The search for a dump bank, or the end of my CRH

[Brizors]

Turns out my coin counter at Kinecta Credit Union charges 5% for members.. :/ My GF and I baked cookies for the tellers and just went over. I lost $15 to it due to the 5% fee before I decided to stop because I have about $1400 total and I don't want to pay $70 to cash it in. I called a local Wells Fargo location and they said none of their banks have a coin counter. Banks are closed now so I can't call anymore today.

So the search begins. This actually really sucks. Despite how fun CRH'ing is I might end this hobby and stick to metal detecting if I can't find a bank with a free coin counter and has no fees for holding an account.

I really don't see myself being a person who hands over large amounts of rolled coins to a teller at any place because that just doesn't seem right and I don't enjoy being thought of as a hassle. I also don't see myself regularly depositing low amounts of rolled coins(in an attempt to not be annoying), due to the hassle on my end of running around depositing it all and the extreme low amount of coins I'd be able to search per week on that path.

So unless I can find a bank with a free coin counter, and no fees for holding an account, which sounds very rare, then I might be done. At this point I'm just hoping I can get all these coins turned back into cash without losing anymore money.

 

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[foofighters]

Keep your head up.

It takes time to figure out a good game plan and quite possibly several accounts.

Look around you and look out further than you might think practical. My best pickup and dump banks are at least a half hour drive. Doesn't help I live in a low populated area.

 

[Brizors]

Appreciate the advice. My first mistake was buying more coins than I could practically afford before making 100% sure my dump would work out. At least if I need to I can just bite the bullet, dump it all and take the fee.

If anyone knows of anything in Southern California in the South Bay around zip code 90505, if you wouldn't mind, please let me know.

 

[Iamrussell]

Definitely call all CUs & banks with in a 20mile radius- also see if you can find 1 that lets you deposit in bags- thise usually take a bit for thr money to be deposited into your account but once you get the money coming/going it can be done
GL

 

[enamel7]

That's why it's important to have a dumping plan before ordering lots of coin. Just roll them and scatter your dumps.

 

[Zomotion]

Credit unions are great in my area for machines and no fees if you're a member. Russell is right abut the bags, if you can bring in a bag of coin, you can have the courier pick it up, count it, then deposited into your account. B of a does this for my halves.

 

[boristhespider88]

I reroll everything. No bag dumps allowed and the only places with coin counters charge 8% for members.

 

[Brizors]

My bank(Kinecta) is a credit union, but they still charge for the coin machine unfortunately. The head teller at the closest location wants to charge me 25 cents per roll(I asked if I could deposit some rolls) but the one with the machine seems to be okay.

But really, banks are okay with taking large amounts of rolled coins? I'll have to ask about that bag method but with a coin machine inside the building, I doubt they would want to deal with it.

 

[foofighters]

Brizors you said "my bank". If you are going to do this the proper phrase needs to be my banks. I have to believe living in socal there must be a lot of banks.

 

[Brizors]

Yes indeed foo. I will continue calling around and especially credit unions until I find one with a free coin counter. Thanks for the help guys

 

[Zero]

Getting a dump system is tough. For the first year of my CRHing, I rolled every box I went through. It was difficult finding enough wrappers and many times I just rerolled them in the original wrappers. Some banks found me to be an annoyance, some asked me not to bring anymore, but a handful were pleasant and took them graciously. Eventually, I found a bank with a free counting machine. I was so happy, that I ended up dumping $1500 a week there and got cut off (started charging 5% fee). So, back to rolling. One day, I noticed that a bank was unrolling my rolls into a counting machine in the back. So, I started bringing $500 a week to them loose and they counted them for free. I tried to not wear out my welcome. Then I hit the jackpot, another bank said they had to count them by hand and if I wanted to bring a bag of exactly $500, they would credit my account (immediately). I dropoff two $500 bags a week with them hoping that they don't get tired of me.

Long story short: it takes time to develop relationships and a network of banks to dump your useless half dollars.

So, keep on rolling (hopefully not coin wrappers).

 

[Yinzi50]

I travel around the country and roll search everywhere I go. So far I have searched 43 states. I have accounts at the large banks. I often deposit more than $2000 of rolled coins before getting on airplane. Try bank of America or WF or US bank.

 

[Omega]

Where in SoCal are you?

 

[nighteagle]

One reason banks charge for the deposit or cashing coins is that it costs the banks to send the coins out. At least thats what a teller at BoA told me

 

[ugotit22]

Turns out my coin counter at Kinecta Credit Union charges 5% for members.. :/ My GF and I baked cookies for the tellers and just went over. I lost $15 to it due to the 5% fee before I decided to stop because I have about $1400 total and I don't want to pay $70 to cash it in. I called a local Wells Fargo location and they said none of their banks have a coin counter. Banks are closed now so I can't call anymore today.

So the search begins. This actually really sucks. Despite how fun CRH'ing is I might end this hobby and stick to metal detecting if I can't find a bank with a free coin counter and has no fees for holding an account.

I really don't see myself being a person who hands over large amounts of rolled coins to a teller at any place because that just doesn't seem right and I don't enjoy being thought of as a hassle. I also don't see myself regularly depositing low amounts of rolled coins(in an attempt to not be annoying), due to the hassle on my end of running around depositing it all and the extreme low amount of coins I'd be able to search per week on that path.

So unless I can find a bank with a free coin counter, and no fees for holding an account, which sounds very rare, then I might be done. At this point I'm just hoping I can get all these coins turned back into cash without losing anymore money.

Counters are a luxury. I hand rolled everything for the first three years. If you don't have a counter there isn't much other choice

 

[ugotit22]

One reason banks charge for the deposit or cashing coins is that it costs the banks to send the coins out. At least thats what a teller at BoA told me

Nonsense. All banks have contracts in place with carriers to handle all of there coin. Some tellers say this to get out of the work rolled coins cause. That's why I have no sympathy. It's just peoples lazyness

 

[norcalsteve]

Nonsense. All banks have contracts in place with carriers to handle all of there coin. Some tellers say this to get out of the work rolled coins cause. That's why I have no sympathy. It's just peoples lazyness

Not true. The credit union I bank with will not order boxes because they get charged for each box they order. They will take rolled coins in but only 10 rolls at a time at no charge then .05 per roll after that. They get charged for what they send back. They do have to open all rolls and count them and bag them before sending them back. That does take up employee time. I am good friends with the assistant manager so I know this is true. This is why most banks will not provide these services to non account holders.

 

[Argentium]

Go check out a bunch more of your nearby credit unions - When I was setting my routes up near Santa Fe , I joined at least three
credit unions for the sole purpose of dumping coins - Yes I did have to open an account with $20. bucks or something - but it was
well worth it because I got some excellent routes that coordinated with various pick up banks already in place . These CU's will
more often than not have several locations in your region .

 

[Iamrussell]

Nonsense. All banks have contracts in place with carriers to handle all of there coin. Some tellers say this to get out of the work rolled coins cause. That's why I have no sympathy. It's just peoples lazyness

Ummmm.... banks/CU do have to pay the couriers to bring and pick uo the coins- some have a set fee no matter how many/few boxes the get and how many bags they send back- some on the other hand are charged per box they order

 

[shortbuss]

Seem's to me like you are going to have to reroll or bite the bullet and take the fee's. You could also spend them, I do that from time to time.

From
Alex