new dump bank balks---think this may be the end for me

[silvercop]

as many of you know i had a problem a few months ago with my dump bank. they started charging me fees to dump (3.00 per bag) and required me to purchase the plastic bags (65.00 per case of 100). well, i went to another bank that i do business with and one that i currently have a few cd's with. i borrowed against the cd's and pay a monthly interest fee and life insurance on the loan and at the end of one year i bring the amount of the loan back to the bank. i went in with an appointment to see the bank manager and explained everything to her and told her what i would be doing and could the bank accommodate me without fees. she was quick to agree and i told her to be sure she knew what she was agreeing to and she said it would not be a problem. well, 3 months later i get a call and she says the bank has got to start charging me a fee of 6.50 per bag to dump because their armored car carrier (brinks) is charging them an overage fee on the amount of coins that they are sending in. sounds like a bunch of garbley-goo to me. i am going to go in tomorrow and use my cd's to pay the loan back (they really aren't earning me much anyway) and i think i am going to do dimes for a while. maybe about 5-8K a week. i think that i can spread them around a little easier between 3 branches with coin counters and maybe not draw attention to myself like halves do. i also plan to crank up my ryedale and do pennies for a while, and will probably take my md out of the closet now that the weather is warm and use it some.
the halves have been stinky for a while here anyway. i got 20 boxes today and i will post the results a little later, i am just taking a break from them for a few minutes.

 

[Kauka]

good luck in your endeavor
let us know how the 20 boxes went
looks like dumping will be a very "watched" item among banks

 

[d2arcing]

a big

but have you found coin counters to count dimes accurate? i have always been shorted

 

[jim4silver]

Good luck on the dimes. You are right that dimes are alot easier to dump than halves with respect to the tellers not b!tc!ng about them like they do with halves. I have only had problems with the self service coin counter that I use when it comes to dimes--it counts them as pennies. But when I dumped them at a bank where the teller operates the machine (a big, high-speed type of coin counter) the count was always right.

I think as more people get into CRHing (the trend seems to be going that way as opposed to the other), the old ways are going to be a thing of the past (free dumping, etc.).

Since a low percentage of any bank's customers are CRHers, they could give us all the finger and it would not affect their bottom line at all.

Jim

 

[fistfulladirt]

Good luck on the dimes. You are right that dimes are alot easier to dump than halves with respect to the tellers not b!tc!ng about them like they do with halves. I have only had problems with the self service coin counter that I use when it comes to dimes--it counts them as pennies. But when I dumped them at a bank where the teller operates the machine (a big, high-speed type of coin counter) the count was always right.

I think as more people get into CRHing (the trend seems to be going that way as opposed to the other), the old ways are going to be a thing of the past (free dumping, etc.).

Since a low percentage of any bank's customers are CRHers, they could give us all the finger and it would not affect their bottom line at all.

Jim

I agree Jim. I just lost my over-the-counter dime dumping facility, because they can't balance the vault. ffd

 

[Rich Hartford]

as many of you know i had a problem a few months ago with my dump bank. they started charging me fees to dump (3.00 per bag) and required me to purchase the plastic bags (65.00 per case of 100). well, i went to another bank that i do business with and one that i currently have a few cd's with. i borrowed against the cd's and pay a monthly interest fee and life insurance on the loan and at the end of one year i bring the amount of the loan back to the bank. i went in with an appointment to see the bank manager and explained everything to her and told her what i would be doing and could the bank accommodate me without fees. she was quick to agree and i told her to be sure she knew what she was agreeing to and she said it would not be a problem. well, 3 months later i get a call and she says the bank has got to start charging me a fee of 6.50 per bag to dump because their armored car carrier (brinks) is charging them an overage fee on the amount of coins that they are sending in. sounds like a bunch of garbley-goo to me. i am going to go in tomorrow and use my cd's to pay the loan back (they really aren't earning me much anyway) and i think i am going to do dimes for a while. maybe about 5-8K a week. i think that i can spread them around a little easier between 3 branches with coin counters and maybe not draw attention to myself like halves do. i also plan to crank up my ryedale and do pennies for a while, and will probably take my md out of the closet now that the weather is warm and use it some.
the halves have been stinky for a while here anyway. i got 20 boxes today and i will post the results a little later, i am just taking a break from them for a few minutes.

I have to agree that the banks are ripping you off with the fees. Just for laughs you should ask them for a copy of their printed fee schedule that they hand out to new business account customers, and see if it matches what they are charging you. I'll bet that there is a big discrepancy.
Whether you continue on or not, you have to admit that you have mined a lot of silver off of those swindlers .
Doing dimes is a good change of pace. They are all 90% and command a premium. If you do 8k a week you will probably get 3-4 oz.of 90% coins a week, and are bound to get a box or two of the 2009's which are still going for a lot of money.
I'm planning on doing the same thing myself as soon as I start getting skunk boxes, or if my dump banks cut me off. I have a whole bunch of dump banks lined up that don't take halves.
HH
Rich

 

[fistfulladirt]

Good luck with the dimes SC. If I searched 8k in dimes a week, I could pull 50-60 dimes, plus the numismatic coins.

ffd

 

[silvercop]

yea i will be the first to admit that i have pulled a LOAD of silver over the last 2 years. i have been seeing it decrease over time little by little. guess there is just too many hunters out there now. i plan on doing about 4K in halves a week and that wont hit me too hard with the fees. i am going to use the old dump bank that charges me 3.00 per bag to dump, and crank up the dimes to 5K-8K as long as i can dump the dimes without any fees and hassles. when the halves pick up again i will up my orders again. i am just afraid if i stop all together with the halves i will lose my arrangements with my supply banks.

 

[obediah]

Really do figure the seasonality to CRH'ing is a a major factor in finds. Come back hard in Sept.

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[silvercop]

hey obedia i am not leaving completely, just cutting the volume down. i am afraid if i quit i will lose the arrangements that i have. i plan to watch this board everyday and when the finds pick up i will crank it up again. looks like everybody is slow these days

 

[Rich Hartford]

hey obedia i am not leaving completely, just cutting the volume down. i am afraid if i quit i will lose the arrangements that i have. i plan to watch this board everyday and when the finds pick up i will crank it up again. looks like everybody is slow these days

SC,

I don't know what your stats show but last year in April, May, and June, were my worst months ever. I was doing mainly road trips and a few boxes. Most of the silver I got was doing dimes.July picked up big time and was good till the end of December. I think it is a good idea to keep your order banks open, even if you are just getting dimes. You don't want to lose that arrangement.
Rich

 

[Rich Hartford]

Really do figure the seasonality to CRH'ing is a a major factor in finds. Come back hard in Sept.

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Obe,
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Rich

 

[Kauka]

*sigh*
seems like dimes are a pretty good thing
just not impressed with the actual size / weight compared to the halves / dollars
nonetheless, . . . silver IS silver

 

[maine_Jim]

$6.50 a bag seems a little steep. You doing ten bags at a shot...I think I'd be cutting back too. I got stuck having to buy the bags myself. Funny thing is, I can ask for the bags at any other branch and they will hand me a half dozen. I bought one box and haven't finished it yet. They start charging me a fee like that to take bags and I'm done with boxes for a while and will be down to just customer rolls and dumping them in a sorter.

Maine_Jim

 

[obediah]

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[mountainman 2]

Sorry to hear about your troubles SC. Do you have any TD banks in your area, they have free coincounters even to non costumers.
Obe, is there any good news?

 

[obediah]

Sorry to hear about your troubles SC. Do you have any TD banks in your area, they have free coincounters even to non costumers.
Obe, is there any good news?

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[obediah]

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found a single very worn and dirty 67 today after hitting 5 Banks in town.

 

[obediah]

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I've supposed to have 10 Boxes 2sday coming- not expecting much, everyone is looking for Silver, I too get tellers telling me numbers of people stop in each day asking.

 

[silvercop]

there is no need to ask the tellers, you can see it for yourself if you spend any time in the bank. sometimes i hang around and just watch. it never fails. i see someone asking for halves or bringing in halves every week. in my area there everywhere. not long ago i brought a bag of halves into the bank and a guy stops me and says he wants to buy them from me. i sold them to him. bet he wont buy another off me