Setting up a dump bank?

[Coppercrazy]

Ok, so I have come to the conclusion that I have found 2 banks with 6 different branches that I can potentially set up as dump banks. I don't even have that much to dump but I should start planning for when I start doing halves and a larger quantity. Any ways I have found First Merit and Huntington, Huntington I need to make a $25 Minimum Deposit with no minimum balance no monthly fees and I don't have to use it so many times a month that is not a problem. Now First Merit it's a $100 Minimum Deposit, which would dent my bankroll, but my question is the same day I open it can I just withdraw like $95, or can I not do that?

 

[ihittheskislopes]

You need to find out if they have minimum balance to wave fees

 

[Coppercrazy]

You need to find out if they have minimum balance to wave fees

There are no fees on either of those accounts with no minimum balance.

 

[ihittheskislopes]

Then just leave a dollar in each

 

[Coppercrazy]

Then just leave a dollar in each

Ok, I just didn't know if I could or not. Thanks!!!

 

[unclehuckelberry]

You might want to watch out with only keeping a dollar or a low amount in there for a long period of time. Some banks are known for closing accounts because of little or no activity and a low monthly balance. I usually deposit $5 or so from every 4th or 5th dump at my dump bank.

 

[mercury1]

Ya be careful. Like uncle huckleberry said, no activity and very low balance can get you on the banks bad side. Sometimes they can change the rules on you to. You can get a letter talking about new fees for inactivity or whatever. Many are always looking for new ways to make your money theirs.

 

[jarlbartar]

I have my dump bank accounts set up in my children's names, they are minors and the accounts are all set up as savings accounts for no fees. I just deposit the leftover change from all of my transactions into the accounts (ie $425.58 dump is a deposit of .58 into child #1's account). I like it this way because the bank stays off my back for keeping an account with a low balance, I get to use their coin counters, and I am saving little by little for each of my children!

I use my main credit union account to make my monthly car payment with dumped coin.

I have a mortgage but no account with another bank that I pay monthly with dumped coin.

Total accounts - 6 (3 in my name, 3 in children's names)

The possibilities are endless if you are creative and resourseful!

 

[Coppercrazy]

Thanks for the advice everyone. I'll leave 5 in each for now and then I will just deposit 5 in each every 5 dumps at each or something. It's a way to save a little as well. I might do 1 transaction pre month or something as well on like a pack of gum. :P At Huntington I have to do 5 transactions in 6 months and I get a $100 bonus no direct deposits required. At first merit I won't get anything extra but oh well.

 

[mercury1]

Thanks for the advice everyone. I'll leave 5 in each for now and then I will just deposit 5 in each every 5 dumps at each or something. It's a way to save a little as well. I might do 1 transaction pre month or something as well on like a pack of gum. :P At Huntington I have to do 5 transactions in 6 months and I get a $100 bonus no direct deposits required. At first merit I won't get anything extra but oh well.

Cool. Grab that free $100.

 

[MrSchulz]

My old pickup bank is now charging to pickup and dump so there out of the question. My Dump bank has become my partial pickup bank, EMPHASIZE THE PARTIAL, only use it when needed. They still save me silver(: My other pickup bank is really really nice, saves silver and wheats for me. I occasionally pickup at a Wells Fargo, since I always have awesome luck with Brinks, since US Bank branches in a certain district now charge.

 

[Coppercrazy]

My old pickup bank is now charging to pickup and dump so there out of the question. My Dump bank has become my partial pickup bank, EMPHASIZE THE PARTIAL, only use it when needed. They still save me silver(: My other pickup bank is really really nice, saves silver and wheats for me. I occasionally pickup at a Wells Fargo, since I always have awesome luck with Brinks, since US Bank branches in a certain district now charge.

There are 2 usbank branches and total together I can get 4 boxes or 2 boxes each per week. They said after that they'll have to start charging me. I'm opening my account tomorrow at Huntington for sure, but both banks, Huntington and US, at least said I could swap out dimes for other dimes.

 

[CRHQueen]

Silly question, when opening a dump bank's checking account would it affect credit score or anything like that?

There is a possible contender for my dump bank one mile away, where my current dump bank is over 10. Would save me in gas. There is a fee for their savings but not checking.

What's the maximum number of bank accounts we can have without an effect.

 

[ihittheskislopes]

Silly question, when opening a dump bank's checking account would it affect credit score or anything like that?

There is a possible contender for my dump bank one mile away, where my current dump bank is over 10. Would save me in gas. There is a fee for their savings but not checking.

What's the maximum number of bank accounts we can have without an effect.

Accounts dont show up on a credit report or affect credit score, open as many as you want.

 

[sagittarius98]

Accounts dont show up on a credit report or affect credit score, open as many as you want.

They can if you open them up in a short amount of time.

 

[BillyOceansEleven]

Silly question, when opening a dump bank's checking account would it affect credit score or anything like that?

There is a possible contender for my dump bank one mile away, where my current dump bank is over 10. Would save me in gas. There is a fee for their savings but not checking.

What's the maximum number of bank accounts we can have without an effect.

In theory opening a bank account should not affect your credit score, but in practice it depends. Most banks will now do pull on your credit report when opening a new account, but whether it actually has an impact depends on whether it is a "soft" pull or a "hard" pull. A soft pull does not show up on your credit report and doesn't affect your credit score, and is what the majority of banks use. A hard pull does show up on your credit report and is supposed to be used when you are actually applying for credit, but some banks do use hard pulls for opening any account. The impact of a hard pull is temporary (6 months to 1 year) and will lower your score by about 5 points.

Accounts dont show up on a credit report or affect credit score, open as many as you want.

While the accounts themselves don't show on your credit report, the credit pull when you open the account might.

The other thing to keep in mind is that most banks will also run your information through another system call ChexSystems which is specific to deposit accounts. This system tracks new deposit account inquiries, overdrafts, and charge-offs (i.e., you overdrew the account and never covered the balance and the bank wrote off the account). The general rule of thumb is that if a bank sees more than three accounts opened in three months they won't allow you to open another account.