A new dump bank, $14 in loose, 1 Keeper!

[tallguybry]

Hey Hey,

I spent most of the day playing phone tag with my dump branch. The manager said he was going to make some phone calls and that he was going to call me back in 15 minutes. Well, as might have guessed already, he didn't call me back.

Deflated and a bit perturbed, I started calling around to different banks. I stumbled upon a bank that had some promise. I drove down to meet with the Branch Manager, Lead Teller and the Customer Service Lead. I had to explain my "business" as well as the problems at my "dump bank". They asked me to step outside while they make some phone calls. At this point, the perturbed feeling started creeping back in.

To pass the time, I stepped over to the teller counter and asked if they had any half dollars. "Do you want any gold dollars?" one teller asked me. "Ummm. No thanks." I politely stated. The teller made her rounds and said "I have $14.00. Would you like them? Sure. She put them in $2 stacks on the counter and I gave her the 14 bucks. As I was putting them in my ZipLock bag, I heard the higher pitched "ting". Jubilation!

1 - 40% 1966

The Bank Manager opened the door and asked me to come inside. Here is what he offered me:
- $10,000 per week deposit limit. The coins must be in $1000 plastic bags with my account # written on the bag. Any overage/underage will be determined once the coins are counted at the distributor (not on the floor behind the teller counter like the other bank!)!
- No fees for the first $10K deposited. $0.08 per $100 thereafter (which computes to $0.80 per 1K bag).
- No balance requirement, no other fees.
- I will be able to walk in, deposit into my account, then immediately withdraw the cash.

10k a week is equal to 20 boxes, which would be the absolute maximum for me during any given week. That equals 100 boxes for a month. Total fees to deposit 100 boxes: $32.

I am willing to pay the $32 monthly fee because they are allowing me to bring all 10K per week to their branch. Yes, it takes $32 out of my findings, but it'll allow me to increase the number of boxes I am currently ordering.

They started my "preliminary" paperwork today and I will finish it tomorrow morning. Wish me luck.

Oh and one last thing, my 4 boxes arrived this morning at Bank A. I'll tear through those and let you know how everything plays out.

H$H!!
TGB

 

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[conleytheking]

If I had 10K to use, or a bank that would order that much...or allow me to dump that much...I would take that $32 loss anyday...I say go for it!

 

[tallguybry]

If I had 10K to use, or a bank that would order that much...or allow me to dump that much...I would take that $32 loss anyday...I say go for it!

Roger that!

H$H!!
TGB

 

[Bigheed]

nice work on your negotiating TGB !!!

Conley - as Dave Ramsey would say - start delivering some pizzas for a few months!

 

[n8dagr8345]

So you can deposit 10k/week without a fee? Or is it once you deposit your first 10k, from then on you have a fee?

 

[conleytheking]

nice work on your negotiating TGB !!!

Conley - as Dave Ramsey would say - start delivering some pizzas for a few months!

Been there, done that!! lol
I am DONE working in the food industry lol
This is my last semester of school...So...I'm just going to ride out this semester on income taxes and savings.

 

[tallguybry]

So you can deposit 10k/week without a fee? Or is it once you deposit your first 10k, from then on you have a fee?

10K/month free. Hence the $32 fee for the remaining 40K. BigHeed always speaks about volume, well this would be "maxed-out volume"!

H$H!!
TGB

 

[tallguybry]

nice work on your negotiating TGB !!!

Conley - as Dave Ramsey would say - start delivering some pizzas for a few months!

Dave Ramsey is our hero! We paid off nearly 20K in debt (credit cards and 2 cars) in about 3 years. We even bought our house on a 15-year note.... We are debt free to this day...

Live like no one else...

H$H!!
TGB

 

[ArkieBassMan]

80 cents per $1000 doesn't seem like an excessive fee at all. If thats what it takes to allow you to seach that much volume, then I say go for it. I mean honestly, if I couldn't more than cover a $32 fee by searching 100 boxes, I wouldn't search boxes. That's ~8 40%ers per 100 boxes to cover the fee. I would think that would be no problem.

I do see a few potential problems that you might want to prepare for, just in case:

1. I hope you're not dumping into the same system you purchase from. I don't have that option. I have to dump right back into "my" system. Every bank within 50 miles of me uses Loomis. It doesn't matter where I buy or dump, the boxes are all picked up by/come off the same Loomis truck. However, I only do 2-4 boxes a week, plus any coin from road trips. I don't think that small amount "pollutes" my system that much. I have dumped many plated, holed, stickered, etc coins during the 2 years or so that I have been doing this. None of them have returned so far. 100 boxes per month will probably greatly pollute your system. Within 2-3 months you may be just re-searching 90%+ of your own dumps.

2. If the coin distributor's coin machine malfunctions and you come up "short", there probably isn't going to be a thing you can do about it. By the time you hear about it, those coins are already well into the system. You'll probably just have to eat the shortage. Whereas if I dump $1000 into my local coin counting machine, but the ticket reads $500, I have more options. I can call the bank's attention to it immediately. My "missing" $500 is in that machine somewhere. Your missing coins will already be in a box somewhere.

3. $50,000 per month is $600,000 a year in deposits. To some bean counter somewhere, on paper that is going to look like $600,000 in unreported income, or at the very least, "suspicious activity." We both know that in reality its just the same ~$10,000 "recycled" many times. We both know that CRH isn't illegal. But, I feel that an amount this large will likely be noticed by someone somewhere. To an outsider looking in, you're going to look very suspicious. It has happened to a couple of members right here on this forum for amounts not even close to $50K per month. To the best of my knowledge, they came out of the incident unscathed. Again, you're doing nothing wrong, but just be sure you are prepared for it when/if it happens. So far as I know, I have kept very good records and my tax returns are 100% accurate. Still, that doesn't mean that I want to be audited. I don't have any personal experience, but I have read about a few horror stories over the years. "Guilty until proven innocent" seemed to prevail in those cases instead of the other way around as it should be.

Just some things to think about. Best of luck to you!

 

[minkybodl]

$32 is cheap to be able to dump all at the same place. I spend that in gas just trying to spread my dumps out to banks in neighbooring towns so I don't go to any dump bank more than once a week and that is only for 2 or 3 boxes. Usually check a few other banks there when I dump.

So what did you do when you worked on the Railroad, were you an Engineer? I worked for 13 years as a Towerman on the CNJ, Conrail, and then NJ Transit. Resigned in 88.

 

[FormerTeller]

Rather than pay $32/month, I'd dump $2,500 a week there, and try to find 3 other banks give you the same deal...

Still, good job negotiating!

 

[ArkieBassMan]

Rather than pay $32/month, I'd dump $2,500 a week there, and try to find 3 other banks give you the same deal...

Still, good job negotiating!

It would depend on how far apart the other 3 banks are. It wouldn't take much extra driving around at all to burn up $8 per week in gasoline alone - not to mention the wear-and-tear on a vehicle - and the extra time it would take. It very well might be cheaper to just pay the $32.