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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
 Posted - 07/09/2008 : 11:43:31
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I have had some luck buying bags from banks. Most were very appreciative. Just wondering if anyone knows how much I am saving the bank by doing this? The bags are marked to indicate that the bank intended to have the bag deposited with the Fed. Of course, someone has to transport it to the Fed, and potentially there would be a charge for rolling the coin. Maybe they should be giving me little bags with chocolate coins - lol.
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Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 07/09/2008 : 12:09:27
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| Does Bank of America sell $50 bags of pennies usually? I have a ton of branches around my parts. Much easier dealing with a bag than opening a bunch of rolls. And you can inspect a bag real quick to see if copper dates are visible too. I have gone on earlier about opening an account with them but still have not done it yet. I just do not like having to bring $300 as a minimum to open an account. I expect (lol!) services for that $300. I am afraid that BOA may be scum in the long run to deal with, feeing me to death eventually. |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 07/09/2008 : 12:33:08
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the tellers have to break the rolls into the bags.
They should give you chocolate coins if you take the rolls from them! |
"99% of all lawyers give the rest of them a bad name" 
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 07/09/2008 : 12:38:55
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This is a bit off topic, but I had one of banks tell me a couple of weeks ago that they could now order penny bags from Brinks and asked me if I would like to switch my penny order from boxes to bags! I was like "Wow, You bet I would!"
I have not checked with my other banks yet, but it is on my list of things to do. I don't know if this is a new Brink's option nationwide or just in Indianapolis, but others may want to look into it.
As for banks selling their own penny bags, not all of them have penny bags to sell and if they have them you might have to talk to a few people before they will sell them to you. Yes it saves them money (not sure how much), but it is also out of the norm. So the idea has a tendency to through some of the employees for a loop. |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 07/09/2008 : 13:49:26
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| getting back on topic, the situation is the bank has a surplus of pennies. it has more than its customers appear to want or need. so it sends them to "the Fed" meaning out of the branch where the bank gets credit for the coin. But presumably there is a cost to this. They may have to unwrap paper rolls and count out $50 - a non-financial cost. But what financial cost do they pay to have the bulk coin transported and deposited with the Fed? Does Brinks do this for free so it has a supply of coin to roll and sell to the banks? |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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WheatieFan
Penny Pincher Member
USA
106 Posts |
Posted - 07/09/2008 : 14:27:30
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One small bank told me, for ORDERING coins, there was a $8-10 fee just for the trip, plus ~$4 per box. I'd take that as a beginning estimate for what they pay to SHIP coins out, keeping in mind that 1 bag = 2 boxes.
WheatieFan
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cyberdan
Penny Collector Member
USA
289 Posts |
Posted - 07/09/2008 : 16:20:51
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I have one bank that I get about 6 bags every few weeks. They have a coin counter and are happy for me to take the bags. (I now have a large supply of canvas bags) They also save bags of halves but that takes longer to fill.
Another bank I belong to (manager) told me that they have a standing contract with armored car company to make so many pickups & deliveries per week. It does not matter to them how much coin goes in or out, one set monthly fee. |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 07/09/2008 : 16:43:12
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I have been getting bags for a while. The teller manager approached me one day and questioned why so many pennies? I told her I sort and collect and she actually offered to sell me pennies "by the bag" since then it is a weekly visit for 2 or more a week. Since beginning this she has offered info. They unwrap CWR's into the bag and send to the reserve where they are machine counted and credited to the financial institution. They have several hundred in reserve and ship the rest out. They have a contract with Brinks and their only fee besides the annual contract cost is when they need to order coin. I am working out a deal to turn my zinc in in bags like I buy them. I have told the teller manager how much "labor costs" the bank save by not having to open every roll and dump in bags. I also save them on penny wrapper costs. The light went on as I saw her smile thinking about the labor savings for her and the counter girl. I will weight the bags and any discrepancy can be credited/edebited to my account. Each week we will "swap" my zinc fro their unsorted. WIN/WIN. Everyone is happy.
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 07/09/2008 : 17:28:07
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quote:
Originally posted by wheeler_dealer
I have been getting bags for a while. The teller manager approached me one day and questioned why so many pennies? I told her I sort and collect and she actually offered to sell me pennies "by the bag" since then it is a weekly visit for 2 or more a week. Since beginning this she has offered info. They unwrap CWR's into the bag and send to the reserve where they are machine counted and credited to the financial institution. They have several hundred in reserve and ship the rest out. They have a contract with Brinks and their only fee besides the annual contract cost is when they need to order coin. I am working out a deal to turn my zinc in in bags like I buy them. I have told the teller manager how much "labor costs" the bank save by not having to open every roll and dump in bags. I also save them on penny wrapper costs. The light went on as I saw her smile thinking about the labor savings for her and the counter girl. I will weight the bags and any discrepancy can be credited/edebited to my account. Each week we will "swap" my zinc fro their unsorted. WIN/WIN. Everyone is happy.
Sounds like a sweet deal! Get it while you can.
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 - 07/09/2008 : 19:06:12
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| One of my local branches also has to unwrap rolls into bags. I was hand sorting then so did not ask to buy their excess. Now that I have the ryedale, I might go in and ask to buy them. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/09/2008 : 20:15:32
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It is great if you can get them loose in the bag. I get them that way occasionally, but not very often. One pitch to make at the banks that have to unroll them and put them into the bags to ship is to offer to take them in the rolls so they don't have to crack all those rolls. This has worked pretty well for me. Whenever one of my branches gets a large amount of CWR they just call me and I pick them up.  |
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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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 07/10/2008 : 05:21:43
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quote:
Originally posted by wheeler_dealer
I have been getting bags for a while. The teller manager approached me one day and questioned why so many pennies? I told her I sort and collect and she actually offered to sell me pennies "by the bag" since then it is a weekly visit for 2 or more a week. Since beginning this she has offered info. They unwrap CWR's into the bag and send to the reserve where they are machine counted and credited to the financial institution. They have several hundred in reserve and ship the rest out. They have a contract with Brinks and their only fee besides the annual contract cost is when they need to order coin. I am working out a deal to turn my zinc in in bags like I buy them. I have told the teller manager how much "labor costs" the bank save by not having to open every roll and dump in bags. I also save them on penny wrapper costs. The light went on as I saw her smile thinking about the labor savings for her and the counter girl. I will weight the bags and any discrepancy can be credited/edebited to my account. Each week we will "swap" my zinc fro their unsorted. WIN/WIN. Everyone is happy.
Wheeler, thanks for the info. You think like I do. I want to overcome any objections by explaining why its a win/win for everyone. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 07/10/2008 : 07:44:45
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quote:
Originally posted by HoardCopperByTheTon
Whenever one of my branches gets a large amount of CWR they just call me and I pick them up.
same... the tellers always seem so glad that I come and pick them up that day, so then they dont have to squeeze them into their vault. And they dont have to break 100! rolls into bags. (if these tellers only knew the number of rolls I've broken open  )
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"99% of all lawyers give the rest of them a bad name"
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the_cent_guy
Penny Pincher Member
USA
114 Posts |
Posted - 07/11/2008 : 20:45:14
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Just a suggestion..
If you have a bank that has a coin machine in the lobby, and it separates by denomination.. Ask them if you can pick up the bags and sort through them, then bring the zincs back. Be honest. They'll probably laugh, and think your crazy, but that's their problem. I've had a few issues with other banks (I work for National City), but once I told them what I was up to, they were "OK" with it.
Luckily for me, I have two very popular branches in my area of town who are willing to sell me the bags from the machine AND accept the zinc ones back. I'll save them from shipping out a few bags a week, and they don't have to worry about keeping them in the vault all week. I'll bring them in, or have someone bring them in for me the day of or before shipment.
I don't know what every banks policy is on bringing in bags, but here are a few that I can recall. Correct me if I'm wrong:
National sh!tty (City) - $10/bag fee no wait time on verification, use account as reference (my branch - no fee, no wait time :P)
Key Bank - wait time - at least 48 hours from shipment, no fee, use account as reference, (will not specify when shipment is)
JPMorgan Chase - wait time - 1-2 weeks from shipment, no fee, use account as reference (will not specify when shipment is)
Huntington Bank - wait time - 24-48 hours from shipment with $2/bag fee, use account as reference (will not specify when shipment is)
Oh, and any bank that uses Brinks as a courier should be able to order bags of coin.
In summation my suggestion does not provide and answer for what this thread was asking, I do not know what they charge. But if you sell it to a bank as you're saving them money, even if it's a few pennies here and there.. They'll probably jump at it. Branch managers hate expenses.. Trust me, I know!
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"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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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 07/12/2008 : 07:04:18
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quote:
Originally posted by the_cent_guy
Just a suggestion..
If you have a bank that has a coin machine in the lobby, and it separates by denomination.. Ask them if you can pick up the bags and sort through them, then bring the zincs back. Be honest. They'll probably laugh, and think your crazy, but that's their problem. I've had a few issues with other banks (I work for National City), but once I told them what I was up to, they were "OK" with it.
Luckily for me, I have two very popular branches in my area of town who are willing to sell me the bags from the machine AND accept the zinc ones back. I'll save them from shipping out a few bags a week, and they don't have to worry about keeping them in the vault all week. I'll bring them in, or have someone bring them in for me the day of or before shipment.
I don't know what every banks policy is on bringing in bags, but here are a few that I can recall. Correct me if I'm wrong:
National sh!tty (City) - $10/bag fee no wait time on verification, use account as reference (my branch - no fee, no wait time :P)
Key Bank - wait time - at least 48 hours from shipment, no fee, use account as reference, (will not specify when shipment is)
JPMorgan Chase - wait time - 1-2 weeks from shipment, no fee, use account as reference (will not specify when shipment is)
Huntington Bank - wait time - 24-48 hours from shipment with $2/bag fee, use account as reference (will not specify when shipment is)
Oh, and any bank that uses Brinks as a courier should be able to order bags of coin.
In summation my suggestion does not provide and answer for what this thread was asking, I do not know what they charge. But if you sell it to a bank as you're saving them money, even if it's a few pennies here and there.. They'll probably jump at it. Branch managers hate expenses.. Trust me, I know!
if you can get a bank to ORDER bags of coin for you then I ought to hire you to buy my next car for me. Good luck pulling that one off.
I am typically faced with a couple of problems. Most of the people in the bank are just plain idiots. When you finally find someone with a clue, about 2/3rds are too lazy or selfish to try to lift a finger to help you. Its not as hard as finding a Wild Indian but its close.
Teller at one of my banks is somewhat informed and willing to help me. She dumped 7 bags of mixed pennies on me today. She was extremely happy to get rid of them, and the brinks guy had just left. So she could have had him take them. What I want to know is how much money I saved her. Theoretically I didn't save her any money since presumably some outfits will have a contract with Brinks with no additional fees. However, reading her expression, she was saving some money here. And it wasn't just the work - she still had to store the bags for me in her vault and lift them onto a cart. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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the_cent_guy
Penny Pincher Member
USA
114 Posts |
Posted - 07/12/2008 : 14:59:39
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| Come to my bank, I'll order them for you :) |
"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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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 07/12/2008 : 21:00:12
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I learned a little more about Brinks selling penny bags (so did my bank). My bank tried to order bags for me but Brinks rejected the order. Apparently, Brinks only offers the bag option to certain banks depending on their contract (size? and or type?).
If you find a bank that regularly orders large amount of coins because it has many big business accounts, they might be set up to get bags from Brinks. Otherwise, forget about it. Also I suspect that if you did find such a bank, there is a good chance you will hear the F word from them (fee). Anyhow there is some hope that with some leg work one might be able to get bags from Brinks instead of boxes.... |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 07/12/2008 : 21:02:54
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somehow this thread took a 180-degree turn.
what I really want to know is if I take the bag off their hands at FV how much am I saving them? I told a branch manager I'd move CD's, etc. to his branch if I could buy bags. I'm wondering whether he should be buying me lunch etc. for taking the bags off his hands. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 07/12/2008 : 21:11:45
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quote:
Originally posted by Lemon Thrower
somehow this thread took a 180-degree turn.
what I really want to know is if I take the bag off their hands at FV how much am I saving them? I told a branch manager I'd move CD's, etc. to his branch if I could buy bags. I'm wondering whether he should be buying me lunch etc. for taking the bags off his hands.
I don't think there is a cut and dry answer to that question. I imagine Brinks has many, many different types of contracts...maybe even one for every bank. I do know that some people have found banks that are very happy when they find someone who is willing to take the bags off of their hands for free and others have talked to banks that don't really seem to care. |
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the_cent_guy
Penny Pincher Member
USA
114 Posts |
Posted - 07/13/2008 : 16:05:40
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quote:
Originally posted by Lemon Thrower
somehow this thread took a 180-degree turn.
what I really want to know is if I take the bag off their hands at FV how much am I saving them? I told a branch manager I'd move CD's, etc. to his branch if I could buy bags. I'm wondering whether he should be buying me lunch etc. for taking the bags off his hands.
Just a heads up,
Banks don't care about how much money you have in your account(s), they care how much money you owe them.
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"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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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 07/14/2008 : 09:49:32
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quote:
Originally posted by the_cent_guy
quote:
Originally posted by Lemon Thrower
somehow this thread took a 180-degree turn.
what I really want to know is if I take the bag off their hands at FV how much am I saving them? I told a branch manager I'd move CD's, etc. to his branch if I could buy bags. I'm wondering whether he should be buying me lunch etc. for taking the bags off his hands.
Just a heads up,
Banks don't care about how much money you have in your account(s), they care how much money you owe them.
]
I disagree. On a macro level, deposits can be more profitable to a bank than loans, especially low cost deposits like savings and checking. At a micro level, bank employees are rewarded for expanding relationships, so opening another savings account, credit card, CD, etc. typically earns the employee and the branch something, regardless of the profitability. this is esp. true at the mega banks. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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Saul Mine
Penny Collector Member
USA
343 Posts |
Posted - 07/16/2008 : 11:49:17
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| It must be something about my location. Banks around here treat me like an annoying kid. They don't want to give me pennies, and when they do they don't want me to bring them back either. I have seen the Brinks guy going out the door with dozens of bags of unsorted pennies, but I can only get bags or boxes of rolled pennies. If I walk in and ask for pennies they say they have my number and will call when they have some. Then they whine about the inconvenience of having to call me. This isn't even a bank, it's a credit union. To top it off, or maybe I should say to bottom it out, there is only about 15% copper here, which seems to be about the lowest in the nation. I'm thinking maybe I should drive into the country and get pennies from grocery and liquor stores. |
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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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 07/16/2008 : 14:59:03
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quote:
Originally posted by Saul Mine
It must be something about my location. Banks around here treat me like an annoying kid. They don't want to give me pennies, and when they do they don't want me to bring them back either. I have seen the Brinks guy going out the door with dozens of bags of unsorted pennies, but I can only get bags or boxes of rolled pennies. If I walk in and ask for pennies they say they have my number and will call when they have some. Then they whine about the inconvenience of having to call me. This isn't even a bank, it's a credit union. To top it off, or maybe I should say to bottom it out, there is only about 15% copper here, which seems to be about the lowest in the nation. I'm thinking maybe I should drive into the country and get pennies from grocery and liquor stores.
where are you located. about 16% where I am at. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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What do banks pay brinks to take bags?
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