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Dan52
Penny Collector Member
USA
422 Posts |
 Posted - 12/03/2008 : 17:37:31
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I went to pick up my weekly box of halfs and one bank today and the teller said she had gotten an email saying she had to stop getting my halfs for me. I spoke with the manager and he said he was gonna look into it to see if I could still get them. I was honest with the reason I wanted them. At some point in the conversation, he said there were some things he could not disclose. I didn't think much of it at the time, but now I am wondering what the hell is going on? Any speculations?
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 12/03/2008 : 17:56:42
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A coinspiracy perhaps......
Sorry, couldn't resist. |
"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 12/03/2008 : 18:04:46
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| Need more detail about what exactly he said in order to come up with an idea |
Copper Penny Investing
www.portlandmint.com |
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redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 12/03/2008 : 18:07:51
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They pay a fee to order coin.
They are looking for ways to save money.
They are only allowed to order so much coin each week
and have to have enough for their merchants.
You do not make any profit for them with your hobby, therefore
your the first to go.
Welcome to the new era of cost reduction.
> |
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snappy
Penny Collector Member
USA
301 Posts |
Posted - 12/03/2008 : 18:17:21
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| yep... the F word is comming |
Selling Ryedale sorted USA cents
1.5 each + shipping over 500fv 1.5 each +1/2 shipping
If you pick up 1.35 each
located MT/ND boarder.
after Ryedale sorting they are hand sorted to remove canadian then rechecked with Ryedale to insure all copper and count out $50 FV then placed in cloth bags and sealed with #1 copper wire. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 12/03/2008 : 18:23:10
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They can still get you some, for a fee of course.... Do you have a substantial amount of money in their bank? That can be used as leverage sometimes but not always. I say move on.
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 - 12/03/2008 : 21:29:54
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are they going under or being bought?
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Nickelless
Administrator
USA
5580 Posts |
Posted - 12/04/2008 : 02:07:00
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quote:
Originally posted by redneck
They pay a fee to order coin.
They are looking for ways to save money.
They are only allowed to order so much coin each week
and have to have enough for their merchants.
You do not make any profit for them with your hobby, therefore
your the first to go.
Welcome to the new era of cost reduction.
>
But what doesn't make any sense is why, if cost reduction is the issue and the bank won't order any more halves, why wouldn't the bank manager disclose this? What's the big secret?? |
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redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 12/04/2008 : 04:38:23
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quote:
But what doesn't make any sense is why, if cost reduction is the issue and the bank won't order any more halves, why wouldn't the bank manager disclose this? What's the big secret??
Maybe it's just that the teller doesn't like handling 25lb. boxes of coin and the manager is trying to be sympathetic to both the teller and customer.
Who knows.
Dan52
Just go back and ask why.
Demand why.
Inquiring minds want to know.
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 12/04/2008 : 07:29:46
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Correct me if I'm wrong. But don't the banks pay a set fee for coin pick up and delivery regardless if it is 1 box or 10 boxes.
Therefore adding a box of halves to an order shouldn't incur any additional costs...
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Edited by - Bluegill on 12/04/2008 07:30:22 |
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daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 12/04/2008 : 09:22:07
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quote:
Correct me if I'm wrong. But don't the banks pay a set fee for coin pick up and delivery regardless if it is 1 box or 10 boxes.
Thats interesting i did not know that |
Inquiring minds want to know |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 12/04/2008 : 09:57:24
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quote:
Originally posted by Bluegill
Correct me if I'm wrong. But don't the banks pay a set fee for coin pick up and delivery regardless if it is 1 box or 10 boxes.
Therefore adding a box of halves to an order shouldn't incur any additional costs...
The contracts are all negotiated one on one with Brinks or whom-ever. There is no telling what kind of a deal an individual bank has with their coin delvery service. If they have a set fee per week that they pay for coin delivery and returns, you can bet that there is some upper limit on the quantities.
So maybe one of us coins hoarders does not cost a bank anything more or maybe we push them over their limit and into a new price bracket...just depends. |
Edited by - horgad on 12/04/2008 09:58:29 |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 12/04/2008 : 15:25:17
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| I know that around here the tellers like to go through them themselves. Still, unless the box is sealed, what's to stop them from going through yours? |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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Dan52
Penny Collector Member
USA
422 Posts |
Posted - 12/04/2008 : 19:05:18
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I called the manager today. He told me yesterday he would see if he could still let me order the halves. Today, he told me they couldn't do that anymore. Obviously, one of the banks that I use for dumping sent emails around to the other Wachovias. I say this because yesterday after I left the bank with the bad news, I went to another Wachovia and requested a box of halves and that bank called me and told me they couldn't do it. I am down to one bank that will order halves for me. Oh well, I haven't been getting anything but skunks (mostly) anyway. I just sorted two boxes (100 rolls) and I got one 1964 kennedy. At least it was a 64.
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 12/04/2008 : 19:36:49
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quote:
Originally posted by Dan52
I called the manager today. He told me yesterday he would see if he could still let me order the halves. Today, he told me they couldn't do that anymore. Obviously, one of the banks that I use for dumping sent emails around to the other Wachovias. I say this because yesterday after I left the bank with the bad news, I went to another Wachovia and requested a box of halves and that bank called me and told me they couldn't do it. I am down to one bank that will order halves for me. Oh well, I haven't been getting anything but skunks (mostly) anyway. I just sorted two boxes (100 rolls) and I got one 1964 kennedy. At least it was a 64.
That is a very real possibility. Managers do talk with each other, and tellers do bounce around different branches.
I can see a regional manager catching wind of this and not takin' to kindly to it. 
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Kurr
1000+ Penny Miser Member
2906 Posts |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 12/04/2008 : 21:05:30
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I buy from one banks and try to dump at various branches of other banks. Those two banks have flip flopped last year. The one I was ordering from stopped so they became my dump.
Maybe they would allow you to order if you promised not to dump at any of their branches. |
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 12/04/2008 : 21:14:33
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| I dump at a completley different brand of bank. I think this is the way to go.... |
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wagsthadog
Penny Hoarding Member
USA
565 Posts |
Posted - 12/04/2008 : 22:29:55
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Hi there-
You might have to pay .10 per roll (i.e, $5 per box)from now on. I do at one of my banks. I'd be so gone in most circumstances, but I usually find more than $5 worth of silver in each box I get from them, so I pay it for now. I look at it like buying silver for spot price- If I find at least one 90% in a box I paid $5 for, then I consider it paid for in full. Anything more is gravy. : )
I'm no economist, but I think this is more likely to be the norm in the future. Most banks can't afford to deal in coin without receiving anything on the other end.
wags
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Only when they CAN'T have it, ......THEN they'll want it.
I love Cents. If you get an UNC box, you win. If you get a regular circ. box, you win. If you get a zinc box, you don't lose....so you still win. |
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n/a
deleted
105 Posts |
Posted - 12/04/2008 : 23:48:27
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I read so many topics about banks being very unhelpful. I find that banks in my area, particularly the branch that holds my "real" account, is extremely helpful. Both the head teller and manager of the branch are very nice and have offered on numerous occasions to order me all the coin I need or even help carry boxes to my car.
On the other hand, I've been cut off by my new dump bank after only a single order. Recently I received a phone call from the manager of the branch I opened the account at offering to remedy the situation after moving four figures out of the bank.
So, my question is: Are banks refusing to order coins for its customers that common or is it just the fact that people are more likely to complain about bad experiences than post about the good? |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 12/05/2008 : 00:41:08
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The deals vary from bank to bank, from one branch to another of the same bank, and even change when your regular branch has a change of managers.
Each bank will have negotiated a different type of arrangement with their coin service provider. Sometimes it is done on a branch by branch basis, sometimes it is done on a regional basis. They might pay a flat fee for a certain level of service, or they might pay a fee for each roll or box. The banks that handle a lot of commercial accounts are usually your best bet.
At one time I used to buy and dump 100 boxes a week at one branch of one of my banks. Then they asked me to cut back. So I cut back to 24 boxes a week. Then they told me it was still too much action and we agreed that I would get 1 pickup and one dropoff of 24 boxes on the first Saturday of each month. This worked for several months. Then recently my bank manager was transferred to another branch closer to his home. The new manager cut me completely off right away.. no drop offs and no pickups. Didn't even have the testicular fortitude to tell me himself.. sent some flunkie to tell me. The reason they gave was that they charge their commercial customers for this service and I didn't have a commercial account. They obviously didn't see how getting me pennies or taking my dumps was enhancing their bottom line. Though there is more to a banking relationship than just how much the fees are or what balance you keep in there. I had been strongly considering moving the bulk of my banking business over to this bank prior to this, but now I will give my business to one of their competitors.
Conversely I can now get 24 boxes just for asking at another bank that I don't even have an account with. Of course it doesn't hurt that our company has a major account at this branch. This doesn't always work though.. another bank that my company has substantial balances at won't do a darn thing for me. 
As things tighten I expect to see it become harder and harder for us to get coins. The banks are taking a hard look at everything in their operation. |
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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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 12/05/2008 : 05:55:18
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quote:
Originally posted by knibloe
I buy from one banks and try to dump at various branches of other banks. Those two banks have flip flopped last year. The one I was ordering from stopped so they became my dump.
I love it! I'm guessing that most banks would rather be the buy bank than the dump bank. They likely think they are just getting their own back now though. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 12/05/2008 : 17:08:07
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quote:
Originally posted by Ardent Listener
quote:
Originally posted by knibloe
I buy from one banks and try to dump at various branches of other banks. Those two banks have flip flopped last year. The one I was ordering from stopped so they became my dump.
I love it! I'm guessing that most banks would rather be the buy bank than the dump bank. They likely think they are just getting their own back now though.
Actually, this whole deal worked out well for me. The first source bank would only order from their main location which is 20 miles away and I had to make a special trip. The new source bank is 8 miles away and on the way to almost anywhere I go. Also the original bank has more locations where I can dump.
As a side note, my current source originally told me no. As I developed a good relationship with them, the eventually said yes. I am now on a first name basis with all of the tellors and managers. This is a relationship that I do not abuse at this branch or any of their other branches. |
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Dan52
Penny Collector Member
USA
422 Posts |
Posted - 12/05/2008 : 23:20:46
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I found out from a teller friend of mine at the bank in question, that there was this one guy that was buying bags of halves and complaining that the bag didn't weigh what it was supposed to. They said he always complained about that. I was told he really took advantage of the bank. I found another bank to order halves from.
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wagsthadog
Penny Hoarding Member
USA
565 Posts |
Posted - 12/06/2008 : 10:01:35
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quote:
Originally posted by Dan52
I found out from a teller friend of mine at the bank in question, that there was this one guy that was buying bags of halves and complaining that the bag didn't weigh what it was supposed to. They said he always complained about that. I was told he really took advantage of the bank. I found another bank to order halves from.
Hi there-
*SIGH* Classic example of ONE PERSON RUINING IT FOR EVERYONE ELSE!!! 
wags |
Only when they CAN'T have it, ......THEN they'll want it.
I love Cents. If you get an UNC box, you win. If you get a regular circ. box, you win. If you get a zinc box, you don't lose....so you still win. |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 12/06/2008 : 13:38:57
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| The ban that I got my coins from also told me this past week that I would have to paid for part of the shipping cost. We will see what it will be if to high I'll have to start finding new banks. |
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Manager spoke of things he couldn't disclose
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