Dumped 4 boxes in 20 minutes

[palidin20603]

I called my bank to ask if they were ok with me comming by today to deposit $2,000 in change and they said no problem. I got there and they let me use their cart and the male teller pulled the halves into the lobby and waited as I filled 2 $1,000 bags in their machine. I guess the call ahead is the way to go!

 

[azlegends]

Nice, your lucky to have such a cooperative and friendly bank.

 

[BuffaloBoy]

awesome to have an awesome dump bank!

 

[Bigheed]

thats nice of them, but to be honest I am glad there are no coin machines in California.

 

[palidin20603]

why?

 

[Bigheed]

so I dont have to use them.

 

[TheRockDoc]

I finally found a local bank with a coin counter, and used it for the first time friday..... I could not believe how bloody slow the thing was... Part of me just wanted to see how long it would take, or if the bag would fill up, or just what it would be like to do it that way.... So, 30 minutes later, the machine got clogged and the teller had to come over and unclogg it. I was at almost 800 dollars worth through the counter (again, 30 minutes later). He saw the rest, and told me to go ahead, I said, nah, I will just top it off at an even $800 bucks and roll the additional $200 at home... He kind of looked at me funny. I guess he didnt realize I could roll 20 rolls faster than that machine would count them. I was pretty surprised, should I try a different machine, or are they all slow like that?

 

[palidin20603]

No, if they have a large Cummins machine, then it should do $1,000 in about 10 minutes or faster, then the bag needs changing

 

[baddbluff]

I'm telling you, BofA is way to go... Just put yer coins in a tamper proof "coin safe" plastic bag & bring em in. No counting. Just tell them how much is in it. They write yer acct # on the bag & if it's off, they take it out of yer acct. I get cash on the spot. The people in the store dont even count it... They leave it in the vault & someone picks it up & counts it at central location. The tellers don't care if you bring in $2000 in coin because they don't have to count it. We both win!

 

[TheRockDoc]

I'm telling you, BofA is way to go... Just put yer coins in a tamper proof "coin safe" plastic bag & bring em in. No counting. Just tell them how much is in it. They write yer acct # on the bag & if it's off, they take it out of yer acct. I get cash on the spot. The people in the store dont even count it... They leave it in the vault & someone picks it up & counts it at central location. The tellers don't care if you bring in $2000 in coin because they don't have to count it. We both win!

Yeah, that is totally the way to go.... I had to read your post twice to make sure I wasnt imagining things... I do alot of dumping at Wells Fargo, it is by far the easiest. I put the coins in a coin bag, they write the acc number on it, have me sign something, and then they send it to the "main vault" to be counted, then they put the money in my account, that usually takes 8 days give or take..... To be able to drop off a bag like that and walk out with cash is unbelievable. Did they start doing that with you right away? or did you have to earn their trust first or what? Or is it that you have a high dollar account? I really cant imagine a bank doing it that way...that's a good deal you got goin there man. I am going to have to see what it would take for My bank to do that for me. Or, if that is just how BofA does it, maybe I will see about opening an account with them.

 

[Bigheed]

That's what I've been saying for months now...glad someone else got the message :-) Its not about trust or anything, its about speed for the bank. Your account # is on the bag so if you are short they take it from your account. You can help the merchant teller out by filling out the bags with your account #, name, date, coins, location, vault destination etc...just ask the teller for all that information. Whatever you do that makes their job easier, makes your job easier (dumping). Godiva occassionally also helps immensely.

Each Bank has a contract with their armored service that allows them to send out a # of coin bags per day, the bigger the branch, usually more bags per day, but even still at one of the "main branches" I visit, they are only allowed 15 bags per day for the entire branch. I.e. don't wear out your welcome using this method. I usually try not to dump more than 4 bags at a time, occassionally 6-8, but I try to spread it out between a few branches. If you get to aggressive they may start charging you and others which would suck so mind your manners doing this!

The other important thing is that remember not everyone is as strong as you or I especially the old ladies behind the counter and the armored car service has a weight limit per bag and will charge the bank extra.

Do not put more than $500 per bag for Halves, Quarters, & Dimes that weighs in around 27-28 lbs, something like that. Even though the bag can hold $1000 up to the fill line they will not accept the bag like that.

This is why I am glad CA does not even have coin counting machines.

HH
Bigheed

 

[Bigheed]

I guess one other thing to mention about the coin vault bags. Some locations or States may do it differently than CA. When I was in Chicago for a business trip I picked up some dimes and then bag dumped them at BofA and they actually made it clear the cash vault b4 crediting my account, which was like 3-5 business days. Similiar to what the rock doc said about WF.

Thats not good for high volume because it ties up your cash and #2 makes to many records on your account. I'm sure somewhere they have a list of all the crap I dumped, but I like just bringing my bags in and getting cash, theres no record of depositing then withdrawaling the money since they just exchange it.

I surely don't want to apply for a loan someday(or win the tax audit lotto) and have them ask, "so why do you have deposits and withdrawals for 5k almost everday?" , "well you see sir, I launder halves for the mafia".

Anyways thats my little addendum to the above reply.

 

[palidin20603]

My bank's coin counter deposit is instant. I can withdraw the money right after the machine counts it. That is the main reason I love it.

 

[Bigheed]

Thats great as long as it functions properly. But in just a few months being on these boards I've seen more than a few posts about "shorted on coin counter". Seems like everytime people get there money back but it takes ~1-2 weeks. Also waiting in line for the coin machine / waiting for it to count, I am not interested in either. You're also creating tons of "records" or "patterns" by depositing/withdrawing the same money constantly, with the bags its just an even exchange, no record.

It's just my preference , but I think it is quicker and my main objective is volume, Speed is of the essence as well as not tying up my cash in a possible jam or shortage. Also, I'd much rather be waiting in lines at random banks snooping for silver than at a machine :-)

 

[palidin20603]

So you have access to your money right then with the bags or do you drop 4 bags and pick up 4 boxes? I am doubtful that there is no record of any money moving, but you would have to explain how no record shows up.

 

[Bigheed]

i put my bags through the window and get 500 per bag, so as is typical for me i do 4 bags, get $2000.

The cash vault may have a record somewhere, but when I log onto my online banking, there is no record of it ever. So if you got a car loan or a home loan and they said show me 60 days of your bank statements, it doesnt show all the coin dumping and withdrawling. Just the regular direct deposits from work, spending, monthly scheduled payments via ACH, etc.

So for all intensive purposes there is no record. If the IRS went so far as to subpeona the cash vault, I am sure there is a record, but it still only proves we are CRHing not doing anything illegal. I just try to be discreet about it when it comes to electronic records. Because technically under the Patriot Act they can monitor bank records and cash in / cash out same day, same amount, is definitely one way to attract unnecessary attention.

Hope that helps explain the record part.
Bigheed

 

[byrne3]

Bigheed, do you roll your coins or have them in the bags loose?

i was told that if I want to have them loose, I will be charged a fee and the amount is deposited into my account later. At most branches it is like that. One branch that I have found will accept them loose in the bag, pay me cash on the spot, and without fees. Very nice arrangement, indeed.. But that seems few and far between in California.

 

[Bigheed]

my halves always end up loose cause i unwrap them all.

Dimes and quarters i leave rolled except the rolls i find silver in i just break that roll of plastic on the spot.

Theres no charge either way, rolled or loose.

But i never roll anything.

 

[palidin20603]

I will have to look into that. 2 of the 3 branches of my bank in my area with machines have broken machines. One of these branches machines has been broken for 3 weeks now.