My silver take - Bank Fees = net loss

[wharghoul]

This week's take has yielded 3 40% halves. Bank Fees for said boxes totaled $42. The breakdown of my fee schedule is $5 per visit and $4 per box. I made 2 visits for a total of 8 boxes.

This results in an approx. net loss of $28

I typically need to avg. 1 40% silver half per box to break even on the fees and it's been slim pickings lately.

Over the last year or so I've gone from primarily hunting for customer rolls to now doing primarily boxes with the occasional customer roll pick-up.

For now, with the silver price at $40+, the fees are worth it. It's pay to play around these parts.
However, I'm charting my results and running a trendline of the diminishing returns.

It's been an interesting journey and I still love to play the game....

 

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[MentalUnrest]

Why are you ordering from a bank that is charging you? I guess if that is the only bank within 50 miles then I understand. I have had 3 banks tell me they are going to start charging me $5 per box. That was when that account was closed and I opened another account. I have accounts at 7 different banks now all with multiple branches. I would never pay a fee for ordering boxes.

 

[wharghoul]

Never say never...I fought the bank fees and made a huge fuss at first. However, I eventually went back to them because every other bank in my area either refused to order or wanted to charge even more. One bank told me they would order boxes for an $89.00 fee per box.

I don't think there is much time left to our little game. So, I can sit on the sidelines with my head held low or I can get back out there and get the silver while I still can. I'm still paying well below melt and some weeks I do really well and the banks fees are no problem. Two weeks ago I ended up with just over 20 oz. of silver for $45 in bank fees. I'll take that all day long.

 

[Diggin-N-Dumps]

That Sucks man...I can tell you..the moment they start charging me....Even If it was 1 dollar a box.....Im done with it..Luckly ive never heard of any banks charging around here, but again i dont go and order my boxes from the same banks either..

 

[FingerGrime]

One bank told me they would order boxes for an $89.00 fee per box.

OMG what the hell! That is insane!

 

[clovis97]

Wow...

I've had 14 skunks in a row, so from my perspective, I'd never pay for boxes. I can see where you are coming from though, if my boxes produced 20 ounces of silver for $45, my attitude would be different.

 

[jim4silver]

Whargoul,

I would imagine that nearly every CRHer on here loses $$$$ CRHing (halves and dimes) if you factor in fuel costs, mileage on their vehicle and value their time at even 1 dollar per hour.

That is except for the few lucky newer posters on here who seem to find silver in every box, but they are the lucky ones.

Jim

 

[WormtownFJR]

Whargoul,

I would imagine that nearly every CRHer on here loses $$$$ CRHing (halves and dimes) if you factor in fuel costs, mileage on their vehicle and value their time at even 1 dollar per hour.

That is except for the few lucky newer posters on here who seem to find silver in every box, but they are the lucky ones.

Jim

Absolutely...For every WINNER posted here there are what, twenty skunks? Not no mention the minor producing boxes. This forum makes what is really a hobby look like some sort of get quick rich scheme. Also, not many on this forum account for time and fuel. You'd do a lot better with a part time job (especially if the job involves coins) and use the money from that to buy silver.

 

[legend76]

That Sucks man...I can tell you..the moment they start charging me....Even If it was 1 dollar a box.....Im done with it..Luckly ive never heard of any banks charging around here, but again i dont go and order my boxes from the same banks either..

Same here!

As far as the posts about time and fuel, I pick up when I am in town anyway. I search at night sitting in front of the TV watching sportscenter or something else I would have been watching anyway. That's why most call it a hobby .

 

[dave5710]

I think banks want to discourage the ordering of boxes, because they don't want to deal with the dumps. What if they ordered the boxes and you never returned for them. And when they do get dumps all the can do is send them back. And that costs money.

Jim4silver has a point about expenses. I only stop at my banks when I run my regular errands, with the exception of 2 road trips I took last year while I was on vacation from work. The down side of my method is I won't run errands on Sunday, when there are times maybe I should.

 

[clovis97]

Yeah, me too. I only stop at banks that are on my route somewhere.

Gas is 3.89 a gallon here, which is a big factor in why I don't road trip.

 

[wharghoul]

You know, maybe it's that i'm getting a little older, but I tend to look at all the changing variables of CRH and I look for the opportunity. I've always been a 'glass half empty' type of guy, but I can't help but see the positives in my recent hurdles. This is news for me...I guess I'm turning into my dad.

First, regarding the bank fees, at $4-5 a box I only need to avg. one 40% coin per box to break even. The fees will stay the same, but in my opinion the silver price will continue to rise over the long run. So, my net expense per box will actually go down over time (assuming my finds stay consistent)

Second, In the 6-8 months leading up to the imposed fees, the competition was getting a little thicker around here and my box orders kept getting sniped. I didn't blame the other CRH for that, I was more disappointed that the tellers weren't looking out for me a little more, I learned a little bit about their loyalty or lack there or.

Anyway, since the fees have been imposed, the # of CRH's ordering boxes has fallen off, the fees scared the little fish away. So now, it's just me and one other guy ordering from my main supply bank. The bank orders between 12 and 16 boxes a week and they split them between us. It's actually been a very straight forward affair. Now that I'm paying the fees, it's as if I'm paying for the service of them ordering halves and as a result my expectations of service have gone up. They no longer act as if they are inconvenienced by me ordering boxes. It's a much more professional arrangement now and believe it or not the tension that once existed is completely gone.

Diggin-in-Dumps, I respect your opinion, but your statement about even being charged $1 is enough to make you quit is exactly what I'm talking about. That stance is based on principal and I respect that, but it's not based on logic or looking at the bottom line. If you mean what you say, then if you were my competition before the fees were imposed, then you would no longer be my competition in my current environment. Nothing personal, but that only increases my chances of quality finds if some of the usual hunters around here start to bow out because of fees.

Lastly, regarding gas prices, I look at the higher prices as an opportunity too. CRHs in general will be less inclined to make road trips, so in theory, wouldn't the potential for better finds increase for me if I know the little towns to the north of me aren't getting hit as hard by other searchers. Just a quick thought on that, think my argument's actually pretty week on this last point but I threw it out there anyway.

I'm not stupid, I don't just fork over the fees because I've got to feed my CRH addiction. I track my costs associated with the hobby: Gas, fees, wrappers, etc.....Yes, i said wrappers, about half of my dumps are in bags and about half get rerolled so I can get immediate turn-a-round on cash. It's a pain trying to find wrappers, many banks rarely have them these days so I ordered $100,000 or 10,000 wrappers a while back. It only cost me $30 including shipping and it's been worth it for me.

Back to my point, I will continue to work this arrangement with my bank as long as it is profitable. My loomis boxes that I get from this bank overall have been very consistent, with some bad weeks and some great weeks mixed in, nonetheless, so far the fees make fiscal sense compared to giving up.

My free Brinks boxes that I get from another branch are another story, it's skunk city lately with those guys. If that bank starts charging fees then I'll probably cancel my box orders.


-PS Last nights 3 boxes:

Bank fee $17

Box 1 2 40%
Box 2 3 40%
Box 3 11 40%, 1 Ben

 

[Mentone Grizz]

"...I guess I'm turning into my dad."

wharghoul;
There is no denying the uncanny resemblance!
Messing with you, Grizz