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brian0918
Penny Collector Member
USA
315 Posts |
 Posted - 06/26/2009 : 08:14:41
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I have checked with two bank chains in my area, and both require you to roll them in order to deposit. In another post on here, I saw photos of someone bagging up their zincs for deposit at the bank. Where can I get these bags, and what bank chains will take loose bags of pennies?
(FYI: the two I tried were KeyBank and Fifth Third)
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"The man who speaks to you of sacrifice, speaks of slaves and masters. And intends to be the master." -- Ayn Rand
Searched: $2230 Nickels; Liberty: 1; Buffalo: 4; War: 20; 2009: 2; 2010D: 8 |
Edited by - brian0918 on 06/27/2009 20:31:13 |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/26/2009 : 09:01:28
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What.. you thought this was going to be easy? 
It varies by both bank and branch. Several branches of BofA take mine. You can get the bags either directly from the bank or order the coin shipment bags directly from the bank supply companies. I think they run about 50 cents each. You would want to check with the bank first to see if they would want you to use generic shipment bags or would prefer the shipment bags with their logo on them. A buddy of mine has found one of his Wells Fargo branches that will take it loose in a bag, but none of my branches will accept it that way. The other day I found out that my Chase branches are now required to open all rolls and bag them before shipment. I offered to provide the coins machine counted in bags ready for shipment, but they declined. They said they could not verify amounts that way since they don't have a counter or scale. They must do a roll count. This could be a branch by branch thing also, so I will start checking with my other Chase branches. At least this means I will probably be getting more phone calls from my various Chase branches to pick up CWR.
Finding banks that will take it loose in bags is tricky. Then when you do, they will probably impose a limit on you. You might try also to look for banks with in lobby coin counters. Credit Unions are usually the best bet for this. Most banks require coin to be rolled for deposit. This is where automatic rolling machines come in handy. But they are kind of pricey. Many of my banks request my rolls because they look so nice and neat and they can trust the count. |
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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chris6084
Penny Collector Member
303 Posts |
Posted - 06/26/2009 : 19:18:28
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quote:
Originally posted by HoardCopperByTheTon
What.. you thought this was going to be easy?
It varies by both bank and branch. Several branches of BofA take mine. You can get the bags either directly from the bank or order the coin shipment bags directly from the bank supply companies. I think they run about 50 cents each. You would want to check with the bank first to see if they would want you to use generic shipment bags or would prefer the shipment bags with their logo on them. A buddy of mine has found one of his Wells Fargo branches that will take it loose in a bag, but none of my branches will accept it that way. The other day I found out that my Chase branches are now required to open all rolls and bag them before shipment. I offered to provide the coins machine counted in bags ready for shipment, but they declined. They said they could not verify amounts that way since they don't have a counter or scale. They must do a roll count. This could be a branch by branch thing also, so I will start checking with my other Chase branches. At least this means I will probably be getting more phone calls from my various Chase branches to pick up CWR.
Finding banks that will take it loose in bags is tricky. Then when you do, they will probably impose a limit on you. You might try also to look for banks with in lobby coin counters. Credit Unions are usually the best bet for this. Most banks require coin to be rolled for deposit. This is where automatic rolling machines come in handy. But they are kind of pricey. Many of my banks request my rolls because they look so nice and neat and they can trust the count.
Funny you mention Chase having to open the rolls. One of my branches said they have to do that now because people were rolling washers. I was in a hurry and did not want to stand around, so I told them the washers would cost more than the pennies, so nobody would ever do that for pennies. They took my word for it. Then when I was in another Chase branch, they took a magnet to all my rolls to see if they were magnetic I have never seen that. |
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maoguinn
Penny Pincher Member
USA
118 Posts |
Posted - 06/26/2009 : 20:23:01
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| Citibank takes loose change and has a coin counter, if there is one in your area. Not every branch does this though. |
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buyingsilvers
Penny Collector Member
441 Posts |
Posted - 06/26/2009 : 22:33:52
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it varies. dumping loose bags sucks sometimes in that you have to make deposit slips, then they need to seal the bags, etc. all takes time, and pennies are volumous.
The banks here would accept rolls, but I really dont feel like rolling by hand or buying a machine to roll. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/27/2009 : 10:37:03
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quote:
Originally posted by buyingsilvers
it varies. dumping loose bags sucks sometimes in that you have to make deposit slips, then they need to seal the bags, etc. all takes time, and pennies are volumous.
The banks here would accept rolls, but I really dont feel like rolling by hand or buying a machine to roll.
I would postulate that if you are going to play at this hobby then returning unwanted coin is going to be a big part of the equation and it is going to take some time.
From a time standpoint, turning in loose bags is the most efficient for me. My counting machines bag it at the rate of 4000 coins a minute. Then you just seal and take it down to the bank. Take several bags and just fill out one deposit slip. I am usually in and out of the bank in 5 minutes. A deposit slip is generally required when returning several boxes of rolled coin, unless I just exchange it for cash. The rolling machines are a little slower than the counters, but I usually have them running while I am sorting so I just have to feed them occasionally and box the roll bins.
I used to be envious of the members here who could turn in there coins at an in-lobby coin counter. After years of searching, I finally found a local credit union with a free coin counter and was all excited. The actual experience was less than wonderful. 
I didn't run a stopwatch on it, but it must have taken about 20 minutes to run 1 bag of pennies! I kept getting a message on the screen that said "My, you have a lot of coins" How did they know? Heck, it was only 1 bag.. I don't think most of us here would consider that "a lot of coins." Then it would say "Please wait while we catch up." So here I am waiting.. waiting.. waiting. If I fed it too fast it would drop some in the reject bin because it couldn't keep up. And to make matters worse, it ripped me off for 10 pennies!  I guess if they are in really bad shape it just tosses them in its internal trash bin rather than the reject slot. I couldn't imagine trying to redeem significant amounts of zincs this way. Standing there for hours, while little kids and grandmothers line up behind me. I know some of the folks here have banks with counters that run at reasonable speeds, but even that takes time. I would much prefer to bag or roll my zincs in the comfort and convenience of my own penny processing center while continuing to sort. |
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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PreservingThePast
1000+ Penny Miser Member
USA
1572 Posts |
Posted - 06/28/2009 : 13:51:33
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quote:
Originally posted by HoardCopperByTheTon
quote:
Originally posted by buyingsilvers
it varies. dumping loose bags sucks sometimes in that you have to make deposit slips, then they need to seal the bags, etc. all takes time, and pennies are volumous.
The banks here would accept rolls, but I really dont feel like rolling by hand or buying a machine to roll.
I would postulate that if you are going to play at this hobby then returning unwanted coin is going to be a big part of the equation and it is going to take some time.
From a time standpoint, turning in loose bags is the most efficient for me. My counting machines bag it at the rate of 4000 coins a minute. Then you just seal and take it down to the bank. Take several bags and just fill out one deposit slip. I am usually in and out of the bank in 5 minutes. A deposit slip is generally required when returning several boxes of rolled coin, unless I just exchange it for cash. The rolling machines are a little slower than the counters, but I usually have them running while I am sorting so I just have to feed them occasionally and box the roll bins.
I used to be envious of the members here who could turn in there coins at an in-lobby coin counter. After years of searching, I finally found a local credit union with a free coin counter and was all excited. The actual experience was less than wonderful.
I didn't run a stopwatch on it, but it must have taken about 20 minutes to run 1 bag of pennies! I kept getting a message on the screen that said "My, you have a lot of coins" How did they know? Heck, it was only 1 bag.. I don't think most of us here would consider that "a lot of coins." Then it would say "Please wait while we catch up." So here I am waiting.. waiting.. waiting. If I fed it too fast it would drop some in the reject bin because it couldn't keep up. And to make matters worse, it ripped me off for 10 pennies! I guess if they are in really bad shape it just tosses them in its internal trash bin rather than the reject slot. I couldn't imagine trying to redeem significant amounts of zincs this way. Standing there for hours, while little kids and grandmothers line up behind me. I know some of the folks here have banks with counters that run at reasonable speeds, but even that takes time. I would much prefer to bag or roll my zincs in the comfort and convenience of my own penny processing center while continuing to sort.
Now that is too funny!  Loved it. |
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Which banks will take loose change?
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