Im new...Need some help

[jimmyx]

I'm new...Need some help

Hi everyone.

I just learned about this hobby and decided to give it a try. I have some questions about dumping. Is it acceptable to bag up the loose coins and just deposit them in the night deposit? I don't want to be hauling in 4k halves and have to have them change the bag in the counting machine every $100 or even $500. I could see why banks would get sick of CRHers doing that.

I have accounts at 2 local banks. My main bank where I am considered a 'high value customer' ordered me 4 boxes of halves without a problem. They said they would have to order them and it would take a week or more to come in. They seemed to be clueless about CRHers and didn't ask any questions about returning the coins.

The second bank seemed to know what was going on when I asked for 2 boxes of halves and told me they would order them for me but I could not return them to that bank. If I returned them to that bank, they would charge me 10% handling fee. Is that normal? Should I look for another bank?

Thanks for any info and good luck everyone.

jimmy

 

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[enamel7]

Re: I'm new...Need some help

Welcome aboard Jimmy. Read till your eyes bleed! You order that much coin and take it back to the bank you ordered from and they won't be ordering for you very long. Never take them back where you got them. Banks and tellers don't like that. As for the night deposit box, I don't think they would like that either. If you read enough on this forum you will learn everything you need to know.
HH
Gilbert

 

[Argentium]

Re: I'm new...Need some help

Hi Jimmy , Yeah , the dumping part of this tends to be the "fly in the ointment " so to speak.
You are likely about to be deluged with folks telling you not to return your reject halves to the
same banks you pick them up from - not only is this true - but I will go one further, and say
don't even bring them to different branches of the same bank in the area . Open a boatload,
of free checking accounts with banks in your area ,especially any that happen to have coin
counting machines - publically accessable , so you don't have to hassle a teller in dumping
them. Happy hunting ! Argentium.

 

[mistergee]

Re: I'm new...Need some help

the "beginners guide to coin roll hunting" (the very 1st topic under coin roll hunting) should answer alot of your questions you may have. also check these out so as to avoid an avalanche of negative comments.

http://forum.treasurenet.com/index.php/topic,209655.0.html
http://forum.treasurenet.com/index.php/topic,258887.msg1850623/topicseen.html#msg1850623