Bank wants to charge me for boxes

jim4silver · Apr 21, 2008

I went to my bank where I buy most of my boxes, and as I was waiting for them to be brought out, some lady I had never seen there before (she appeared to be a higher-up so to speak) said that they would have to start charging me $5 per box because I was costing them money buy purchasing all their boxes each week. This fee was to start after today's purchase.

I have never actually had them order them for me. I would call and if they had them in I would buy them. Usually just 2 per week, but sometimes more if they had them. I have had an account with them for 8 years or so. This is a smaller size bank.

I politely told the lady that I can get the boxes free from other banks, even ones where I do not have accounts (which is true of US Bank), so I declined her offer. No way will I ever pay a fee for a box. I would be more likely to pay a % of my dump coins as a fee for dumping before I will pay to buy, and I don't plan on paying the dump fee either.

I own my own business so I understand that costs are passed on to the customer. But the lady did not say the fee is for everyone, and I got the impression she just meant it was for me. I may cancel out my account in the future. I was thinking of switching my business accounts to this bank but I am glad I did not do that.

Anyway, I opened one of the two boxes I got today and it is great:

1 Walker
5 Franklins
5 64s
11 40s
4 great proofs

I can't wait to open the remaining box, but I have to meet a client this afternoon and will have to wait until tonight.

Jim

Emperor Findus Cladius · Apr 21, 2008

One option you might not thought of is tell the manager you will switch your business account there if they do not charge you for boxes.

jim4silver · Apr 21, 2008

Wayne,

I guess I could have tried that, but I was somewhat shocked when she told me that. And also it bugs me that they want to charge me for the measly two boxes or so per week. Where I live there are many banks, and I have had them offer me free boxes.

I don't want to negotiate with the bank on this issue.

Jim

Silver Stripe · Apr 21, 2008

Tell them if customer service is so expensive then maybe you should pull your personal accts to save them some money. Then when they change their tune- order 10 boxes for spite and next week pull the accts anyways. OK maybe not. HH Mark
BTW congrats on the box.

jersey devl · Apr 21, 2008

Silver Stripe said:
Tell them if customer service is so expensive then maybe you should pull your personal accts to save them some money. Then when they change their tune- order 10 boxes for spite and next week pull the accts anyways. OK maybe not. HH Mark
BTW congrats on the box.

LMAO!!!!!!!!!!!!!! Thanks, I neeed that!

Immy · Apr 21, 2008

When these banks start announcing new box fees for customers, has anyone ever suggested to management that they should shop around for a no-limit delivery contract with another armored car company? Seems like the smart banks do this to keep their regular customers happy.

Silver Stripe · Apr 21, 2008

Immy said:
When these banks start announcing new box fees for customers, has anyone ever suggested to management that they should shop around for a no-limit delivery contract with another armored car company? Seems like the smart banks do this to keep their regular customers happy.

Problem there is the banks are already "locked" into a contract. I lost a pickup because Loomis refused to deliver any more halves- not even for a fee. When I told the vault teller to call Brinks she said the bank had just resigned their contract with Loomis the week before and they're stuck with them for a year. Nice thought though. HH Mark

jim4silver · Apr 21, 2008

I have decided that I am going to wait until all my checks clear and cancel my account there. There are many banks in my area that do not charge such fees, why should I stay at that place?

Jim

Scalper · Apr 21, 2008

jim4silver said:
I have decided that I am going to wait until all my checks clear and cancel my account there. There are many banks in my area that do not charge such fees, why should I stay at that place?

Jim

Exactly Jim , I would waste mine time w/ that bank .... you have plenty of others to order from... if anything I would turn them into a Dump bank ha ... hey and congrats on that box that was a nice haul :thumbsup:

and best of luck with your other one

coinmojo · Apr 21, 2008

Jim

My regular bank has never gotten me a box of Halves. and so what.... There are thousands of banks. You don't have to have anything more than the minimum requirement to buy boxes at most banks. Why bother moving your regular accounts. I like the bank I am at and it's close to home, so the thought of closing my account because they wouldn't order me halves never crossed my mind.
I now have several accounts, one with ea. of the banks that I buy and dump my coins at. I just joined a credit union last week and it cost me $5 to start it with a $3 monthly fee if my balance falls below a certain amount...Small price to pay as I have already taken silver out of their vault

http://forum.treasurenet.com/index.php/topic,153350.0.html

Just saying don't let this hobby change business as usual if you enjoy the other services your regular bank provides.

Hope this eases your mind. Don't let it eat you up....

Mojo

jim4silver · Apr 21, 2008

Mojo,

You make some good points. However, I have been at this bank for several years with just a single checking account. I use the account to pay personal bills but have all my business accounts elsewhere. I guess it does tick me off that after 4 weeks of buying 2 or so boxes of halves per week, a few more this past week, they would come at me with this fee business.

The service up till now has been ok and I really don't have complaints per se. But up till now I have not really gotten anything from them other than a checking account that has zero interest, and when I do get a bit of "service" from them they get uppity about it and want to charge me a fee.

You are right that if I did like other factors about them I would probably just keep things as status quo and order halves somewhere else. But in the few weeks I have been doing this I have found some banks that offer services to me for free when I am not even a customer, and my bank of 8 years wants to charge me. It is kind of a matter of principle at this point.

I know in my line of business that if I do not give good service to my clients will complain and go elsewhere, I guess I expect the same from companies I frequent.

Jim

DesertTumbleweed402 · Apr 21, 2008

I was dumping coins in the lobby and the bank manager said to me, "I hear we are going to start charging for boxes."

Me: Why?
Bank Mgr: Because the Fed is increasing the fee for ordering due to the increase in operating costs.
Me: Oh, so just pass the cost onto the customer even though you make a ton in fees and penalties.

After that the manager just smirked and nodded his head 'yes'.

Looks like I'll keep 'em as my dump bank. I never pick up boxes from them anyway, and all the other branches are more than happy to give me boxes.

50centman · Apr 22, 2008

Jim,
Small banks do not have the money saving options large banks have in ordering coin. You just made enough on that one box to pay for quite a few weeks. I would sit down with the manager or owner and try to work something out. They do not want to lose your business. Burning bridges does is not wise in our hobby. If a large bank decides they will no longer order halves then where will you be? I have the exact same situation as you with a small bank I have an account withand pay the same as you and only order when coins are hot. I payed $30 yesterday for six boxes and wound up with 9 Walkers, 8 Bens,2 64s and 27 40%. Not a bad return on my investment. Just food for thought. Good luck to you.

jim4silver · Apr 22, 2008

50centman,

I appreciate your comments, but I guess if all the banks started charging to buy boxes (which I believe they will some day if more and more CRHers are born), then I would give up CRHing.

I have no way of knowing when I will get a good box of halves like I did yesterday. It seems to be random. If I had to pay $5 per box and it turned up a skunk, I would suffer a loss.

I guess if the banks said that they had boxes from 10 years ago stored away I would pay for them, in that there would be a good chance they would be full of good coins. But with all the reject halves being circulated through the system due to CRHing, I will only take boxes I can get for face value. That is what makes this fun for me; finding silver at face value. If I quit CRHing, I could probably put a bit extra time into my business and make enough extra money to buy 90% from my coin dealer, and come out ahead as far as what I am getting now per the amount of time and money expended in pursuit of CRHing.

I was not planning on burning bridges at the bank, but would simply go to my main branch to cancel the account once all the outstanding checks cleared. The branch where I was buying the boxes was not my main branch that I go to. If they asked why I wanted to cancel I would tell them. I see this more as a business type of decision as opposed to me being mad at the bank. I imagine they could care less if I go or not in that I don't keep alot of money in their bank. I would rather have my account at a bank that offers free boxes to me now, when I don't even have an account with them.

Jim