(Relative) Newbie w/some questions...

[monkeys uncle]

I've CRHed for approx. 9 mos. Found 'some' Ag, mostly war nickels and Roosevelt dimes. Usually invest $100 or $200 per bank trip, once or twice per wk. Always ask for Halves but the usual reply is 'none'. Currently involve 3 institutions in two different communities (rural TX)...and ALWAYS treat the Tellers with extreme courtesy, even treating them w/Starbucks on occassion. Last, I've asked each whether they individually had any Ag they wanted to part with - buying everything they wanted to sell from two at slightly below spot. Enough background...here are my questions:

1. What is the difference between 'pickup' and 'dump' banks and why the distinction?
2. Do you/anyone utilize institutions that you do not have an acct. with? If yes, how does that work? I've purchased boxes from banks where I didn't have an acct., but was treated with apparent/assumed disdain
3. Those of you who use banks with 'change counters', is the counter located in the lobby? If so, do they give you access to the magnet for strays or other oddities? I ask because one institution I use uses a counter, but does not allow access to individuals and will not sell 'counted bags' to customers - the only coins I can get there are directly from their supplier (Loomis), meaning no CRW's.
4. Generally/specifically - what am I doing wrong?

Any/all replies or suggestions are welcome in advance! Thanks and HH.

 

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[ArkieBassMan]

1. A 'pickup' bank is a back at which you purchase rolls/boxes. A 'dump' bank is where you cash in the rejects. Generally speaking, its a HORRIBLE idea to do both at the same bank. The bank pays to get those coins in and to ship them back out. You hit them with a double expense when you do both at the same bank, and often they'll tire of it quickly and cut you off.

2. I will drop in (cold call) on any and every bank when I am out looking for halves, account or no. I've always had an account at my pickup and dump banks.

3. Some coin counters are self-service in the lobby. Others are hidden in a back room somewhere and you have to hand off the coins to a teller who disappears into said back room and runs the coins through the counter for you.

4. I don't know, other than possibly picking up and dumping on the same bank. I would also suggest that instead of doing $100-$200 once or twice a week, just do $200-$400 once per week. Not only will you cut down on your vehicular expense, you'll lessen the chances of getting cut off with fewer visits.

 

[Ben Cartwright SASS]

I have recently started using a new dump bank about 8 miles from my house, there are about 20 banks within that range form me. I decided that anywhere I pick up coins is not a good place to dump them. I like using their coin counter as that way if I get a roll from them it is not one of my dumps.
I googled the banks I pick up from and found or asked if they have a free account with a small minimum, usually $10 so that if I am asked I can honestly say I have an account. Of course there have been times when I went to a bank where I didn't have an account when asked I said I did, they didn't check just took my word for it.

I keep asking myself if it is worth it since I am averaging just under one silver dime per box (2500 to 1 odds) and with the cost of gas, I could be buying 2 silver dimes a week minimum, at 15x face. I find that a trip to pick up a box and then the trip to drop it off is about $3 worth of gas, and then there is my time, but $3 will buy you 2 dimes.
However that being said, there is something magical about finding a dime in a roll! You don't get the same thrill walking into a coin shop where they will have junk silver and buying 2 dimes. IH ave to admit I am hooked even if it doesn't make economic sense.

 

[Liu21]

The top two replies answered 1-3. I have my own opinion on your question number 4. You need to up your crh funds to 250-500.

 

[retire05]

Some banks actually try and have change counting machines in the same place in each bank. For example, I've gone to 4 Navy Federal Credit Unions and every one was just inside the main doo rand directly to the left. The only bank I've been told no on more than 1 occasion is Sun Trust. I also keep in good graces with my tellers by bringing by a set of cupcakes and always call them by their name. I find using their name automatically set you up for success. Just my 2 cents worth...Brad