Dump Bags

[CaptainRobin]

I may be slitting my own throat, but I know the pain of dumping...

I have a bank that allows me to dump in thosuand dollar increments, NOT rolled, but the coin MUST be in these bags. They meet the specifications for coin being shipped to the Fed and easily hold a grand in halves or dollars. I've even done dimes with them (that's 10,000 dimes). They hold fifty pounds of coin, even have a carrying handle. I don't use the handle (I go borrow the banks cart if more than one bag) because I've had one tear off and spill coin in the parking lot, probably 'cause it got on a tool or some other such in the truck. If only one bag, I just carry them with two hands, one hand always on the bottom of the bag. Mebbe the one that tore was old....?

The bank always credits my account immediately, and have told me that my account will be debited if short. MY count is ALWAYS right, and I ain't been debited yet. Been doing it over a year.

http://www.banksupplies.com/catalog/product_info.php/cPath/547_185_775/products_id/62

While they are a lil' pricey at $62+ a box of 100, that's only $.62 a bag. Well worth the ease of dumping. Beats ShornStar or other dumping fees.

You're welcome.....

Robin

Oh, BTW.... it's about $18 for shipping, so that adds to the total. Still.... less than a dollar to dump lots, ain't too bad. I just ordered a box of 100 bags of 'em.

 

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[maine_Jim]

I got the same deal - Worth the dollar a bag to not have to deal with a coin sorter and testy tellers that quickly tire of you making them work. The bank orders bags for me.

Maine_Jim

 

[AGCoinHunter]

My dump bank started giving me bags after numerious large dumps that kept clogging up their coin machine. Funny thing is its the only branch that will accept bags. When I brought one to another branch, they freeked out like I had stolen the bag from another branch and refused to accept it saying that they could not verify the count. Not really sure how they are able to verify (weight?) but I have dropped off about 6 bags and never had a chargeback to my account. I know its hard to trust people but I am very methodical about making sure I have the correct count for the bag. Feel like if they are taking them, I should be as careful as I can. Even to where I pull out all foreign coins and replace them with US coinage. This branch provided me with the bags, and I am going to ask for more on my next dump.

 

[47thelement]

#%$^$ my banks charge for counting coins! Thus I have to use the machine and am relegated to 1K per week. For now....hehehehe.

Just wait til you see what I do on my summer vacation next year!

My goal will be $1,000,000 in 3 months... can you say bottom of the pallet!

 

[LemonThrower]

I may be slitting my own throat, but I know the pain of dumping...

I have a bank that allows me to dump in thosuand dollar increments, NOT rolled, but the coin MUST be in these bags. They meet the specifications for coin being shipped to the Fed and easily hold a grand in halves or dollars. I've even done dimes with them (that's 10,000 dimes). They hold fifty pounds of coin, even have a carrying handle. I don't use the handle (I go borrow the banks cart if more than one bag) because I've had one tear off and spill coin in the parking lot, probably 'cause it got on a tool or some other such in the truck. If only one bag, I just carry them with two hands, one hand always on the bottom of the bag. Mebbe the one that tore was old....?

The bank always credits my account immediately, and have told me that my account will be debited if short. MY count is ALWAYS right, and I ain't been debited yet. Been doing it over a year.

http://www.banksupplies.com/catalog/product_info.php/cPath/547_185_775/products_id/62

While they are a lil' pricey at $62+ a box of 100, that's only $.62 a bag. Well worth the ease of dumping. Beats ShornStar or other dumping fees.

You're welcome.....

Robin

Oh, BTW.... it's about $18 for shipping, so that adds to the total. Still.... less than a dollar to dump lots, ain't too bad. I just ordered a box of 100 bags of 'em.

you're in high cotton once you found a bank that will accept bagged coin.

62 cents is a fair price. if you shop around you might save a few bucks but that is about right.

if you ask the bank, they might give the bags to you for free. suntrust and wachovia do this if you have the right branch.

I always use my own cart. I got a pretty heavy duty one off amazon for 30 bucks. i used to do pennies though and dumped 8-10 bags at a time so you really need a cart for that.

 

[LemonThrower]

btw, when you have a cart and have the coin counted etc they know they can trust you and your deposit gets credited immediately. its still worth dumping in bags even if they hold the deposit until counted.

 

[fistfulladirt]

I have wondered where dumped coin goes. It is shipped to the Fed? ffd

 

[Diver_Down]

I have wondered where dumped coin goes. It is shipped to the Fed? ffd

No, it will go back to the carrier to be rolled at their facility. The only time the coin goes back to the Fed is when there is a surplus at the respective carrier's facility. The Fed relies on the carriers for storing surplus coinage, but each carrier is only expected to have so much. For example, the Fed in Jacksonville has Brinks, Dunbar, Loomis, Garda, etc. that services the banks and the like. Garda might be expected to have $10,000 in halves on hand while Brinks and Loomis might be expected to have $50,000 in halves on hand. If over a period of time, Brinks continues to receive coin and their inventory exceeds a threshold beyond $50,000 then they will then take the coinage to the Fed branch. Likewise, if Loomis falls below a threshold below the $50,000 then they will arrange to pick-up inventory.

I've used the numbers above as an example. Contrary to what some think, there is surprisingly little activity at the various Federal branches when it comes to coinage. FRN's on the other hand are processed very frequently. A simple marker swipe (those used to detect counterfeit notes) renders the note as damaged/mutilated and the note is destroyed. Consequently, there is a steady supply of notes that are shredded and new ones entering circulation. If only taxpayers realized the extent of the costs in maintaining paper notes for circulation, there would be more that would accept coinage as replacement.