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Thread: My First Hunt- Question

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  1. #16

    Mar 2006
    S.W. Pa.
    Deus, CTX
    253
    26 times

    Re: My First Hunt- Question

    This past week I cashed in several rolls of quarters and dimes. The teller asked me if I wanted to just exchange the rolls for others. As she was asking I noticed marks on her rolls that were applied by me weeks before. I had marked my rolls at home so I would not open the same roll twice.
    If you buy rolls where you dump rolls you will get your previous rolls back.

  2. #17
    us
    Dec 2009
    AR
    Minelab E-Trac
    2,533
    1059 times
    All Types Of Treasure Hunting

    Re: My First Hunt- Question

    Quote Originally Posted by namster
    OK, to dispel some of the confusion that seems to be floating around...here goes..

    Servicing companies do not mix up coins from various banks into one huge pile. WE the CRHers do that by ordering from one bank and dumping into another. So, if you order from bank X and dump into bank X, you could very well see your own coins back if you are the only hunter in the area (not likely). What is more likely is that everyone carefully laid out strategy is being foiled by the other hunters in the area. They are dumping into your pick up bank, you are dumping into theirs, etc.

    "Banks eat the fees on both sides if you dump and order at the same bank." This is not entirely accurate. Many of the large national banks have CONTRACTS with the courier to provide a service. This service includes delivering and retrieving coin. I know for a fact that my bank does not pay "fees" to order for me, it is included within the banks service contract negotiated with the courier. Smaller banks may have a different arrangement. Now, a prudent person will always proceed with care and sensitivity when engaging in the art of ordering and dumping coin. A pissed off vault teller, who is 62 years old and 75 pounds over weight, will not appreciate receiving your 200 pounds of bagged coin. Said vault teller will make up excuses as to why you can no longer order. "The "cash vault" is limiting orders," "Loomis is limiting orders," etc, its all BS! she just does not want to deal with all of your coin. So be smart! Read your tellers/LTs/VTs/managers, adjust your strategy accordingly.

    There. Hope that helps.
    Nice post, but not entirely factual depending on your bank and location. What is true for certain area(s)/bank(s) is not be true for all areas and banks.

    First off, my area (very rural) is littered with small region-specific type banks. The entire chain of some of these banks is 5-6 branches or less. Thats it. Not many BoA's and no TD's around here. I have never seen a TD nor do I know what TD stands for for that matter. I have talked to the courier employee that services every bank in my area multiple times during my CRH activities. According to him, the half dollars in bags from coin counters picked up from my area go through this process: they get weighed (not counted - that surprised me) and then get dumped into one large pile to be rerolled and shipped back out. As for other denominations, I have no idea. Halves were all that I asked about.

    Secondly, banks absolutely do have expenses both ways if you pick up and dump from the same bank. You are absolutely correct in that some banks pay a flat-rate fee to the courier for service...up to a certain number of bags/boxes...and that your ordering and dumping boxes wouldn't change the amount of that fee 1 cent. That is absolutely correct. Not alll banks pay a flat rate fee. Some kinda pay as they go. My main order bank is a pay-as-they-go type. When they have to order coin for their normal business, then they can add on my boxes of halves for no additional cost. However, if they don't need coin, my half boxes would indeed cost them money if they were to order them...which they won't in that situation. However, regardless of what type of contract the bank has with the courier service, anytime you involve a bank employee in some sort of transaction...retrieving boxes, dumping coin, etc...you are using that employee's time, which the bank is paying for. That is indeed an expense.

  3. #18
    us
    Nov 2011
    Sulphur, NV
    1,497
    420 times
    All Types Of Treasure Hunting

    Re: My First Hunt- Question

    Quote Originally Posted by ArkieBassMan


    Nice post, but not entirely factual depending on your bank and location. What is true for certain area(s)/bank(s) is not be true for all areas and banks.

    First off, my area (very rural) is littered with small region-specific type banks. The entire chain of some of these banks is 5-6 branches or less. Thats it. Not many BoA's and no TD's around here. I have never seen a TD nor do I know what TD stands for for that matter. I have talked to the courier employee that services every bank in my area multiple times during my CRH activities. According to him, the half dollars in bags from coin counters picked up from my area go through this process: they get weighed (not counted - that surprised me) and then get dumped into one large pile to be rerolled and shipped back out. As for other denominations, I have no idea. Halves were all that I asked about.

    Secondly, banks absolutely do have expenses both ways if you pick up and dump from the same bank. You are absolutely correct in that some banks pay a flat-rate fee to the courier for service...up to a certain number of bags/boxes...and that your ordering and dumping boxes wouldn't change the amount of that fee 1 cent. That is absolutely correct. Not alll banks pay a flat rate fee. Some kinda pay as they go. My main order bank is a pay-as-they-go type. When they have to order coin for their normal business, then they can add on my boxes of halves for no additional cost. However, if they don't need coin, my half boxes would indeed cost them money if they were to order them...which they won't in that situation. However, regardless of what type of contract the bank has with the courier service, anytime you involve a bank employee in some sort of transaction...retrieving boxes, dumping coin, etc...you are using that employee's time, which the bank is paying for. That is indeed an expense.
    Are you saying that large nation wide banks in smaller areas pay the fee? In my post I mentioned that smaller banks likely have other arrangements. Small areas have their particular challenges, I suppose it is wise to use a larger bank for dumping if possible, or ask the people in charge what their arrangement is with the courier to help avoid problems. In the end, individual CRHers need to communicate with their banks to find out their particular challenges. I think many people are afraid to speak with the managers, but I have found doing so can help avoid problems in the future.

 

 
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