Jul 03, 2012, 12:11 PM
Depositing/Dumping Bags of Coin - Any experiences?
Good day all,
I would really like to start dropping off sealed bags of coin to banks for dump/deposit. The good thing is I have a number of banks around with coin machines. But it is a hassle having to change bags, clean sensors, and the occasional machine going down.
I think it would be a good proposition for both parties if the bank takes a sealed bag from me with $500 or $1000 or halves, quarters, dimes, etc. Save us both time & effort.
Please share you experiences negotiating with managers, which banks are more likely to do this, etc. Thank you for your help!
Happy Hunting! - Jonathan
PS - Dont forget to pick up some extra coin for the 4th!
Jul 03, 2012, 01:28 PM
Some are lucky enough to have this option (out west). I can do this but the coin gets sent out to be counted and then credited to my account, this takes days or sometimes longer. If you have a big bank roll it could work otherwise not so much. Some did this at TD but I think they cut all that off a little while back. It's alot of work dumping coins and I think if we could all dump in bags we would search alot more and would cost the banks even more money.
Jul 03, 2012, 01:52 PM
I haven't been able to talk any banks into trading bags for cash. Around here they all say the same thing, "The coins have to go through the machine."
Maybe you'll have better luck.
Jul 03, 2012, 03:59 PM
My banks will only accept bagged Ikes, and that's only because you can't really find wrappers for them. The one time I did it they were nice enough to credit my account right away. Everything else has to be rolled.
The Wells Fargo branches around here take bags, even of mixed denominations, but from what I hear they don't credit you until it's been counted at the central facility.
Jul 04, 2012, 12:35 PM
One credit union here will take a full bag of rolls ($500), give me immediate cash, then the tellers have to unroll and refill bag with loose to send out. Rare deal.
Jul 04, 2012, 02:38 PM
This is simply brilliant.
Originally Posted by fistfulladirt
Jul 04, 2012, 02:43 PM
Bring in your bag of rolled halves & tell them to keep the wrappers for you & you will pick them up tomorrow when you bring the next bag in. Then repeat 100 times before you tell them they shoulda just ordered those 2 boxes of halves u requested-now they face the wrath of your dumps.
Jul 04, 2012, 03:11 PM
you can even go twice a day
Originally Posted by baddbluff
Jul 04, 2012, 06:43 PM
They will probably cut you off or bring up fees before you complete the process.
Originally Posted by baddbluff
1/100 of an American dollar is a cent. It is NOT a penny. The word penny is used by several other countries, such as Great Britain, to denote their smallest denomination. In order to be numismatically correct, you must use the term cent to describe the American coin.
Jul 04, 2012, 07:26 PM
Human beings make mistakes. If one bag of halves gets lost, you will lose $500. That's the risk. I once lost two bags of Nickels. It was very hard to trace back and lots of phone calls and even looked up 48 hrs of the security video. That was in 2009 when silver coins were plenty so I wrote off easily as a cost of the hobby.
When doing the exchange (if you have this option), make sure that whoever gets your bags write a note with number of bags, how much (assumed) in each bag, and stamp with the actual date and the teller's ID number. Keep this little note/receipt until the money credited to your account. If you can't get these logistics in line then don't do it. Some counting machine will "eat" dimes so send one small bag of dimes to test the water fast. I used to drop bags at two banks but only one bank for dime bags because the other bank's machine ate some of my dimes ($913 for $1000 as I remember).
Tellers often used their chair as the cart to move around the coins, so 6 bags per trip is enough; 6 bags of halves weighs 150 lbs and most female tellers can push around. If it's more than that either the chair can't handle the weight or the ladies can't push around. They don't like make two trips for our "not-really a business activities".
Now I don't do bags anymore even the manager offered the option to me. The finds are so little that I can't justify a lost bag if it happens. Second it is just a hobby for me and more CRH means less time doing other things. But good luck to you if you want to try this route.
Jul 04, 2012, 11:52 PM
After about 8 months of CRH using coin machines to dump I finally found a bank that would allow me to bring in Coin-Lok bags. It is pretty much as awesome as you could expect. Buy one of the little carts online and gather as many coin bags as possible, and your set to search big volume every week. The biggest tip I can give anyone trying to get a coin bag dump bank is to establish a good relationship with the vault teller.
Jul 05, 2012, 11:33 AM
Mr. FreedomUIC to you!
Originally Posted by Yinzi50
You should work where I do, them poor chairs can hold over 150 lbs. very easy, in some cases 3 times that weight....
[R.I.P. Rich Hartford - Champion CRH of All Time]
Jul 05, 2012, 11:37 AM
Lost bag? Never heard of that happening. I fill out all my CoinLok bags before exchanging so if they ever are lost it is traced back to me. I have done hundreds of bags this way, never a problem. I also exchange directly for cash.
Jul 05, 2012, 03:04 PM
I have some favorite dump banks, too. They have coin machines & both gave me a real hard time about ordering coin. One manager even called the branch down the street to cancel the order the other teller just called to get for me. I love dumping there. This is when I realize (and my wife realizes) how addicted I am - "just give me the darn coins!" I joke about it --but, in reality, this is not a joke!
Originally Posted by baddbluff
Thanks for all the input. I guess I have so many coin machines in my area I don't really need to drop off bags, especially if the funds will get tied up.
Jul 05, 2012, 03:10 PM
man, that's harsh, i would dump extra hard on her branch... that does not go well with me if a teller from another branch calls the branch down the road to cancel my order...
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