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 What do banks actually pay - fees?		  Forum Locked
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motos
Penny Sorter Member



41 Posts
Posted - 05/03/2010 :  15:55:45  Show Profile Send motos a Private Message
BoA has been very good to me. I have been regularly (weekly) getting boxes of halves and the occasional box of cents. No hiccups, and no fees. Awesome!
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fasteddy
Penny Collector Member



USA
298 Posts
Posted - 05/03/2010 :  16:13:38  Show Profile Send fasteddy a Private Message
get while the gettin is fee-free.. I pickup 1100 $ on most Thursday's and 2100 $ on most Friday's....I use a dolley to transport the boxes out to my truck, I am not to concerned about the eyebrows in the office its the looks in the parking lots that I get that concern me

One day I will have time to sort but right now I am with Beauanderos, stack it and stack it high
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mister_pennyweather
New Member



16 Posts
Posted - 05/03/2010 :  16:33:03  Show Profile Send mister_pennyweather a Private Message
I don't think the fees are as high as some have posted. I would think if you go to a bank that does a lot of commercial accounts they would have a flat rate. I just can't see them ordering all these boxes if they're losing that much money on them.
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highroller4321
1000+ Penny Miser Member



USA
2648 Posts
Posted - 05/03/2010 :  16:55:04  Show Profile Send highroller4321 a Private Message
quote:
Originally posted by mister_pennyweather

I don't think the fees are as high as some have posted. I would think if you go to a bank that does a lot of commercial accounts they would have a flat rate. I just can't see them ordering all these boxes if they're losing that much money on them.


They are not loseing any money on commercial accounts.

They pay X per roll and than they charge X+Z to the customer.

So lets say they get charged 7 cents a roll. They turn around and charge the customer 7 cents plus 1-2 cents per roll therefore making money.

Most commercial customers don't get their coin directly at the bank. They order the coin through the bank and than the armored carrier deliveries it to their location.
Copper Penny Investing
www.portlandmint.com
Edited by - highroller4321 on 05/03/2010 16:55:18
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