How do banks pay for their coin orders?

[jamesandsons]

My pickup bank and my dump bank both get their coins from Loomis. My pickup bank never charges or even hints that they might charge (that's why it's my pickup bank, duh). But several times now, when I've asked about boxes at my dump bank, they've told me they normally charge businesses a $2.50 fee per box, because that's the fee that they pay themselves. This seems like nonsense to me, because it either means that Loomis is charging my dump bank a fee for boxes but not my pickup bank, or my pickup bank has eaten about $150-200 in fees so far the past 2 months just to humor me and my little hobby.

So does anyone know how (and how much) the banks usually pay to get coin? My guess is that they more-or-less pay a flat fee for the truck to come once a week, whether it delivers 1 to X boxes (with an increased fee if they order more than X boxes). That just seems like the model that would make sense to me. Does anyone know for sure how this works though? I'm really curious, because I've heard from several tellers at several branches now that they pay $.10 per roll to get the coins. Is that just the line that Dump Bank Corporate feeds them?

 

Amazon Forum Fav 👍

Cry Of The Eagle: History And Legends Of The Cherokee Indians And Their Buried Treasure - Grab it through Amazon!

[Coppercrazy]

I've wondered this too! I've heard it's like a monthly subscription service too. One of my pick up banks a long time ago said they might have to start charging me a small percentage fee of whatever coins I order, which would be fine because I only order cents as of right now.

 

[rpg25]

I think they pay for the boxes by getting the business accounts of the people who order them.

 

[Mr. Silver Stash]

I heard my main bank say they have an unlimited ordering contract with coin/cash carrier.

 

[Codes]

I heard my main bank say they have an unlimited ordering contract with coin/cash carrier.

I've heard the same thing as well. More than likely, the bigger banks have some sort of contract and the smaller banks have a pay-as-you-go deal with the coin carriers.

 

[Iamrussell]

The bank I use as an occasional pickup has told me it cost them $.10 a roll- so for halves $5.00 a box( 1 branch i get a box every so often charges it and i pay only cause its close and more convienent, another branch further away doesnt charge and I order therr if I jniw ill be in that area) which I was just informed that itll be going up to $.11 a roll $5.50 a box in aug- my CU that is my main pickup told me they pay a flat fee weekly no matter how many rolls/boxes they get- who knows for sure?

-------------------------------------
just keep stacking, just keep stacking, stacking stacking stacking

 

[Generic_Lad]

I believe that it depends on how the bank is set up whether they have unlimited ordering or if they get a fee per box. I believe that most banks would get charged a fee per box and naturally the bank just considers it part of doing business just like ordering stuff like ATM cards, receipts, etc.

 

[fistfulladirt]

No one knows - hilarious - I don't know either!

 

[BuffaloBoy]

Nothing in the coin rolling business is free. Someone has to pay a fee somewhere down the line either the bank or the Hunter.

 

[TimZim]

Nothings free your costing them money. Nice Free silver and free boxes very sweet.

 

[jamesandsons]

Well if any banks are paying a per-box fee rather than a per-delivery fee and putting up with CRHers without passing the fee on to us... it can only be a matter of time until they stop.

 

[Mr. Silver Stash]

I know my main branches have an unlimited contract, so they do not incur any additional fees to accommodate me. Obviously every about every business costs money, and they are passed on. Maybe withheld proceeds also i.e. in the non-existent interest for savings.

 

[jamesandsons]

It's funny, because my dump bank - the one that says they have to pass on the fee they get charged for boxes - regularly has individual Loomis rolls of halves stocked at many of the branches. I've bought 6 rolls here, 8 rolls there a few times. Did it again today. Took the last 8 rolls they had. No charge for the rolls. I asked the teller, "so now that I've cleared you out, will you be ordering another box?" She said yes. Okay, so if I order a full box I get a fee, but if I come in and take it 6 or 8 rolls at a time, its free. Guess I'll just have to get my no-fee boxes of halves one piece at a time, Johnny Cash style.

 

[baddbluff]

It's funny, because my dump bank - the one that says they have to pass on the fee they get charged for boxes - regularly has individual Loomis rolls of halves stocked at many of the branches. I've bought 6 rolls here, 8 rolls there a few times. Did it again today. Took the last 8 rolls they had. No charge for the rolls. I asked the teller, "so now that I've cleared you out, will you be ordering another box?" She said yes. Okay, so if I order a full box I get a fee, but if I come in and take it 6 or 8 rolls at a time, its free. Guess I'll just have to get my no-fee boxes of halves one piece at a time, Johnny Cash style.

I like the Johnny Cash reference. Sounds like she's pulling your leg. Anything to stop the pesky coin roll hunter.

 

[jamesandsons]

The teller who sold me the rolls isn't the same one who told me about the box fee. In fact several have sold me rolls and several have told me there'd be a fee for a full box. So the box fee must be the branch policy, but they have some sort of looser policy about loose rolls. The first time this came up, when I wanted a cent box and they wanted a fee, I asked how many rolls I could buy without incurring a fee. She sold me $10 worth, but you could tell it was kind of arbitrary. So, I'll just keep scooping up their halves rolls as long as they let me I guess. When I'm not dumping halves, that is.