Potentially Bad News

[Rich Hartford]

My main bank, notified me that they may not be able to order me Halves anymore,as it is too costly for them. They still have to meet on this to make a final decision because an agreement was made in writing that I would only open the account on the condition that I would order up to 8 boxes of halves per week without a fee. They have been real nice to me at this bank, my halves are on automatic order,and always come in on time without fail. Plus, although I don't always get a lot,I get very few skunk boxes, and nearly always pick up Walkers and Bens.
Anyway they will let me know a couple of weeks ahead of time when a decision is made.
If I lose this bank I have others that I can order from, but they are not great producers.
So we shall see.
HH
Rich

 

[silvercop]

rich i can't believe all of these problems that everyone is having on the supply end. all of my problems are on the dumping end. i could get 50 boxes a week from one supply bank with no problems if i wanted them. the only thing that has stopped me is the problems i would face with the dumping. but i guess i should expect some problems in the near future going by all these problems others here are having

 

[JD-GA]

My main order bank snuck in a $25 fee for ordering $200 of nickels. So 50 cents per roll is my new fee. Of course i have other branches that wont charge me. But its coming. Sorry to hear that Rich.

 

[buckanear]

The bank I started with as a kid got my first boxes for me.They quit getting them and now are my dump bank.I hope you don't lose your good source.HH

 

[onfire]

The bank that I'm with for over 50 years has been bought out by a Chicago Based Giant compared to the local one I'm familiar with. There policy was to charge on everything coin rolls checking and large balances on saving accounts The Girl tellers have told me not to worry they won't charge me because I've been with them so long. Norm is 11 cents per roll They have told me one other CRH has been buying 8 box's every two weeks but doesn't use this one for dumping. One is a cherry picker but alerted me to the fact a box of Quarters came in with some edge roll silvers three of the girls found 11.25 in face silver They sold me the rest of the box which produced 9.25 in face. Sure hope Corporate stays away. Waiting for next Box.

 

[timbobwey]

I don't get why banks are having such big issues with people ordering large amounts of coin. It seems like a bank would just have to pay a set fee every week, or month for the service to bring any amount of coins in. I do know that they like to make a huge deal about people dumping large amounts of coin, which still shouldn't matter in my opinion.
Good luck Rich, I hope all goes well and that it works out for you.

 

[d2arcing]

I am sure you will fix it if needed, your a pro in this game

 

[Steve L.]

Rich,
Sorry to hear this, I'm hoping that everything works out for you so that you can keep the relationship with this supplier. It is good that you have a strong and positive customer relationship with these folks.

I have to say I've been watching your posts for a long time and have been happy to see what good results you are having. When things turn down and the silver comes only slow and with a lot of work, posts from guys like you help to keep us going.

I'm keeping my fingers crossed.
Best wishes,
Steve

 

[rileyboy]

Rich,
Sorry to hear that, but if anyone can make it work with them, it's you. If all else fails, It's back to Road Trippin'. Good luck and keep us posted.
rileyboy

 

[Rich Hartford]

Back in May I read several articles that by July banks will have to start repaying bailout money and other Central Government fees. I posted this info back then.
Of course some of the smaller banks did not get bailout money but are not doing so great with the state of the economy,and will according to what I read be eaten up by the bigger banks.
Anyway costs always filter down to the customers,and many of the freebies, free checking,free statements,etc. are becoming things of the past. Needless to say if ordering and or dumping coins is costing banks money,the results will be passed down to us,much to the detriment of CRHing.
My bank didn't even mention the "F" word, so they are not even offering to order coin with a fee. Of course I won't pay a fee. I might pay 50c a box if they carry them out to my car .
In any event, their(my banks) decision has not been finalized yet. They did tell me that they would give me a 2 weeks heads up if I cannot order which will give me time to drum up another source.
If a new source is found not to be productive,I may switch to multi boxes of quarters and dimes at least for a month.
Speaking of which I've got a serious itch to do quarter boxes. I think that they are an untapped source of silver. No one does 8-16 boxes of them. It's always one or two boxes here and there which really isn't a good indication of what could potentially be found. I did some quarter handrolls last year and got about fifty keepers without much effort.
HH
Rich

 

[SFBayArea]

When you have the meeting with the bosses.. why not bring in some treats cookies, perhaps a bottle of wine? If they get something out of it, that would tilt the decision in your favor. It would be equally as bad if banks charged fees for dumps.

 

[timbobwey]

I've never done boxes of quarters, but they could be good. Worth a shot.

 

[fistfulladirt]

I've never done boxes of quarters, but they could be good. Worth a shot.

Quarters just might be the new dimes, if you catch my drift. ffd

 

[CHAINCHOMP]

dang...that sucks, i hope it all works out for u!
also, i agree on the quarters...keep it up and hh!

 

[AGCoinHunter]

Dang Rich, that stinks. You sure have had the gravy train on those boxes over the past year. Just a word of caution, quarters are very heavily picked over. Not much 90% left out there in that denomination. I guess if you only did customer rolls you might get lucky but from what I hear boxes are awful. But it is nice to get a silver quarter because they have more silver content than a 40% half. I think dimes are what will ultimately get you more silver. HH and good luck.

 

[golden silver]

Could it be because of financial reform?

Golden Silver

 

[obediah]

Banks are really hurting and with the socialist Banking reform the Gooberment just put on US they will be even more under the gun- needing to find more creative ways to make profit to avoid shutdown and or total control by our socialist leaders; would not surprise me if they start charging just to have an account, soon.

 

[rileyboy]

Rich,
You might want to think about having a big bowl of chili the night before your meeting with the bank.
If they turn you down you can leave 'em with another "windbreaker" and walk out the door. Just my two cents worth. Hang in there.
rileyboy

 

[Rich Hartford]

Banks are really hurting and with the socialist Banking reform the Gooberment just put on US they will be even more under the gun- needing to find more creative ways to make profit to avoid shutdown and or total control by our socialist leaders; would not surprise me if they start charging just to have an account, soon.

They already are charging to have an account ! I have a BOA savings account only for the sole purpose of buying coins. They send me statements every month which I never open as I never deposit or withdraw any money. Well this month I opened one only to discover that not only did they rob me of my money (50.00) but that I owe them $14.23 for statement fees .
HH
Rich

 

[cyberdan]

I have a BOA savings account only for the sole purpose of buying coins. They send me statements every month which I never open as I never deposit or withdraw any money. Well this month I opened one only to discover that not only did they rob me of my money (50.00) but that I owe them $14.23 for statement fees

Same here, if my BofA savings goes below $500 I get dinged, if more than 2 savings withdrawels in one month get dinged again. So if I ever need the money I will just close the savings acct.