I need help avoiding these foolish bank fees !!!

[Howeburger]

Where can I get boxes of halves without the charges? The bank tells me they get charged by the fed to carry the halves in that (box) amount. What the hey?

Thanks

 

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[cyberdan]

Where can I get boxes of halves without the charges? The bank tells me they get charged by the fed to carry the halves in that (box) amount. What the hey?

First off, I do not think the "fed" carries halves to them. (There was a good story here recently about how the fed delivers to armored carriers who deliver to the banks. Can not find it now.) Brinks type companies do all the work. Yes, brinks is a business and does charge the banks for their services and they do need to make money.

BUT, and it's a BIG BUTT

Most banks have a contract with the carriers for so many pickups and dropoffs per month. One of my dump banks explained how their contract worked. They have to stop by anyway so the bank does not care if I bring one bag or several per month. In the banks literature about deposits it says I can deposit up to $20,000 per month in cash/coin.

Now, I assume it is the same when ordering coin. They have to drop off any way. So what is a few extra boxes? I have never paid a fee and have gotten about 145 boxes from 3 different banks over the last year.

My suggestion is talk to the merchant teller. Ask how many they can get you per month without fees. I have one credit union that will only get me 2 items per month (boxes or bags, my choice) Line up several banks and you are in business.

Now you need to do the same thing dumping your rejects. A new bank just opened near my office and I went in for a visit. I asked a lot of customer type questions and slipped in a few about dumping. (can I deposit bags?(YES), is there a limit?(NO), will they be credited immediately?(YES)) They may become a new dump bank.

 

[jewelerdave]

getting coin from multiple banks help as well. A good way to sort of stay of the radar is getting boxes at multiple banks that way you dont become burdensome. When I first started I got greedy and had one bank ordering me a lot of boxes per week and they they wanted to charge fees and then thought that I was melting them all down so they refused to order more. Despite the fact that i was just collecting them, unfortunately that bank is a lost cause now.
Some of my banks just order weekly along with the rest of there coin and its never been a problem. They always smile and head to the valut for me or tell me they have 1 or 2 boxes.
this allows me to search 3k to 8k per week of halves with out paying fees.

However there are some CRH in my community that do order boxes and pay the fees. One bank said they had two customers that got one box each week and paid $7 per box.

Some banks have set limits on how many halves you can get $100 worth at a time. As some CHR here have been a problem.

Some banks will also feel that your redepositing the coins you got with them at a different branch costing them money, This has only happened at one branch but they also claim that sending a bag into the fed costs them $50...yeah right.

Strange enough I have another bank that wont order me halves unless I redeposit most of them back too them. For every $1000 ordered they want me to deposit most of them back each week.

I guess it just depends on bank policy.

One bank a town over from me has one guy who buys 10 to 12 boxes a week and deposits them at a wells fargo, and they are used to taking bags and bags of halves, its normal too them, a great single dump spot.

Otherwise I find for dumping its easier to dump at multiple banks that wont order halves. This also has the benefit of getting halves deposited back into fed boxes as you will get your own coins back, but you want whats in those bags! If they have a policy of not selling bags this gives you a crack at getting at them.
I find that if I hit a few different branches for dump and only show up in there eyes once every couple weeks or months. They dont mind it. For the banks I dump at and abuse I also keep my business banking there and deposit checks and do my credit card processing though them as well. They cant complain as I make them good money.

Time and experience will allow you to find what works best with the people in your community and bank policies. Best advice is to just be as nice too them as possible. It gets you a long way, free non US coins and lots of silver!

 

[GMan00001]

Where can I get boxes of halves without the charges? The bank tells me they get charged by the fed to carry the halves in that (box) amount. What the hey?

Thanks

I have yet to pay a fee for a single box of halves, but then again I rarely order them. I usually just get what's available.

 

[Silver_Fox]

Shop around. I've bought (and dumped) 98 boxes without paying a dime in fee's.

 

[Fropa]

Keep checking until you find a bank that will order without a fee. I have one bank that orders me 1 box a week and has for almost 2 years now with no fee. I have 2 other banks that order me 2 boxes when I call and ask them to without a fee. One bank ordered for me the first time with no fee but said I would have to have an account there to order them without a fee in the future. I opened a basic savings and get the boxes without a fee.

 

[Cat J]

I have four banks willing to order me ten boxes a week without a fee. They all say as long as we are ordering something we will get you boxes but if we are not going to order then we would have to charge to get the boxes. So I told them all if you have to order then order me boxes but if you have to charge me a fee then don't order for me.

Cat