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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
 Posted - 01/10/2009 : 15:47:34
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I recently got a ryedale so I am now doing high (by my standards) volume of pennies. My question is when you find a dump bank and present to them that you are going to start bringing in large volume of coins, what kind of account do they make you open? I know this will vary bank to bank but what are some of your experiences?
I want to have as little money tied up in an account as possible, as for my dump bank will not be my bank for any other purpose. Wondering if I should present this as a hobby or business or what?
Thanks for everyone advice
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Copper Penny Investing
www.portlandmint.com |
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aaron239
Penny Collector Member
USA
260 Posts |
Posted - 01/10/2009 : 15:49:40
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| A free checking account does just fine for me. |
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Corsair
Penny Hoarding Member
811 Posts |
Posted - 01/10/2009 : 17:07:43
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| My dump bank is my main bank, so I have a good amount of money in a savings account. However, one way to, I think, get a good relationship with that bank is to get a CD. Not only will that tie them to you, it will make you more money than a savings account. And most banks have CDs that are as small as 90 days. |
So long, Realcent 1. Come visit us at Realcent.org! |
Edited by - Corsair on 01/10/2009 17:15:42 |
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fb101
Administrator
USA
2856 Posts |
Posted - 01/10/2009 : 17:08:38
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| I'd keep it as a hobby. If they think you're a business they'll start charging you. I have checking accounts. |
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Edited by - fb101 on 01/11/2009 06:50:43 |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 01/10/2009 : 17:52:59
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At my main dump bank I only a checking account and it has never been used.
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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misteroman
Administrator
USA
2565 Posts |
Posted - 01/11/2009 : 00:50:06
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| My dump bank is my local coinstar which gives me GC's |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 01/11/2009 : 13:08:42
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My 2 dump sites are my CU and TCF with free checking accounts. I have less than $5 in each account. Same with my source banks. I've never ordered checks or activated half the ATM/checking cards.
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 01/11/2009 : 18:16:35
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| Sounds like ill be going with a free checking account. Thanks guys |
Copper Penny Investing
www.portlandmint.com |
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What kind of account do you have at your dump bank
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