Bank Accounts

[Ben-Ro]

What do you guys do for bank accounts at dump banks? In my area, no one will let me bring in a box of halves to cash in unless I have an account with that bank. I started looking into opening accounts at some of these banks and they all charge service fees on their accounts unless I have a minimum balance in that account. It hardly seems worth it if I have to tie up thousands of dollars in order to keep bank accounts open for dumping. What's your strategy? Is there any way around the min. balance/no fee scenario?

 

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[Pipster]

try and see what their savings account cost the usually open one for $100 with no fees and will give you access to dump just explain tyhat you will be dumping large vol when you start with them

 

[Merc Crazy]

Nobody around here charges fees, they just charge "inactivity" fees so I will deposit or withdraw $20 here and there.

 

[SilverForBrains]

yea I usually have hassle free accounts for less than a hundred bucks, shop around

 

[TimZim]

I just have savings accounts with $500 in each. I have 6 of them. It works for me!!

 

[usernameerror]

Some banks offer free savings accounts. Most banks charge a fee for checking. Just take a look at their websites and compare. I have 2 accounts that I use for dumping. One is a CU and the other is a bank that uses coin counters and has free savings.

I'm also in a similar situation. There is one bank near me that has the nicest staff ever. They know I don't have an account but always try to help. I feel guilty walking in there because they always try to have me open an account. The manager even told me she would order however many boxes of coins I needed but I would have to be a bank member. Problem is their checking and savings accounts have fees unless I use direct deposit which I don't want to do. It figures that one of the nicest and willingest banks near me would have fees.

 

[Merc Crazy]

I just have savings accounts with $500 in each. I have 6 of them. It works for me!!

$3k is more than most people can have sitting around doing nothing. I personally have $50 in 7 different accounts.

Some banks offer free savings accounts. Most banks charge a fee for checking. Just take a look at their websites and compare. I have 2 accounts that I use for dumping. One is a CU and the other is a bank that uses coin counters and has free savings.

I'm also in a similar situation. There is one bank near me that has the nicest staff ever. They know I don't have an account but always try to help. I feel guilty walking in there because they always try to have me open an account. The manager even told me she would order however many boxes of coins I needed but I would have to be a bank member. Problem is their checking and savings accounts have fees unless I use direct deposit which I don't want to do. It figures that one of the nicest and willingest banks near me would have fees.

Just open it and do direct deposit, but partial direct deposit. Unless the minimum is ridiculous, you should be able to just DD like, $200 and be fine.

 

[usernameerror]

Just open it and do direct deposit, but partial direct deposit. Unless the minimum is ridiculous, you should be able to just DD like, $200 and be fine.

I thought about doing that but they require a direct deposit of at least $500 per monthly billing cycle. Too much of a hassle to move around once deposited. Otherwise it would be a $7 monthly "maintenance" fee and a $100 minimum opening deposit. If I do that, it would give me 14 months before I would have to reload the account again.

 

[Merc Crazy]

I thought about doing that but they require a direct deposit of at least $500 per monthly billing cycle. Too much of a hassle to move around once deposited. Otherwise it would be a $7 monthly "maintenance" fee and a $100 minimum opening deposit. If I do that, it would give me 14 weeks before I would have to reload the account again.

$7 aint bad, if you can get 4 boxes a week, that's what? 50 cents a box?

 

[crhstreetwalker]

3 credit union accounts (free,) 2 college checking accounts (free,) and a business account (free.) The business account is free as it automatically transfers $150 every month from checkings to savings to encourage customers to "save" their money. You can just go transfer back whenever you like.

 

[usernameerror]

I'm finding it more and more difficult to find a bank that would take a standing order of halves other than the one I previously mentioned. I think I may just eat the $7 monthly fee for a chance to search some boxes.

 

[Ben-Ro]

I guess having a fee really isn't that big of a deal. I mean, even if it's something like $7 a month, I can't buy a 90%er for that at my coin shop. So if I fine 1 90%er or 2 40%ers in a months time, it will essentially pay for itself.

 

[usernameerror]

That's a good point. Finding 1 90% silver using that account would be like paying for the monthly fee.

 

[hokiemojo]

I've never found a 90% (-: I don't know if I'd rely on that to cover fees. a 10 or 12 box streak could end up costing some real money.

 

[usernameerror]

In my situation, this is the only bank that is willing to order whatever I want. I'm sort of backed into a corner.

 

[Ben-Ro]

I have the opposite problem... No banks in my area will take even one box of coin, re-rolled, if I don't have an account with them.

 

[usernameerror]

I have the opposite problem... No banks in my area will take even one box of coin, re-rolled, if I don't have an account with them.

That's a tough situation. Do you live in a relatively low populated area? Most of the banks in my area offer some sort of free account.

Also, correction to my previous posts. The savings account has a $5 monthly maintenance fee and is waived with a minimum balance of $300. I'll probably open it to save money for my future children and use it to order boxes.

 

[Ben-Ro]

Acutally I live in the Greater Cincinnati area, so it's very populated.

It's actually a great place to CRH so far, because, as quipped by Mark Twain:

"When the end of the world comes, I want to be in Cincinnati, because it's always twenty years behind the times."

 

[quiksilver]

I join every bank that has a machine or needs an account to get coins in my area

 

[The_EE]

What do you guys do for bank accounts at dump banks? In my area, no one will let me bring in a box of halves to cash in unless I have an account with that bank. I started looking into opening accounts at some of these banks and they all charge service fees on their accounts unless I have a minimum balance in that account. It hardly seems worth it if I have to tie up thousands of dollars in order to keep bank accounts open for dumping. What's your strategy? Is there any way around the min. balance/no fee scenario?

Every bank but one that I dump at I have accounts with. Total, I have 6 accounts opened up. One dump bank I dont have an account with but I take their dimes, nickels, quarters when they have them and sometimes pennies. Over all, I save them money because they only ship 2 bags of halves a week instead of 4 bags of other denominations a week so they dont really mind at all.

The trick is to find banks that have low cost savings and checking accounts. Credit Unions are the way to go.

One bank requires $25 minimum.. Another allowed me to start up with just $1.