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jacer333
Penny Pincher Member
USA
119 Posts |
 Posted - 02/03/2009 : 23:53:01
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Hey all,
I'm just getting accustomed to the whole penny searching process...I'm wondering how everybody manages the banks they use?
Do you open a savings account at 1 bank, then just designate that one as a dump/pick up bank and then use other branches of that bank to pick up pennies?
Do you have accounts with two totally different banks to keep it all separate?
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 02/04/2009 : 00:02:17
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Welcome to the forum jacer333.
First, you want to make sure that any account you open at a bank is Free. You don't want to pay any monthly charges to keep your money there. You don't need an account at every bank. If you wait long enough, one of the banks you have an account with will probably eventually buy out the bank you don't have an account with. It usually helps to have accounts with the banks you will be getting pennies from or dumping them off at, but I also sometimes get boxes of pennies from banks I don't have accounts with, and even get one bank I don't have an account at to regularly order me 24 boxes at a time. It is usually harder to get decent quantities of pennies from banks if you don't have an account there. Banks that don't get you pennies usually become "dump" banks.  |
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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jacer333
Penny Pincher Member
USA
119 Posts |
Posted - 02/04/2009 : 00:33:34
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Thanks for the welcome...I think it would be awkward constantly coming into a bank I have no business with and trying to pawn off a bunch of zinc or trying to cart off with a bunch of pennies. If I was to open an account, would a regular savings be the way to go? Seems I would need to keep $100+ in it at most banks to avoid fees, which probably isn't a problem.
Just making sure, but if I have an account at a bank with several branches in the city, will all the branches recognize me as an account holder and do business just the same?
And do you use the same bank company and just bounce between branches or are you with several companies? |
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theo
Penny Hoarding Member
USA
588 Posts |
Posted - 02/04/2009 : 01:02:39
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I'm just starting this myself. But to answer your question; each branch of your bank will allow you to access your accounts. I've been to at least six branches of my bank with no problems.
Good luck |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 02/04/2009 : 06:02:27
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First, welcome. Numerous accounts at several banks won't hurt. That is what I, and several others, have. Some accounts have a minimum balance, but some don't. I've found that sometimes the amount of money you have in the bank, but usually it doesn't really matter. If you get cut off, just 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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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 02/04/2009 : 17:15:04
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| Welcome aboard. My strategy was to keep my existing bank (long term relationship) to order me boxes, and then I opened up a savings account at a credit union with a self serve coin counter in the lobby. That was the tricky part trying to find one that was convenient. Occassionally I will deposit money orders/checks/cashiers checks from stuff I sell here or on EBay into the dump bank account just to make it look like it's a real savings account and not just a zinc dump station. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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fb101
Administrator
USA
2856 Posts |
Posted - 02/04/2009 : 19:33:30
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I don't go through any of that. I have several TDs I dump at and I only have a checking account with $10 in it. I have a pickup bank where I pick up 2 boxes of halves each week. I have a checking and savings there both less than $5 in the account.
3 other banks I got checking accounts at have the massive amount of $25 in the accounts. |
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coppernicus
Penny Collector Member
USA
383 Posts |
Posted - 02/04/2009 : 19:36:35
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It also a good idea to keep an eye out for any special deals when opening an account. If you are going to open an account you might as well take advantage of getting the free toaster or gas card or whatever it is that they offer.
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 02/04/2009 : 20:09:52
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I personaly have a free checking account with my dump bank. I went with the checking account because there is no minimum balance and you get a free debit card.
When you decide on a dump bank and go to open an account just tell them that you deal with a volume of coin and ask if they are willing to deal with that |
Copper Penny Investing
www.portlandmint.com |
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vrbsroma
Penny Collector Member
394 Posts |
Posted - 04/04/2009 : 19:16:57
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| All great feedback! |
As far as I know, it is stated "In God We Trust" on the US dollar. How can I trust this currency if I do not believe in God?
Possession is nine-tenths of the law.
When I give my two cents, they're always copper! |
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ScottyTX
Penny Hoarding Member
USA
508 Posts |
Posted - 04/05/2009 : 09:54:20
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I really only deal with two banks, supply and a dump bank. I'm not a big time sorter but it works effectivly. My dump bank has a minimum requirement but my little loop hole was to open up a dual savings account with my daughter. No minimum and no fees:) They even give me weird looks when I haul in several hundred in pennies for the self service "free" coin counter, just an extra added customer service feature they have built in. It just keeps me coming back in to dump more!!
Scotty |
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kieblera5
Penny Hoarding Member
USA
859 Posts |
Posted - 04/05/2009 : 11:44:53
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quote:
Originally posted by vrbsroma
All great feedback!
Of course, it's Realcent.
Back to the topic...
I think that if you can find two branches of the same bank nearby, then you won't have to have multiple accounts, etc. However, if you are going for big time sorting, then definately try to find a bank with a coin counter. Usually, credit unions have free counters more often than regular banks, IMO. Ask for one box from multiple banks around town to see how they will react to you wanting boxes. From my experience, if the bank gives you a hard time with the first one, then stay away or use it as a dump bank. |
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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n/a
deleted
21 Posts |
Posted - 04/05/2009 : 17:50:35
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another way to do it is go at different......go at night sometimes, go during the day sometimes, go on saturday sometimes
that way you dont look as obvious because so many people are working different shifts |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 04/05/2009 : 20:17:47
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| The approach I have is simple. I order 40-60 boxes weekly from branches fed by Brinks. Pick-up Thurs or Friday. Friday night I shred them all through the Ryedale and dump the zincoln shrapnel from 3 boxes at a time into a coin lock bag. Then, at 9 AM on Saturday, I cart in the bags to Loomis (B of A), hand over a deposit slip, dump bags off, and bolt- a reverse bank heist. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
Edited by - jonflyfish on 04/05/2009 22:39:40 |
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aaron239
Penny Collector Member
USA
260 Posts |
Posted - 04/05/2009 : 20:46:51
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40-60 boxes??!
Wow, now I have a new number to shoot for. Forget 24 a week! |
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Pennyworth
Penny Sorter Member
USA
83 Posts |
Posted - 04/05/2009 : 22:34:45
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I don't have a Ryedale machine to sort my cents so I do it all by hand. I have to re-roll all of the zincs to return them. I've searched around and haven't found any bank with a coin counter. I even asked if I could return the coins in bags and that is not allowed.
I have accounts with three different banks and return my dumps to various branches and buy at other branches. All of the banks are pretty good with me dumping but I don't dump anywhere as much as the guys on here with the machines. lol Most of my accounts have the minimum balance required. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/05/2009 : 22:44:03
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quote:
Originally posted by jonflyfish
The approach I have is simple. I order 40-60 boxes weekly from branches fed by Brinks. Pick-up Thurs or Friday. Friday night I shred them all through the Ryedale and dump the zincoln shrapnel from 3 boxes at a time into a coin lock bags then at 9 AM on Saturday I cart in the bags to Loomis (B of A), hand over a deposit slip, dump bags off and bolt- a reverse bank heist.
That is a lot of boxes for 1 night with only 1 Ryedale. No wonder you got to 1 ton of copper so fast. Must be a long Friday night. You must have a sturdy cart.. that would be about 20 bags of zinc weighing approximately 560 pounds. |
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 - 04/06/2009 : 04:58:08
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I was keeping accounts at various banks and credit unions for my real estate business anyway. It helps to be a member/customer when you need a loan or want to do anything else.
I've added new accounts at 2 big Canadian banks and 1 big US bank just for my coin hobby. I actually do international banking as part of this game - buy coins in Canada and dump all the US coins stateside for a profit.
I find that I can dump sorted coin into selected branches and then withdraw the money in coin at other branches. I do not order as every attempt at ordering in coin has gotten me pre-sorted or new 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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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 04/06/2009 : 06:59:13
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quote:
Originally posted by Pennyworth
I don't have a Ryedale machine to sort my cents so I do it all by hand. I have to re-roll all of the zincs to return them. I've searched around and haven't found any bank with a coin counter. I even asked if I could return the coins in bags and that is not allowed.
I am surprised they require you to return in rolls. All the banks I deal with require that I return my pennies in bags. I have a rolling machine and they won't even accept machine rolled rolls. If I bring in rolls they have to stand there and break each one open and run it through their counting machine. They say they have been stuck too many times with people shorting the rolls or putting is slugs. |
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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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 04/09/2009 : 23:01:56
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quote:
Originally posted by HoardCopperByTheTon
quote:
Originally posted by jonflyfish
The approach I have is simple. I order 40-60 boxes weekly from branches fed by Brinks. Pick-up Thurs or Friday. Friday night I shred them all through the Ryedale and dump the zincoln shrapnel from 3 boxes at a time into a coin lock bags then at 9 AM on Saturday I cart in the bags to Loomis (B of A), hand over a deposit slip, dump bags off and bolt- a reverse bank heist.
That is a lot of boxes for 1 night with only 1 Ryedale. No wonder you got to 1 ton of copper so fast. Must be a long Friday night. You must have a sturdy cart.. that would be about 20 bags of zinc weighing approximately 560 pounds.
Yes it does make for a long night and yeah it's 20 bags on 60 boxes. With 20 bags, I prefer to split the load and reverse bank heist 2 branches on a Sat's early hit and run.
The funny thing is that during the first few days when I started sorting, I'd pick up 2-4 boxes/branch and some loose CWR's here and there if possible. Every teller and snoopy manager seemed to always chirp "you want $50 in pennies?....that's a lot...what are you planning to do with them?....I have to go to the vault to get that much coin..." etc. Meanwhile everyone else in line had to listen to this and wait, which often made me a bit uncomfortable.
Then, as I read some of the great archives here, I'd see your inventory pics, and posts from others explaining that they had standing orders for 24 boxes/week. I wondered how that could be true given all the hassle for 2 boxes let alone 4?
So, I picked up the phone and tried it- Done. 20 boxes ordered in seconds. It was easy and no interrogations by nosy tellers and snoopy managers. Hmpf. Too easy? Fluke? Immediately looked up the next branch and called. Same thing. Seconds later and no sweat. 20 more boxes were ordered for same week pick up. Wow- called another then another. Thought "that was fun and easy" so called several other branches and ordered more more more during the same week.
wheeling the cart in empty and leaving heavy got several looks (nothing like wheeling in the bags to dump though.)
I'd read several posts by you and some others and figured that's how it must be that HCBTT get's it done. A big thanks to you and the others here who warmly share their ideas and experiences.
Initially I thought it would be a fun novelty to have 2 tonnes some years from now, long after the penny (CU & ZN) has been long gone from circulation.
At work I'm heavily involved with a lot of hedging for various companies that use or produce a lot of commodities (i.e. the no frills airline, refineries etc). So it hit me- since the personal gold and silver physical reserves are hedged when the markets decline, why not accumulate CU Lincoln's off of the lows when copper is plentiful, then hedge after a position has been established and the rally in copper prices extend beyond face? With all of the "penny bank" dumping that was going to happen due to the economic situation it made sense to start during the holidays.
The only real challenge is that in order to hedge this little hobby with any leverage, will need to HCBTC (Hoard Copper By The Contract) which means 12,500 LBS for the first e-mini futures contract. Not sure if I am ready to commit the necessary time at the pace needed to HCBTC (even with the extra Ryedales needed) or settle on approx 2 tonnes. Am thoroughly convinced that the US nickel (stashing these boxes for fun as well) and penny will either be altered or scrapped relatively soon.
Cheers! |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 04/10/2009 : 06:17:40
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quote:
Originally posted by jonflyfish
....
Yes it does make for a long night and yeah it's 20 bags on 60 boxes. With 20 bags, I prefer to split the load and reverse bank heist 2 branches on a Sat's early hit and run.
The funny thing is that during the first few days when I started sorting, I'd pick up 2-4 boxes/branch and some loose CWR's here and there if possible. Every teller and snoopy manager seemed to always chirp "you want $50 in pennies?....that's a lot...what are you planning to do with them?....I have to go to the vault to get that much coin..." etc. Meanwhile everyone else in line had to listen to this and wait, which often made me a bit uncomfortable.
Then, as I read some of the great archives here, I'd see your inventory pics, and posts from others explaining that they had standing orders for 24 boxes/week. I wondered how that could be true given all the hassle for 2 boxes let alone 4?
So, I picked up the phone and tried it- Done. 20 boxes ordered in seconds. It was easy and no interrogations by nosy tellers and snoopy managers. Hmpf. Too easy? Fluke? Immediately looked up the next branch and called. Same thing. Seconds later and no sweat. 20 more boxes were ordered for same week pick up. Wow- called another then another. Thought "that was fun and easy" so called several other branches and ordered more more more during the same week.
wheeling the cart in empty and leaving heavy got several looks (nothing like wheeling in the bags to dump though.)
I'd read several posts by you and some others and figured that's how it must be that HCBTT get's it done. A big thanks to you and the others here who warmly share their ideas and experiences.
Initially I thought it would be a fun novelty to have 2 tonnes some years from now, long after the penny (CU & ZN) has been long gone from circulation.
At work I'm heavily involved with a lot of hedging for various companies that use or produce a lot of commodities (i.e. the no frills airline, refineries etc). So it hit me- since the personal gold and silver physical reserves are hedged when the markets decline, why not accumulate CU Lincoln's off of the lows when copper is plentiful, then hedge after a position has been established and the rally in copper prices extend beyond face? With all of the "penny bank" dumping that was going to happen due to the economic situation it made sense to start during the holidays.
The only real challenge is that in order to hedge this little hobby with any leverage, will need to HCBTC (Hoard Copper By The Contract) which means 12,500 LBS for the first e-mini futures contract. Not sure if I am ready to commit the necessary time at the pace needed to HCBTC (even with the extra Ryedales needed) or settle on approx 2 tonnes. Am thoroughly convinced that the US nickel (stashing these boxes for fun as well) and penny will either be altered or scrapped relatively soon.
Cheers!
Nice post. I enjoy the stories on how/why people got started.
Deal
p.s. Aren't bags the greatest? |
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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