Dump bank limits?

[BuffaloBoy]

For those who dump a lot of coins at dump banks, what is the limit on how much you would dump at one bank per visit?
How many dump banks do you use?
How often do you dump at each dump bank?

 

[Diggin-N-Dumps]

Well I personally have 5 dump banks, and i try not to dump anymore then 500, The nice thing is i can go on my lunch break to the bank and buy some coins then search them at work and dump on my way home from work, I do that every other day, I do buy coins every day during the week, but save some to search at home

I try not to be in the same dump bank more then 3 times a week, unless they are really cool, Some places like when i come in while other places seem to give me the stare the whole time im dumping

Hope this helps...But word to the wise, First time i ever dumped halves, i dumped 1000 dollars worth at one time, and completly screwed up the machine, so i had to scoop them back out into my bag..so go slow with the big coins

 

[BuffaloBoy]

Well I personally have 5 dump banks, and i try not to dump anymore then 500, The nice thing is i can go on my lunch break to the bank and buy some coins then search them at work and dump on my way home from work, I do that every other day, I do buy coins every day during the week, but save some to search at home

I try not to be in the same dump bank more then 3 times a week, unless they are really cool, Some places like when i come in while other places seem to give me the stare the whole time im dumping

Hope this helps...But word to the wise, First time i ever dumped halves, i dumped 1000 dollars worth at one time, and completly screwed up the machine, so i had to scoop them back out into my bag..so go slow with the big coins

Thanks for the tips, I only have 1 dump bank and usually dump $300 or less when I do not do half dollars and under $700 when I have half dollars from a box.

I use penny arcade at TD bank to dump my coins. I pick up boxes of Pennies, Nickels, and dimes from TD Bank, (never did quarters)

They are cool when I come in there, they know me there

The one teller asks me what boxes of coins I want whenever I go there to dump.

Makes me feel better going there because I am welcome there

 

[quiksilver]

If its a TD i mix pennies and nickels with 80 in halves if i have access to the reject tube, if no access i use 105 in halves to fill the bag once making sure i get all the rejects. EIther way i do this once a week.

If its a credit union or bank with a half counter i mix with dimes and dump 200-400 in halves no more then once a week. If the machine fills up or has a problem i will stay away for about a month.

If the machine doesnt take halves [like my local peoples] i dump only dimes. Once a week I dump 90-95 in dimes twice. 1 gets deposited 1 gets cashed. Peoples needs an override for amounts over 100. Again if i fill a machine i wont go for a month.

Note any machine i dump dimes i wont dump pennies to make sure it counts right. TD does not count dimes right.

If i am on a long CRH [area i go to 1 or 2 times a year] i will dump 200-300 in halves and possibly dimes.

I also may join a bank with a machine if they have multiple branches with machines.

I at any time will check my records and may dump hand rolls at a bank that my notes say is someone elses dump bank.

 

[mlayers]

So far I have started with 3. I don't know if I will need more or not. I am planning to do at least 2 boxes a week. If I can find another bank to order me some I may go to 4 boxes....Matt

 

[SeaninNH]

I dump about $300 or so every day or 2 at my CU. They don't have a problem with it and the tellers are all friendly.

It's a customer run counter so the tellers only get a receipt.

I've only jammed the machine once and now I do handfulls at a time. I don't want them to see me as an inconvenience.

 

[clovis97]

Great thread.

Dumping halves, even with the one box a week I get, is difficult in my area. I think I found my new dump bank, and cannot wait until Tuesday to set up an account there.

 

[47thelement]

I currently dump between 8 - 10 boxes per week at one location, in one transaction. I always call before I call, I bring them in on a hand cart, the guard usually gives watch for me.

No Hassles. I have never had hassles with my dump banks. I set the expectations up front with the vault teller, branch mgr, and regional mgr. Depending on my silver take I also provide some sort of food treat for the staff about once per month.

Let's keep the forum positive.

 

[spjegues]

I try and limit it to less than $2000 at a dump site. I read somewhere that is the limit for SARS report. Plus it is really heavy to carry more than that at a time.

 

[quiksilver]

I try and limit it to less than $2000 at a dump site. I read somewhere that is the limit for SARS report. Plus it is really heavy to carry more than that at a time.

There has been some confusion on when a bank reports. Whatever the basic number is i believe thay can cause you a hassle at any time you look suspicious.

 

[spjegues]

I try and limit it to less than $2000 at a dump site. I read somewhere that is the limit for SARS report. Plus it is really heavy to carry more than that at a time.

There has been some confusion on when a bank reports. Whatever the basic number is i believe thay can cause you a hassle at any time you look suspicious.

Your right they can report anything that looks fishy - from the IRS website - http://www.irs.gov/businesses/small/article/0,,id=154555,00.html

When to File a SAR

An MSB must file a SAR when it knows or suspects that:

The funds come from illegal activity or disguise funds from illegal activity;
The transaction is structured to evade BSA requirements or appears to serve no known business or apparent lawful purpose; or,
The MSB is being used to facilitate criminal activity.
There are two different dollar thresholds that require a SAR. They depend on the stage of discovery and the type of transaction involved. A $2,000 threshold applies if a customer is conducting or attempting to conduct a transaction(s) that aggregates to $2,000 or more. A threshold of $5,000 applies for transactions identified by issuers of money orders or traveler’s checks from a review of clearance records. These thresholds are known as the $2,000 front door/$5,000 back door rule. The $2,000 front door transactions are face-to-face with the customer. The $5,000 rule applies after the records have been processed at the issuer level, thus the back door.

 

[BuffaloBoy]

So most likely there should be no problem if I go to a dump bank with a coin counting machine once a week and dump $650?
(I usually dump less unless I have half dollars to dump)
My avg dump is usually $100-$300 without halves.
The employees have to change the coin bag every time

 

[dpy52081]

Fun fact about TD bank I just learned from a teller..... Their machine rejects silver, so ALWAYS check the reject tube, and if they have an envelope where they stash rejects, ask if you can look in it. My one local branch is really cool like that. They get a dozen donuts from me when I go there to dump. Most days I find a dime, maybe even a quarter, some days I find multiple, but mostly its just cool foreign coins to add to the mix. I try and take all the Euros and Pounds I can

 

[markmopar]

Fun fact about TD bank I just learned from a teller..... Their machine rejects silver, so ALWAYS check the reject tube, and if they have an envelope where they stash rejects, ask if you can look in it. My one local branch is really cool like that. They get a dozen donuts from me when I go there to dump. Most days I find a dime, maybe even a quarter, some days I find multiple, but mostly its just cool foreign coins to add to the mix. I try and take all the Euros and Pounds I can

That only works with dimes, quarters and foreign. The TD machines will take silver halves.

 

[BuffaloBoy]

Fun fact about TD bank I just learned from a teller..... Their machine rejects silver, so ALWAYS check the reject tube, and if they have an envelope where they stash rejects, ask if you can look in it. My one local branch is really cool like that. They get a dozen donuts from me when I go there to dump. Most days I find a dime, maybe even a quarter, some days I find multiple, but mostly its just cool foreign coins to add to the mix. I try and take all the Euros and Pounds I can

That only works with dimes, quarters and foreign. The TD machines will take silver halves.

Funny story, one day I was at TD, and they pulled out the machine. Curious me, I look into the bag to see 3 dull-looking franklins looking at me (obverses)... the teller refused to sell tme the bag as they have to send them out!

 

[markmopar]

I've had that happen, too.
I've also had a teller actually cut open a bag and let me switch out the silver ones.
And once, I watched as we filled 10 bags($100/ea) and she sealed all except the first one that was on the machine that I tried buy the silver from. "once it's in there, we can't touch it" she said. Funny how THAT bag wasn't sealed.

 

[vickilynn]

Hi , I was hoping to get some info if I could .... My bank explained to me that the coins that get dump in the machine get taken away by the company that owns the machine , Should I still be dumping somewhere else ? Vickilynnn

 

[grampa]

i try to limit my dumping to $1500 per branch per visit... granted they have a metal box vs bags so it doesn't take the tellers any effort at all.. i dump here 2x a week.

When dumping at my other bank that uses bags.. i still do $1-$2k BUT i only go there every few months

 

[BuffaloBoy]

Thanks all for the replies!

 

[quiksilver]

Fun fact about TD bank I just learned from a teller..... Their machine rejects silver, so ALWAYS check the reject tube, and if they have an envelope where they stash rejects, ask if you can look in it. My one local branch is really cool like that. They get a dozen donuts from me when I go there to dump. Most days I find a dime, maybe even a quarter, some days I find multiple, but mostly its just cool foreign coins to add to the mix. I try and take all the Euros and Pounds I can

After reading these posts and dumping at TD myself i can safely say some TD machines reject silver halves and some accept them.

Someone on an earlier post mentioned that these machines can be set at different tollerances