Got pulled into the office at my dump bank

[cs15]

Last Friday when I got home my wife told me I got a call from the manager from my dump bank. I figured something was up so I tried calling her back but she was out of the office. Then yesterday I goto the bank and dump a little over $500 into the coinstar machine in the lobby. Then I take the slip up to the teller to get my money and she says wait here one moment and then slips into the backroom. She returns and says the branch manager wants to speak with me. I had a feeling this was going to happen. So I sit down with the manager and she tells me that they ran a report on the coinstar machine and noticed that I have been using it alot and noticed that I have only have a $5 balance in my account (the min. you have to have in the account). She then says it costs them money to have the coinstar machine and wnats to know how they can get some of my business (money). She then starts telling me all about their CD's. I said I'd think about it and left.

Now should I open up a 1 year CD just to make them happy or say whatever and just continue what I've been doing. Their CD rates are lower than the savings account rate on my ING account.

 

[kestrelia]

I think you should give them some business. Getting the use of a free coin counting machine for CRH amounts is worth alot. Even if you put in $1,000 say and make poor interest on it, the difference between that and a good gain will be out done by the silver your finding, presumedly.

I got called in by a manager once too. Even though I've had my primary checking account with the bank for about 15 years she still was upset by the amount of coin I was putting in their machine. I made the point that I always let others "pass through" me when I was at the machine and did all of my dumping early in the morning when no one else needed the machine, but it didn't help. I've since used other branches of the same bank a bit more.

Brian

 

[XX]

This advice only applies for branches of medium to larger banks that get ranked based on sales. They would be happier if you opened multiple accounts with little money in each versus one big account.

For smaller banks, they are more focused on the dollar amount.

Talk to the manager and find out which approach works better for them. You win even more brownie points by letting her decide who gets the referral (but don't ask about that in front of the other tellers).

Obviously you can't open a new account every month, but you can open a few different accounts spaced out about a month each. A kids savings first with $50. A credit card next month. A money market with the minimum the next, etc.... For larger banks, those sales numbers are pretty important.

 

[cavers5]

First, how do they know it's you using the machine a lot? Do you have to swipe a card? Or are some of the tellers jacking their jaws? It's your business and the bank should be appreciate that you've chosen their bank to do your business.

The Coinstar machines around here are at our grocery stores. Perhaps you could check around for those.

Cavers5

 

[cs15]

They write my account number on every coinstar slip I hand to them.

If I used the coinstar at the grocery store it would deduct 8 or 9 % from the total. I can use the coinstar at this bank for free as long as I have an account there.

 

[Pocket Treys]

I would defenitely open something small there...even if it is dropping $1,000 in a CD to keep them happy.....you will end up kicking yourself while you are rollnig coins for hours and hours about why you did not just do that one small thing to keep someone feeling like they made you more of a customer

 

[Silver_Fox]

When you open an account at a bank with a coin machine for the sole purpose of dumping ask these questions in a general manner:
Oh, I see you have a coin machine
Are there any fee's?
Is there a limit on how much I can put in?
Is there a limit on how many times per week I can use it.

Write down the questions asked, the answers and who told you them. Then when they try and change the rules you have documentation. Works every time.

This is what I did to the bank that tried to change the game on me.
Heck with puting in $1000
I started the account with the min. of $300 with no fee's. I have dumped probably 50K at it. They are a bank. Deal with it...............LOL

 

[cyberdan]

Just last week I stopped at a grocery store branch of one of my main bank accounts. I only use this branch at the most twice a month and I only bring in small amounts of rolled coin. (never more than $200 and never bags)

It is always only 2-3 tellers cause this is just a hole in the wall branch. They are always surprised to see so much coin. (little do they know how much I really recycle)

Well when I brought in only 15 rolls of halves I am shocked all three teller chairs are filled and 4 people are standing behind them. The whole back area is filled and I am the only customer. Then the normal questions start, I thought I was in a police interrogation room. They were all polite but too nosy. Then I got the hard sell from my teller, he wanted me to open up a credit card account, I told him I already had too many cards. Then it was the "protect your identity" sell at about $14 a month. As he was giving his sales pitch I noticed heads nodding in the back area. I wonder if this was a sales instructor team that goes around to small branches and teaches them to up sell their products.

I hate that at burger joints also.

Would you like fries with that .....NO IF I WANTED FRIES I WOULD HAVE ORDERED FRIES!!!!!!!!

 

[Hydrantman]

OK... here is my advice....

On your next visit, dump as usual and take the ticket to the teller. Only this time just deposit the money into your account. Then in a week or so, take the check card you probably get with your account and just pull the cash or some of it out of the ATM. Boom! now you have transactions on your account and they have nothing to complain about.

I opened a new account last month at a new bank because they told me they would sell me their full bags out of their machine. I did ask if they charge for rolls and they said yes but when asked about the bags, they said no charge but I would have to wait till they are full and pulled off the machine. I gave them my number and said I'd be there when they call. Then the next day they call me and tell me that they are not allowed to sell me the bags. They just became a new dump bank for me that day and I've been there every week for the past month dumping nothing but halves. They haven't complained yet but I'm waiting for that day. Hopefully that won't be for a year because they have a $25 penalty for closing any account less than 12 months old. I only have $20 in it to begin with.

 

[Silver_Fox]

Keep this in mind. If they jam you up about dumping, ask to see the manager. Explain there classic bait and switch they pulled to get you to set up your account, make mention of Federal Banking Laws, and then watch how fast they change there tune.

 

[packerbacker]

I drove 14 miles to the local Indian casino this last Sunday and dumped $1465 in halves with no questions asked. On the way out hit a slot for $250 of their money. We have a bank in town now that has a coin counter for free use if you have an account. I don't know if I want to use it or not. They probably won't give me $250 if I do use it.

 

[mrs.oroblanco]

The coin machines around here charge you to count the change, so its not an issue.

If it's convenient for you to go to that bank, though, I see no reason not to give them some business if you want, since you do use their free services.

B

 

[cs15]

Re: Got pulled into the office at my dump bank *UPDATE*

Well I opened up a cd with them last week to get some "activity" in my account in order to use the coinstar machine for free. The manager said this would be good enough to keep me from having to pay the fees. Well low and behold yesterday after I dumped the coins and took my coinstar slip to the teller the manager calls on the the phone and wants to speak with me. I thought maybe it would be a thank you for opening up the cd. Nope, it was to tell me that her bosses said it wouldn't be enough and they would have to start charging me from now on. Needless to say I was pretty ticked off because they lied. I asked for something in writing and she said they don't have anything becasue I've been the first one who has dumped this much coin (she said over $25,000 in 6 months ). So I'm going there today to close out my account. I guess I'm stuck with going to my other bank and putting the coin into those plastic bags and waiting 1 or 2 weeks for it to be counted and deposited into my account.

Oh, the bank was Security Credit Union in the Flint, MI area. Please feel free to use this bank for LOTS of dumping!!

 

[TreasurdiggrNY]

Re: Got pulled into the office at my dump bank *UPDATE*

Well I opened up a cd with them last week to get some "activity" in my account in order to use the coinstar machine for free. The manager said this would be good enough to keep me from having to pay the fees. Well low and behold yesterday after I dumped the coins and took my coinstar slip to the teller the manager calls on the the phone and wants to speak with me. I thought maybe it would be a thank you for opening up the cd. Nope, it was to tell me that her bosses said it wouldn't be enough and they would have to start charging me from now on. Needless to say I was pretty ticked off because they lied. I asked for something in writing and she said they don't have anything becasue I've been the first one who has dumped this much coin (she said over $25,000 in 6 months ). So I'm going there today to close out my account. I guess I'm stuck with going to my other bank and putting the coin into those plastic bags and waiting 1 or 2 weeks for it to be counted and deposited into my account.

Oh, the bank was Security Credit Union in the Flint, MI area. Please feel free to use this bank for LOTS of dumping!!

I'd be ticked off too, I would also make sure the Manager and the "Bosses" got a piece of my mind too. They can't give you anything in writing because you're not doing anything wrong and figure they can bully you into sticking it to you. Good Luck,
Glenn

 

[LJ]

My two cents CS....I'd give them some business. In this hobby....no hassle dumping is very essential. Throw them a bone........

I ran into a similair incident about 4-5 weeks back. I was dumping about 4K into a coin machine when the manager walked up to me and pleasantly asked to speak to me when I was done. With a smile I said no problem. I knew this would happen sooner or later so I already had a plan.

This is the bank (several branches locally) that offers free service to anyone even if you do not have an account there because they actually want your coin. It all goes to the main branch where it is rolled, boxed and distributed to the branches as needed. This way they do not have to order coin from the Fed thus saving them money over the long haul. The problem is they really don't want halves.....lol. I know this....no one uses them any longer.

Anyway, I would spread my dumps around at all of these branches so as to not burden any one branch. Well, with the volume I do it apparently became a problem. This manager told me they had a meeting with all of the branch managers one afternoon concerning my dumping. I was filling their their bins so often that each branch had to increase the quantity of bins they kept at each branch. Then the maintainence issue on the machines came up. I was told I was considered a commercial account due to the volume.

This is what they proposed. They wanted me to bring in my coins in bags to this one branch and they would send them to the main vault to be run through the big commercial machine and credit my account. This process takes about 3-4 days. Another words I would not get my money for 3-4 days. I told her this doesn't work for me. I needed that money right then because I had more coins to buy same day or the very next at the lastest. With her proposal it would take me working with about 16K for this system to work.

This is what I proposed.......they have coin scales where you can weigh the coins in the bag. Of course the bag has to contain the same denomination. It tells you how many coins are in the bag with a dollar value. Then I could get my money on the spot and they could then send the bags to the main vault to the commercial machine to run. If it is over or under they could then credit/bebit my account at that time. She said she would look into it and get prices on the scale and get back to me.

This manager and I hit it off right from the start. She had pictures of her kids on her desk so I brought that up before we even started to discuss the issue to soften her up so to speak....ha. I understood their issues, which were legit issues and she understood mine. I needed this bank for dumping otherwise I would have to roll everything which I seriously didn't want to do. She called in a couple of days and told me she purchased a scale. It cost $350. Within a week of our meeting they were weighing my coins.....tagging the bag with the amount the scale read and putting my account number on the bag so when the main vault would run them they could credit/debit my account. The scale is not as accurate as the coin machine and I think it is due to the wear on the halves. It seems to be off about $3-$4 per bag. I was concerned about it so I keep records on the bags I bring in to make sure they credit my account and just like she said......they do credit my account and so far it has been working great. Her friend is in charge of the guy that runs the machine at the main vault so she called her friend while I was standing there to explain what the scenerio was to make sure it happened.

I had $25 dollars in this token account at this bank just for the use of their machine. Due to the efforts from this manager, I moved 10K from one bank to this one to show my appreciation. I'm not losing anything because I am getting the exact same deal on the 10K as I was from the other bank. I don't lose anything by doing this but I don't gain anything either.

This actually has worked out better for me. I don't spend near the time inside the bank as I used to. I am in and out in a few minutes instead of standing at the machine dumping 4K. As soon as I walk in she assists me personally or gets someone to assist me.

This manager has transferred to another branch last week. Two weeks ago when she told me about the transfer she said she already ordered another scale for that branch. It is now in operation and I use both branches. She put the scale in her office, which is always open, at the 2nd branch. They even provide me with clear heavy duty bags with handles to bring my coins in.

I know it is still costing this bank money because my coins are the only coins they have to send back to the Fed. I just can't figure out why they made it so easy for me since I cost them money.

Anyway, my dumping woes have gotten a whole lot easier.

 

[TxTim]

My two cents CS....I'd give them some business. In this hobby....no hassle dumping is very essential. Throw them a bone........

I ran into a similair incident about 4-5 weeks back. I was dumping about 4K into a coin machine when the manager walked up to me and pleasantly asked to speak to me when I was done. With a smile I said no problem. I knew this would happen sooner or later so I already had a plan.

This is the bank (several branches locally) that offers free service to anyone even if you do not have an account there because they actually want your coin. It all goes to the main branch where it is rolled, boxed and distributed to the branches as needed. This way they do not have to order coin from the Fed thus saving them money over the long haul. The problem is they really don't want halves.....lol. I know this....no one uses them any longer.

Anyway, I would spread my dumps around at all of these branches so as to not burden any one branch. Well, with the volume I do it apparently became a problem. This manager told me they had a meeting with all of the branch managers one afternoon concerning my dumping. I was filling their their bins so often that each branch had to increase the quantity of bins they kept at each branch. Then the maintainence issue on the machines came up. I was told I was considered a commercial account due to the volume.

This is what they proposed. They wanted me to bring in my coins in bags to this one branch and they would send them to the main vault to be run through the big commercial machine and credit my account. This process takes about 3-4 days. Another words I would not get my money for 3-4 days. I told her this doesn't work for me. I needed that money right then because I had more coins to buy same day or the very next at the lastest. With her proposal it would take me working with about 16K for this system to work.

This is what I proposed.......they have coin scales where you can weigh the coins in the bag. Of course the bag has to contain the same denomination. It tells you how many coins are in the bag with a dollar value. Then I could get my money on the spot and they could then send the bags to the main vault to the commercial machine to run. If it is over or under they could then credit/bebit my account at that time. She said she would look into it and get prices on the scale and get back to me.

This manager and I hit it off right from the start. She had pictures of her kids on her desk so I brought that up before we even started to discuss the issue to soften her up so to speak....ha. I understood their issues, which were legit issues and she understood mine. I needed this bank for dumping otherwise I would have to roll everything which I seriously didn't want to do. She called in a couple of days and told me she purchased a scale. It cost $350. Within a week of our meeting they were weighing my coins.....tagging the bag with the amount the scale read and putting my account number on the bag so when the main vault would run them they could credit/debit my account. The scale is not as accurate as the coin machine and I think it is due to the wear on the halves. It seems to be off about $3-$4 per bag. I was concerned about it so I keep records on the bags I bring in to make sure they credit my account and just like she said......they do credit my account and so far it has been working great. Her friend is in charge of the guy that runs the machine at the main vault so she called her friend while I was standing there to explain what the scenerio was to make sure it happened.

I had $25 dollars in this token account at this bank just for the use of their machine. Due to the efforts from this manager, I moved 10K from one bank to this one to show my appreciation. I'm not losing anything because I am getting the exact same deal on the 10K as I was from the other bank. I don't lose anything by doing this but I don't gain anything either.

This actually has worked out better for me. I don't spend near the time inside the bank as I used to. I am in and out in a few minutes instead of standing at the machine dumping 4K. As soon as I walk in she assists me personally or gets someone to assist me.

This manager has transferred to another branch last week. Two weeks ago when she told me about the transfer she said she already ordered another scale for that branch. It is now in operation and I use both branches. She put the scale in her office, which is always open, at the 2nd branch. They even provide me with clear heavy duty bags with handles to bring my coins in.

I know it is still costing this bank money because my coins are the only coins they have to send back to the Fed. I just can't figure out why they made it so easy for me since I cost them money.

Anyway, my dumping woes have gotten a whole lot easier.

This could be even more dangerous for the imperiled, rare silver in LA.
Nice move LJ!

 

[LJ]

Thanks Tim. I am still just tickled pink how things have turned out on this issue. It has truly gotten better with this new dump system.

Maybe I should increase my volume since this system will free up a little time....ha!

 

[RON (PA)]

I would try to stay away from CD's. A money market might be a better alternative. Just a thought.

 

[Scalper]

Cool beans LJ 8) now that is a system u have set up...hhehheheh dont know how you pulled it off but glad u did ....dumping is a pain in the a$$ So I guess it time for you order more lol...


Sure I see some off get away with all the perks and some of us have to roll them ,screw around dumping them and after a 1000.00 they have the pohlice knocking on their door asking questions ...hmmmmm that makes me really wonder ha J/K ....again kudos for this set up

 

[rmptr]

Certainly is a predicament.

I always grin when I see folks use that 'hobby' word.

Gets down to the dollars and cents of it when folks quickly act like it is NOT a hobby.

Of course it's not.

It's called gleaning, and it's a real business. A profit venture.

I would not leave any considerable amount of money with a bank.
Longer it is there, the more you lose to inflation.
More you give them, more you lose.

Better to spend every nickel you have on popsicle sticks.
Next week, month, and year they shall have appreciated in value.

If CRH is known to bring a % return, carefully weigh the cost of doing business with a bank and determine if it falls within acceptable parameters for overhead of your CRH business.

As your 'partner,' they are surely entitled to some portion of your profit.

I've had both good, and poor business partners in the past.
A quick separation from the bad ones was always wise.
Even the best ones lost value after some period of time.

Best to keep things fluid, and dynamic.
Change, is good.

HH
rmptr