Lets talk dump banks

[jsaundag]

Let's talk dump banks

First of all, hey. New to posting on the forum, but I have been coming here for about a year or two and watching the discussions.

Wanted to get everyone's ideas about their dump banks. There's no coin machines at any banks around my area, and I wanted so see how the community deals with these issues. I want to do about $1,000 in halfs per month, and Bank of America does allow me to ship off bags of coins to be counted and credited within ten days of handoff. I am reluctant to dive head in, because I don't quite trust that they'll count properly. In your experience, have these methods been accurate and not rob you?

Also, anybody come up with some less conventional methods of turning your coins back to cash? Any tips are heavily appreciated!

 

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[ArkieBassMan]

At only $1000 per month, re-rolling has to be an option. More work, but no risk and no waiting.

Also, there are banks in my area that have coin counters, but they aren't self-service or even advertised for that matter. I lug my coins to the teller who disappears into a back room with them, dumps them into the machine, and returns with my cash.

 

[jsaundag]

Rerolling is definitely an option, although I would rather not. I'm a newbie - guessing that $1,000 a month isn't considered a lot, then? Maybe I will dedicate more to the hobby, then. If I'm not going through enough boxes to actually find some cool stuff, I might as well not do it. Ill think about it.

How much do you guys typically go through a month?

 

[Oquario79]

I bank with BOA and TD. I go thru a box a week plus on a given week about another 500 to 700 in loose CWR/MWR.. there about 5 BOA's in a 20 mile radius from me and BOA is my pick up bank.. I visit and dump with BOA about every 2 weeks and that's bc I do reroll.. I never take my rolled coins to my pick up BOA. I have about 6 TD's and 4 have coin machines... I will also try to bother them every other week... don't want for them to get used to me but I'm always si nice and charming.. Treats and kindness goes along way.. even if ur dumping..

 

[port ewen ace]

find a CU in the area by calling. ask how to join & and hey, youse gots one of them there coin counter thingys free to members? oh, and does it take half dollars? re- rolling really will tend to suck

 

[ArkieBassMan]

Rerolling is definitely an option, although I would rather not. I'm a newbie - guessing that $1,000 a month isn't considered a lot, then? Maybe I will dedicate more to the hobby, then. If I'm not going through enough boxes to actually find some cool stuff, I might as well not do it. Ill think about it.

How much do you guys typically go through a month?

I typically did between 2-4 boxes per week, with the occasional road trip thrown in where I might find as much as $3000+ more to search.

I would have done more volume, but I just didn't have the dump banks. My boxes typically yielded 1 40% silver per $1000 searched and ran at nearly a 75% skunk rate.

The only way you'll ever know what you might find is to get out there and search.

 

[FormerTeller]

Let's talk dump banks

Also, there are banks in my area that have coin counters, but they aren't self-service or even advertised for that matter.

This. Call each bank in your area, tell them you have a whole lot of change to deposit (let them assume you have an account), and ask if you have to roll it all first. They'll tell you what your options are. If you find a place that has coin counters - public or no - then open an account and go to work! Best to let them know up front that you collect coins, and see how much you can bring in per week or month without becoming a burden on them. Giving them extra business helps, such as opening a free credit card, etc.

Also, for your BOA that ships coin to be counted, find out what day the armored car picks up the bags. My bank told me the same - acct credited within 10 days. However, I found that the bags were picked up on Wednesdays and usually counted on Fridays, so if my bankroll was tight, I could reroll as needed over the weekend, drop off a bag or two on Wednesday, and pick up more boxes 2 days later. It's all about doing your homework.

Lastly, how much volume you do depends on your bankroll, time, and personal preference. $1,000 per month is fine to start off. It's fine if you never exceed that. Some guys here do pennies exclusively, and come nowhere close to $1,000. Just CRH enough to enjoy it, maybe find a little silver or a few errors, and don't let it become a burden or feel like work. I go through a minimum of $3,000 per week, and I spend just about every Saturday morning running to banks - with no time spent with my wife. I'm addicted, and she's a saint, but I don't particularly recommend this lifestyle. Find out what works for you and your loved ones, and don't get too crazy.

Good luck!

 

[ugotit22]

Rerolling is definitely an option, although I would rather not. I'm a newbie - guessing that $1,000 a month isn't considered a lot, then? Maybe I will dedicate more to the hobby, then. If I'm not going through enough boxes to actually find some cool stuff, I might as well not do it. Ill think about it.

How much do you guys typically go through a month?

Reroll out make boa give you cash on the spot.way to much risk in trusting them to handle the coin correctly

 

[bertmaster2000]

I deposited about $2,950 (3, $1K bags) at a BoA 2.5 weeks ago and I have a $3K credit to my account...Something is wrong when this happens.

 

[SFBayArea]

I deposited about $2,950 (3, $1K bags) at a BoA 2.5 weeks ago and I have a $3K credit to my account...Something is wrong when this happens.

I've experienced the opposite with them of late. I got shorted over $40 on a 2 K dump. There's something wrong with the cash vault in my area. I would advise folks not to deposit coins with them until it gets fixed. I heard similar complaints from other coin despositors at the branch. Someone with a laundry mat complained their final count was not in quarter increments. The people at the cash vault claimed my dump bag had other denominations in it. Over 15 years, I've never dumped a bag with mixed denominations.

 

[bertmaster2000]

I've experienced the opposite with them of late. I got shorted over $40 on a 2 K dump. There's something wrong with the cash vault in my area. I would advise folks not to deposit coins with them until it gets fixed. I heard similar complaints from other coin despositors at the branch. Someone with a laundry mat complained their final count was not in quarter increments. The people at the cash vault claimed my dump bag had other denominations in it. Over 15 years, I've never dumpedg a bag with mixed denominations.

FWIW I was told Dunbar handled the coins I deposited.

 

[RandyGA]

Another thing to consider is, if you get your coins at bank A and dump at bank B, make sure they don't BOTH use the same courier. Else you are thinning your own soup.

 

[mxh5891]

Another thing to consider is, if you get your coins at bank A and dump at bank B, make sure they don't BOTH use the same courier. Else you are thinning your own soup.

This shouldn't be an issue unless you are a super high volume searcher. Like 20 boxes a week or more. If you only do 2 boxes a week you don't need to worry about couriers.

 

[MIhunter]

Machines like humans aren't perfect
Coin counting machines needs regular service to remain accurate because:
1) Coins are very dirty
2) Counting machines have mechanical parts the wear out

 

[IceePirate]

I go through 2 halves a week and 2 pennies with the occasional nickel/dime/quarter. I get my halves in the paper rolls so I just put them back in the paper and give the box to my dump bank. The only counter can't count halves or dollars so rerolling is a necessity. If I needed wrappers though, and I asked my bank, they said they would get me as many wrappers as I wanted. I stocked up a while ago and I've been riding on those since. If you only hunt halves though, reroll in the paper, its really not much more of a time waster. And find out if you can do deposit bags for pennies or nickels if you don't want to reroll them if you want to order some. I'm still passively trying to find a way to order ikes. I have the means to dump but the ordering part still eludes me. Not to get this off topic, but would anyone know if calling brinks would net anything useful? They are always closed when I remember to call them.

 

[TheMastermind]

If you dump in bags, always write on the bag what is in it. If it's $1000 in halves, write it down in the spaces allotted on the bag. Always know the exact amount you are dumping.