$ilver$urfer
Bronze Member
- Sep 4, 2010
- 1,148
- 19
- Primary Interest:
- All Treasure Hunting
Hello Fellow CRHers,
My sister was the teller manager at the largest bank branch in North Carolina for years and when I started CRHing I asked her how much it costs banks to order coin and ship coin. She informed me that about 90%+ of banks pay a flat monthly fee to Brinks, Loomis, etc. for unlimited coin orders or a threshold of coin orders per week (say $5000) and unlimited shipping out of coin. This has been confirmed to me by two other teller managers over the years responsible for ordering coin.
In my humble opinion, the problem only comes in when:
A.) The Brinks/Loomis, etc. guys complain to tellers about doing their job (lifting heavy boxes) which they are legally under contract to perform. This is where stories like "we pick out all of the silver" and "you are just searching through your own dumps." As we long term hunters can all attest to, these stories are total lies (except maybe in Phoenix
).
B.) The tellers are sick of ordering, storing and handling your coins boxes (usually due to people being rude or unappreciative and getting excessive at a particular branch and not rewarding tellers by being friendly and dropping off chocolates once a month).
C.) They have other business customers or customers requesting coin orders that max their limit. At one branch I attempted to order half dollars at earlier this year the teller manager said "we would love to but we can only order $5000 in coin per week and we have a customer who has been ordering $3000 (6 boxes) of halves for years. We need the other $2000 to fulfill business coin orders. If he ever stops ordering we will call you and you can order half dollar boxes."
That's my 2 cents, if a bank won't order for you, reassess your relationship with the bank. Do they make any money off of you and are you a good customer? I have stopped ordering half boxes and just do pennies primarily now but I never got a complaint or denied an order because of being a leech. I have numerous mortgages with multiple banks and when they see I have been a "good" customer for years they order coin for me no problem. Those of you who keep $25 in an account and order multiple boxes a week and dump thousands a week then complain you get cut off and blame the big guns need to look in the mirror.
HH,
$ilver$urfer
My sister was the teller manager at the largest bank branch in North Carolina for years and when I started CRHing I asked her how much it costs banks to order coin and ship coin. She informed me that about 90%+ of banks pay a flat monthly fee to Brinks, Loomis, etc. for unlimited coin orders or a threshold of coin orders per week (say $5000) and unlimited shipping out of coin. This has been confirmed to me by two other teller managers over the years responsible for ordering coin.
In my humble opinion, the problem only comes in when:
A.) The Brinks/Loomis, etc. guys complain to tellers about doing their job (lifting heavy boxes) which they are legally under contract to perform. This is where stories like "we pick out all of the silver" and "you are just searching through your own dumps." As we long term hunters can all attest to, these stories are total lies (except maybe in Phoenix
).B.) The tellers are sick of ordering, storing and handling your coins boxes (usually due to people being rude or unappreciative and getting excessive at a particular branch and not rewarding tellers by being friendly and dropping off chocolates once a month).
C.) They have other business customers or customers requesting coin orders that max their limit. At one branch I attempted to order half dollars at earlier this year the teller manager said "we would love to but we can only order $5000 in coin per week and we have a customer who has been ordering $3000 (6 boxes) of halves for years. We need the other $2000 to fulfill business coin orders. If he ever stops ordering we will call you and you can order half dollar boxes."
That's my 2 cents, if a bank won't order for you, reassess your relationship with the bank. Do they make any money off of you and are you a good customer? I have stopped ordering half boxes and just do pennies primarily now but I never got a complaint or denied an order because of being a leech. I have numerous mortgages with multiple banks and when they see I have been a "good" customer for years they order coin for me no problem. Those of you who keep $25 in an account and order multiple boxes a week and dump thousands a week then complain you get cut off and blame the big guns need to look in the mirror.
HH,
$ilver$urfer
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