electricity and labor to run the packaging machines, the labor for the extra time it takes to load and unload the boxes from the truck, the extra fuel required to move the additional weight, etc. From the coin processor's perspective, a flat rate system wouldn't make sense, unless it is significantly padded to begin with. More likely there is some relationship between the number of boxes ordered and the service fee. Maybe it's not priced down to the roll or box, but at the very least I would expect service fee tiers based on the number of boxes delivered. |
Nate
The Copper Cave
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harley1
Penny Pincher Member
140 Posts |
Posted - 04/30/2010 : 11:35:40
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| this is the exact reason why we are very fortunate for most of us to be able to have a buy bank and a dump bank that currently have no fees.the best investment anyone can have is a hidden one,and with less than 1% of the population hoarding we are very lucky.i live in a small town in NW wisconsin and only a few banks allow me do my thing with no fees.on the other hand if these few banks had two or three other customers doing the same thing the fees i am sure would start to come into play or simply be cut off.thank god we have the forum to chat with like people because sharing my addiction with anyone local would be just like cutting my own throat. |
Today is the tomorrow we worried about yesterday. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 04/30/2010 : 12:33:14
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quote:
Originally posted by wildjo
I'm pretty cynical, so take this for what's it's worth.
Banks are for-profit entities (even credit unions must make money). I would be shocked if they incurred such high fees for customer coin orders and did not pass on even a modest fee. It would be unprecedented bank behavior. My guess is that they are charged flat fees, not per roll fees. If they were, my bank would surely charge me, and they don't. Are there any tellers here who can give definitive info on this?
Charging per roll is the standard way to do things and yes tha bankers typically still make money.
What normally happends is the armored service charges X per roll and than the bank charges their business customers X+Z per roll therefore having the bank make a profit.
Non fee paying customers can normally order boxes and a red flag doesn't get sent up because the manager ordering the coin assumes that its going to fee paying customer. Why people typically get cut off is because a certain person sees the transactions or starts looking at the orders and realizes that you are a non fee paying customer. |
Copper Penny Investing
www.portlandmint.com |
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3Saints
Penny Sorter Member
USA
55 Posts |
Posted - 04/30/2010 : 13:44:37
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Inquired about fees using online function of local banks website...asked about fees for standing $500 order.
Good afternoon Mr. XXXXXX,
If the purpose of ordering the coin is associated with a business account that you would wish to open, this is something we do for our business customers.
The fee for ordering coin for our business customers is $2.37 per box plus a fee to cover the cost of deliver. It all depends on how many boxes of coin. The minimum deliver charge is $4.76.
If you should have any further questions, please feel free to call either myself or XXXXXXX Kline, our Assistant Manager at the XXXXXXXX Office.
XXXXXXXXXXX |
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harley1
Penny Pincher Member
140 Posts |
Posted - 04/30/2010 : 13:52:55
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quote:
Originally posted by 3Saints
Inquired about fees using online function of local banks website...asked about fees for standing $500 order.
Good afternoon Mr. XXXXXX,
If the purpose of ordering the coin is associated with a business account that you would wish to open, this is something we do for our business customers.
The fee for ordering coin for our business customers is $2.37 per box plus a fee to cover the cost of deliver. It all depends on how many boxes of coin. The minimum deliver charge is $4.76.
If you should have any further questions, please feel free to call either myself or XXXXXXX Kline, our Assistant Manager at the XXXXXXXX Office.
XXXXXXXXXXX
my bet is that within 2 - 3 years EVERY bank will be doing this.glad my "ton" figure is growing nearer |
Today is the tomorrow we worried about yesterday. |
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Be Nice to BankTellers
Penny Sorter Member
USA
77 Posts |
Posted - 04/30/2010 : 13:56:03
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quote:
Originally posted by NDFARMER
If you want to buy shoes you go to a shoe store, if you want to buy a shirt you go to a clothing store, if you want to buy groceries you go to a grocery store, so if you want to buy coins you would think you would go to a BANK.
Regrettably, all of those stores also expect to be paid to provide the good you are buying.
Reminds me of an SNL skit, where the bank says they are the bank for making change. "Our margins are small, but we make it up in volume." |
Grandpa always told me, "Back in 1964..." I listened.
Selling copper cents @ $2.50/lb. + shipping. |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 04/30/2010 : 18:17:14
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| I agree Beaundros. Buy as many boxes now FEE FREE as you can and store them away even if you can't keep up with sorting. When the Fees kick in, as banks continue to look for ways to extract fees, you will have a reserve to draw on. You may find that businesses may desire to purchase them from you or at the least look forward to you paying your bill in coin. |
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PointOmega
Penny Sorter Member
50 Posts |
Posted - 05/02/2010 : 19:37:17
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| Intriguing topic. I must admit that I am a little confused. I bought my first 25 dollar penny box here in New Jersey on Friday. Sorted all weekend with good results. When I went up to the teller with a story all worked out, such as "I need the box as a birthday gift for a friend who collects coins." I needn't have worried or bothered. When I asked for the pennies she simply reached down and pulled out a big red cardboard box. I paid through my ATM card. And I was on my way. The teller didn't even bat an eye, and nobody in the bank seemed to notice the bulk I was carrying. Did I just get lucky? Or is this the kind of bank I deal with? (Bank of America, mid sized town) How long can I do this before somebody raises a protest or a hits me with a fee? |
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 05/02/2010 : 19:48:17
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| Try walking out of the bank with 10 or 20 boxes at a time. That will raise some eyebrows. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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newton7
Penny Sorter Member
USA
33 Posts |
Posted - 05/02/2010 : 20:10:09
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I do the same at the BoAs. So far no problems but I am working out a chart as not to hit the same bank more the once every 10-14 days. Try to stay under the radar as it were. Capital One tried the fee thing on me but I was able to get past it since it was a one time deal. Can you say "dump bank"? That's what I use them for now.
Has anyone gotten BoA to set up larger transactions ona weelky run? 4-6 boxes? |
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What do banks actually pay - fees?
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