The search for a dump bank, or the end of my CRH

[Brizors]

Turns out my coin counter at Kinecta Credit Union charges 5% for members.. :/ My GF and I baked cookies for the tellers and just went over. I lost $15 to it due to the 5% fee before I decided to stop because I have about $1400 total and I don't want to pay $70 to cash it in. I called a local Wells Fargo location and they said none of their banks have a coin counter. Banks are closed now so I can't call anymore today.

So the search begins. This actually really sucks. Despite how fun CRH'ing is I might end this hobby and stick to metal detecting if I can't find a bank with a free coin counter and has no fees for holding an account.

I really don't see myself being a person who hands over large amounts of rolled coins to a teller at any place because that just doesn't seem right and I don't enjoy being thought of as a hassle. I also don't see myself regularly depositing low amounts of rolled coins(in an attempt to not be annoying), due to the hassle on my end of running around depositing it all and the extreme low amount of coins I'd be able to search per week on that path.

So unless I can find a bank with a free coin counter, and no fees for holding an account, which sounds very rare, then I might be done. At this point I'm just hoping I can get all these coins turned back into cash without losing anymore money.

 

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[ugotit22]

Not true. The credit union I bank with will not order boxes because they get charged for each box they order. They will take rolled coins in but only 10 rolls at a time at no charge then .05 per roll after that. They get charged for what they send back. They do have to open all rolls and count them and bag them before sending them back. That does take up employee time. I am good friends with the assistant manager so I know this is true. This is why most banks will not provide these services to non account holders.

And you believed them when they told you that.......
No bank would agree to such terms with carriers. They have no way of telling much coin/currency they will be getting or needing in an upcoming year. What would happen if a laundry mate opened an account, they'd go broke or send them up the road to a BOA? Unlikely

 

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[penman77]

If I had to roll coins I would give up the hobby. Go to some banks, the smaller local ones, and tell them that you will have $xxxx of coins to deposit each week. Ask if they will provide you with coin bags. Then ask if they want your business. This account charges a small service fee if I don't keep my balance above a certain point or make a certain dollar volume of deposits.

My clad coins go from the roll to the coin bag, with a coffee can full of clad on the table to replace silver coins with.

 

[FormerTeller]

And you believed them when they told you that.......
No bank would agree to such terms with carriers. They have no way of telling much coin/currency they will be getting or needing in an upcoming year. What would happen if a laundry mate opened an account, they'd go broke or send them up the road to a BOA? Unlikely

Yes, many banks do indeed agree to terms of that nature, just as many banks agree to set fees, or fees for anything over a set monthly volume being transported. With respect to your laundry mat example, if one opened an account, it would be a business account, and they would get charged accordingly per the bank's policy.

 

[ugotit22]

Yes, many banks do indeed agree to terms of that nature, just as many banks agree to set fees, or fees for anything over a set monthly volume being transported. With respect to your laundry mat example, if one opened an account, it would be a business account, and they would get charged accordingly per the bank's policy.

I actually have a business account for my business and I can assure you if they are paying carriers by the box they are not recouping it from business account fees. They are nominal at best

 

[bathoryrocker]

I feel your pain my friend. Like most others on this thread are saying, I would suggest opening 5-6 bank accounts with whatever minimum deposit to deter fees is, preferably in a row where you can hit them all in one trip to minimize gas waste. Rolling coins aint fun, but you may have to do it. Another thing to consider is to buy a coin rolling machine. They can get pricey, around $300 - $500, but it all depends on how you value your time. I personally am about to make a list of every bank in a 30 mile radius and visit them all to search out the elusive free coin machine!