bank fee info

[adambomb106]

I work with a guy whose wife manages a bank. I opened a new account and asked about returning the coins I go through. She said she would try and work something out. She provided me with the actual cost and said if I would cover that, she would take them. So, now to the numbers. It cost the bank .04 for each roll of halves ordered. That's 8.00 for 2k worth of halves. To return them it only costs the bank .51 per 1k bag. That's 1.02 for 2k worth of halves. So she will order and take them back for 9.02. However I plan on ordering them from other banks and using this one as a dump bank. I am hoping to only pay the buck to dump. We'll see.

 

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[FL Junkman]

Yeah, I'm not too keen on the .04 per roll ordering fee, at least at this point, but the dump fee of .51 per 1K sounds like a decent deal. Will the bank give you instant credit or send the bags off to be counted and then credit given? Also will the bank provide the bags and allow you to dump as much as you want? Good Luck. HH

FL Junkman

 

[conpewter]

I think this is pretty bank specific or at least carrier specific. Some banks just pay for the pickup/dropoff service, no matter how much they have to pick up or drop off (within reasonable limits I imagine). So shouldn't add anything to their cost for you to get a couple boxes of halves.

 

[mts]

Thanks for posting these numbers. I've always wondered how much it costs the banks to do this. Of course, you also have to count the bank's time. They have to pay a teller to handle all of the processing. And that is likely more than the fees she quoted you.

 

[AGninja]

I sympathise that all of us are trying to be as cautious and respectable as possible to our banks as not to detriment our habits, but honestly a bank is a bank and if you have an account with a bank, they make profit off of lending many multiple amounts more than the total amount of money in just your account alone (imagine this multiplied by their whole depository base). IMO if our banks start complaining we should be the ones putting their feet to the fire and dictating our terms because we should all know that any other private industry in the world would be prosecuted for fraud if they tried to pull a similar 'business' model as the banks do They should be so lucky that we care enough to pull funds in and out of their banks even if it costs them a whopping 4 cents a roll :P

ok and exhale, hahaha.

In real world terms im finding there to be a wide range of reactions. i havent been into it long enough to see what happens when they start recognizing me and stuff.

 

[clovis97]

This is an interesting thread.

I had heard that the banks were charged about 4.25 per box they ordered, if they pay by the box.

I'm not an expert, but I did sleep at a Holiday Inn once.

I see two sides to this equation. I kinda hate to ask my small local bank to pay those fees. At the same time, when I saw what they paid us in interest for our meager savings account, I really thought about giving it back to them, and saying "since you are paying so little, I can tell that you need everything you can get."