Volume Half CRHs - Dumping Question...Im obviously doing this wrong

[Delta2187]

Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

Ok - so my fingers are numb from rolling all these halfs so I can turn them back in - and I'm not doing numbers anywhere near what many on this forum are apparently hunting. How are you able to roll so many for turn in? Are you dumping at Coinstar and eating the fee?

I'm obviously missing something...any help/advice would be so greatly appreciated (special gratitude from all my fingers)!

 

[yonico]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

1. you can dump at any TD bank if you have one in your area, for free, if you have an account with them

2. you can dump coins - not rolled - in a bag, at most banks, and they will be "subject to count" which means they'll send it out, have it counted, and credit your account once they get the count (usually 3-4 business days)

3. buy a machine that counts and rolls coins, like the royal sovereign. makes your life easy, and it's not that expensive

 

[Bigheed]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

dump at the merchant window with coin lok bags, theres a ton of posts about it here.

just put your name, account #, type of coin and declared dollar amount on the bag.

It is subject to count but they will treat it as a cash deposit or just exchange it for cash which is what I do.

Since it is subject to count and they have all your information they will debit / credit your account if it is off. I shorted a bag 20 bucks by accident once and they debited my account 2 weeks later, so yes they check them.

I would never pay a fee at coinstar or any such thing!

 

[Delta2187]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

Yonico and Bigheed - thanks for the information! I'm going to have to change my aftershave, put on a suit, and/or smile a lot more....

I'm actually (almost) speechless that I've consistently run into nothing but denial or such strong resistance regarding large coin deposits (1 to 3K in halfs)!

The banks I've dealt with (BOA, Suntrust and a local credit union) all require coins to be rolled before they will accept them. If you have more than a couple loose coins they just point you to the CoinStar machine! I'll be opening up a TD account Friday!! Does it have to be a business account or will a personal account do?

I started to research setting up a 'cash vault services' account but my numbers so far indicate that I would be losing money (montly delivery fee [185/month w/Brinks for 1 delivery/week], extra bag fee, fuel surcharge fee, extra time [each minute over 5 at your location] fee, etc.) trying to contract directly with Brinks, etc.

 

[GEOFF]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

1. you can dump at any TD bank if you have one in your area, for free, if you have an account with them

2. you can dump coins - not rolled - in a bag, at most banks, and they will be "subject to count" which means they'll send it out, have it counted, and credit your account once they get the count (usually 3-4 business days)

3. buy a machine that counts and rolls coins, like the royal sovereign. makes your life easy, and it's not that expensive

Let me contribute my 2 cents on Yonico's statement by personal experience:

1. TD counts free but has a $100 dollar bag for halves, meaning for every $100 halves counted a teller has to change the bag. Some branches allow all the halves to be counted in a SINGLE (heavy) bag up to $500 but thats rare.

2. Coin Lok bags are to be purchased. Rarely do banks give them out free in my area. I read somewhere you can buy 100 for $40. 1 bag = $500 halves max.

3. I never tried a personal counter and am not going to buy one.

kudos to Yonico!

 

[Bigheed]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

Don't open a business account unless you actually need it for a real business to separate your funds.

Business accounts expose you to fees for depositing your coins. Personnel accounts do not have those fees and yes you can use the merchant line if you arent a merchant account.

You can buy coin lok bags online from various websites but I have never had to, I just ask for more everytime I dump and stockpile them. I've never had resistance acquiring them and if you do just ask why the bank isn't providing you with excellent service and the supplies you need for your personnel banking.

Resistance comes from tellers who know what goes in those bags and don't want to lug them around, I cant say I blame them but, thats part of their job. Just make it easy on them by filling out all the information so they dont have to. I asked them to show me exactly what to fill out on the bag and the numbers for their code and cash vault code etc.

Just be polite, small talk works the same at the bank as it does in business and work relationships!

 

[The_EE]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

Its pretty simple to roll coins.

Every roll you unroll, you replace what you took out, put it in the new roll, seal and move to the next. It only adds about 5 minutes or so to each box of dimes for me. Trust me, after a couple of boxes, you get to the point where you can slide in 50 dimes into a paper roll without a hitch. Hell, I save the brinks plastic rolls to use as replacment rolls for some return banks. They also are nice to store rolls of silver dimes in as well.

 

[Bigheed]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

I don't think anyone is concerned about the difficulty, you are correct it is a simple repetitive motion that can easily be mastered.

The concern is the repetitive motion does cause cramps/callouses and I would say the most important thing is the time it takes.

For me as a high volume searcher I do a box of halves in 8-10 minutes and do 10-14 boxes a night typically. If I had to add 5 minutes or so to every box that would an hour or more to my nightly searching. If you only do a couple boxes a week, re-rolling is np. Ultimately though they get unrolled at the processing center, counted, rerolled and boxed, so the way I see it Coin Lok bags are the only way to go!

But thats just my preference, not the gospel!

 

[The_EE]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

I don't think anyone is concerned about the difficulty, you are correct it is a simple repetitive motion that can easily be mastered.

The concern is the repetitive motion does cause cramps/callouses and I would say the most important thing is the time it takes.

For me as a high volume searcher I do a box of halves in 8-10 minutes and do 10-14 boxes a night typically. If I had to add 5 minutes or so to every box that would an hour or more to my nightly searching. If you only do a couple boxes a week, re-rolling is np. Ultimately though they get unrolled at the processing center, counted, rerolled and boxed, so the way I see it Coin Lok bags are the only way to go!

But thats just my preference, not the gospel!

Between car work and construction, callouses are the least of my worries

I agree, 14 boxes and rolling is defiantly time consuming, I do no where near that volume, in fact, I cant do that volume here, it would require road trips every day. If you are doing 2 or 3 boxes a day you can easily find the time to use rolls, if you are doing less its even less of a problem. The cost is small as well at approx 35 cents per box.

 

[TheRockDoc]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

I don't think anyone is concerned about the difficulty, you are correct it is a simple repetitive motion that can easily be mastered.

The concern is the repetitive motion does cause cramps/callouses and I would say the most important thing is the time it takes.

For me as a high volume searcher I do a box of halves in 8-10 minutes and do 10-14 boxes a night typically. If I had to add 5 minutes or so to every box that would an hour or more to my nightly searching. If you only do a couple boxes a week, re-rolling is np. Ultimately though they get unrolled at the processing center, counted, rerolled and boxed, so the way I see it Coin Lok bags are the only way to go!

But thats just my preference, not the gospel!

I would love to find a way to make this work for me. I do usually about 6-10 boxes per week on average, and I have pretty much gotten to the point where I just open the roll, and then re-roll right then, put it back in the box and dump it this way. It takes me way more than 10 min. per box. My problem is that I havent found a bank that will take my coin, and then just give me cash based on what I say is there. I have found a branch that will take my bag of loose coin, and put the money in my account right then, which is good, but I am still to paranoid to do that because I dont want my account to look like I am making an extra 5K per week...

I'm assuming you have dump banks that will take your bag of loose coin, and give you cash on the spot when you "dump" them. Was it always this way for you? Or did you have to work out a special arrangement with your dump banks? I would love to figure this one out...


Chris.

 

[Bigheed]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

I don't mind the callouses either but some people may not (the only ones I don't like are on the outside edges of my pinky fingers from continued coin lok irritation syndrome LOL....)

-RocDoc - It's basically always been that way, you just have to make small talk, find out how they like it done, a couple smaller branches sometimes have me deposit and then withdrawal but my big dump banks have always just been straight exchange. I think "Technically" they are supposed to deposit it and withdrawal it again for the record but most of them dont bother to do that.

I try to minimize the amount at the transaction ones to....I don't want to have a big transaction log. We were refinancing and I had to explain all these deposits and withdrawals on the same day, but they believed me.....felt kind of funny explaining coin lok dumping to the underwriter LOL...

Anyways I hope you can get some banks that will do it for you!

 

[penman77]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

I had the same question last week and was patiently given good advice by members of the forum.

I went to my CU first. They said I had to roll them. I don't want to do that.

Second stop was a small local bank. I told them that I am a coin collector who buys, sorts, and needs to deposit about $4000 in halves per week. Then I asked if they wanted that business. They did. At first they thought that they would have to count the coins, but now they have researched it and will take the bags at my count and then adjust if the courier finds errors. They gave the plastic adhesive lock bags to me and said they would order more. They told me to put $1000 in each bag, which is a strain on the handles. I feel them stretching as I carry them.

Anyway, my problem is solved. Dumping was a huge problem for me before. My CU had called me twice and advised me that the coin counters are for personal use only. I had been sorting 4 boxes per week and have already upped my order with my supply bank to 6 boxes. I told my dump bank up front that I would be depositing about $4000 per week so when I burn off my backlog I will see if I can start getting 8 boxes per week. This was much easier to take care of than I had expected.

 

[SilverJack]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

Penman, what local bank wanted that business? Frankly I can't understand why they would but if they are in my area, I may open an account with them if they will take more of that business.

 

[CW3(ret) US Army]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

Open a personal account not business if possible. I opened a old fart (over 50) checking account at TD Bank years ago. You have to keep $100. in the account to avoid fees. They even give you free checks if you want to use the account. I do all my dumping at TD Banks. I don't mind that the bag for halfs is only $100. It just takes a little longer to get rid of your coins but it is worth it to me. That is my 2 cents worth. You need to do what will work best for you.
Good Luck & HH

 

[namster]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

Search/Bag/Exchange for cash is the only way to go if you are doing more than $2000 in halves/week.

 

[kvilleification]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

See if you can get a business account so it will be easier to deal with high volumes for dumping\picking up. For the TD bank coin machine, I believe the half dollar bags only hold $100 face value (from what I have heard, don't quote me on this). I use coinstar (no bag changing), but I luck out since I don't have to pay the fee. I have yet to have the machine "fill up" on me. I don't CRH halves but I have dumped $100 in cents no problem. If I was doing that high of a volume, I would re roll as I went along.

 

[madwest]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

. . . I luck out since I don't have to pay the fee.. .

How do you use Coinstar without paying the fee? Do you take the gift card? Or, cash?

 

[Delta2187]

Re: Volume Half CRH's - Dumping Question...I'm obviously doing this wrong

Wow! I really appreciate all of the information and advice.

This past Friday I got two great birthday presents; first, I found a bank that agreed to take rather large volume dumps on a regular basis! woot! I opened an account and I'll start dumping on Monday.

Second, I have a sister that is disabled and lives on a VERY modest (well below the poverty line) income. I bankrolled her getting into CRH which is something she can do on her schedule and for short durations, as she is able. She's doing about 1 bag a week and has been skunked for her first 8 bags...until last Friday. She called me late Friday night, in tears, to let me know that she had finally found silver...

1 - 1944 Walker
5 - Franklins
17 - 90% Kennedy
35 - 40% Kennedy
1 - 1955 Canadian

Yahooo!!!!

I had told her that I would buy all her silver at spot (which went up 1.56 on Friday) - so she'll pocket over $400, I'll add some silver to my collection. A great birthday all the way around!

Happy hunting to all!