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6 Posts |
 Posted - 05/21/2008 : 20:39:05
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I do most of my banking with Bank of America, which is obviously where I purchase most of my pennies. I am just getting started in sorting, but I have amassed probably about 100 pounds of zinc that I need to dump. Does anyone know what their policy is? What is the best bank for not hassling members over large amounts of pennies?
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 05/21/2008 : 20:40:48
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| every branch is different, my friend. Welcome to the site. It's best to go to a bank where you know the tellers and are friendly with them. |
"99% of all lawyers give the rest of them a bad name" 
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n/a
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7 Posts |
Posted - 05/21/2008 : 20:44:43
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I'm in the same boat. I don't want to return the zinc to the bank I get the pennies from. Alot of the tellers are glad to get rid of them and even have made comments that they don't want to see them again.
I have to find a dump bank. Problem is I have so many right now I'm afraid to dump more than $10 bucks at a time. Does anyone know how many pennies those bank sorting machines can handle? I thought if I go the the bank in the morning the machine would be empty and can take more zinc?? |
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swusc
Penny Hoarding Member
USA
553 Posts |
Posted - 05/21/2008 : 20:51:06
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Find a branch that you don't use and ask them for coin bags (take them back to that branch). They can ship off pennies in bags of $50. Tell them you have a ton of pennies and don't want to roll them. Then use sometime to count out 5000 per bag.
-SWUSC |
`Everybody is ignorant. Only on different subjects.' Will Rogers
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." Alan Greenspan, 1966. |
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topeka
Penny Pincher Member
160 Posts |
Posted - 05/21/2008 : 21:48:07
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| Automatic coin machines seem to hold between $50 and $150 depending on the machine. |
Silver..poor mans gold
Copper..peasant silver |
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Saul Mine
Penny Collector Member
USA
343 Posts |
Posted - 05/21/2008 : 22:49:09
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| Some tellers don't want to let you have pennies and if they do they don't want them back either. Some tellers worry about whether they can get enough pennies for your needs. If you find one that will get all you need and also take them back, you probably should marry her. |
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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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/21/2008 : 23:28:00
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Welcome to the forum hoarder. Zinc disposal is one of the trickiest parts of the whole process. Each bank will have it's own policies about how much you can dump there and what form it must be in. Some banks will require that the zinc be rolled, some will take it loose in a bag if you do exact counts, some will take it loose in a bag and count it and credit your account later, and some banks have self service coin counters in the lobby. You shouldn't let your zinc pile up too much.. that is dead capital. 100 pounds is not really all that much.. I dropped off that much at Bank of America today at their request. They called me yesterday in a panic because their coin order had gotten screwed up and and they only got one box of pennies. They wanted to know if I could do them a huge favor and sell them some rolled boxes. So I took 8 boxes by today, and now I am a hero at that branch. Normally I dump off 12 bags at a time there. My counters are faster than my rolling machines so I prefer to dump in $50 bags. I am not worried about dumping at the same bank I source pennies from either. In the case of the rolls I dropped off today, all are in N.F. String & Son paper.. all the ones they give me are in the plastic Brinks wrap. I don't worry about dumping the bags there either. It is like spitting in the Mississippi. Find a few dump banks and spread your action around a little. Another option is to drop a few in a Coinstar machine if they have a free gift card like Starbucks that you use. Don't get a Circuit City certificate there though, they just declared Bankruptcy. Or you could just roll it up, but it in boxes and spend it at the gas station a couple of bricks at a time like NotABigDeal and I do.  |
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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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 05/21/2008 : 23:45:01
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| Welcome hoarder. Hoard copper by the ton gives great advice. Another possible option is credit unions as they are cheap and wont order coin. Although I currently buy at mine they have agreed to accept any amount of pennies I want to return. Soon I plan to make a zinc deposit and follow up with more purchases of new pennies. Good luck dumping I wish I only had 100 pounds of zinc to dump. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/22/2008 : 00:18:45
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| Yeah, the zinc dumping can definately be a challenge. I ramped up to sorting 100 boxes a week for a short while, but dumping $2000 in zinc every week was killing me, so I had to scale back some. |
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 - 05/22/2008 : 00:25:40
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| 100 boxes a week!?!?!?!?!?!?!That is like a full time job isn't it? |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 05/22/2008 : 06:46:17
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hoarder, welcome to the site. HoardCopperByTheTon said it best. The zinc for gas is more of a joke on the "Man" than a practical way to get rid of large amounts of zinc. You need to shop around for a/some good dump bank/s.
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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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 05/22/2008 : 08:59:16
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My bank gets worried if I dump less than 200 a week!
Its all about getting in good with the people at the bank 
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"99% of all lawyers give the rest of them a bad name"
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Edited by - moboman on 05/22/2008 08:59:42 |
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n/a
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20 Posts |
Posted - 05/22/2008 : 09:55:41
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if you happen to live on the east coast and are familiar with commerce bank they have an automatic coin machine in the lobby...you dont have to bank with them to use it and of course youll avoid having to roll  |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 05/22/2008 : 10:00:51
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| "The Commerce Bank of Beverly Hills"? I love the Beverly Hillbillies |
"99% of all lawyers give the rest of them a bad name"
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n/a
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6 Posts |
Posted - 05/22/2008 : 16:41:49
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| Thanks for all of the great info, guys. Like I said, I'm just getting started and haven't bothered investing in the Ryedale, so I can only sort as fast as my hands and eyes can go. Do you have to be a member at Commerce Bank or can anyone go in and use their machines? That might be an idea. Otherwise, bagging might be the best way to go. Anyone interested in buying a ton of zinc? |
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Flbandit
Penny Hoarding Member
USA
851 Posts |
Posted - 05/22/2008 : 20:27:31
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| My credit union is fine with up to $200. Beyond that they want to charge 5%. |
Are you throwing that out? |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 05/23/2008 : 06:29:07
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Must be a member to use the Commerce machines, or they charge you like 10% or something. I say look for a loose return bank that has the tellers count them. Those are usually way faster machines. I'm not from the east coast, but we have Commerce banks here, (Missouri), and the lobby machines only average about 400 coins per minute.
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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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 05/23/2008 : 07:06:46
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| One of my local branches will take loose coin, count it and deposit my account. I am not sure that I like the idea of walking away from the bank without a receipt, but I don't like counting and rolling pennies either. |
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20 Posts |
Posted - 05/23/2008 : 09:41:27
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quote:
Originally posted by NotABigDeal
Must be a member to use the Commerce machines, or they charge you like 10% or something. I say look for a loose return bank that has the tellers count them. Those are usually way faster machines. I'm not from the east coast, but we have Commerce banks here, (Missouri), and the lobby machines only average about 400 coins per minute.
Deal
i use the commerce bank in PA and i am not a member...no one ever asks, i use the machine, take my receipt to the teller and get cash... |
Edited by - n/a on 05/23/2008 09:42:52 |
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snappy
Penny Collector Member
USA
301 Posts |
Posted - 05/23/2008 : 09:46:38
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| I have taken large dumps to BOA with no problems... I just deposit it all in then write check day or so after. last dump was $5500 (all rejects not just cents) loading up another dump around the same maybe a little more. I do large dumps and try not to hit same bank/branch more then once every 6 months-year |
Selling Ryedale sorted USA cents
1.5 each + shipping over 500fv 1.5 each +1/2 shipping
If you pick up 1.35 each
located MT/ND boarder.
after Ryedale sorting they are hand sorted to remove canadian then rechecked with Ryedale to insure all copper and count out $50 FV then placed in cloth bags and sealed with #1 copper wire. |
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73 Posts |
Posted - 05/23/2008 : 18:41:19
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Rare Penny
What part of Pa. are you from?I'm near Pittsburgh myself |
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Bank of America dumping policy???
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