Dump Bank Concern

[teaserfirecat]

Just got into roll hunting about a month ago, made a few new accounts. Finally seemed liked I found a good system with my pick up banks and dump bank. I was dumping about $1,000 worth of coin for the second time at my dump bank and the teller told me that from now on their policy is that they will only accept coin in that large an amount from the place you order it from. In other words, they don't want me dumping that much coin at their establishment. This is the only bank with a coin machine nearby. Do you all use coin machines at your bank or are there other methods to dumping that much coin?

Thanks for any help

 

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[Back-of-the-boat]

Tell them you run an arcade and that is from your machines and do they really want to lose your business.

 

[Wildcat1750]

Welcome to TNet!
I can't even find a bank that's open right now...

 

[PaleIO]

My bank has a coin counter that they use. Small bank that still does everything they can for customers. Its funny that banks are moving away from coins. Cash is next!

 

[PaleIO]

Oh and welcome!!

 

[fistfulladirt]

It’s not impossible to find a place that will take your bulk coins loose or in rolls over the counter. I did it for several years.
But yeah, Pale is right, people just don’t use much cash anymore so counters are hard to find. In the mean time, I continue to buck their system.

 

[fistfulladirt]

Tell them you run an arcade and that is from your machines and do they really want to lose your business.

It’s really too bad they no longer care about your business and they don’t want to handle your cash either.

 

[Citiboy289]

I check this forum at times and this Dump Bank - Pick Up Bank always reminds me of a Line from a Old Paul Simon Song " One mans ceiling is another mans floor "
In short your dump might be my pickup and visa versa

 

[jrf30]

Tell them you run an arcade and that is from your machines and do they really want to lose your business.

No. Never good to lie about it. Just not right. They probably would find out, but even if they don't, just not good to get into the habit of lying for business. Be honest with them.

 

[jrf30]

"Do you all use coin machines at your bank or are there other methods to dumping that much coin?"

I use a coin counter at my bank. And they are fine with it. But, I hvae heard that if you use a gift card instead of cash at some of the paid coin counters, you can do it for free. That won't help for $1,000 a week, but if you spend at Home depot or BB&B or any of the other places anyway, you can get some coins counted for free there.

 

[xr7ator]

Banks make money by charging fees, not "handling your money". So, if you aren't paying the bank any fees but bothering them constantly with coinage counting and re ordering, etc., I can see why they want you to go away. Pay them a fee to order and allow to dump and see how fast they get in line to accept your "business".

 

[FormerTeller]

Or open a line of credit with them, or maintain a large balance. Basically you have to give them a reason to want your business.

 

[Tommybuckets]

Coin machine you say... Must be nice. Even finding an open bank is difficult. I re-roll and dump but keep it under $600 . Probably because they are going to have to change bags every time you come in they don't love that. I used to love the machines but they all seem to be going the way of the dodo. When they mention "coin shortage" to me I know thats a good dump bank. Some banks give you a bag to fill, take your info and the courier runs the assorted coins and credits your account when they clear. It slows down the time you get your money back in hand to buy more coins but its helpful if you don't want to sort and roll.

I would be sad to be getting into crhing now. I'm trying to break the addiction but its a tough one to stop. Over the last 5 years for me its whittled down to finding nothing. I just traded a teller $50 in my searched dimes for $50 in pre-searched mwr dimes. That makes 5 times at 5 different banks I've been getting the same brand of dimes someone pre-searched on the $250 box level. I'm boggled since I can't imagine anyone having the free time to search on an industrial level like this in my area but so it goes. Wack. Best of luck. I'm going to grab a few loose halves from a teller that was out yesterday.

 

[blueberra]

Just got into roll hunting about a month ago, made a few new accounts. Finally seemed liked I found a good system with my pick up banks and dump bank. I was dumping about $1,000 worth of coin for the second time at my dump bank and the teller told me that from now on their policy is that they will only accept coin in that large an amount from the place you order it from. In other words, they don't want me dumping that much coin at their establishment. This is the only bank with a coin machine nearby. Do you all use coin machines at your bank or are there other methods to dumping that much coin?
Thanks for any help

Today, I went to my dump bank which, in the non-COVID world, would take my coins (halves) and go into the back where they has some huge, monolith coin machine that had been out front, but, because it broke down frequently, the bank decided to buy a smaller machine for the lobby (but keep the big machine).
The small machine does not take halves, but the big one does which is why the tellers need to handle my coins.
Currently, the bank lobby is shut down due to COVD, but is open by appointment, so now I call the bank, tell them when I'm going to show up with the halves, and then they take them inside and dump them in the machine and then bring me out an envelope of cash, All in all, it's about 10 minutes and they do all the work.
As in the past, I bring the tellers some chocolates a couple of times a year. Today was no exception but I sweetened the pot a little. I decided to take a dozen of my least 'impaired' proof halves and include them with the Godiva chocolates. It's not really worth anything, but it's different and a curiosity piece that I bet few of them have ever seen.
They probably get chocolates or other goodies from some customers at Christmas, but when they're gone, they're gone. They might remember me as the guy who gave them the half dollars.
Maybe it will end up being a good investment.

 

[cyberdan]

Maybe it will end up being a good investment.

or the next time you are in there will be a dozen proof in their drawers.

A few time I have paid my mortgage with halves. They took them with a smile. (that is what they are paid to do)

 

[Megalodon]

My own dump banks are open but since my pickup banks have stopped ordering coins for non-commercial accounts, I haven't dumped coins since March. My approach to dumping was to spread out my dumped coins among several different banks and branches. I prefer to dump no more than $400 at a time. I had a few conversations with a guy at a dump machine rather than just standing in line behind him. He regularly dumps about $1000 and learned that he has a vending machine business. His business is known to the bank and he has a commercial account. And yes - he does get the occasional silver, about 1 silver dime per $300 and 1 silver quarter per $4 to $5000. So he's not a CRHer and the bank may view him as a "more legitimate" coin dumper than us.

 

[Megalodon]

Today, I went to my dump bank which, in the non-COVID world, would take my coins (halves) and go into the back where they has some huge, monolith coin machine that had been out front, but, because it broke down frequently, the bank decided to buy a smaller machine for the lobby (but keep the big machine).
The small machine does not take halves, but the big one does which is why the tellers need to handle my coins.
Currently, the bank lobby is shut down due to COVD, but is open by appointment, so now I call the bank, tell them when I'm going to show up with the halves, and then they take them inside and dump them in the machine and then bring me out an envelope of cash, All in all, it's about 10 minutes and they do all the work.
As in the past, I bring the tellers some chocolates a couple of times a year. Today was no exception but I sweetened the pot a little. I decided to take a dozen of my least 'impaired' proof halves and include them with the Godiva chocolates. It's not really worth anything, but it's different and a curiosity piece that I bet few of them have ever seen.
They probably get chocolates or other goodies from some customers at Christmas, but when they're gone, they're gone. They might remember me as the guy who gave them the half dollars.
Maybe it will end up being a good investment.

Godiva chocolates are also my chocolate of choice for my tellers. Best deal I have found on getting 10 or 12 bags is at the warehouse clubs. I am thinking about getting some "Merci" brand chocolates since that says thank you. We must think alike. I haven't included impaired proofs but I do save up those gold plated halves for such a purpose. They stand out and yes, I think they remember it.

BTW, I tested the waters by offering impaired proofs on ebay and sold nearly 500 in lots of 100 (5 rolls). I didn't net much after fees and postage, but averaged net of about 0.87 and now have more room. I also sold 1000 of my 40% halves but kept all the 90%.

 

[Megalodon]

Nearly forgot to add that when we say "dump banks", we usually mean credit unions. Banks have nearly all eliminated this service but I used several branches of two credit unions. As former teller said, keep a real balance with them and explain if you do a cd at these ridiculously low rates, that you are doing it only to retain the use of the coin machine, a benefit you value.

 

[Ben Cartwright SASS]

I opened a free checking account at 8 different banks & credit union. I have 3 pickup banks, one that won't order boxes but will let me buy the bags off the machine, 1 that orders halves but doesn't have a coin machine and one that orders halves and sells bags off the counter (my favorite bank) I never dump at those 3 branches.
My dump banks are branches of the 8 banks. I have a total of 30 coin machines within a 20 mile radius. before covid I was doing about 2-4 boxes of halves a week and what I did was spread the dumping of the coins across the branches, I always brought just a large coffee can of halves, I could get about $380 into the can and would never hit the same bank more than once every 2-3 weeks. One bank a federal credit union has some idiot dumping up to $8,000 a week in halves and they shut down halves in all their branches due to that persons activities they actually changed out the machines and they no longer take halves.

Make calls find all the banks/branches that have machines, open accounts there, around here most are a $10 minimum for a no interest checking account, some are $100. and then spread the wealth space them out

 

[Dozer D]

Ben C: of all the banks that you approach, I would try to KEEP AT ALL COSTS the bank that sells you BAGS off the machine. Your chances are much much better to hit a collection dump all intact, and if you do HIT, go back to get other bag denominations when they fill up. I'd love to be in your position. I just made a list of my various branches I visit in all the surrounding towns, count is 26-banks., enough to hit over a two week rotation., but none sell me bags off machines - oh darn.