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n/a
deleted
85 Posts |
 Posted - 03/17/2008 : 18:34:39
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How much, if any, does our coin hoarding cost the banks? Does Brinks charge them for coin delivery? If so, anyone got an idea as to how much?
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"The key to building wealth is to not lose money." - Warren Buffet |
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greencopper
Penny Sorter Member
USA
41 Posts |
Posted - 03/17/2008 : 18:46:48
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| I don't know, but today I went to my bank to dump some pennies, and I was told that if I bring any more, they will charge me 5%! I have already located another bank that told me "no problem, that is what we are here for". So, I will be closing my account at the other bank. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/17/2008 : 18:50:54
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I don't care really how much it costs them. I don't want to bring up their fees in case it leads to me having fees....Get 'em while you can.
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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n/a
deleted
85 Posts |
 Posted - 03/17/2008 : 19:05:02
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quote:
Originally posted by NotABigDeal
I don't care really how much it costs them. I don't want to bring up their fees in case it leads to me having fees....Get 'em while you can.
Deal
 I'm not following you. What's this about fees? |
"The key to building wealth is to not lose money." - Warren Buffet |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/17/2008 : 19:10:29
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Yes....If I bring up the subject with them about how much it costs them to order pennies, they might decide to pass fees on to me. I'm sure they pay something. Some people on here have been threatened with fees....Sorry if the previous wasn't clear, long day at work.
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 - 03/17/2008 : 19:11:14
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| That's the "F" word banks start using when they think they are not making enough money off of you. |
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 - 03/17/2008 : 19:20:10
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| greencopper.. how much were you dumping at that bank? That is why there is a bank on every corner.. if one doesn't want to do business with you you can walk across the street to another. Always a good idea to spread your dumping around a little bit though. It gives you more disposal options and decreases the chance that your bank is going to get excited about you giving them too much action. I found this out when I tried to step up production to 100 boxes a week for a few weeks.. LOL. Now I bag some up and take it to multiple branches of my main dump bank and roll up several boxes to deposit at my other banks. |
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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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 03/17/2008 : 19:21:05
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| Brinks charges the banks the same amount no matter how much coin they order. The pennies we turn into the banks can be shipped back to Brinks at no charge. The coin bags they have in some of the automated coin sorters cost 70 cents for $50 worth of coin. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/17/2008 : 19:36:26
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I think it might vary slightly from bank to bank. Some might have fixed charges and some might have variable charges. If it were a fixed charge regardless of quantity, and assuming sufficient vault space, why does there seem to be a trend by some major banks to limit coin ordering and shift the determination of how many boxes get ordered from the branch to corporate?
With one bank I was told they could order me as much as I wanted. I smiled and said "You shouldn't have told me that" I told them my standard order was 24 boxes. They agreed to it.. then the next week I was told that corporate had told them they could not order more than 8 per week. |
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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greencopper
Penny Sorter Member
USA
41 Posts |
Posted - 03/17/2008 : 19:47:44
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| HoardCopperByTheTon, I only had 4 boxes of pennies! I didn't expect to get hastled about that few of pennies. I am going to keep looking for a few more banks. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/17/2008 : 19:53:38
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| Wow.. that is very unreasonable. Heck, I drop that much off at any of my banks just to get lunch money. What was the name of this lousy bank? |
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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Epaphras
Penny Collector Member
USA
382 Posts |
Posted - 03/17/2008 : 20:37:01
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| One bank had a problem with me bringing in a few rolls and exchanging them 2 or three times a week (less than $60. Back in the days I hand-sorted extensively). Some bank just don't know REAL money when they see it. All they care about is the six cent paper money. |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/17/2008 : 20:47:48
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I'll be placing my second order for 50 boxes at my primary pick up bank tomorrow. Depending on how soon the Ryedale and the coin bags I ordered get here I'll try my first zinc dump as early as Monday of next week.
I hope I can get away with just 2 banks for a while, but we'll see.
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Sorting In Northwest Mississippi |
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greencopper
Penny Sorter Member
USA
41 Posts |
Posted - 03/17/2008 : 21:08:22
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| HoardCopperByTheTon, It was US Bank. I will be closing my account later this week, when I get some time...between sorting! I told my new bank that I was going to cancel my account at US Bank and why, and they said they were happy to have me as a customer, and they would be happy to accomodate my needs. What a difference! |
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aboxaweek
Penny Collector Member
USA
326 Posts |
Posted - 03/17/2008 : 21:19:29
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| Thats gotta make your new bank happier to know that you closed your account at another greencopper. |
*HUCKABEE*
___08'____
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/17/2008 : 21:19:41
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| I just opened an account there.. LOL. I got a bunch of CWR from them the first day but haven't tried ordering boxes or dumping there yet. |
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 - 03/17/2008 : 21:21:38
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| Wonder if the banks will ever catch on that they are in the "service" industry. If you don't get good service.. vote with your feet and move your business. |
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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greencopper
Penny Sorter Member
USA
41 Posts |
Posted - 03/17/2008 : 21:25:59
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| yes, especially with all the banking problems on the horizon, you would think they would bend over backwards to make customers happy. At least at this point, there are still banks on every corner so you can vote with your feet and pocketbook! |
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 03/17/2008 : 21:29:07
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| Just a warning....There has been a trend over the last several years of banks consolidating. This trend is also true for credit unions. This will impact our activities. One of my banks has changed names 3 times in the last year due to consolidation. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/17/2008 : 21:59:05
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A lot of them are seriously trying to watch every possible cost. You might say they are "pinching pennies." If they are treating you right on your pennies give them more of your business (checking and savings accounts, credit cards, home equity loans etc.) I agree.. there will be a lot less banks by the end of this year due to both consolidations and failures.
I suppose this is part of my evil plan of having accounts at so many banks. Whoever survives I will already have a banking relationship set up with. |
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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Miser-stro
Penny Sorter Member
74 Posts |
Posted - 03/17/2008 : 23:27:59
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| Losses are just part of business, even if its at the banks expense. For several years I had a free checking acct that I had less than $1 in. Every month the bank sent me a statement which cost them 30-40 cents (postage). They probably spent 10 or 15 bucks on me eventually. Find a bank that will count or supply your coinage with no additional fees. |
Edited by - Miser-stro on 03/17/2008 23:29:09 |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 03/18/2008 : 15:34:20
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quote:
Originally posted by greencopper
I don't know, but today I went to my bank to dump some pennies, and I was told that if I bring any more, they will charge me 5%! I have already located another bank that told me "no problem, that is what we are here for". So, I will be closing my account at the other bank.
DON'T CLOSE IT!
US Bank is one of my banks. Find a different branch location to dump. Of all the branches in my city, only one is a pain in the arse. The rest are fine. |
Trust the government? Ask an Indian. |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/18/2008 : 15:53:30
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For Bancorp South, where I opened an account last Friday, the only branch I know of that will accept bagged coins is about 25 miles away from me.
The branch in my town won't accept bagged coins. At some point I'll call up the other branches around where I live and see which ones do or don't.
I suppose I need to call some other banks eventually to see if they too will accept bagged coins.
Weighing the zinc as opposed to re-wrapping them will play a huge role in determining how many pennies I can sort in a week. |
Sorting In Northwest Mississippi |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/18/2008 : 16:32:16
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| Once you sell off a few bags of copper and the wife will let you buy another toy you might consider getting a decent counting machine for bagging up the zincs. Some banks that accept bagged coins like you to deposit exact amounts. Also, this machine will come in handy if you need to count out 2500 or 5000 coppers to do a sale. For now you can get extremely close with a good scale. The counting machines can be found in the $200-300 range. You will want one with a spout on the end to attach to the bag. |
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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JSutter
Penny Pincher Member
214 Posts |
Posted - 03/18/2008 : 17:32:12
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I have an account at National City, i asked their main office in the National City scyscraper downtown to order me 40 boxes a week and they did it one week then said they were told it costed the bank too much that they could give me 2 boxes a week. So now I have standing orders for 2-4 boxes a week at 4 branches.
Regional Bank branches will let me get up to 4 boxes per branch and they have a free coin counter for dumping.
Opened an account with the home office of Stock Yards Bank today and they will take bagged coins for deposit.
I don't have accounts at Fifth Third, River City,PNC, or US Bank but I've located several branches where I can walk in and get Brinks boxes with no hassle.
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Epaphras
Penny Collector Member
USA
382 Posts |
Posted - 03/18/2008 : 20:13:03
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quote:
Originally posted by HoardCopperByTheTon
Once you sell off a few bags of copper and the wife will let you buy another toy you might consider getting a decent counting machine for bagging up the zincs. Some banks that accept bagged coins like you to deposit exact amounts. Also, this machine will come in handy if you need to count out 2500 or 5000 coppers to do a sale. For now you can get extremely close with a good scale. The counting machines can be found in the $200-300 range. You will want one with a spout on the end to attach to the bag.
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How much do we cost the banks?
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