box of halves

[Johnny5]

I'm not sure why my pick up bank orders me boxes of halves regularly when the manager states it costs them money and they don't charge me other than the 500.00. My personal bank gave me a hard time to get one box and that was all they would do, no more boxes from them.Does everyone on this site get boxes without fees attached? If so why does the banks do this service when it costs them money?

 

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[Diver_Down]

Because they want your business. Some individuals carry the min. balance and never avail themselves of other products other than the box ordering. These individuals are a negative cost, but in the larger balance sheet of the business, it isn't even noticed. Other individuals need car loans, mortgages, safety deposit boxes, etc. With these individuals, the bank makes money. If they can make money at the cost of an insignificant fee, that is good business.

 

[cyberdan]

If so why does the banks do this service when it costs them money?

Yes, it costs every bank money. But as far as the banks I have dealt with it does not cost them any extra for boxes of coin. The banks have to have armored car services and they all have contracts. (that is where the money part comes into it) The banks I have talked to said they have a monthly fee for a set amount of deliveries & pickups. Does not matter the amount of stuff they move, it is the amount of times the truck has to come in a month.

The bank told you a half lie. It does cost them money but your box or boxes do not change the monthly fee.

The banks I have had to deal with either picking up or dumping never charged an extra copper cent. They were B of A, Wells Fargo, Chase and a local small town chain.

I have only had trouble with one bank and that was Wells Fargo and it was only one branch. I brought in my usual sealed plastic bag of $500 in halves and the vault teller came into the lobby to talk to me. She said she would not accept this deposit or any more.
I asked why BECAUSE I HAD FILLED UP HER VAULT WITH HALVES AND SHE HAD NO MORE ROOM

Now maybe your one bank is on the frugal side and their armored car contract is based on what they order, I don't know.

 

[FormerTeller]

What DD said. At my main pickup bank they started ordering boxes for me even when I didn't have an account. I ended up opening a checking account, and eventually getting a credit card there and rolling over my Roth IRA to them. My main dump bank I started using because they had coin counters. One day while I was using the counter, the branch manager chats me up, and I end up refinancing my mortgage there. They had the best rates, or at least they were willing to match the best rates, but they got my business due to them catering to my CRH habit. My wife later transferred her retirement account there, and we opened other accounts as well.

On the other end of the spectrum, I opened a checking account at a small bank where I had been buying rolls. They talked me into a 0% credit card, and I thought our banking relationship was growing; I was getting two boxes a week, and they were often loaded. Then they said they had to start charging me $5 per box! I did all I could to talk them down to no avail, and they lost all of my business. Their loss, plenty of other banks in my area.

It just depends on the bank, their policies, how much they want your business and how much they think your business is worth to them. Reward those banks you value by patronizing them and if will pay off in the end.

 

[ArkieBassMan]

All good advice here. To summarize: Take care of the banks that take care of you. Simple as that.