Business Accounts

[allen70]

Do a lot of you guys have business accounts with the banks? Will they allow you to get a larger amount of boxes this way?

Has anyone talked to the manager about what you're doing so that they know upfront?

 

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[Styfflin]

I am actually curious about this. I do have a business account for a business I started with my brother over a year ago, and I haven't tried playing that card as of yet. The one thing that keeps deterring me from bringing it up is that I have heard multiple tellers say that they do order boxes for businesses and the businesses pay a fee for them.

 

[allen70]

I keep hearing that the banks get charged a fee for ordering them. Does anyone know if the fees are per box or per shipment? I'm considering going into a few banks to talk to the managers about working something out. I see a lot of potential in this if you have a few banks and managers on your side. If they know exactly what's going on there is no reason for them to ever get nervous about you or throw up a red flag.

 

[MentalUnrest]

Banks do indeed get charged a fee for getting the boxes. As a business, coin couriers like Brinks, Loomis, Garda charge for their services and picking up and delivering boxes of coins are part of it.

So when a teller informs you they can not order boxes for you because it cost them to do so, they are being honest.

MU

 

[ArkieBassMan]

The coin courier services do not work for free. The banks have to pay them to both pick up and deliver coins. Sometimes the banks pay a "flat" fee, and sometimes they just "pay as they go" - a set fee per box delivered/bag picked up. The amount of those fees depends on the terms of the contract between the bank and the courier service.

I have never held a business account, but I do know that at least some banks charge their business account holders per roll for rolled coins. I believe its usually in the neighborhood of 15 cents per roll.

 

[OnARoll]

I'm thinking that large banks that go through lots of coins, probably banks with coin machines will have a better chance of getting you boxes without a fee just because they regularly have pickups weekly etc., its not a lot of extra work to throw a few more boxes on the truck..I know a lot of banks that simply just rely on their customers to bring in coin, which means they don't have to go ordering every week, which also means that a bank like that is more likely to cutt you off or start charging you per box etc.

 

[allen70]

I'm thinking that large banks that go through lots of coins, probably banks with coin machines will have a better chance of getting you boxes without a fee just because they regularly have pickups weekly etc., its not a lot of extra work to throw a few more boxes on the truck..I know a lot of banks that simply just rely on their customers to bring in coin, which means they don't have to go ordering every week, which also means that a bank like that is more likely to cutt you off or start charging you per box etc.

That's what I'm thinking. If they are just paying a fee for the delivery and pick up the fees shouldn't be outrageous. Per box would get expensive though. I'm trying to figure out how portland mint and some of these other big timers are getting all their coin.

 

[CoinFetcher]

What about the tax issues of depositing several thousand dollars a month via a business account? any thoughts people?

 

[CC-Hunter]

The business could be a LLC with you as the sole member. In that case, the LLC is "disregarded" for tax purposes. If the LLC has income, that's your income, but depositing and withdrawing money do not have tax consequences.

 

[drcaulfield]

But you will have plenty of expense per year in your business license and tax id and the cost of filing a zero return for your LLC

 

[CoinFetcher]

I thought a sole proprietorship meant NO tax id or license.

 

[drcaulfield]

The bottom line is. Banks don't care if you are a individual or a business. They want your money for minimal cost to them. If you have enough assets in a bank they will get you whatever you want. If you find a friendly person at a bank who orders the coins they will order whatever you want as long as it doesn't start having to be a justifiable expense to them.

 

[allen70]

I thought a sole proprietorship meant NO tax id or license.

I think you are right. If there is one for other forms I believe it's pretty low. It depends on state but I don't think it's much higher than $100.

 

[allen70]

That might work well for a few boxes a week, but if we are talking the quantity that business like Portland Mint are doing it's just going ot be enough just to be friendly.

 

[CC-Hunter]

But you will have plenty of expense per year in your business license and tax id and the cost of filing a zero return for your LLC

Tax ID from the IRS is free, last time I checked. You would have to check your state to see whether there is any annual franchise tax or other fee. For example, Texas is free (below a certain revenue threshold) and the online annual filing is easy.

 

[BuffaloBoy]

Banks don't mind as much if you're requesting a box of cents or nickels; however, requesting a half dollar box is not a "usual" order for the bank, therefore, if they weren't informed of a fee before, the head teller will likely soon find out once their books don't balance at the end of the week due to extra coins ordered.