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MRBONG411
Penny Sorter Member
USA
89 Posts |
 Posted - 09/17/2008 : 11:30:49
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Can a bank refuse to sell you pennies if you don't have an account?
If you have an account at a bank can they refuse to sell you pennies or limit the amount you can order?
Have things changed recently with pennies? Like when I first started reading here everyone kept saying that you could get a ryedale and pay it off with pennies in a short amount of time. Has that changed?
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Nickelless
Administrator
USA
5580 Posts |
Posted - 09/17/2008 : 12:15:11
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Banks could refuse to sell you pennies, but the key is to open an account and just keep a balance of a few dollars in it. That's the case with two of my three supply banks (the third bank is my primary checking account). I opened accounts at the banks that had the greatest number of branches in my town so I could keep a minimal balance, still be considered a customer yet have the greatest possible number of places to pick up pennies. I've just found one branch of the bank where I have my primary checking account that looks like it'll be my main supply bank for now because they have $50 bags of pennies, much faster than having to break open Brinks bricks.
As far as things "changing" with pennies, the real issue is what your sorting/hoarding goal is. Me, I'm a silver bug, hands down. I'm trying to build up a bit of a copper stash to fall back on for those weeks when I don't have much time to sort, but primarily what I'm doing with my coppers is reselling and using those funds to buy silver. HoardCopperByTheTon has, well, literally tons of copper pennies, but he's probably been doing this longer and at a much greater volume than any of the rest of us. But while he's got more than a couple tons of coppers, he's also dipped into his stash to sell pennies and diversify what he's hoarding as well (which is probably the case with most of us on here anyway, I've just happened to have more conversations with him than with anybody else on here). Don't worry about how long it takes to recoup your investment in a Ryedale--look at it as an investment and it will work for you. I've sorted more than $5,000 in pennies in the past four months since I got mine, and I sorted its sale price in copper pennies in the first two weeks, then resold those pennies and bought silver. So to make a short story long, don't worry about how long it will take to get back what you spend. Just get a Ryedale and get busy sorting. |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
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Edited by - Nickelless on 09/17/2008 12:29:35 |
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 09/17/2008 : 12:19:09
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I suppose any business can refuse to do business with you if they want to. If you have an account with them they are usually easier to work with. I have found that if you have a standing order with them so you pick up the same amount each week on the day they are delivered to the bank works well. That way they know how much to order and they won't be short pennies.
As far as the Ryedale goes if you are going to be serious at all about sorting I would get one. With copper being down now it will take you a little longer to sort enough to pay for it. But they also hold their value well so if you ever get to the point where you no longer want to sort you will probably get close to what you paid for it. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/17/2008 : 12:21:07
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A bank can definately refuse to sell you pennies if you have no account. They can also refuse if you have an account (they may be short for example). You could likely order them by the truckload - but the real issue is at what cost. Watchout for the bank's favorite and your most hated "f" word.
I personally sorted and sold enough to fund my Ryedale, then did enough to fund my two counters. I'm thinking about getting a wrapper next, but too busy to sell. You will need to decide on your marketing strategy. Do you sell off mixed Cu bullion pennies or sell off the collector coins you find or create like bags of wheats, solid date rolls, extra fine specimens, BU Rolls. Do you sell on eBay, post on the Board, sell to one of the guys with websites like pennybullion or "we buy pennies" or maybe sell to APMEX (no one here has done that that I know of, but they do buy now). |
“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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tadpole
Penny Sorter Member
63 Posts |
Posted - 09/17/2008 : 12:25:57
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| I would imagine that the bank can do about anything they want, depending on how they feel about you as a customer. One thing that you have to remember is that the bank probably pays at least 3 cents per roll for the rolled coin, so that's $1.50 per box. That might be a reason why they are reluctant to sell rolled coin. You might try to talk them into letting you buy loose bags of coin from their coin counter if they have one. You might try contacting local vending companies to see if they have any pennies to sell you. They usually have to pay to get rid of coin. Good Luck. |
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simplicitycounts
Penny Hoarding Member
USA
535 Posts |
Posted - 09/17/2008 : 12:44:58
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| Most banks I purchase from don't care. When I drive to visit family I stop at banks along the way. I ask them if they have a bag of pennies they can sell from their coin sorter. Most of the time I get a bag, if they don't have any then I ask if they can part with $5 - $10 in rolled pennies. I haven't been turned down yet. I never ask for more than a $50.00 bag, but a lot of times they will offer more. One time I got $650.00, and last week I got $200.00 in pennies on a drive by. I guess it just depends on how you approach them and how many you ask for on whether or not they refuse you. |
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MRBONG411
Penny Sorter Member
USA
89 Posts |
Posted - 09/17/2008 : 12:48:30
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Thanks for the help. I did recently get a small ryedale but the problem now is finding the pennies to feed it.
My one bank (Wachovia) which I have been with since 1991 is limiting me to $200 a week. Another bank (Bank Of America) which I just opened an account with isn't limiting me yet but I've only asked for $200 a week from them for now.
My third bank which is a credit union is my dump bank. They are the only ones in my town who have a free coin counter.
I guess I just always thought the US Mint or US treasury would set forth rules telling banks that if they want to be in the money business they have to buy and sell to whoever comes in regardless if they have an account or not.
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/17/2008 : 15:27:41
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Getting $200 a week per bank is pretty good - I can't get that much usually. You can also do driveby's as simplicity suggested. I get most of my pennies on drivebys.
Banks have to pay to ship out coin too - so if you are planning a trip to a larger center just get a list of banks online and call them about pennies. Ask for the head teller. You could get lucky and find banks that received the proceeds of a coin drive and are sitting on the coin hoping it evaporates so they don't have to pay the armored car company to haul it away. Several times I've gotten hundreds $$ in pennies by just walking into a bank that had some school dump a coin drive on them.
Another idea is to post on craigslist "I buy bulk pennies". Also you could call the local Salvation Army or maybe the Pregnacy Center or others that do coin drives regularly. They would be HAPPY not to have to roll those pennies.
Your dump credit union might sell you the contents of thier machine too - just buy thier coins before you do your weekly dump into the machine. That will soften the blow you are giving them on shipping out your coin dumps. Don't go too crazy dumping all in one place. When the manager calls you into his/her office from the coin machine, it is not to offer you an interest rate reduction on a credit card... |
“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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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 09/17/2008 : 16:52:31
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$200 per location is pretty good. remember, the tellers are mostly ladies and lifting this stuff is real work for them compared to what they are used to.
so just hit multiple branches of the same bank.
one thing you should look into is getting a counter. for about $150 you can get a used CS-10 on ebay. i haven't advertised on ebay but these counters are mobile and you could easily show up at a business or school or home and count someone's penny jar and write them a check for the exact amount. they are about the size of a small boom box and count about 1300 coins in a minute. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 09/17/2008 : 17:03:27
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| also, remember they are doing you a favor. the amount of coin you are buying is way beyond normal consumer purposes. commercial customers of the bank might pay 5-12 cents a roll to obtain coin and also pay to deposit coin. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 09/17/2008 : 17:47:56
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| I have one bank that I have a standing order of ten $50.00 bags from each week. I have my main accounts at this bank. I also treat the tellers very well. I usually bring them some higher quality candy treats each week. They have actually gotten so they look forward to me showing up each week to pick up my pennies. Instead of rolling their eyes when I walk in. LOL. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
Edited by - NDFARMER on 09/17/2008 20:06:43 |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/17/2008 : 18:04:07
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| I was in a bank where the A&W guy was at the next wicket buying change on Saturday. He walked out with a little bag of rolls and $125 in new $5 dollar bills. I walked out with $125 in new $5 bills (could not resist) and a over a box of pennies and over a box of nickels, and some quarters. Ya we look funny dealing with all this coin - even though I act like it is the most normal thing in the world when dealing with the tellers. |
“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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n/a
deleted
146 Posts |
Posted - 09/17/2008 : 20:24:59
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I'm kind of curious to know what businesses that deal in change and/or banks are charged for rolled coins...anybody have a clue on that? Do they charge by weight or the distance shipped or by the number of rolls/boxes/bags ordered?
As far as getting pennies from banks where I don't have an account I don't have any trouble probably because I've never asked for more than $20 worth of rolls at a time (hand sorter here). If I had a Ryedale to feed or an army of people helping me sort then maybe I'd have some trouble buying huge quantities from the banks but luckily that's not my problem.
The only problem I have is with my dump bank: they have a (formerly free) coin sorter that they are now charging me 2% of whatever I bring in to use and the closest branch DOES NOT ACCEPT rolled coin so I have to go to a branch 10 miles from that branch or 16 miles from my house...WTF?!? I am considering changing dump banks... |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 09/17/2008 : 20:35:35
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They can always refuse you with or with out an account. Try placing an order in advance. Offer to buy the CWR's customers bring in. You never know. Luckily for us there are tons of banks so you can shop around. I have a Ryedale but it is usually sleeping. I've sorted more than enough to pay for it yet I have never sold one. As far as dumping, if you can dump loose then the 16 mile drive would be worth it. Even if they have to be rolled, just save enough to make the dump trip worth while. Even the good old yellow pages and a few phone calls would never hurt. Good luck!
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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n/a
deleted
146 Posts |
Posted - 09/17/2008 : 20:43:41
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| I wish I could find someone with a Ryedale near me to sort my 1982s...I really need to get with the program and hunt down a scale that does grams. I have access to a scale that will do grams in 10 gram increments but that is not all that helpful except maybe if I want to weigh rolls. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 09/17/2008 : 23:24:37
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nomore.. surely with all the Ryedales out there, there must be somebody near you. If you are near me you are certainly welcome to come over and use one of mine. What part of the country are you in? Alternatively you can make a simple balance scale with a pencil, a popsicle stick, and a thumbtack to check your 82's.
It will probably take a bit longer to pay for your Ryedale with the proceeds from copper pennies than it used to.. the market is a bit soft right now. All of my Ryedales, Automatic Coin Rolling machines, and high speed counters were paid for with proceeds from the copper sorting operation.
Looks like Nickelless is onto my game.. LOL. OK, I will admit to selling a few coppers off to diversify into gold and silver.
A bank can refuse to give you coins, or even limit you (I have personally experienced this.. imagine that). It is good to have several source banks, and several dump banks to spread your action around a bit. This way when your bank goes into receivership, your operation is not overly adversely impacted. This also increases your chance of getting any big amounts of pennies that get deposited. I love those phone calls. Legaceypac is right about those talks in the bank manager's office.. Unfortunately, I have experienced a few of those also.. LOL. You just try to learn from it.  |
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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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/18/2008 : 02:24:51
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quote:
Originally posted by nomore
I'm kind of curious to know what businesses that deal in change and/or banks are charged for rolled coins...anybody have a clue on that? Do they charge by weight or the distance shipped or by the number of rolls/boxes/bags ordered?
The only problem I have is with my dump bank: they have a (formerly free) coin sorter that they are now charging me 2% of whatever I bring in to use and the closest branch DOES NOT ACCEPT rolled coin so I have to go to a branch 10 miles from that branch or 16 miles from my house...WTF?!? I am considering changing dump banks...
At that volume try spending your penny rolls. Buy gas, food, leave rolls for tips, pay tolls, use them in C-stores, donate them at church, get creative. |
“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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tadpole
Penny Sorter Member
63 Posts |
Posted - 09/18/2008 : 10:10:52
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nomore:
As far as I know, in my part of the US, businesses are charged for rolled coin, probably a minimum of .03 to as high as the bank can get depending on the value they place on the customer. Most of the businesses will "pay" for the coin through what the bank calls statement alalysis, that is the business gets credit for positive balances they keep in their account and that credit is used to pay for bank services including the rolled coin.
I would suggest that you look for another dump bank or make a deal with a retailer to sell them your rolled coin because they don't get it for free from the bank. |
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n/a
deleted
146 Posts |
Posted - 09/18/2008 : 10:39:38
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HCBTT I am in the Shenandoah Valley of Virginia. I doubt I'm close to a Ryedale owner but that is probably a good thing because I don't think I have much competition for penny sorting really close to me.
As far as buying a Ryedale goes, it would be my luck that as soon as I get it too many banks near me would fail to make it worth my while to use it. Then I'd have to sell it and get it shipped to someone else (I understand the machines are kinda heavy). So hand sorting and a scale that weighs grams would be the smartest option for me unless I can either rent/borrow time on someone else's Ryedale or find a much cheaper sorter.
The surprising thing about being out in the country where there are way fewer jobs than ever is how just many banks my tiny county has. In my little town alone (less than 1200 people) there are 2 (one is a BB&T the other -- First Bank -- is my current dump bank). Given how many of them there relative to how many people are in my county (less than 40,000) and the jobs situation here (wasn't good to begin with and I think it will only get worse), I expect a lot of them to fail. I need to do some homework on this and see how healthy they all are (I know BB&T is higher rated than First Bank...the BB&T employees are nicer, that branch has been around a lot longer but they don't have a sorter available to use).
So far at most of the other banks I can trade penny rolls for nickel rolls to sort and then trade those back for more penny rolls. But that could change if things go badly quickly. But I am keeping legacypac's idea of spending the rolls in mind just in case :)
tadpole thanks for the price range...I am sure the little retailers are paying way more than 3 cents a roll (would that even cover the armored truck's gasoline these days?). I'll also keep the retailer option in mind. |
Edited by - n/a on 09/18/2008 10:40:26 |
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PennehChaos.
Penny Collector Member
USA
269 Posts |
Posted - 09/18/2008 : 12:13:31
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quote:
Originally posted by simplicitycounts
Most banks I purchase from don't care. When I drive to visit family I stop at banks along the way. I ask them if they have a bag of pennies they can sell from their coin sorter. Most of the time I get a bag, if they don't have any then I ask if they can part with $5 - $10 in rolled pennies. I haven't been turned down yet.
Dang. I've been turned down for rolls by two out of the five branches I've tried stopping at, and turned down for bags by all of them.
One branch of the bank that I've used for my primary checking for 10 years gave me such a hard time about getting change that I stopped going there... You'd think i was asking for a freakin' kidney.
I do feel bad for the tellers carrying the penny boxes around... they bring them out one at a time, in both hands, I load up four of them under my arm and take off  |
Considering Verizon Business service? Perhaps you'd like to consider a nice drain cleaner enema instead? |
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MRBONG411
Penny Sorter Member
USA
89 Posts |
Posted - 09/18/2008 : 15:48:04
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| One problem I have is I am on bicycle. I live within 2 miles of 5 different banks though. I can carry 3 boxes of pennies on my bike but I am going to try and order $200 from each bank every friday and pick them up with a car. |
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DesertTumbleweed402
Penny Pincher Member
USA
196 Posts |
Posted - 09/26/2008 : 20:18:36
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| Whenever I go to a bank, I can barely get two boxes. Wachovia usually turns me away. |
I enjoy taking long walks off short piers. |
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Nickelless
Administrator
USA
5580 Posts |
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Getting Pennies
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