Brinks or Loomis owned coin counting machines?

[clovis97]

I recently found a second dump bank. ( for me) It is even better because I think the machine holds $1,000!!!

I was stunned to see an 8% charge for bank customers, unless you deposit the amount in the bank, instead of taking it in cash. There is no fee if you deposit. Non-bank customers wanting to dump have to pay 13%!!!!

The gal at the bank told me that they didn't own the coin counter in the lobby, but is owned by Brinks. She said that Brinks gets a cut of anything deposited.

Anyone heard of this, or was she pulling my leg to help cover for their outrageous fees?

 

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[WormtownFJR]

I recently found a second dump bank. ( for me) It is even better because I think the machine holds $1,000!!!

I was stunned to see an 8% charge for bank customers, unless you deposit the amount in the bank, instead of taking it in cash. There is no fee if you deposit. Non-bank customers wanting to dump have to pay 13%!!!!

The gal at the bank told me that they didn't own the coin counter in the lobby, but is owned by Brinks. She said that Brinks gets a cut of anything deposited.

Anyone heard of this, or was she pulling my leg to help cover for their outrageous fees?

I've never heard of bank customers getting shystered in such a manner. Solution: Use them when you don't need to flip the money quickly and withdraw it from the ATM the next day.

 

[clovis97]

I recently found a second dump bank. ( for me) It is even better because I think the machine holds $1,000!!!

I was stunned to see an 8% charge for bank customers, unless you deposit the amount in the bank, instead of taking it in cash. There is no fee if you deposit. Non-bank customers wanting to dump have to pay 13%!!!!

The gal at the bank told me that they didn't own the coin counter in the lobby, but is owned by Brinks. She said that Brinks gets a cut of anything deposited in their coin machine.

Anyone heard of this, or was she pulling my leg to help cover for their outrageous fees?

I've never heard of bank customers getting shystered in such a manner. Solution: Use them when you don't need to flip the money quickly and withdraw it from the ATM the next day.

The beauty of this for me is that this dump bank is about 15 minutes away, but they have another branch just down the street. By the time I get home after dumping, I can swing in and withdraw if I want!!!! How cool is that?

(Technically, I could deposit my dumps, drive around to the ATM in the drive thru, and it would be all the same.)

I still can't believe their outlandish fees though.

 

[WormtownFJR]

I don't either. It is probably due to the fact that there are not many banks in your area. Less banks = less competition = consumers. I would have a hard time getting used to that.

 

[mlayers]

I would just dump and put the money into my account and then the next day go and get it out. I wouldn't trust taking it out the vary same day.......Matt

 

[clovis97]

I don't either. It is probably due to the fact that there are not many banks in your area. Less banks = less competition = consumers. I would have a hard time getting used to that.

The sad part about this bank is that it use to be an AWESOME place to do business. I've had an account there since 1995. It was one of those small town banks where everyone knew you, and you knew them. Anytime you needed something, they would get it done pronto, as soon as you telephoned. Need to borrow $10,000 on a 90 day note? Just call them, and the check would be ready in an hour. It sounds crazy, but they would bend over backwards for the customer!!!!!!

This bank was sold to a bigger bank, and the service pretty much sucks these days, even though they talk big about being customer oriented.

It is a good thing that I don't borrow money any more...I'd be sorely disappointed in this bank!!!!

 

[byrne3]

Is this a savings account that you have at this bank? The reason I ask is because saving accounts have a limited number of withdraws you can make per month.. If they force you to deposit coin to avoid fee, you would need to withdrawal on a seperate transaction to get the cash. If you deposit coin often and withdrawal immediately, you will eventually be charged excess withdrawal fees. All banks limit the number of withdrawals per month for savings accounts one way or another. Some may charge a fee, and others may just close your account if you do too many.

At my dump bank, I have a savings account with a limit of 3 withdrawals per month. I do have a work around though. Let's say I deposit $750 in coin. I could deposit $750, and get $745 cash back for a net deposit of $5. Well in that example, it does not count as a withdrawal because it was a deposit (I deposited $5).. In your case you don't have that work around, so you have to be extra careful and know exactly what the max number of monthly withdrawals you are allowed and how many you have already done for the current month..

If you have a checking account, you don't have anything to worry about. Like the others said, just deposit your coin and go outside to the atm and withdraw. If you have a savings account, just make sure you are always within you limits and you'll be fine..

 

[clovis97]

Byrne,

Thanks so much for those thoughts. That stuff had never occurred to me. Fortunately, it is a checking account!

 

[WormtownFJR]

Never thought of that. I'd better check with my bank.

Thanks Byrne.

Just checked the website. No mention of a limit to withdrawals.