Bank fee

[Johnny5]

Does anyone know how much Loomis/Garda charges the banks for getting boxes of coins? It was mentioned that the banks are charged for this service. I was wondering why they don't pass it on to the CRH's that are getting the boxes. Also if there is a few I'm wondering why my go to bank keeps ordering them for me, instead of saying no they can't get them. Either way I'm happy that my bank orders them for me. Either way I'm pleased to have this new hobby to pass the time until I can go metal detecting again.

 

Amazon Forum Fav 👍

How to Research for Treasure Hunting and Metal Detecting From Lead Generation to Vetting - Grab it through Amazon!

[Rookster]

 

[Styfflin]

Not worth worrying too much about. Find the ones who will order for you for free and hang on for dear life.

 

[port ewen ace]

some banks hit business accounts with 5 to 10 cents per roll.

any bank that starts talkin' fees ---- I would listen as their voice gets lower with each step I would take--- walking away.

 

[FormerTeller]

I had a bank that said they'd have to start charging me $5 per box of halves due to fees. I'd had an account with them for 3 years, and at the time had a credit card I'd opened there via one of the tellers. I paid off my card, closed my accounts, and never went back.

 

[Quin]

If there is a fee I'm wondering why my go to bank keeps ordering them for me, instead of saying no they can't get them. Either way I'm happy that my bank orders them for me. Either way I'm pleased to have this new hobby to pass the time until I can go metal detecting again.

I think this is the right attitude to have about the subject. See it as a privilege and attempt to understand the bank's burden instead of just thinking about your own needs.

I don't know if this is standard, but when I interviewed a bank teller from Ohio, he told me that it cost his institution $5 per box for all denominations. If that's the standard rate, then it really is a mystery as to why banks are so cooperative with coin roll hunters. All the more reason to be grateful for the functional CRH system you have.

 

[fistfulladirt]

Sometimes it just a mystery. My wife was in banking for years and was also a vault teller, handling all coin/currency coming in. She could never tell me what bank fees for ordering were, she just didn't know. My banks charged me no fees for boxes, although they made up for it everywhere else. Minimum account fees (they kept upping the ante), maintainance fees, minimum direct deposit fees (they kept upping the ante) fees, fees and more fees. I ended up dumping six different banks accounts and will never go back to 'em.

 

[WaterScoop]

....attempt to understand the bank's burden....

Sorry I have no compassion for the “pain” $5.00 a box costs the banks to do business when as a rule of thumb banks process debits before deposits into your account so that they can charge you overdraft fees.

I think they could afford the cost of paying for boxes of coins. Banks don’t like cash period . Cashless society is here already. Being a beekeeper I sell honey at farmers markets and I can tell you that 100% of millennials
Pay with a debit card.

Here is a story from late last year that will make you feel sorry for the banks and their cost to do business

5 banks and $21 billion in profits. Get set for a big week in earnings
This week in stocks: $21 billion in big bank profits set to rain down - Oct. 8, 2017

So yeah not a fan of the BANKSTERS

 

[Quin]

First, I don't understand why you put "pain" in quotes as if you're quoting it from my post. I never used the word "pain" and neither did anyone else on this thread so it doesn't make sense for you to quote it here.

Yes, they can certainly afford the fees to ship coins back and forth, but why would they want to if they don't have to? It should be undisputed that moving the coins back and forth is a burden on the bank. Whether or not it is a deserved burden is not a question that the bank is interested in answering. All that matters to them is that they are losing money in the deal. As soon as that becomes apparent, the fees will be gracefully transferred to the customer.

My point in all of this is that as a coin roll hunter, you shouldn't overstep your boundaries. When your bank introduces fees, don't make a big fuss about it. Instead, do what Styfflin said: "Find the ones who will order for you for free and hang on for dear life."

 

[fistfulladirt]

Feel sorry for banks. Yeaaaaaaaaaahhhhhhhhhhhhh~~~~~~~~

 

[Styfflin]

My point in all of this is that as a coin roll hunter, you shouldn't overstep your boundaries. When your bank introduces fees, don't make a big fuss about it. Instead, do what Styfflin said: "Find the ones who will order for you for free and hang on for dear life."

Well...hang on for dear life, until they start talking about fees. Then politely decline, take an extended break from that branch for a couple months, come back and see if anything has changed.

 

[GlenDronach]

It depends on the contract with the coin processing company. Some banks pay per box, some banks pay per delivery regardless of amount. I find the larger branches get better contracts and are more willing to order for me.

If anyone starts talking fees, I leave.

One bank tried to fee my weekly order. They told me it was a mistake not to charge me in the past, and they wanted $3 a box. I said no thanks, you can keep them then. It wasn’t surprising that they let it slide rather than have 8 boxes sit in their vault.

 

[WaterScoop]

Sorry Quin my bad you got me in a technicality I used double quotes when I meant to use an inverted quote. As I am sure you know inverted quotes can be used around a word or phrase that is being discussed.

Now that being said .... Quin I don’t agree with you. If you like to justify bank fees for the Banksters that had record profits of $21 billion in 2017 there is nothing I can say to you to introduce a new point of view.

The ‘pain’ is just another way to humanize the burden of a institution.Human People have pains brick and mortar corporate institutions have burdens.


I feel no pain for a corporate institution.

Kissing a banks A$$ By feeling sorry for them paying $5.00 a box to process coins may make you feel like you make get an advantage on your next coin hunt but in reality it’s just a statement that makes you feel good and that’s all. The banks dont care about you.
So yeah I’m thinking of my own needs first before the needs of a bank. I have to look out for myself the bank most certainly will not look out for me.

 

[Ben Cartwright SASS]

I hate all types of fees. I left BOA as they wanted $1500 minimum balance to have a free account.

I have had two banks refuse to order boxes due to the cost, but they didn't try to pass them on. TD says they are special orders and don't like to do it.