Monthly Service Fees Are They Worth It

[solielj]

So, I found a few banks that don't have any monthly service fees but I'm looking to do large volumes because I'm basically done working for the year. I work in landscaping and usually take from Dec. to Feb. off. I'm not looking to get rich on CRHing but at least breaking even would be nice and if I make a little money having fun it's worth it to me. I'm just wondering if paying monthly service fees to banks is normal and if it's worth it. The question is for people who do large volume and have multiple bank accounts. Do you guys pay monthly service fees?

 

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[SilverForBrains]

free credit and checking accounts are the way to go.

by the way you don't work for Loss Prevention do you?

 

[namster]

It is impossible to answer this question without knowing how your area produces.

 

[mercury1]

I am very stubborn about not paying fees. I have one bank that will order me halves and they want to start charging me a monthly fee on dec 1. I'm going to talk to them about it but ill close my account rather then pay their stupid fee.

 

[maine_Jim]

Depends on what you get for the fees. If you can order all the boxes you want and bag dump for cash on the spot then it could be worth it.

Maine_Jim

 

[kfs]

If you are looking to do large volume then you will be paying fees.

It is a part of the process. Banks do not take bags and bags of coins for free, week after week.

 

[bigscores]

If you are looking to do large volume then you will be paying fees.

It is a part of the process. Banks do not take bags and bags of coins for free, week after week.

This. I pay about $50 a month in fees. Worth it.

 

[ArkieBassMan]

Depends on what you get for the fees. If you can order all the boxes you want and bag dump for cash on the spot then it could be worth it.

Maine_Jim

This.

 

[BuffaloBoy]

some member on here was charged $1 per $100 dumped... That means that it would cost:
$1 per 4 boxes of pennies dumped...
$1 per 1 box of nickels dumped...
$1 per 20 rolls of dimes dumped
$1 per 10 rolls of quarters/half dollars dumped... some deals work best for small volume, not large volume.

 

[thripp]

I do not pay any fees but some of the banks I return to are far away, so it would definitely be worth paying a fee to not have to spend so much in gas, depending on how high the fee is.

 

[FloridaFinder]

I don't pay any fees but most banks require $250 - $300 minimum balance to avoid fees. My two credit unions limit the coin counter usage to $100 daily in one and $200 daily in the other. Any usage above that in one day and they charge a %.

 

[The_EE]

One bank I use charges a $3 a month fee, I dump $4,000 a month there. I have even scored some silver from them and occasionally take bags of pennies off their hands when I need something to do.

 

[thripp]

I have over $1000 tied up in minimum account balances to avoid monthly fees... and I am a college student.

 

[50cent]

If you are a member where you dump, then keep alot ($300 or so) of the money in the account. They treat you like a customer, like you're loaded, bringing all these coins in; tell them its from your stash. Never had a complaint and dumped well over 1k worth of coins in a day with zero fee's.

 

[Jeffro]

Skip the monthly fees and take your business to a credit union. Preferably with a coin machine

 

[maverick]

It also depends on what you consider Large volume, I only use 2 banks and 6 to 8 of each ones branches for dumps and pickups, I am now doing 12-14 boxes a week, if I had the bankroll, I could easily increase those numbers to 30-35 boxes a week, which to me would be a high volume, to others it may not be such high volume. Now I do drive allot of distance though to do my hunting and dumping some weeks though, so another bank account would help cut down the travel time. I would definetly put more stake into your dump bank though, I have a lot in mine ( 25yrs same account and investments) so that will help alot in the dumping larger amounts area of this hobby, I don't pay any fees for dumping or picking up and the banks give me my bags to dump with for free. Lots of branches and small orders (2-4 boxes) I find works best to fly under the radar of bank managers eyes. This is just what works for me, everybody does something alittle different though. By the way, I run my own lawncare business too, soooo ready for the Winter break too! HH, Maverick.

 

[quiksilver]

I have about 30 bank accounts and pay no fees. I just have to keep certain minimums and post activity between 3 months and 3 years.

As for being worth fees that would depend on if you find silver or not at a bank that you pay a fee. From my own experience I can tell you some banks I go to have quite covered minimum balances .