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Robarons
Penny Hoarding Member
USA
522 Posts |
 Posted - 05/07/2008 : 15:17:20
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The Credit Union I have been doing business with cut me off.
I was dumping something like $200 a week at a coinstar lobby and today with trying to deposit the stuff the computer wouldn't allow it and a message popped up and said "the manager needs to talk with you".
So I wait and get taken back to the managers office and they go on to say 'you dont have any strong relations with us' 'It cost 8.9% for each dump' 'one last time for free then we will be passing the costs to you'. I wasnt to happy to say the least.
So I will be closing the account and looking at my options.
Apparently I was destroying the bank financially!
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Robber Baron= Robarons |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 05/07/2008 : 15:28:42
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Seems like the credit union doesn't put much value in customer relations. $200 a week is not that much, I deposited $400 just Monday at my primary dump bank and will drop another $200 or so on them this Friday.
When they say you don't have "strong relations" are they refering to your balance with them? If so be direct with them and ask how much would you be allowed to dump on them with a given monthly average balance.
Don't hesitate to call around to other banks and see if they accept bagged coins for deposit that they will either count for accuracy or ship to the nearest Fed Reserve Branch for counting. Here in Mississippi Bancorp South will do this, I'd be surprised if there wasn't someone in your area who will work with you.
Again, be upfront when opening an account and ask how much of a balance you need to keep in order to make them happy with your penny dumps. It might be worth leaving a couple of hundred dollars with them to maintain your "strong relations".
Good luck, and let us know how things turn out. |
Sorting In Northwest Mississippi |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/07/2008 : 15:39:49
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This is why you sometimes want to spread your dumps around a bit. It helps keep you below the radar. $200 a week isn't all that much. Heck, I dump more than that every week at my lunch time dump. It doesn't really cost them 8.9%. That would be the rate Coinstar charges street customers.. and they give the hosting place a piece of the action out of that.
I hate when the manager wants to talk with you. I haven't had one of those talks yet where they just want to offer me a really low interest rate loan. 
I had one of my source banks cut me off because I didn't have "strong relations" with them. A few months later they are asking me to increase my banking activity with them. I told them I would like 24 boxes a week and we could talk about it.
This is why they have a bank on every corner.. if one doesn't treat you right you just walk across the street. |
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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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
 Posted - 05/07/2008 : 18:11:28
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I get the impression you don't do your regular banking with them... I think if you did they probably would have left you alone.
I do my regular banking with my credit union where I do all my dumping and they have never said anything to me.
I have already hit the $200 mark this week and it is only Wednesday, the week ain't over yet... 
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Flbandit
Penny Hoarding Member
USA
851 Posts |
Posted - 05/07/2008 : 18:57:07
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| I had my credit union tell me a few days ago that anything over $200 in change would cost 5%. Not hard for me to keep it under that amount with 4 branches within 15 minutes of where I work. |
Are you throwing that out? |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/07/2008 : 20:46:16
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| Is that a daily limit Flbandit? |
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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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 05/07/2008 : 21:01:41
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Now you have me worried. I dump $1000 in halves at a time. No coin counters, I have to take them to the window. I try to spread them out between different branches, but I suppose that they can track that with computers if they wanted. In all I dump about $8000 per month.
Do you think I'll get to talk with the mgr some day? |
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Robarons
Penny Hoarding Member
USA
522 Posts |
Posted - 05/07/2008 : 21:56:16
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Not even kidding but on Sunday I was actually drawing up plans to avoid this. It was A. keep a decent balance, B. Go once a week, and C. re-open my past dump bank to spread it around. I had a savings account at a local bank since 5th grade, but cancelled it when they introduced some savings account fees. They said it would be better to close that and open a free checking acct. I said ok, but never went around to it. That was my past dump bank before switching to this greedy CU.
I could tell which teller had it in for me, as I think she reported me (always had a bad attitude). For the time being I will halt all copper activites to mull my options.
Now once I did dump $400 and $500 in halves as well of $100 amounts of quarters, etc. so this is a heads up. It was a scary Exp. to stand in line and watching the teller try to process the coinstar slip and being unable to do so cause the manager put a 'coinstar freeze' on your acct. Then having them call the M and having to sit her office and get the conversation. I got home and they also tried to call my cell too. This may just be a coinstar thing though. |
Robber Baron= Robarons |
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n/a
deleted
18 Posts |
Posted - 05/07/2008 : 23:06:31
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| You having any luck going through 8000.00 a month in halves. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/07/2008 : 23:23:43
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| It's not just a Coinstar thing. It is probably more noticable if you dump a few thousand dollars in pennies versus halves. They got no respect for guys that play with pennies.. LOL. I have had that talk a few times. I kind of overdid it at one of my dump banks. I was sorting sorting $2500 (100 boxes) a week and dumping $2000 a week there. They eventually had that little talk with me and cut me back some. Now I have cut down on volume and I spread my dumps out a lot more. |
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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misteroman
Administrator
USA
2565 Posts |
Posted - 05/10/2008 : 00:30:11
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quote:
Originally posted by CUKNUCK
You having any luck going through 8000.00 a month in halves.
Was just going to post the same thing.
D |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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fiatboy
Administrator
912 Posts |
Posted - 05/10/2008 : 19:26:48
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quote:
Apparently I was destroying the bank financially!
lol. Yes, I'm sure that if the bank has any fiscal woes, it's all due to your nefarious penny hobby! 
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"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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Saul Mine
Penny Collector Member
USA
343 Posts |
Posted - 05/11/2008 : 10:18:43
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| Yeah, there's just something about pennies. First they don't want to let you have them, then they don't want them back either. One teller worries about whether they will have enough to suit your needs, another wants you to at least spread your business around among different branches. As long as I am only getting 15%, and as long as there is a bank on every corner, I wouldn't worry much about their sniveling. If I could find a bank that gives me 30% coppers, I would try very hard to get along with the people there! |
A penny sorted is a penny earned!
Please use tinyurl.com to post links. Long links make posts hard to read. |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 05/11/2008 : 19:56:56
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| I'm not doing the volume each week you guys are doing, granted, but I would assume it all depends on how much you have on deposit that counts the most for every bank. For them, buying and or sending coin back has a very direct cost they all are told to manage. Beyond that, I've tried to develop a relationship with the two banks I use. The bank I purchase coins from and the dump bank. I’ve been up front with each telling them what I was doing! Heck, I even bought a cart to put the pennies so I can wheel it out to the car and gave it to the bank that they keep in the vault! I buy candy and goodies during Valentines Day and Christmas. I’ve got tellers saving rolls of wheat pennies they find! One time it was all steel pennies! They have even saved me bill that were off printed. I will never forget the time I had one teller shove a stack of money in the drive thru window asking me if I want any of these! LOL It is all about the relationship fellows! |
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cyberdan
Penny Collector Member
USA
289 Posts |
Posted - 05/12/2008 : 10:23:21
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quote:
Originally posted by Robarons
It was a scary Exp. to stand in line and watching the teller try to process the coinstar slip and being unable to do so cause the manager put a 'coinstar freeze' on your acct. Then having them call the M and having to sit her office and get the conversation.
Brings back memories of having to visit the principal in grade school. 
I have one bank that put a restriction on my dumps. Even got it in writing in their brochure. "$10,000 per month in cash/coin"  They told me they have a contract with the armored car service for so many pickups/deliveries per month, doesn't matter what is on the truck. |
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Robarons
Penny Hoarding Member
USA
522 Posts |
Posted - 05/13/2008 : 17:30:09
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And so it continues!
I went to the main branch to take my last 'dump' and I dearsay nothing happened. So I got to the teller and asked "Is their any limits on the coinstar?". He said no. So next I said "hows about $200 pennies a week". He responded "I cant see why not, as long as you dont make anyone wait". Cool. He added as long as your not doing it for profit. (like taking coins from businesses to dump for them to so they can avoid fees and pay you)
Now its not a head teller or manager, but its a thought. Also this bank had a older coinstar which jammed quickly where you poured them in as its width would only let one coin in at a time to count. The newer ones have a much bigger hole to pour the coins in. It actually Avg. 500-600 coins a min. than the newer one which does 300 a min.
Hmmm.... the rabbit hole goes farther than I thought! |
Robber Baron= Robarons |
Edited by - Robarons on 05/13/2008 17:37:15 |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 05/14/2008 : 20:24:12
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Another good dump option is to pay your bills with them. I travel for work and run up a good sized credit card bill. You should see the looks of the tellers when I pay it all in halves and pennies!! I do spread that trick out. I do not think that I have used the same branch more than once.
I do the same with the morgage payment. |
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