How Does it work?

marshal

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Hi i know that when you purchase 50$ worth of pennies from a bank and then when you go give it back all they count is the # of rolls and as long as they look like they have 50c inside they dont bother counting.My question is that i know that starting from nickles and up they make sure that each roll has the exact amount in them.So could someone explain to me what happens if i buy 150$ worth of nickles and then want to return it to the bank , do they unwrap each roll and count or is there a diffrent faster and more convienient way that they do this? The reason i am asking this is because i dont want to look like an ass if the teller has to count 5000 or more coins and at the same time i am holding up the line.

Thanks for your help guys.
 

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Dont they have auto coin counting machines? Banks around here wont even take hand rolled coins. You bring em in a sack and they dump em in the counting machine!
 

Most modern banks have coin counters, In fact most of them I have delt with for returns wont take em rolled, they have to be lose so they can run them though.

Some banks will take hand rolled no questions asked if its a small amount, if you go in with 2 penny rolls 3 nickels a couple dimes and some quarters they are most likely going to figure you checked. If its off a bit its off a bit.

Some smaller and less busy banks roll all there coin machine coins them selves. It depends on how busy the place is. A busy bank will send off the lose coins to the fed for machine rolling and pay the fees.
A less busy bank that has tellers with nothing better to do will have them roll coins when its slow to better utilize them as an asset.

Some banks are very anal and require an account number on hand rolls so if it is off they can debit your account.

But most busy banks accept the fact that no matter how careful you are you will always have a balance sheet off by a bit, it just happens. Anyone who has worked as a cashier knows this. Human error dealing with lots of money will make a balance off a few coins or dollars. So long as its very close its what matters.

Also as a courtesy I would not take coins you got from your bank back to the same bank. It does cost them money to order boxes, and it also costs them money to take them back in. Best to get coins from one bank that you can work a good repore with, and then after searching take them to another bank with a counter so you dont have to re roll them, working with multiple banks works best as it does not draw too much attention. The last thing you want is everyone in your community doing the same thing, that would put a crimp down on CHR real fast because banks can say no.
 

I guess my banks are just REALLY trusting!!!!!! .... or I just look REALLY trustworthy (LOL). I bring back the rolls and they give my either more rolls or the cash for it.
 

thanks for replying it really helped!!! :)
 

I live in a small town and everybody wants it rolled or run it through the coin counters myself. Only one coin counter in town is free.
 

At least you HAVE a coin counter. I AM the coin counter in this town lol.
 

no coin counters at any of the 80 or so banks within 20 miles of me... gives me arthritis just thinking of all those rolls I do every week... ::)
 

I have 2 coin machines in towns 10 and 20 miles form me. All the banks here take rolled coin. Only one wants acct. numbers on them.
 

There again, my banks must trust me tremendously. They say that they need acct# on them but they have told me not to bother. They would know how to get a hold of me if needed. They should, I'm in there every 2-3 days.
 

If you want, you could try going up to a teller that is usually there and explaining that you are a coin collector and will be depositing (or cashing out) rolls of coins frequently. This way they know you did count what is in the rolls. Usually after the first or second time they realize that you come in enough and that you aren't trying to rip them off. Now, again, I say 'usually' because some banks have policies that they may be required to count the coins or whatever, you just don't know. Try explaining your situation and usually it works out in your favor.
 

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