Bank Fees For Rolled Coin

[TT]

How has everyone handled the constant barrage of bank fees for coins? I keep getting the $0.10 per roll for rolled coins. Also the standard answer that we do not order coin. It amazes me the lack of knowledge that many bank employees have about the currency and coins they deal with on a daily basis. Bags out of the coin counters are hard to come by for me.

 

[Silver Stripe]

I don't pay them. When a fee has been mentioned to ME it was 50 cents a roll, like I'm gonna pay $525 a box NOT. As for the bags, I have left my name and # at two banks that will save and sell ME the bags, others I have to stand and watch the recount by hand/cherrypick fiasco that takes place. Others say we have to give all the coin to our armoured service- they don't want the half dollars anyways why not sell them to ME- NO. Start takin in some candy coins. HH Mark

 

[TT]

I agree, I will never pay the fees. I just don't like it when they make up afee that is not in any of their disclosures...Chase is good for this type of action. They even stated that they may hae to charge me for counting coins.

 

[engine 823]

Not sure about your exact situation but if you have accounts at those banks it may make it alot easier. Just see if they have a free checking account. Open it with the minimum amount then see it that helps you. I just opened a account so I could use a coin machine with out fees. They said as long as I had a account they could help me as much as I wanted. Told them up front I was going to bring in around $2000 a week in coins and they said no problem. Some banks just want you as a customer. Remember a BANK IS A BUSINESS. play the game with them.
Good Hunting!!!

 

[jewelerdave]

I just had my main bank try to charge me for returning them at %5 for the volume, I went and talked too the manager and said...gee, golly, if you do that I may just have to move my business and credit card processing to another bank if your gonna have to make me pay $100 to $200 per month. Am I going to have to wright a letter to corporate naming you as the reason for me closing an account? I also dropped the name of one of the guys at corporate that we invite to our parties and one of our employees traveled to Europe with last spring.

She checked my account, this manager didnt have any idea of what I did for a living and was treating me like a kid.

she looked at her screen, her eyes got bigger and her additude changed very quickly.

I guess the loss of about $450,000 a year in credit card processing sales and profits that they get a taking there % must have made an impact.

I think its absolutely pathetic that people treat others differently when they find out they either have or can make them money. Rather than being real and genuine.

I am still going to wright a letter to there corporate guys, I am going to inform them that they will do more business if they take coin, rather than fight it with fees, they will get more accounts embracing it rather than fighting it. And in the end make more money, Fees for coins etc is a classic example of corporate policy or reaction that is not well thought our or planed. Kine of like the way this country is going. No planning, no thinking ahead...things go down the toilet fast.

 

[cyberdan]

How has everyone handled the constant barrage of bank fees for coins? I keep getting the $0.10 per roll for rolled coins. Also the standard answer that we do not order coin.

I just opened another checking account last week with one of the big boys. (WAMU)
Brand new branch, used to be a video rental.

I went in and laid it on the line.

ME:
I collect and sell coins as a hobby.
I accumulate a lot that I do not need.
I am looking for a bank that will accept 2-3 bags per week. ($50 cents to $500 halves)
I would like free checking also.

WAMU:
No problem, we don't have a vault, would it be possible for you to call the day you want to make a deposit and we will schedule an armored car pickup in the evening.

ME:
I don't want to put you out with all those armored car delivery charges.

WAMU:
Don't worry, we have a contract. Oh, and we can supply the bags too. and did I mention that because we are a new branch if you have activity for three months we will sent you a $75 American Express gift card?

 

[Trezurehunter]

I know one bank in my area that charges 10 % of the total amount to return the coins to them. How would you like to pay $ 100 every time you took a $ 1000 back ? Ron

 

[Cat J]

No way would I pay $100 I am not happy about them charging me $1....

Oh well

HH
Cat

 

[DrDetector]

From what I've found out, some banks get charged per DELIVERY and some banks get charged per ITEM. So, if they are already having a coin/currency order coming in they aren't going to mind adding a box of halves or two if they are being charged by the delivery...because they have to pay it anyway. However if it is by the item, they may pay a $5 fee per coin box and $5 fee per currency bundle. Whatever. Also it could be a flat delivery charge plus an amount per item. Like $30 delivery fee plus $2.50 per item. Whatever it may be, one of my banks will only order me halves if they are already ordering other items for that week. I would just ask around if you are having trouble with getting charged and find somewhere that doesn't charge for it. Also, I do believe that are supposed to have ALL charges/fees in their brochures and that it is a government regulation. I really dont' know if that applies directly to 'special' coin orders though. In the PNC bank brochure, they do have a section where the fee for coin and currency ordered is printed, and there is a fee to deposit loose coin....but in some of their branches they have coin counters which are free for account holders. So just ask around and find your best option for your area.

 

[TT]

I just got some info back from the bank. They told me they would charge me $5.50 for every order of $5000 in halves. That is 1.1 cents per roll. Of course if I bring my business account to them, then there would be no charge at all. Any thoughts? I prefer not to move my business account at this time...they are a major dump bank for me.

 

[CLZinTX]

Take the deal at $5.50 per $5000 but make sure that is the correct amount. If you find one 90% coin, or three 40% you have made your money back.

If nothing else $5.50 for that many hours of entertainment is a good deal.

You could also open a second business account if the monthly fee's are not too high. And then the halves are free.

CLZinTX

 

[Codes]

NO DEAL. DO NOT ACCEPT ANY FEES FOR ROLLED COIN.

If banks find out they can charge people for these made up fees, word will spread and they will keep trying to do it.