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Nickelless
Administrator
USA
5580 Posts |
 Posted - 06/17/2008 : 18:51:01
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Today I called one of my supply banks to let them know I'd be on vacation in two weeks and not to order any pennies next week, and the vault teller told me that the branch manager is having qualms about ordering more pennies because of the fees that Brinks charges them. Should I talk to the branch manager directly? Should I offer to pay fees for the boxes ordered and order less per week? My first order was $400. Suggestions on how to gently persuade the branch manager? What if she still objects to ordering pennies even if I offer to pay the Brinks fees?
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Edited by - Nickelless on 06/17/2008 18:57:59 |
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TenBears
1000+ Penny Miser Member
USA
1021 Posts |
Posted - 06/17/2008 : 19:16:28
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| Not much you can do but go elsewhere I suppose. I may have missed it in other posts, but this is the first time I have heard of this problem. Merely speculation on my part, but it seems that your bank ought to be doing enough volume in change buying from Brinks that your extra penny boxes would not matter. You need one of the very heavy volume guys to weigh in here. Maybe they have dealt with this. |
"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 - 06/17/2008 : 20:00:56
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There is a reason there is a bank on every corner.. so if one doesn't treat you right, you just walk across the street.  While it may be convenient for you to do 1 stop shopping and get a decent size weekly shipment at one bank, it does not always make you the bank manager's favorite customer. They look at how much time you are tying their tellers up, how much vault space your pennies take up, any delivery fees from the coin service if they don't have a standard contract, etc. and balance that against how much they value you as a customer.. ie: your average balance, loans, visa/mastercard accounts, etc. Usually the bank manager will want to have a little talk with you. It is hardly ever so they can offer you a special low interest rate loan. It usually means they either want to place limits on you or completely cut you off. You need to be reasonable in your expectations of what you expect the bank to do for you. Do not pay fees. If you had a merchant account they would charge you 8-10 cents per roll. That would pretty much wipe out any potential profit from copper sorting. You will either need to scale back at this bank or just pick up the occasional drive-buy there. This is why you need multiple source banks. So you can spread your action around, and so if one cuts you off you still have plenty of pennies coming in from the others. The bank that treats you the best on your pennies is the one you should be giving most of your banking action to. What, you thought this was easy? |
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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Nickelless
Administrator
USA
5580 Posts |
Posted - 06/19/2008 : 05:21:26
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| Just curious, Hoard, how much relative vault space would 16 bricks of pennies take up? Is it a matter of space per se that banks wouldn't want the bricks actually in the vault at any given time, or is it just because they might actually have to reach around said bricks to move whatever else might be in the vault? I've glanced at a few bank vaults from a distance and quite frankly they look big enough to accommodate a few hundred dollars in pennies. |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
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Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/19/2008 : 09:44:05
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| The relative space would be dependant on the size of the vault. I have seen both large and small, but even I am not bold enough to suggest to the bank that they should fill their vault up with my pennies and store them there for free. Even if it is a large vault they don't want to reach around or trip over a bunch of boxes of pennies. Maybe you can get lucky and find a bank with a large vault that does not mind disrupting their normal operations and filling a substantial portion for their vault with your pennies for free for your convenience. |
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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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 06/22/2008 : 21:02:34
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I consider myself very lucky since I've been able to order up to 60 boxes at a time without any problems. Next week I'll be ordering another 30 boxes or so. I always have enough in my account to cover the cost of the pennies even though I pay cash for them, and I always pick them up the same week I order them so they aren't in the vault more than 2 or 3 days. Also I typically only order every other week or so.
Even still I'm worried that someday I'll be asked to cut back or stop my orders, and then I'll have to spread my purchases out some. But for now I'll get while the getting is good! |
Sorting In Northwest Mississippi |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 06/23/2008 : 16:13:55
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| banker I spoke with (dump) was also concerned about vault space. She asked me to dump late on Thurs or Fri morn because they pick up the coins on Friday morning and she doesn't want my dump sitting in her valut all week. She did give me some bags and was very polite though. I like people who lay their cards on the table. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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What to do when banks object to Brinks fees
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