Do you need an account at your dump bank?

[Plug]

Haven't really gotten through much volume yet, but I am concerned that once this hobby picks up they will get annoyed or mad that I keep bringing them change for cash. What do you guys think? Should I just open a checking account with them?

 

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[BillyOceansEleven]

If you plan to dump any real volume, you will almost certainly need to open an account with them. Look for a no-fee checking or savings account. If you have a minor child (or if you are a minor), many banks offer no-fee savings accounts for minors. If you are the parent you can be a signer on the account and use that account for dumping coin.

If you decide to open a checking account, do a google search to see if they have any bonus coupons. Chase offers $125 bonus coupons pretty regularly for new checking accounts. If you are opening the account anyway it is easy money.

 

[Bigheed]

It is always a good idea

 

[Ben-Ro]

None of the banks around me will take rolled coin unless I have an account with them. All my dump banks I have accounts with. Ask them how they prefer to receive your dumps too (loose coin, re-rolled, etc.) It will give them a little less of a headache when you dump $1000 of halves on them.

 

[BuffaloBoy]

i never needed an account at my dump bank to return coins until about a year ago they started charging 6% to use the machine, but i have an account so it's all good. i suggest getting an account.

 

[albert]

Without paying a fee yea..

 

[MrSchulz]

I dump at a bank across the street, and they still order coins for me, only gotten one of mine back. But the head teller said she would order me boxes and I said if you could do that I wouId really appreciate and open another account at a local credit union and dump there. Only thing I can't figure out is they take rolls or if they allow dumps. Because the tellers roll the coins I noticed and there are CWR also.

 

[Easy]

Depends. Some will some won't and it will be different at different branches of the same bank. Really the best way to go about it is to just go into the branch or call ahead of time and ask.

 

[Plug]

thanks for the replies guys. after looking into it more, it seems like the credit unions around me will be the best dump banks because they have the lowest account minimum balance requirements and no monthly fees. hope that helps someone. i just dumped about $200 in halves and dimes at my bank which has a coin counting machine. the count was accurate but i definitely started to jam the machine up and i guess the volume was too much to handle because they also had to empty the machine midway through my dump.

so i might save my big dumps for another bank that takes rolls. i want to keep a lower profile and i feel like if i have to constantly get the machine emptied every time i'm over there dumping they're going to say something.

 

[BillyOceansEleven]

Just a word of caution: credit unions may be quicker to shut down your dumping if you are doing high volume or come in too often. Credit unions typically pay more in direct processing fees for shipping out coin, whereas larger banks like Chase and BofA usually have flat-rate contracts. Couple that with the fact credit union employees will probably have more of a sense of loyalty than the typical megabank employee and it is more likely you get shut down because they realize you are costing the credit union money.

I know there are some on here that regularly use credit unions as dump banks, but it is just something to watch out for.

 

[Easy]

Just a word of caution: credit unions may be quicker to shut down your dumping if you are doing high volume or come in too often. Credit unions typically pay more in direct processing fees for shipping out coin, whereas larger banks like Chase and BofA usually have flat-rate contracts. Couple that with the fact credit union employees will probably have more of a sense of loyalty than the typical megabank employee and it is more likely you get shut down because they realize you are costing the credit union money.

I know there are some on here that regularly use credit unions as dump banks, but it is just something to watch out for.

Good point. Depends on the area I guess. In my area the credit unions are useless. They have a fee for everything. In other areas non account holders can walk in with a couple grand in halves and just dump them in a machine and get cash

 

[ArkieBassMan]

Haven't really gotten through much volume yet, but I am concerned that once this hobby picks up they will get annoyed or mad that I keep bringing them change for cash. What do you guys think? Should I just open a checking account with them?

I feel that I have a moral obligation to the banks that allow me to regularly use them for my CRH activities with no hassles and no fees to give them all the business that I can.