Would you?

[onfire]

Would you pay a bank 32.00$ to look through $40,000.00 worth of halves? Just took out a line of credit at 3.02% on $10,000.00 at a major bank and made sure they had a coin machine. I have one month to pay back if I want, I just ordered my first 20 box.s per week from another bank that doesn't charge per roll. Guess I'll have to find mim of 5 per order. Think that's cheaper then the 11 cent's per roll some are paying to buy.

 

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[clovis97]

Only $32 in interest? What about the other fees?

It seems like the last time I borrowed money for business on a 90 day note, the loan fees with interest came to $130 for a $3000 note.

Shortly after that, I 'discovered' Dave Ramsey, and haven't borrowed a dime since then.

 

[coinmojo]

Yes.

Mojo

 

[SFBayArea]

You can't just find a bank that can order for you without fees? One where you just have to give them a box of cookies or bottle of wine every once in a while.

So if you ordered a box of pennies, they charge for that too?

 

[onfire]

I understand the fee thing , but there were none, it was based on the prime. I really can't belive how easy it was, I had set this line up over 10 years ago and never used it. If you consider 35.00$ per year charge to keep it open, then yes, your rite there was a fee (sorry). Still think this was cheap $$$$$$ to play with, Winter is cold up here. 8)

 

[maine_Jim]

I'd do it and hope you aren't in an area that has been searched dry by another CRH the past few years.

Maine_Jim

 

[$ilver$urfer]

I would go for it if it was me - just make sure you can dump the coins easily. If the boxes pay off (you find a lot of silver) you can use this money for the next couple of months for super searching and then pay back the loan in full before the rate expiration.

p.s. - I am not a financial expert but I did stay in a Holiday Inn Express last night!

HH,

$ilver$urfer

 

[cdickrun64]

Yes....actually do that myself!! I have a $17k home equity line of credit available for the next 6 years at prime -0.50%, or 2.75%. So i use approx $2k per week, which costs me $1.06 per week to search 4 boxes!!!