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TenBears
1000+ Penny Miser Member
USA
1021 Posts |
 Posted - 06/01/2008 : 21:45:08
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quote:
Originally posted by knibloe
Hoard,
BOA is the bank that gave me $45K interest free for a year. The $19.95 that they charged you is just an effort to recoup part of what they are losing on me. Also, I make my payments on the 45K in halves and pennies. It makes a nice dump.
$45k interest free for a year? How did I miss that thread, if there was one. |
"Rich," the Old Man said dreamily, "is not baying after what you can't have. Rich is having the time to do what you want to do. Rich is a little whiskey to drink and some food to eat and a roof over your head and a fish pole and a boat and a gun and a dollar for a box of shells. Rich is not owing any money to anybody, and not spending what you haven't got." Robert Ruark
there are too wild Indians...
there are too wild Indians...
there are too wild Indians...-----still taunted
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/01/2008 : 22:02:49
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| It was under best bank benefits. |
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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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 06/01/2008 : 22:47:58
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| Didnt you recently bail them out when they needed pennies for their business customers and they called you for help? Or am I thinking of something else? |
My hobby: collecting real money 1 copper cent or nickel at a time.
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 06/02/2008 : 00:57:39
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| Different Branch of Bank of America CoinHunter. I told the BofA story at my favorate credit union to the head teller when setting up my first big coin order. She had a good laugh. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 06/02/2008 : 09:09:08
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Originally posted by HoardCopperByTheTon
Well I guess it is OK then as long as it is going to a good cause knibloe. I guess I am just not a big enough player. 
Hoard, I wish that I was as big a player as you. If I was, I would do more than park their money in another bank. However, time does not permit me to be a big time player. So I do what I can. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/02/2008 : 13:10:02
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| Knibloe.. You must be a big player.. When I went in to my regular branch of BofA Saturday before work to pick up my order of 24 boxes the manager and everyone were all smiles and happy to see me, but nobody offered me any free money. How did you swing this free capital? I have to operate on the meager funds I have available. I don't have much time either.. I try to maximize it by having good quality machines to help with the process. I do what I can also. |
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 - 06/02/2008 : 21:02:11
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I haven't had a chance to get over to the bank and have a little talk with them yet but I heard some more bad news today.
A good buddy of mine that sorts pennies and halves just got a notice like mine from Bank of America that they are extracting $168 from his account for depositing unverified coin. He only deposited $800 and 500 of that was half dollars. He is going over tomorrow to try to straighten things out. |
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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TXTim
Penny Hoarding Member
629 Posts |
Posted - 06/02/2008 : 21:23:05
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$168 ?????
That's stupid ridiculous!!
Hope you team up and find out what's going on... |
Beer is my currency. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/02/2008 : 23:26:04
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| I figure they must have lost a bunch on speculative loans and are trying to make it up by stealing from their good customers. |
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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fiatboy
Administrator
912 Posts |
Posted - 06/03/2008 : 00:21:08
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quote:
I figure they must have lost a bunch on speculative loans and are trying to make it up by stealing from their good customers.
I suspect we'll be seeing more of this. The banks are on thin ice, and then old bail out MO that has worked since the early days of the Fed may still work for some time to come, but guess who will foot the bill? You and I and our already tired currency---thus exacerbating the fiat problem and sending even higher the face value/metal value ratio of coins.
Until then, watch your bank statements like a hawk. If they try to pull a fast one on you, get their policy in writing and protest it as high up the ladder as you can go.
As always, coinflation is a good indirect indicator of the health of our monetary and financial institutions. As Ron Paul said, "We can't even maintain a zinc standard."
These problems manifest in many forms---including arbitrary bank fees. |
"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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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 06/03/2008 : 06:22:40
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Enough of this talk. You guys are freaking me out. HoardCopperByTheTon, is your buddy located in California as well? I knew there was a reason that I don't use Bank of America....
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 - 06/03/2008 : 10:15:34
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| Sorry bout freaking you out NABD. Yes, my buddy is in CA also. I just figured I better give the board a heads up. We will know more in a day or two. Meanwhile I have suspended all deposits to BofA. We might have to go back to using our bricks of zinc to buy gas. Actually I have several alternative dump plans, but bagging it was the most convenient. |
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 06/03/2008 10:16:31 |
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tadpole
Penny Sorter Member
63 Posts |
Posted - 06/03/2008 : 15:07:15
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| As I mentioned earlier, the FRB doesn't charge the member banks to make deposits to the FRB or to verify bags of coin as long as the weight of the bags fall within their guidelines. If the bag is out of weight tolerance the bag is either returned to the depositing institution or the institution has made a deal with their armored car carrier to verify the contents and advise. Weight is the basis that is used to accept or reject the bag. Unless the bank is adding on some of their own fees to handle the coin, their only costs should be transport from their branch to the FRB which should be no more that a couple of bucks per bag. I would get in front of someone at the bank and get them to explain their charges. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/03/2008 : 15:17:58
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Well I have really, really good news. A couple of the members were right. They are actually giving me and my buddy free money. My buddy called them on the phone and after 4 tries and a half hour going through menu hell he finally got to talk to a real person. I knew their machines were off a little occasionally because of the dimes I get in the penny rolls.. but this was a serious bank error in our favor. We are both going to leave the extra money in our accounts in case they decide to correct things 6 months from now. If I would have known they were giving bonuses like that I would have certainly deposited more zinc!
Whoohoo! I can safely dump again. |
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 06/03/2008 15:20:00 |
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TXTim
Penny Hoarding Member
629 Posts |
Posted - 06/03/2008 : 15:57:00
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After all that suspense...
Congratulations - that's as good as finding a pile of wheats!!! |
Beer is my currency. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/03/2008 : 16:03:53
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| I would prefer to give them the money back.. but have you ever tried to convince a bank that they made an error? |
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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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 06/03/2008 : 16:35:05
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congrats. I guess Milburn Dryesdale doesnt run that bank. If you dont get the reference (You must be logged in to see this link.)
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"99% of all lawyers give the rest of them a bad name" 
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natsb88
Administrator
USA
1850 Posts |
Posted - 06/03/2008 : 22:02:20
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| Well at least we know the term 'credit' still means 'credit' |
Nate
The Copper Cave
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 06/05/2008 : 09:45:50
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quote:
Originally posted by HoardCopperByTheTon
I would prefer to give them the money back.. but have you ever tried to convince a bank that they made an error?
My wife once got too much money from the ATM. She went inside and tried to tell them, but they were very snippy and said "Our machines don't make mistakes." My wife persisted and they eventually took back the extras $20.
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cyberdan
Penny Collector Member
USA
289 Posts |
Posted - 06/05/2008 : 10:10:29
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quote:
Originally posted by HoardCopperByTheTon
I would prefer to give them the money back.. but have you ever tried to convince a bank that they made an error?
HA! that reminds me of an episode of CHIPS (yes, I used to watch it)
A sub-plot was that Poncherello was having account problems at his bank. At the end of the show it was not resolved, so when he was at the tellers window and the teller with an attitude turned her back he dropped some change in her open change drawer. (just to mess with her count) |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 06/17/2008 : 20:11:28
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quote:
Originally posted by tadpole
As I mentioned earlier, the FRB doesn't charge the member banks to make deposits to the FRB or to verify bags of coin as long as the weight of the bags fall within their guidelines. If the bag is out of weight tolerance the bag is either returned to the depositing institution or the institution has made a deal with their armored car carrier to verify the contents and advise. Weight is the basis that is used to accept or reject the bag. Unless the bank is adding on some of their own fees to handle the coin, their only costs should be transport from their branch to the FRB which should be no more that a couple of bucks per bag. I would get in front of someone at the bank and get them to explain their charges.
I apologize for being anal about this and bringing it up weeks later. This post has been on my mind. How would you verify the wieght of a bag of mixed pennies? The range would be anywhere from 27.5# to 34.25# That is amost a 20% swing. They have to count these don't they? |
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MaDeuce
Penny Pincher Member
USA
124 Posts |
Posted - 06/18/2008 : 09:34:06
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Greetings HCBTT,
I almost had a heart attack when I started reading this thread last night. My kids are on their second week of vacation and I got 20 boxes of half dollars for them to sort through while I'm out of town. I was having nightmares about return fees for my rejects. I am glad to see the issue was resolved in your favor.
I did go by the BoA web site and, after much work, finally found the fee schedule for commercial accounts, which is where my kid's coins came from. For my "Small Business Commercial" account, they state, "Cash deposited after the first $10,000 -- 20¢ per $100".
If you look around long enough, every bank will have their fee schedule posted online. And their can be huge differences in fees from bank to bank. Some charge on the withdrawal side (e.g. x% on every $x of coins we give you) and some charge on the deposit side (e.g., x% on cash deposits over $x). Hint -- you can use this asymmetry to get all of your coin deposits/withdrawals done for free.
As to the debit/credit thing... For one's own account, a debit always increases assets and a credit always increases liabilities. When a bank tells you that they are "crediting" your account, it is with respect to their accounting system, not yours. If they are "crediting" your account, it means that they are increasing the liability that they have to you. Their liability to you, of course, is the amount of money you have on deposit.
Concerning weighing of deposits... you are correct, it is not 100% accurate. But 100% accuracy with coins, especially pennies costs more than it is worth to the bank. Many institutions have special scales that are intended for use in exactly this situation. They can be adjusted to take into account the mix of coins (in a single denomination) that are found, on average, in that area. Institutions periodically sample the coins that they are getting on deposit and adjust the parameters to reflect that.
In other words, once a month (or whatever), they will do a little statistical work. For example, they will get an "average" pound of pennies, and count the number of one cent pieces in the pound. Their counting scale will be adjusted to reflect what they find. In the US, over time, the number of one cent pieces in a pound should be steadily, but gradually, increasing.
I know, it bugs the hell out of me too that they aren't more accurate. When I first got involved with coins in large volumes, I was trying to get things accurate down to the very last coins. That was, until, I found out that Brinks and the bank was only accounting for my coins to the nearest $100!
High volume coin handling is another world. And a wierd one, at that.
Best Regards,
MaDeuce |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 06/18/2008 : 14:47:04
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| Great info MaDeuce! Thanks. One comment is that the average weight of a bag of coins (pennies anyway) should be gradually decreasing because the zinc to copper ratio can only fall over the long term. Ditto in Canada as the weight of a penny has gone down incrimentally over time. I suspect it was just a typo on your part. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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Bank Fees - Arbitrary?
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