On the recommendation of more than one forum member I plan to schedule a tour of the nearest Federal Reserve branch. The regional bank is in the next state but there is a branch about 50 miles from me.
I'm sure it will be very interesting, and hopefully I will gleam some information about how coinage circulates that might not be obvious to me otherwise.
I have done A LOT of leg work over the past week or two and have identified 18 different banks, with at least 45 branches. I have traveled roads to the Northeast, Northwest, East, and South of my location, out to maybe 45 miles. I have not gone west yet, mainly because I know there are literally 100 more branches within 40 miles.
Some of these banks have coin counters, most do not. All have some sort of commercial or business account that with some work, can be used to dump bags of halves. Almost all of these banks have a 5000 per month limit on dumps. Conceivably I could never dump more than once a year at any given branch...
1) On a tour of the local Federal Reserve branch, what did you see that taught you the most? What advice can you give me to look out for, or pay extra attention to?
2) Can someone post pics of examples of each type of box produced by say Brinks, Garda, Loomis, Dunbar, etc? Are they always different or do they use the same size and color boxes sometimes?
3) Short of just asking the tellers, how do I figure out who services a particular bank? What I mean is, if Brinks in one town services all the banks in one area and Brinks in another town services all the banks in the adjacent area, how do I ensure that my dumps go to the "other" brinks territory and I don't have to worry as much about searching the same coins over and over?
4) So far, out of all the banks I have reconnoitered, I have accounts with two banks that offer free coin counters, and I set up an account with a third today that allows me to dump up to 5000 per month in bags for no fee. By the middle of January I will have accounts at two more banks that offer free coin counters, and at least two more accounts at banks with some sort of business account that allows for dumps to be made in bags.
My goal is to never get caught with my pants down like last month with just one dump bank. So anyway, my question is how much is enough? Should I keep at it until I have an account with every bank in this part of the state?
5) Concerning opening accounts. Several banks seem to want me to file a DBA with the courthouse in order to open a business account. So far I have gotten around that little hurdle but I was wondering if you had to do something similar?
6) With just a little luck, I will be doing 3000 per week by the first week in March and 5000 per week by October. Prior to this, I never did more than 3000 in a week and I didn't do that consistently. I probably averaged around 1500 per week. I know the logistics of moving that much coin changes dramatically when you get up that high and I was wondering what you saw in your experience and how you were able to overcome the problems that come with that much hunting?
7) Anything Ive missed?
I want to thank several people here who have either publicly or privately given me a lot of very good advice.
I'm sure it will be very interesting, and hopefully I will gleam some information about how coinage circulates that might not be obvious to me otherwise.
I have done A LOT of leg work over the past week or two and have identified 18 different banks, with at least 45 branches. I have traveled roads to the Northeast, Northwest, East, and South of my location, out to maybe 45 miles. I have not gone west yet, mainly because I know there are literally 100 more branches within 40 miles.
Some of these banks have coin counters, most do not. All have some sort of commercial or business account that with some work, can be used to dump bags of halves. Almost all of these banks have a 5000 per month limit on dumps. Conceivably I could never dump more than once a year at any given branch...
1) On a tour of the local Federal Reserve branch, what did you see that taught you the most? What advice can you give me to look out for, or pay extra attention to?
2) Can someone post pics of examples of each type of box produced by say Brinks, Garda, Loomis, Dunbar, etc? Are they always different or do they use the same size and color boxes sometimes?
3) Short of just asking the tellers, how do I figure out who services a particular bank? What I mean is, if Brinks in one town services all the banks in one area and Brinks in another town services all the banks in the adjacent area, how do I ensure that my dumps go to the "other" brinks territory and I don't have to worry as much about searching the same coins over and over?
4) So far, out of all the banks I have reconnoitered, I have accounts with two banks that offer free coin counters, and I set up an account with a third today that allows me to dump up to 5000 per month in bags for no fee. By the middle of January I will have accounts at two more banks that offer free coin counters, and at least two more accounts at banks with some sort of business account that allows for dumps to be made in bags.
My goal is to never get caught with my pants down like last month with just one dump bank. So anyway, my question is how much is enough? Should I keep at it until I have an account with every bank in this part of the state?
5) Concerning opening accounts. Several banks seem to want me to file a DBA with the courthouse in order to open a business account. So far I have gotten around that little hurdle but I was wondering if you had to do something similar?
6) With just a little luck, I will be doing 3000 per week by the first week in March and 5000 per week by October. Prior to this, I never did more than 3000 in a week and I didn't do that consistently. I probably averaged around 1500 per week. I know the logistics of moving that much coin changes dramatically when you get up that high and I was wondering what you saw in your experience and how you were able to overcome the problems that come with that much hunting?
7) Anything Ive missed?
I want to thank several people here who have either publicly or privately given me a lot of very good advice.
Upvote
0
