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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 03/18/2008 : 22:31:13
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Fact is we shouldn't be flipant about 'using' the banks. Getting a good deal is fine. Abusing them is just not good manners.
Fact is, most of us that open multiple accounts keep very little cash in the different banks. So, they aren't making any money off of us.
If everyone did this, there would be no banks....and even I'll admit, that would make life slightly more difficult!!!!
So be thankful when you do have a hassle free bank that you are 'using'.
Don't be disrespectful just because they are holding toooo tightly to the bottom line...
(one feeling I'm getting is they are less likely to give hassle to older guys, and take for granted the younger guys... anyone else notice this?) |
"May your percentages ever increase!" |
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misteroman
Administrator
USA
2565 Posts |
Posted - 03/18/2008 : 22:36:51
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I need to find a bank that will take uncounted bags back in for deposit.I have about $300 or so dollars of zinc sitting in buckets that need to go somewhere with.
Derek |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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JSutter
Penny Pincher Member
214 Posts |
 Posted - 03/19/2008 : 06:55:17
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| I use my Ryedale to count the zincs. I have the machine set up to accept zincs and reject copper [I feel this saves needless wear and tear on the coin rake in the comparator as the zincs drop straight through and the arm works about 2/3 less pushing copper to the right as opposed to zincs]. I have the zincs falling straight into a five gallon bucket and when I'm done I use the accepted total as my estimation of zincs in the bucket. I've been using the free coinstar at the bank and so far its always been within a dollar usually within 20 cents. I feel comfortable using that method to bag coins for deposit now. |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 03/19/2008 : 07:01:27
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| A lot! |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
 Posted - 03/19/2008 : 08:32:53
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quote:
Originally posted by JSutter
I use my Ryedale to count the zincs. I have the machine set up to accept zincs and reject copper [I feel this saves needless wear and tear on the coin rake in the comparator as the zincs drop straight through and the arm works about 2/3 less pushing copper to the right as opposed to zincs]. I have the zincs falling straight into a five gallon bucket and when I'm done I use the accepted total as my estimation of zincs in the bucket. I've been using the free coinstar at the bank and so far its always been within a dollar usually within 20 cents. I feel comfortable using that method to bag coins for deposit now.
That will work fine as long as you don't have to have an exact count. As you have experienced, the count can be off slightly.
It is actually more wear and tear on the machine since the arm has to move out of the way for a coin to be accepted.. it stays in place for a rejected coin. |
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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c140cessna
Penny Collector Member
USA
419 Posts |
Posted - 03/19/2008 : 08:47:44
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quote:
Originally posted by JSutter
I use my Ryedale to count the zincs. I have the machine set up to accept zincs and reject copper [I feel this saves needless wear and tear on the coin rake in the comparator as the zincs drop straight through and the arm works about 2/3 less pushing copper to the right as opposed to zincs]. I have the zincs falling straight into a five gallon bucket and when I'm done I use the accepted total as my estimation of zincs in the bucket. I've been using the free coinstar at the bank and so far its always been within a dollar usually within 20 cents. I feel comfortable using that method to bag coins for deposit now.
I think you have it backwards.....the rake is by default engaged...meaning default is not pass through but hits rake and deflects to the right.....so, if you have a zinc standard, the rake must actuate to let zinc fall straight down....
Least activation on machine is copper standard "Copper Keep"....
But, do not worry about it....i have one machine nearing 4 million coins processed...looking forward to the day it fails...because I'm curious just how far it can go.... |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 03/19/2008 : 09:50:35
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| Considering the fact that these pennies are being stored, shipped, counted, rolled, and then re-shipped, we're making out like bandits. Not to mention the free coin wraps, plastic transfer bags, free vacuum-sealed Tupperware and backpacks. Opps! I almost forgot the free zinc counting. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/19/2008 : 10:54:51
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| Hey, we don't all get free Tupperware and free zinc counting.. some of us have to count our own.. LOL. |
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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n/a
deleted
139 Posts |
Posted - 03/19/2008 : 13:43:06
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i dont care what i cost the bank. just like they dont care what they charge a customer.
open an account, you get a pamphlet on fees a couple of pages long.they make money on checks,interest on savings,mortgages,atm's,etc..
if i want a couple of boxes here and there i dont see the problem.
after all it is a BANK. where else would you go if you wanted $100 in pennies?
the tellers seem miserable around here, if you dont like your job...get a new one.
it always seems im bothering them asking for a box or bag...too bad for them.
i think im going to step up production soon,so that means they will have to get off the chair,huff and puff, walk 10 feet to the vault and get my pennies.
i feel soooooooo bad. |
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JSutter
Penny Pincher Member
214 Posts |
Posted - 03/19/2008 : 15:16:16
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| I've run into quite a few tellers with bad attitudes too. At my main bank where I have my direct deposit and one of my student loans there is one teller with a really bad attitude and I don't even hit that bank that hard for coins. I might get 1 or 2 boxes per week there and she gets a really upset me to the point of seeing yellowy look on her face and acts irked to have to get up and go get them. Somedays I feel like complaining but I doubt it'd do any good. |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 03/20/2008 : 07:02:06
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| Scott and JS, my initial experiences and reactions were the same. Find different banks. |
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n/a
deleted
85 Posts |
Posted - 03/20/2008 : 12:05:12
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quote:
Originally posted by Tourney64
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.
This was the kind of information I was looking for. Thanks to everyone for their kind replies.
I was not feeling sorry for the banks. But rather, I wanted to know how much it costs them to order boxes from Brinks because as a business they look at cutting expenses and if we are costing them too much we may find they will soon no longer be so willing to provide them to us. On the other hand, if it is not a real expense for them then cost really is not a factor. Lazy tellers perhaps,  but not cost. |
"The key to building wealth is to not lose money." - Warren Buffet |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/20/2008 : 12:34:22
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Well technically there is always a cost. There are 2 types of cost. There is the cost for them getting the coins delivered, which may or may not be fixed depending on the arrangement they have with thier coin supplier. I can't imagine they would be able to have unlimited boxes of coins delivered for 1 fixed cost. There would have to be some point where that charge would go up or they would be charged a rolling fee. Then there is the internal employee cost. There is a cost of having a bank employee log all those boxes in and doing the paperwork to ship out coins. Then there is the cost of a teller getting off their tail and going and getting your boxes of pennies. This usually takes longer than a standard transaction. Also, it generally ties up 2 employees because they never allow 1 employee to go in the vault and get your pennies alone. Bank managers monitor all this, and if they think you are costing them too much they will have a little talk with you.. usually it involves some volume or frequency of visits limits. 
When the bank manager says he wants to talk with you it is hardly ever because he wants to offer you a special low interest loan.  |
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. |
Edited by - HoardCopperByTheTon on 03/20/2008 12:36:42 |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 03/20/2008 : 17:16:40
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| I'm fairly new to this, so don't laugh me off of the sight. Why can't an individual ask brinks, or another service to drop off bulk pennies to your house? They do it for some other businesses like casinos, so it isn't a bank exclusive? |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/20/2008 : 17:17:45
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quote:
Originally posted by knibloe
I'm fairly new to this, so don't laugh me off of the sight. Why can't an individual ask brinks, or another service to drop off bulk pennies to your house? They do it for some other businesses like casinos, so it isn't a bank exclusive?
They will for a fee I'm sure. Probably not the best idea for security reasons....
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 - 03/20/2008 : 19:12:50
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| You could always ask. But do you really want Brinks pulling up in front of your house? Also, how many of us are at home when the Brinks truck wants to make deliveries. I have thought about seeing if I could pay for a big Loomis delivery once a week or so at work, since they come here on their route anyway. |
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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Art Tatum
Penny Collector Member
USA
400 Posts |
Posted - 03/20/2008 : 21:35:49
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Hey CW!
I'm back on here somehow!
cost meriwest $6.90 cents minimum each time i pull up for the De La Rue bags and another .75 for th two cups of Starbucks coffee and the help reloading bags in their machine each time my "dump" fills up a 50$ bag x 3 as each machine holds $150 in pennies before needing refilling...
then there is the general disturbance of all the merchants who tell me it must have taken years to save up all those pennies sitting on the cart they see while waiting for the banks machine to catch up with my pouring and drinking technique! about $25 per visit I would imagine |
my machine is running! |
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greencopper
Penny Sorter Member
USA
41 Posts |
Posted - 03/21/2008 : 14:09:32
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| I just got back from a bank that I opened an accout at 3 days ago. They were supposed to order me some pennies. Now they changed their mind, want to charge me for dumping and they won't order my coins. I specifically asked if they could accomadet me before I opened that account. So, closed that account. I drove down the street to the next corner, went in, asked for the manager and explained what I want, and she said "I can place the oreders for you..how often do you want them? every week, once a month?" No problem so far! I guess you just have to keep trying. |
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How much do we cost the banks?
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