Couple of questions...

[Fenway]

Hello all, usually I'm in the beach and shallow water site but I have been giving coin rolling a lot of thought lately. I have been reading all of your posts and doing my homework. Just had a couple of questions, maybe the pros can help me out.

1. Do the tellers give you a hard time, and, if so, how do you handle that?
2. What is the best way to "dump" your coins? Do the banks have to take them back? Can/do they charge you? Do the coins have to be rolled?
3. If you ask a teller if they have any old or oddball coins are they obligated to sell them to you, or can they refuse?

I was thinking about starting with some dimes because I can bring them to Coinstar at my local market. If I choose the gift card option I won't get charged a fee and I'm going to spend money on the groceries anway. It sounds like halfs have a pretty good payout at times but it seems like they are hard to unload and I don't see myself going to Coinstar with them - that's a lot of groceries!

Any help you could offer would be greatly appreciated. I have enjoyed reading all of your stories. I am snowbound here in the NE and need some other type of treasure hunting.

Thanks.

 

Amazon Forum Fav 👍

DR.ÖTEK Metal Detector, Waterproof Gold Detector, Pinpoint & Terrain Modes, Professional Metal Detector - Grab it through Amazon!

[Infowarrior]

I say check the beginners guide, stickied at the top of the forum...

Quick answers

1. Do the tellers give you a hard time, and, if so, how do you handle that?
2. What is the best way to "dump" your coins? Do the banks have to take them back? Can/do they charge you? Do the coins have to be rolled?
3. If you ask a teller if they have any old or oddball coins are they obligated to sell them to you, or can they refuse?

1: All depends, most just ask questions, I wouldnt say hard time... but others can be lazy and just refuse to order...
2: Some banks take boxes, others require 1000$ bags, other banks have free coin counters(public, or member only)
3: I dont think they are obligated, I have been refused after asking to buy the silver half in her tray(i saw the rim)

 

[fistfulladirt]

Everyone will have different answers. You know, there's only one way to find out!

 

[50cent]

There used to be a guide for dealing with tellers who give you a hard time but it no longer exists. To sum it all up, you can never trust a teller, and remember you are the customer. if the tellers give you trouble threaten to close your account or find a new branch.
To prevent tellers from giving you a hard time, you should make sure you are a clean-shaven, well dressed, C-R-Hunter. that works better than anything else, but you can try giving them gifts, and cards if'n you got some extra $, to put toward this hobby.

2. dont dump where you pickup, its like how you would not want to install a toilet in the kitchen. best way to dump, is find a coin machine that doesn't have a fee, if you break it, never accept responsibility for breaking it.
3. you first of all, say, you got any $2 bills?, then ask if they have any ikes, then say, well 'IF YOU EVER COME ACROSS ANYTHING, a bit odd, let me know" .

 

[Thorne]

I'd first find a bank that has a coin counter free to members. Td bank and tcf bank have free coin counters. As for tellers if your nice most tellers will oblige. You catch more flys with sugar. As for old coins all you can do is ask. Most have built relationships with tellers and have coins put aside for them. Just take your time. It gets easier as you do it. Happy hunting

 

[palidin20603]

The best investment in this hobby you can make is to open a new free account with a new bank. The more money you have to get accounts at more banks, the more doors that will open for you. HH

 

[ArkieBassMan]

1. If you visit enough banks, you will see a bit of everything when it comes to tellers. Tellers are just people. A few will be rude, obnoxious, and very uncooperative. A few will be "over the top" nice and very cooperative. Most fall somewhere in the middle. For example, I have a teller at a branch of a bank where myself and my family have had accounts for many many years, and the old hag will not sell me even a single rolls of cents. As she puts it, "Those are for customers." Apparently she thinks I do not qualify as such, and therefore I rarely visit that branch for any reason. At another branch of that same bank across town, I can request CWRs and whatever teller waits on me will not only sell me all he/she has, they will go to every other teller and the vault after more...all without me even having to ask. When you run across a rude/uncooperative teller, just simply go to another bank.

2. As others have stated, its easier to dump coins into a free coin counter if thats an option. If the bank doesn't have one, most require them to be rolled. The banks in my area that have coin counters won't take rolled coin...they have to go through the machine. Some people have even found banks willing to take predetermined amounts of loose coin in Coin Lok bags for immediate cash or sometimes to be counted and deposited into your account in a few days. You'll just have to go out and see what is available in your area. Ask the bank(s) how they prefer the coins brought in. The easier you're willing to make it for them usually gets you a lot more leeway. And, yes they can charge you if they wish or just flat-out deny you dumping privileges. They do not "have" to do anything.

3. They can absolutely refuse you. Banks are not coin shops, although us CRHers pretty much treat them as such. You'll generally have more leeway if you're dealing with a bank at which you have an account, but even this does not guarantee that you can buy that silver half you spot sitting in a teller's till.

Your coinstar idea is a sound one if you were going to spend the money at that store anyway. An added bonus is that Coinstar brand machines generally reject silver coins, so if you happen to miss a silver one while searching, it'll likely spit it right back at you. The downside to the coinstar machine is that this hobby is both very addicting and requires you to search quite a bit of volume to find much of anything. For dimes, I'd say the average on this forum is about 1 silver dime per $250 searched. I think that you'll find that you will want to search a bigger volume of dimes than what you normally spend at the grocery store.


Hope this helps. Good luck!

 

[50cent]

The best investment in this hobby you can make is to open a new free account with a new bank. The more money you have to get accounts at more banks, the more doors that will open for you. HH

There is no such thing as a 'free account'. All accounts require activity, and if you open a 'free' checking account without using it, it will be shut down, and you will be penalized in the form of fee's. Stick with saving's accounts, they require a bit more of an initial investment, but you won't be faced with the dilemma of using your 'free debit card' on a 1-4 times per/month transaction basis, making you waste money on donuts, coffee, gas, ect.

 

[fistfulladirt]

There is no such thing as a 'free account'. All accounts require activity, and if you open a 'free' checking account without using it, it will be shut down, and you will be penalized in the form of fee's. Stick with saving's accounts, they require a bit more of an initial investment, but you won't be faced with the dilemma of using your 'free debit card' on a 1-4 times per/month transaction basis, making you waste money on donuts, coffee, gas, ect.

It's funny you should mention that 50, I had to double-check my BOA account. I've had a checking account there for almost five years now. I make minimum deposits maybe quarterly. I've never used this account for anything and have never wrote a check. I opened it to order coin. BOA is supposed to be notorious for hidden fees, yet I've never once been charged one.

 

[Fenway]

Wow! Thanks everyone. That was some great info. I tried buying a few rolls when I was at the market today but I got skunked. I'm not disgruntled though, I know it won't be easy! Volume is the key!

 

[50cent]

It's funny you should mention that 50, I had to double-check my BOA account. I've had a checking account there for almost five years now. I make minimum deposits maybe quarterly. I've never used this account for anything and have never wrote a check. I opened it to order coin. BOA is supposed to be notorious for hidden fees, yet I've never once been charged one.

The same account you likely opened 5 years ago, is not the same account 'given' to customers now. Nearly all banks that I know of require at least one debit (or check) transaction a month, or the account holder will incur fees.

 

[cooper36]

It's funny you should mention that 50, I had to double-check my BOA account. I've had a checking account there for almost five years now. I make minimum deposits maybe quarterly. I've never used this account for anything and have never wrote a check. I opened it to order coin. BOA is supposed to be notorious for hidden fees, yet I've never once been charged one.

Your making them money by not spending it that is why they aint hitting you up.

 

[mtk76]

Most accounts I have seen require min balances or auto payroll deposit but haven't seen must use debit/check reqs. (I mainly do savings accts with debit cards associated)

PS: Coinstar supermarket gift certs are great for dumping pennys

 

[Joe777Cool]

Your making them money by not spending it that is why they aint hitting you up.

That's simply not true. Unless he has a large sum of money sitting in his account (earning 1/10 of 1% interest), which th bank can loan out for mortgages/car loans etc, he is most likely costing the bank money. Bank makes alot of money from transactions, that is why many require a certain amount of activity.

 

[twiasp]

If i am charged to have a checking account i merely do not open one, and yet have no problems having many accounts throughout my city, all free. Savings accounts in my area though usually limit you to 3 transactions per month before incurring charges, thus why i set up checking accounts, the interest sucks currently either way.

 

[fistfulladirt]

That's simply not true. Unless he has a large sum of money sitting in his account (earning 1/10 of 1% interest), which th bank can loan out for mortgages/car loans etc, he is most likely costing the bank money. Bank makes alot of money from transactions, that is why many require a certain amount of activity.

Yes, I've never had more than $300 in my BOA account. Never a fee. Ever.

 

[ArkieBassMan]

In my area there are still several banks offering "free" accounts. However, after 3-6 months with no transactions, they begin charging a monthly "inactivity" fee.

 

[sagittarius98]

PS: Coinstar supermarket gift certs are great for dumping pennys

Wow! None of mine accept them. They are always in the reject tray. They do accept cents, though.

 

[mtk76]

My Coinstars must have more cents they take pennies.