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lukeownzu
Penny Collector Member
364 Posts |
 Posted - 04/07/2008 : 23:27:24
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Since I am going to buy a Ryedale, I decided to try to find a bank where I can dump bagged coins. The only one is at Bank of America, and they ship them into Spokane, about 100 miles away. The branch is in the next town about 25 miles away, so it will be harder to get there. For a checking account, if you do not have a $500 balance, you have to pay about $7 a month, and for a saving account you only need $300, and if you do not have it you only have to pay that $7 every quarter.
My parents don't want me to open another account, since I have a checking account at Washington Mutual, where I conduct my normal transactions, and a savings account at Washington Trust, where I have been dumping rolled coins.
But they will (barely) let me open it, and that $2 a month is chump change for what I get in return, since I expect to go through 40 boxes per week (at least).
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/07/2008 : 23:32:55
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| $1000 a week is some serious sorting. You will need to have a good amount of capital to float you between the time you pick up the pennies and turn in the $800 in zinc. Sometimes there are restrictions on the number of deposits or withdrawals you can do with a savings account. Be sure to check that out. Also, that one branch might not want you to be dropping off 16 bags of zinc a week. They often will set limits. |
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 - 04/08/2008 : 00:00:16
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| maybe you could swap Wash/Mutual for B of A and do it all through B of A avoiding the service charges? |
my machine is running! |
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lukeownzu
Penny Collector Member
364 Posts |
Posted - 04/08/2008 : 09:44:34
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quote:
Originally posted by Art Tatum
maybe you could swap Wash/Mutual for B of A and do it all through B of A avoiding the service charges?
No B of A in my town though. |
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misteroman
Administrator
USA
2565 Posts |
Posted - 04/08/2008 : 10:05:49
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aren't you the one who was walking to the bank a few weeks ago and now your moving a grand a week?
Did I miss something here?
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Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 04/08/2008 : 11:37:36
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quote:
Originally posted by misteroman
aren't you the one who was walking to the bank a few weeks ago and now your moving a grand a week?
Did I miss something here?
Luke's new penny work out plan.
Tote the boxes, put on muscle. |
Sorting In Northwest Mississippi |
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cyberdan
Penny Collector Member
USA
289 Posts |
Posted - 04/08/2008 : 12:11:38
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quote:
Originally posted by lukeownzu
The only one is at Bank of America, and they ship them into Spokane, about 100 miles away.
100 miles? where do you live Republic? Now that is a one bank town. I used to live there in another life. Really good place to bring up kids, but no good for CRH.
BofA is my preferred half bank but I never deposit bagged coin there. They never take my word on the amount and ship it off to be counted. Then they do not advise me if my count is correct, they just adjust the deposit. So I have to monitor each deposit.
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/08/2008 : 14:28:17
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| It's kind of weird about BofA. Depends on the branch. The 2 main branches I dump coin at.. the one near home and the one near work, both trust my count and either give me fiat with a picture of a non-president on it or credit my account immediately. The other BofA branch in my hometown says it is subject to count and sends it in and then the deposit is credited to my account later. I think they gave me an extra 18 cents last time.. LOL. I know their counting and rolling machines are not as good as mine. I never give them dimes in my penny deposits.. LOL. When you are only depositing pennies it can never hurt you if their machines sort a coin wrong. |
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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lukeownzu
Penny Collector Member
364 Posts |
Posted - 04/08/2008 : 18:26:29
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quote:
Originally posted by HoardCopperByTheTon
It's kind of weird about BofA. Depends on the branch. The 2 main branches I dump coin at.. the one near home and the one near work, both trust my count and either give me fiat with a picture of a non-president on it or credit my account immediately. The other BofA branch in my hometown says it is subject to count and sends it in and then the deposit is credited to my account later. I think they gave me an extra 18 cents last time.. LOL. I know their counting and rolling machines are not as good as mine. I never give them dimes in my penny deposits.. LOL. When you are only depositing pennies it can never hurt you if their machines sort a coin wrong.
Lol maybe they'll be WAY off for me :p |
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penniesmakemedizzy
Penny Pincher Member
USA
135 Posts |
Posted - 04/08/2008 : 18:50:41
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| i have never been adjusted on a deposit and i think if you have $1000 in your account you don't have to pay the fee at Bank of America |
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lukeownzu
Penny Collector Member
364 Posts |
Posted - 04/08/2008 : 19:02:42
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quote:
Originally posted by penniesmakemedizzy
i have never been adjusted on a deposit and i think if you have $1000 in your account you don't have to pay the fee at Bank of America
They said 500, 300 for a savings account. |
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the_cent_guy
Penny Pincher Member
USA
114 Posts |
Posted - 04/08/2008 : 19:42:24
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quote:
Originally posted by HoardCopperByTheTon
$1000 a week is some serious sorting. You will need to have a good amount of capital to float you between the time you pick up the pennies and turn in the $800 in zinc. Sometimes there are restrictions on the number of deposits or withdrawals you can do with a savings account. Be sure to check that out. Also, that one branch might not want you to be dropping off 16 bags of zinc a week. They often will set limits.
Federal Regulations, 6 or 8 transactions a month. If you go over the Feds charge around $10, it could be more if the bank taxes you as well.
I should know for sure since I work at a bank.. |
"It's funny,you know me and the boys are talking about what to do with all this extra coin. And I was like.. I'm renting a clown.. Ha, and I did! Bobo here.. And uh.. I really underestimated the creepiness.."
http://www.youtube.com/watch?v=gdfvWAp5GUw
Copper Cents For Sale:
http://tinyurl.com/5ec4mp |
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lukeownzu
Penny Collector Member
364 Posts |
Posted - 04/08/2008 : 19:44:42
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quote:
Originally posted by the_cent_guy
quote:
Originally posted by HoardCopperByTheTon
$1000 a week is some serious sorting. You will need to have a good amount of capital to float you between the time you pick up the pennies and turn in the $800 in zinc. Sometimes there are restrictions on the number of deposits or withdrawals you can do with a savings account. Be sure to check that out. Also, that one branch might not want you to be dropping off 16 bags of zinc a week. They often will set limits.
Federal Regulations, 6 or 8 transactions a month. If you go over the Feds charge around $10, it could be more if the bank taxes you as well.
I should know for sure since I work at a bank..
Really? Shoot... I don't know if I can limit it to that, since I can only do probably $200 of pennies at a time. |
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Art Tatum
Penny Collector Member
USA
400 Posts |
Posted - 04/08/2008 : 23:28:02
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| Hoardy,bring me zinc....1k in zinc! |
my machine is running! |
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