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Dan52
Penny Collector Member
USA
422 Posts |
 Posted - 09/25/2008 : 13:04:56
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Bad news. My bank tells me they are going to have to start charging me a $1.00 on the hundred for coin deposits/exchanges.
I gotta look for another bank.
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DesertTumbleweed402
Penny Pincher Member
USA
196 Posts |
Posted - 09/25/2008 : 13:09:15
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| My bank threatened to charge me .10 cents for every roll that I PICK UP. |
I enjoy taking long walks off short piers. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/25/2008 : 13:29:53
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Ya, lower your volume, skip a couple weeks with them, spread the action around. A Coin Roll Hunter'se worst nightmare is the "f" word that ends in two e's.
Also to Desert - get a copy of thier services brochure, or go online for it. Many banks are set up to either charge on pickup OR deposit, but often not on both. So you can arbatrage it by buying from the bank that charges for deposit, and selling to the bank that charges on coin sales.
Chocolates for the tellers also tends to cut the "f" word discussion down. They need to love you :) |
“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 - 09/25/2008 : 15:30:42
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At least your dump bank at which you hold an account isn't trying to charge you 2% of whatever you turn in to use their coin sorting machine and balking at taking rolls (making you drive 10 miles to another branch of the same bank to do so and having the younger tellers go all Spanish Inquisition on you when you do turn in rolled coins).
I am dumping more rolled coin at other banks as a trial run (in small amounts the most I've ever turned in at one time was 17 rolls of pennies) and trying to decide which of them will get the account I am going to close with problem child bank.
I gotta say I do love my buy/pick up bank, local, small, friendly tellers. All the old folks bank there and they tend to turn in higher %s of coppers :) |
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 09/25/2008 : 16:12:43
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| Choose a credit union. Lower fees, and can get the same coins that the banks do. Credit Unions are also more likely to have FREE coin counting machines. |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 09/25/2008 : 19:25:55
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| Interesting....last week I dropped off a big cookie with lots of icing. All smiles and all friendly! |
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kieblera5
Penny Hoarding Member
USA
859 Posts |
Posted - 09/25/2008 : 20:22:55
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quote:
Originally posted by legacypac
Ya, lower your volume, skip a couple weeks with them, spread the action around. A Coin Roll Hunter'se worst nightmare is the "f" word that ends in two e's.
Free? Yeah, I hate that word |
Democracy is being allowed to vote for the candidate you dislike least.
Never argue with an idiot. They will drag you down to their level and then beat you mercilessly with experience.
Caller number seven gets the Peace Prize!
Get coding tips, tricks, and more at: http://codingmonday.blogspot.com |
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Frugi
Administrator
USA
627 Posts |
Posted - 09/26/2008 : 14:14:57
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quote:
Originally posted by kieblera5
quote:
Originally posted by legacypac
Ya, lower your volume, skip a couple weeks with them, spread the action around. A Coin Roll Hunter'se worst nightmare is the "f" word that ends in two e's.
Free? Yeah, I hate that word
Fee. |
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kieblera5
Penny Hoarding Member
USA
859 Posts |
Posted - 09/26/2008 : 20:30:34
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quote:
Originally posted by Frugi
quote:
Originally posted by kieblera5
quote:
Originally posted by legacypac
Ya, lower your volume, skip a couple weeks with them, spread the action around. A Coin Roll Hunter'se worst nightmare is the "f" word that ends in two e's.
Free? Yeah, I hate that word
Fee.
hmmmmmm I was trying to make a joke |
Democracy is being allowed to vote for the candidate you dislike least.
Never argue with an idiot. They will drag you down to their level and then beat you mercilessly with experience.
Caller number seven gets the Peace Prize!
Get coding tips, tricks, and more at: http://codingmonday.blogspot.com |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 09/26/2008 : 20:40:40
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quote:
Originally posted by Copper Catcher
Interesting....last week I dropped off a big cookie with lots of icing. All smiles and all friendly!
We sell pumpkins at a roadside stand. Today we took in several mini pumpkins for everyone in the bank. Lots of smiles and even several tellers who said they would be out to buy for their kids. |
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Nickelless
Administrator
USA
5580 Posts |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/27/2008 : 01:42:10
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Some banks are net sellers of coin to thier customers - they have to bring it in at a cost. A bank surrounded by small businesses in a mall or downtown area for example. If you can become a supplier of new coin to this kind of bank, they save money bringing in coin and can make money selling it. This gives you leverage to avoid deposit fees.
Other banks would be net shippers of coin - they have customers that bring in more coin then they can use. This can be because they are in the suburbs where customers dump coin but no business customers to buy it, or because a vending co. or other big coin generator deposits a lot of coin. They have shipping costs to empty out the vault and will be more willing to sell you coin without fees.
Some banks are balanced. If your running into issues depositing, look for an account that has no fees to deposit into it (like a BoA saving account). Learn to read fine print and service fee brocures. Just shop for the best deal given your unusual needs/desires to buy and sell large amounts of coin. |
“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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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 10/05/2008 : 23:54:33
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I liked kieblera's word.. very creative.. and of course one of my favorite words.. especially when it comes to banks.
Just buy gas or pay your utility bill with the pennies, Dan.
This acquiring and disposing of coins becomes much more of a problem when you try to do it on a volume level. It is always best to spread your action around. Some banks want you to bring in coin, some don't.. that other "F" word can be a real discourager, and can certainly get you to curtail your action at that bank. The good news.. there is a bank on every corner.. at least for now.. and they don't all have the same name on them yet. If one bank doesn't treat you right, you just walk across the street and do business with another. I have big banks call me when they miss a coin shipment and request that I bring them in several boxes of pennies. When you take care of them like that they tend to treat you pretty good. The Chocolates and Cookies are excellent ideas also. We are going to face this kind of thing more and more. As the banking industry gets tighter they are going to look more and more to fees to make it up. I think I heard something the other day that the banks make 50% of their profit on fees. Check out what they charge on Overdraft fees. |
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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cwgii
Penny Hoarding Member
USA
924 Posts |
Posted - 10/18/2008 : 21:27:58
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cookies and candy are dandy, but give back some $$$ to a teller. see what happens. i 'paid off' one little gal with a 1908 barber dime... even working in a bank, she had never seen one. too bad i am moving monday. almost think i could have gotten to be friends with her. lol. except for the 20 year age difference.
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Bank charges me for coins now. Bummer.
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