Fees

Rich Hartford · Jun 22, 2010

I just read a news article that free checking will be a thing of the past. Which got me thinking about the "F
Word". Naturally I'm wondering what others think and what's happening elsewhere. So Far I've only had one bank quote a box fee of $7.50 per box of anything. One CU that allows 2 $500.00 dumps per month free,10% over that. I won't pay this amount.
So the questions I have is
Who is paying box fees and/or dump fees, and how much is it costing?
HH
Rich

d2arcing · Jun 22, 2010

not yet. but it is amazing how higher up answered me with it is up to the bank branch to decide a fee or not... got to be careful not to say this branch does it free, to not screw up any thing

Silverminer · Jun 22, 2010

Rich,

I just had a small branch tell me that insurance for ordering coins is $2.50 per $100. They don't seem to have a regular armored car delivery because they only could tell it would take a week to get coins.

Also, they assured me there would be no old coins or silver all newer dates!

The insurance seems excessive to me because the tellers and drivers are bonded which is insurance it seems as if they are double dipping fees to generate branch income.

Cheers!

AGCoinHunter · Jun 22, 2010

Rich, once the fees come I will be quitting. I might do a box here and there that I can get for free but I will not pay to get coins. I saw a few articles talking about free checking account going away and by their numbers it looks like over 50% of checking accounts are not profitable for banks, so they are going to either charge you a fee or force you to close them. I still think you will find CU's that offer free checking but the large banks are only going to keep profitable accounts active. The article also attributed this to the financial reform bill brought to you by the Barney Frank types in our imperial federal goverment.

Rich Hartford · Jun 22, 2010

AGCoinHunter said:
Rich, once the fees come I will be quitting. I might do a box here and there that I can get for free but I will not pay to get coins. I saw a few articles talking about free checking account going away and by their numbers it looks like over 50% of checking accounts are not profitable for banks, so they are going to either charge you a fee or force you to close them. I still think you will find CU's that offer free checking but the large banks are only going to keep profitable accounts active. The article also attributed this to the financial reform bill brought to you by the Barney Frank types in our imperial federal goverment.

"Barney Frank types" :laughing9:

skelly9131 · Jun 22, 2010

No fees here, but I dump at a credit union that waves the 8.9% CoinStar fee for members if you deposit whatever you run through the machine.

coolpix9 · Jun 22, 2010

Rich, I have 2 supply banks currently and several dump banks.
Bank #1 has just told me they are going to charge me $35 for Loomis's trip to their bank plus $3 per box. $65 per week for 10 boxes is more than I am finding at this bank.
Bank #2 is charging me $3 per box with no limit on how many I want to get. I think I can live with that if silver stays up above $18.

My dump banks have hinted that fees are coming but they said they will give me 2 weeks notice so I don't get stuck.

That's it for me down here in Dallas. Jim

obediah · Jun 22, 2010

I've lost ALL of my order banks, it is official they will no longer order for me; will have to go in to them one at a time and see if can work out a fee deal, of course if they agree I will NOT be ordering again in force until September. The wife can order 10 a week form one bank and another orders only once a month, both are fee free too, but her Silver finds are horrible, found 24 in last 12 boxes over 2 weeks lots of Skunks too.

quiksilver · Jun 22, 2010

Guess after i close the checking accounts i will check for the minimum for a CD. Tieing up a few thousand in Cds may be worth it to get coins . I already have about 3,000 tied up in minimums on some checking accounts. As for the fees on boxes i will just get all the loose rolls of anything they will give for free.

mountainman 2 · Jun 22, 2010

obediah said:
I've lost ALL of my order banks, it is official they will no longer order for me; will have to go in to them one at a time and see if can work out a fee deal, of course if they agree I will NOT be ordering again in force until September. The wife can order 10 a week form one bank and another orders only once a month, both are fee free too, but her Silver finds are horrible, found 24 in last 12 boxes over 2 weeks lots of Skunks too.

Obe, some here would be happy averaging 2 per box. So far i'm fee free but things could change at any time.

jim4silver · Jun 22, 2010

It's weird how fast all these banks went from no fees to fees. I have not ordered boxes in a while so I don't know if things have changed where I am.

Maybe at the bank management levels they are all talking about the high volume of CRHers and they want to find a way to make a buck or two off of it, or to discourage it?

I would imagine too that if the banks really had flat fee arrangements with the coin couriers, at some point in time the couriers would demand more $$$$ for having to haul tons of boxes and remove tons of dumps each week. Especially if they were used to a certain lower level of coins each week that they hauled and then over time had to move all the halves back and forth.

Jim

apush · Jun 22, 2010

No fees yet, but I have a feeling. My dump bank charges non-customers a 5% fee. Customers are not charged if they deposit the slip from coin machine into an account.

I go to 4 different banks to pick up boxes--all small numbers so I don't attract too much attention. Wish I could just order 8 from one bank. No charges for boxes--yet, but the banks limit what I can order. Well, all but one, but I don't want to push my luck.

The feeling: Everyweek I go in Bank A and it seems I always get the same teller. She is never nice (she collects silver), but earlier this week she was too nice to me, so I think something is up. :dontknow:

apush

Iheartmoney · Jun 22, 2010

Just the other day, I went to my 2nd dump bank (Capital One) to cash in $40 in halves. I was so use to putting my coins in the tray and pressing go, that I didn't read the fine print. They charged me a 10% fee >:(

. That's $4 dollars I could have bought other halves with!! This is crazy!!

Silverminer · Jun 22, 2010

Well our only choice may be to start charging everything on a charge card and pay monthly bill early in half dollars ( neatly rolled).

Possibly pay the utility bills at the bank if they accept payments this approach by CRHers may have them rethink dump fees at a minimum.

I am sure others have thought this out with better ideas.

We have food stores with coinstars that avoid the fee if you convert to gift cards for places like (home depot, restaurants ,etc.).

Rich Hartford · Jun 22, 2010

Silverminer said:
Rich,

I just had a small branch tell me that insurance for ordering coins is $2.50 per $100. They don't seem to have a regular armored car delivery because they only could tell it would take a week to get coins.

Also, they assured me there would be no old coins or silver all newer dates!

The insurance seems excessive to me because the tellers and drivers are bonded which is insurance it seems as if they are double dipping fees to generate branch income.

Cheers!

This sounds like a BS story from the teller. All banks get their cash and coin from regular scheduled deliveries and pickups by armored car. Small branches getting once a week deliveries.
HH
Rich

Rich Hartford · Jun 22, 2010

coolpix9 said:
Rich, I have 2 supply banks currently and several dump banks.
Bank #1 has just told me they are going to charge me $35 for Loomis's trip to their bank plus $3 per box. $65 per week for 10 boxes is more than I am finding at this bank.
Bank #2 is charging me $3 per box with no limit on how many I want to get. I think I can live with that if silver stays up above $18.

My dump banks have hinted that fees are coming but they said they will give me 2 weeks notice so I don't get stuck.

That's it for me down here in Dallas. Jim

3 bucks a box does not seem unreasonable
HH
Rich

Rich Hartford · Jun 22, 2010

jim4silver said:
It's weird how fast all these banks went from no fees to fees. I have not ordered boxes in a while so I don't know if things have changed where I am.

Maybe at the bank management levels they are all talking about the high volume of CRHers and they want to find a way to make a buck or two off of it, or to discourage it?

I would imagine too that if the banks really had flat fee arrangements with the coin couriers, at some point in time the couriers would demand more $$$$ for having to haul tons of boxes and remove tons of dumps each week. Especially if they were used to a certain lower level of coins each week that they hauled and then over time had to move all the halves back and forth.

Jim

The fees have nothing to do with CRHers. There are probably less people doing this hobby than there are banks.
Back in mid may I read an article that the central government is going to impose some new type of tax on banks,starting on July 1st. The costs are most likely going to filter down to the customers.
Recently I read the free checking will be a thing of the past as well.
Oh well, it could be worse,they could censure free speech on the internet.
HH
Rich

Rich Hartford · Jun 22, 2010

Iheartmoney said:
Just the other day, I went to my 2nd dump bank (Capital One) to cash in $40 in halves. I was so use to putting my coins in the tray and pressing go, that I didn't read the fine print. They charged me a 10% fee . That's $4 dollars I could have bought other halves with!! This is crazy!!

Outright thievery!

Silver Stripe · Jun 22, 2010

I lost 3 banks last week, two just can't do special orders anymore, the third one brung up the fee thing (she was gonna check on it), will find out tomarrow if they will wave it or if they want to pay to send the halves back cause 7.5/box is outrageous. HH all, Mark