Does it really cost the bank $400 to ship $4500 in halves?

[mjcongleton]

I ordered $5000 in halves. Found 34 40%ers, a 1996 Proof, so of course I'm hooked now.

Dropped the coins off at another bank, got a deposit receipt, and left, only to receive a telephone call 30 minutes later from the manager telling me they would have to charge me $200 to ship the coins out of their bank. She explained that the cost to ship the coins through Brinks was $400 for them. They will, however, let me pick my coins back up. Sad.

Could it possibly cost that much? Anyway I need some good drop off strategies. If I do this I want to do about $5000 a week.

Anyway, are bigger banks better equipped to move out these coins without absurd charges? Also my Wal-mart has a bank in it, would that be a good place since between the bank and Wal-mart I would guess they go through a lot of coins....

Thanks All.

 

[coincrawlin]

I have no idea what the actual costs are for delivery/pick-up...I would imagine it's different for each bank. BUT...I would not pay the "fee" and I would not take them back. If there is a fee, the bank is obligated to tell you before the transaction is complete (unless they have it in writing somewhere in their policy statement). Tell the manager the transaction is complete and they can charge next time if they so desire. Close your account with them if they try to play hardball.

 

[coincrawlin]

[/quote]
My order bank told me what it cost to pick up and ship out halves it is a dime a roll said it is the industry standard. There are exceptions if it is an "emergency" coin order or pickup where it is not part of their usual pick/delivery routine
[/quote]

I think I have seen others post about charges being a dime a roll, but I have also read that some banks get charged a flat rate no matter what the order size is. I have no first hand knowledge of this...simply just what I have read on this forum. At ten cents a roll, that's $5 a box for halves, and with the number of boxes some folks order that amount would add up quickly. Why would any bank continually order boxes if they were charged that much? It probably explains why I can't find more banks to order for me, but for the ones that do....what would be their incentive? Sorry if this is starting to take this thread off topic, but just curious.

 

[mjcongleton]

Well at 10 cents a roll that's still $50 the first bank spent for my pickup and $45 the second bank would have spent on my drop off. I can see why they wouldn't want to do that, actually I'm surprised any bank would let you pickup or drop off half dollars unless you had $100,000 in an account there.

So seriously, though, is there any good strategy for getting a bank to take $5000 in unrolled half dollars from you every week?

and CoinCrawlin: No your questions are not off topic. I'm new to this sport, and I thought most banked payed a flat fee for all coins shipments. That said, I would be interested to know the incentive for these banks to order coins if they lose money on every order.

 

[StevoCBR]

I would tell them your crazy, like others said you should of told me before you accepted my transaction. A bank manager pulling a power trip. Stick it to the greedy SOB's...in a nice way

 

[azlegends]

I wouldn't pay that fee or pick the coins back up. As far as dumping goes, try breaking it up and dumping smaller amounts at several banks.

 

[ScottNVAB]

a $5000 dump? Dude you got some brass ones...... If I was the Mgr. of that bank, I would have closed your account! That wasa really bad move on YOUR part-dumping that much at one bank! Seriously, you pretty much killed that bank for ordering OR dumping. And not just for you-for everyone! I can't tell you how many banks around here won't order or accept dumps because someone does exactly what you did. Learn from this and move on. If I was you, I would not show my face at that bank any more.

 

[mjcongleton]

a $5000 dump? Dude you got some brass ones...... If I was the Mgr. of that bank, I would have closed your account! That wasa really bad move on YOUR part-dumping that much at one bank! Seriously, you pretty much killed that bank for ordering OR dumping. And not just for you-for everyone! I can't tell you how many banks around here won't order or accept dumps because someone does exactly what you did. Learn from this and move on. If I was you, I would not show my face at that bank any more.

Well I did ask this bank to order for me first. They wouldn't, so I was actually a little surprised when they did take my coins back. But I totally agree with Huntcoinsdotcom. Banks are a service industry. Even though the banks sometimes forget it they do work for me. That said it is terribly unprofessional on their part to renege on a transaction after the fact. And 5k is not a large amount of money to a bank.

Now I live in a small town, and if you're perceived as a jerk word will travel around town about that. So I will be picking my half dollars back up on Friday for deposit someplace else, and I will be taking my account balance down to $1.00 and will do my all my business with my other bank in town who did order me 5k in halves as well as has always given me great service every time I've been in there.

Has anybody tried to keep a large balance (25k+) in the banks they pickup or drop off halves at? Or, do the banks not care what balance you keep there?

 

[quiksilver]

Banks pay .10 per roll to brinks

Tell them if they can provide an invoice for a regular pickup date showing brinks charged them 400 bucks you would be glad to pay it. I also would tell them you wont be back to pick them up they already took them as a deposit and it is not your job to pay their operating costs. Let them know you can make arangements to deposit 9.50 in halves a day......
[/quote]

i like this idea

 

[Gilmore Happy]

Banks pay .10 per roll to brinks

Tell them if they can provide an invoice for a regular pickup date showing brinks charged them 400 bucks you would be glad to pay it. I also would tell them you wont be back to pick them up they already took them as a deposit and it is not your job to pay their operating costs. Let them know you can make arangements to deposit 9.50 in halves a day......

i like this idea
[/quote]

It's really quite simple. You pushed the envelope, manager is not an idiot and doesnt want his staff doing this for you on a weekly basis, and it's an obvious scare tactic. It doesnt cost them that much to ship coin or they would be out of business, the math doenst make sense.

The relationship is ruined, just pretend like it never happened, find another bank, and a lesson learned. It happens.

 

[treeslayer]

Ordering $5000 in halfs and dumping the same in one shot , and at a new bank is not the way to do this hobby. You should do $1000 her and there and keep picking away at it. You also need to find as many banks as possible. If you had a balance of 4o or 50 k, you might get away with alittle more. keep a low profile and you will find plenty of silver and have plenty of banks to deal with. As far as the banks being there to serve us , that might be what some people think, but with the amounts of money in alot of coin rolling accounts , the banks really could care less and you will be forced out. If you really get pushy they will take it up a notch and file a SAR report, and make things even worse. Any way HH and good luck. Remember slow and steady wins the race.

 

[palidin20603]

Has anyonje had an SAR done to them for dumping or buying coins by the box?

 

[clovis97]

a $5000 dump? Dude you got some brass ones...... If I was the Mgr. of that bank, I would have closed your account! That wasa really bad move on YOUR part-dumping that much at one bank! Seriously, you pretty much killed that bank for ordering OR dumping. And not just for you-for everyone! I can't tell you how many banks around here won't order or accept dumps because someone does exactly what you did. Learn from this and move on. If I was you, I would not show my face at that bank any more.

Now I live in a small town, and if you're perceived as a jerk word will travel around town about that.

In my experience, $5,000 is way too much to be dumping at one bank.

I dumped $500 in rolled once on a bank branch in the next town over, and after the fact, felt pretty guilty laying that many halves on them. The most I've ever dumped in a coin counter was $1,000...I simply do not push my luck any farther than that.

Here is the long and short of it, IMO: If you live in a small town, I think it is hard to do much volume in this hobby.

The big city guys with a good dump routine established have it made. If you read and study the forum for 6 months, you'll see that the heavy hitters tend to be in major cities. They are able to order large amounts of coin, and dump it the very next day.

I order 2 boxes of halves a week, and they are generally skunks. I would up my order to 4 boxes, and my wife and I are seriously considering that, but dumping is extremely hard. For us to run our 2 boxes a week, we have to dump in the big city 25 miles away. Doing 4 boxes a week is going to be a serious commitment for us...I really doubt that we can pull it off without a ton of stress and work.

Just my 50 cents worth.

 

[buffhunter]

mj- here is what i have done and have not had problems in quite a while. First, i have found a bank that will order halves for me without any questions. we have a set amount of 10 boxes per week. i also set up an account with another bank as a dump bank. When i went in to open the account, i spoke to the manager and told him exactly what i do and told him i would like to deposit between $5000. and $8000. in halves weekly. Luckily, i am able to keep 2 to 3 times that amount in my account and i have had no problems with them since i open the account. They have changed managers twice since then, and each time, i introduced myself and asked if the previous manager had let them know of what i do. Be up front and tell them your intentions, and if they want your business, they will be glad to help you out. Both of my Banks have flat fees that they pay to the armored guard service, not a per roll fee.

 

[hombre_de_plata_flaco]

Tellers would try to strangle me if I attempted a $5000 dump.

I actually did have a teller REQUEST $300 worth of halves so she could fill up a bag recently. I asked if it was OK if I brought an extra $1000 to make another bag and she said "sure".