Coin Lock Bags

[mjr08010]

Hey Everyone!

Today was my first time Coin Roll Hunting and I witnessed first-hand the downside: re-rolling. It has been brought to my attention that coin lock bags may be the way to go. It benefits the bank as well as myself.

I have a question on this process. I pickup my coins from Bank A and dump at Bank B. Should I approach Bank A or Bank B and ask for coin lock bags so that I can return them in this fashion? I would assume I should go to my dumping bank for the coin lock bags.

Can anyone please clarify?

Thanks!

P.S. - I was skunked on my first box :P

 

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[BuffaloBoy]

Why would you dump at your pickup bank? Talk to your dump bank about coinlok bag dumping.

 

[mjr08010]

Why would you dump at your pickup bank? Talk to your dump bank about coinlok bag dumping.

I never said anything about dumping at my pickup bank. I was asking whether to request a coin lock bag from my pickup bank or dump bank. Or do I need to buy my own coin lock bag? If so, do I leave the bag with them or do they empty it out on the spot and return the bag back to me instantly?

 

[BuffaloBoy]

Coinlok bags cannot be reused if they are sealed and you'd probably have to buy your own at ~ $1 each

 

[Iamrussell]

I know others on here get their bags from their dump banks and then others buy them on like ebay in big lots to lower the cost- youll have to 1st find a bank thatll take them and then ask them if they will provide them or will you- pretty simple, if you can fnd a bank to take them

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just keep stacking, just keep stacking, stacking stacking stacking

 

[twiasp]

I have offered to buy coinlok bags from banks that I dump at (buy a box of them) or reimburse them. My bank always refuses to let me pay for bags. After I have dumped with them enough though, now they just give me bags upon request so I can fill them at home. I got schooled on how to fill out all the paperwork and such. It really makes it much easier on them when I come in with my coin returns all done and all they have to do is move the coins to their vault on my cart provided, offload, and return an empty cart. It saves me time, It saves them time, everybody is happy this way.

 

[ArkieBassMan]

I have yet to find a bank that will allow me to dump in bags. Hopefully you have better luck than me.

 

[fistfulladirt]

I believe the downside is that bank has to send out the bags to be counted, then you receive the money?

I re-roll dimes at about $1k at a time. Being cwr, it takes me less than 5 seconds per roll.
I then dump in $500 bags, over the counter. I get cash immediately. Only one place I know honors this method.

 

[mjr08010]

I've been meaning to ask… what does "CWR" stand for?

 

[twiasp]

I believe the downside is that bank has to send out the bags to be counted, then you receive the money?

I re-roll dimes at about $1k at a time. Being cwr, it takes me less than 5 seconds per roll.
I then dump in $500 bags, over the counter. I get cash immediately. Only one place I know honors this method.

Once your dump banks get to know you... I have had no problems with them giving me counter credit immediately, and will modify my account balance should any bag be off some.

It's all in building a relationship ladies/gentleman.

 

[BuffaloBoy]

It's not too often nowadays that trust can be given (or earned) in situations such as instant credit for an "unverified" coin count.
That's the main reason banks around me don't generally accept CWRs, too many fraudulent people are out there.
I have yet to establish a bag drop off with any of my banks.

 

[mjr08010]

It's not too often nowadays that trust can be given (or earned) in situations such as instant credit for an "unverified" coin count.
That's the main reason banks around me don't generally accept CWRs, too many fraudulent people are out there.
I have yet to establish a bag drop off with any of my banks.

I recently moved to Miami and I swear this city is the headquarters for fraudulent claims. It is highly unlikely I will ever be able to obtain that level of trust with the banks around here. It's sad, but true.

 

[jr98119]

request the bags from bank B. It is they, not bank A, which will have a vested interest in receiving bags rather than rolls.

 

[mjr08010]

request the bags from bank B. It is they, not bank A, which will have a vested interest in receiving bags rather than rolls.

That is exactly the answer I was looking for. Thank you.

 

[baddbluff]

I always use bags to dump, have always got as many as I want from my bank for free & up until recently always got immediate credit. Now they send them off to verify the qty, but I'm ok with that since I cut back my volume somewhat. It was nice tho for a while to be able to recycle my bankroll multiple times in the same day at various banks. That's the big benefit w/immediate credit: you can search a ton of boxes with a limited bankroll. If you set up your pickups right, you could do 20 boxes or more in a week with only a $1000 bankroll (tho it'll require a bit of drive time).

 

[mjr08010]

I always use bags to dump, have always got as many as I want from my bank for free & up until recently always got immediate credit. Now they send them off to verify the qty, but I'm ok with that since I cut back my volume somewhat. It was nice tho for a while to be able to recycle my bankroll multiple times in the same day at various banks. That's the big benefit w/immediate credit: you can search a ton of boxes with a limited bankroll. If you set up your pickups right, you could do 20 boxes or more in a week with only a $1000 bankroll (tho it'll require a bit of drive time).

Say I order 4 boxes, do I need 4 bags or can I dump all 4 boxes into one bag?

 

[Joe777Cool]

It takes more than 1 box before you know if you need to change your operation. Read through the posts, there are a ton of other ways to dump that dont require rerolling.

 

[Bigheed]

Coin lock bags are the way to go bar none. The bags can hold up to $1000 face but most vault tellers prefer you only put $500 face (1 box) per bag, because as you know each box of halves is ~ 28 pounds.

Most of CRHing is about building relationships with the tellers, especially the vault/merchant teller who will usually be the one ordering boxes at your pickup bank and supplying you with bags and exchanging them for cash at your dump banks.

 

[BRChiver]

Coin lock bags are the way to go bar none. The bags can hold up to $1000 face but most vault tellers prefer you only put $500 face (1 box) per bag, because as you know each box of halves is ~ 28 pounds.

Most of CRHing is about building relationships with the tellers, especially the vault/merchant teller who will usually be the one ordering boxes at your pickup bank and supplying you with bags and exchanging them for cash at your dump banks.

^This
I was getting charged $5 per bag at first(filled to the max). I started cutting down to 1 box per bag after I had a good conversation with the vault tellers. Long story short, now I put $500 per bag with no fee! It's easier for me and them to handle. I also fill out bags and slips ahead of time.
HH!
BRChiver