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Market Harmony
1000+ Penny Miser Member
USA
1274 Posts |
 Posted - 04/16/2009 : 21:59:52
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I have several source banks that will get $25 boxes for me. But one has cut me off unless I pay. But, it just so happens that this is the bank with the best ratios... every box sorted has yielded 35 - 50% coppers.
Their charge is $2.50 per box (no matter the denomination, just a flat box fee)
So, is it worth it? Should I "pay" for the copper ratio? My ratio from the other sources are lower than 20%. $300 on my last run yielded only 30 pounds of copper. $300 from the good source was more than double this yield.
I have a bit of an issue of being required to pay a 10% fee on boxes...
Thanks for your thought,
Michael
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goto the new and improved realcent: http://realcent.org |
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barrytrot
Administrator
USA
721 Posts |
Posted - 04/16/2009 : 22:15:27
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So you would be paying $30 (12 boxes x $2.50 for $300 worth) for 30 pounds of copper, plus the coins themselves, i.e. at least 1.45 x 30.
So $73.50 for 30 pounds of copper. I can buy that already sorted all day of the week. That is a very terrible deal! |
Edited by - barrytrot on 04/16/2009 22:15:55 |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 04/16/2009 : 22:16:52
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Do you have an account, or multiple accounts there? You could always threaten to pull your accounts.
Unfortunately, as more and more people start doing what we are doing, the banks are going to start throwing around the f word. I wouldnt pay, not at 10% per box. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 04/16/2009 : 22:35:13
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I am not paying a fee for anything. time to shop around. there are bans on every corner. I have one bank that will only order 1 box of halves and another branch that will order as many as I want. Same with the coin machines. One branch of the CU won't sell me their bags and the others know as soon as I walk in I want all that they have.
Don't pay a fee. take a day to do some drive bys and see if you can find a new bank near work. I drive 30 miles to the next town for dumps. but there are 5 banks that have machines I pick up from while I am there.
Don't get to used to a certain routine or have loyalty to one bank. cause things could change quickly. |
You don't have to be the BEST you just have to be.......SLICK
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misteroman
Administrator
USA
2565 Posts |
Posted - 04/16/2009 : 22:39:14
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| I would pull my accts too if I were you.Just go to a new bank ask about a new acct watch their eyes light up.Then tell them you're a coin collector and you want to be able to order boxes of coin.They will say fine and if they refuse in the future,repeat the above steps |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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n/a
deleted
64 Posts |
Posted - 04/17/2009 : 08:40:24
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quote:
Originally posted by misteroman
I would pull my accts too if I were you.Just go to a new bank ask about a new acct watch their eyes light up.Then tell them you're a coin collector and you want to be able to order boxes of coin.They will say fine and if they refuse in the future,repeat the above steps
exactly... Banks are in trouble, they need us just as much if not more than we need them. Shop around. I had to do the same thing once. I threatened to pull my 2 accounts from them and what do you know they waived the fees. If you dont have an account there offer to open one if they waive the box fees.
Good luck,
Jason |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 04/17/2009 : 10:18:19
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Michael,
Did they give you a reason for wanting to start charging a fee? You should talk to a manager and find out what exactly is going on. There are plenty of banks out there, so DONT pay for their fees. Its not worth it in the long run |
Copper Penny Investing
www.portlandmint.com |
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Computer Jones
1000+ Penny Miser Member
USA
1112 Posts |
Posted - 04/17/2009 : 11:08:43
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Nix on fees!
Sometimes all it takes is letting $25 sit in a no fee checking account and they'll happily order coin or let you dump fee free.
Talk to the Manager before you cut and run! |
There's profit if you melt things!!
8{> |
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vrbsroma
Penny Collector Member
394 Posts |
Posted - 04/17/2009 : 16:16:28
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| I wouldn't pay. Move on. Each time I drive around a new area I see more and more banks. Must he hundreds within the 40 miles between home and work. I have four different banks with open accounts currently. |
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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Market Harmony
1000+ Penny Miser Member
USA
1274 Posts |
Posted - 04/17/2009 : 16:35:01
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I have my business account there. These were the charges that they were listing for business accounts, so I am assuming that there are the same fees or similar fees for personal accounts, but I'm not 100% sure of this.
Even if they say that, as a business, I need to pay a fee for boxes, I'm not prepared to switch banks for Market Harmony. I'll have to consider opening a personal account there, or try to find out who delivers their coins to them and then what other banks that service delivers to. I have a source bank that will give me all the coins that I can handle, but they contract with Brinks, and I get terrible percentages from them... some boxes are 5% copper, and others are about 20% copper. But, I did get a few boxes from them that must have been 98% copper!!! I thought the ryedale was broken when they were going through.
Thanks for the responses |
goto the new and improved realcent: http://realcent.org |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 04/17/2009 : 16:42:27
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| that's funny. the comment about the ryedale and all the copper pennies. |
You don't have to be the BEST you just have to be.......SLICK
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chris6084
Penny Collector Member
303 Posts |
Posted - 04/17/2009 : 18:53:46
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| one of my source banks (Chase) said that they will charge fees to any business account getting boxes of coin but not personal accounts. Then I got a lecture about how the bank pays fees, and it is not fair for me to get a box and not pay a fee. blah blah, but at least it lets you know your bank may have a policy to only charge for business accounts. |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 04/17/2009 : 19:59:31
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| I hope this does not spread! I would try at all cost to avoid paying any fees and move to another bank if I could. Also, while at this point your sort ratios might be higher, all that is subject to change overnight as more copper is being pulled out of the system. |
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DesertTumbleweed402
Penny Pincher Member
USA
196 Posts |
Posted - 04/17/2009 : 20:40:08
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| I hope this does not spread, too! I once got threatened at my Fifth Third Bank (where I have my account) that Brinks was starting to charge 20 cents per roll and that they were passing it onto the customer. I was picking up one box of pennies per week! Needless to say, they became one of my dump banks. Other than that, the other Fifth Thirds I have been to, everyone is all smiles. |
I enjoy taking long walks off short piers. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 04/18/2009 : 20:25:47
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Pay for nothing, or 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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n/a
deleted
24 Posts |
Posted - 04/18/2009 : 20:39:07
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10% seems pretty steep!! Ask them if they'd consider paying you 5% for any rolled change you bring to them? I know that some branches like to charge fees, but others within the same area, same bank, don't. You may not need to change banks, just change branches. Also, always go to the business teller and make sure he/she knows you by name and face as you walk in the door. It also helps if you bring way more to deposit than you ask them to order for you. I own a vending company in addition to my copper business, so I bring my bank so much change that they dread seeing me at the end of the day, nearly every day. They see me bringing in literally thousands of $1 bills, quarters, dimes and nickels every week. So, when I ask them to order $100 worth of pennies every week $1000 worth of dollar coins every week, and a box of halves every other week, they barely bat an eye. Of course, like I said earlier, getting to know the right teller at the right branch will work to your advantage as well. The merchant teller generally has the power to do almost anything free that they normally charge the public for. I get as much change as I want, free cashiers checks, two free LARGE safe deposit boxes, and free business checks! She even calls me if the coin shipment is late for some reason! And she is always on the lookout for silver coins for me. I've gotten at least a dozen silver halves in the past year from her! I really need to get her a nice gift this Christmas!
Greg |
I make the prettiest copper bars you've ever seen!!! Check 'em out at www.bestcopperbars.com |
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Pennyworth
Penny Sorter Member
USA
83 Posts |
Posted - 04/18/2009 : 21:17:09
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Is it possible to have a personal account and a business account at that bank? If they know that you are buying the boxes for personal use and not for business they shouldn't charge you. How long have you had the account at that bank and why should they start charging now when they didn't in the past. Politely ask why they want to charge a fee now.
I wouldn't pay a fee and would find other banks to buy boxes from. I understand the percentage of copper is much lower but you certainly wouldn't have anything eating into the profits when you sell them. You could always dump all of your coins on this branch that wants to charge you a fee to order boxes. Do they charge you a fee to deposit coins? |
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MatLock
Penny Pincher Member
USA
122 Posts |
Posted - 04/19/2009 : 14:29:14
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Never pay fees! I have had 3 different banks try to do that, I called around lots of banks and did this and that until I can get around the fees.
Just for kicks: CitiBank wanted to charge me for bringing IN pennies, so I asked how much and the lady does some fake calculation on her computer and says 25c per roll! :P I said that is half my money! So I walked across the street to BofA and they gave me the frns no problem. They got onto me and asked if I had an account, and since I am a student I pay no monthly fees for checking account for 5 years. |
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harley1
Penny Pincher Member
140 Posts |
Posted - 04/22/2009 : 11:57:35
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| i also have to pay a fee,but i have no choice.i live in a pretty rural area,with very limited banks |
Today is the tomorrow we worried about yesterday. |
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Computer Jones
1000+ Penny Miser Member
USA
1112 Posts |
Posted - 04/22/2009 : 21:32:39
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I wonder if you can turn the tables?
Maybe offer the Manager to provide them with neatly counted and rolled coin for a mere 7.5% per roll/tonne?
PS - HCBTT would probably jump into that scheme for a 50/50 split.
PPS - Just think how all that extra postage would stimulate the economy! |
There's profit if you melt things!!
8{> |
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n/a
deleted
54 Posts |
Posted - 04/25/2009 : 18:31:24
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| Oh, I've just encountered this lately and I'll even name the bank and amount of the fee. INTRUST bank now charges a vault charge of .14 per roll. Yes, I do have an account and yes I did move to another bank. At .14 per roll, this is a $28 fee on 4 boxes ($100). I was just a little upset when I encountered this and couldn't get a straight answer out of the bank manager on the point that you have to pay; 1 roll, 1 box or more than one box? I was getting $300-$500 in cents per week from multiple branches such as $50-$100 at a time to keep a low profile. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/25/2009 : 22:17:56
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With banks.. it's all about the fees.. $#%@#%% greedy bankers. I have played this game a good while and I have never paid a fee. Sometimes the "f" word comes up, but I just switch banks, branches, disposal methods, etc. to keep the action fee free. If there were any fees you would be much better off just buying your copper pennies from another sorter here and have them delivered right to your front door.
Now if I could just find a bank that would pay me a fee to provide rolled coin.. that would really be sweeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeet!  |
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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hector6man
Penny Pincher Member
USA
129 Posts |
Posted - 04/26/2009 : 01:09:20
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| HCBTT, your funny! |
"Ninety-nine percent of the failures come from people who have the habit of making excuses." -George Washington
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paying for bank boxes
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