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Coin counting machines at banks and other locations

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johnstac
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 Posted 07/25/2010  11:55 pm Show Profile Bookmark this topic Add johnstac to your friends list Get a Link to this Message

In a different thread, I had started discussing coin counters. Some had said they have banks that actually have free coin counting machines. I was excited to hear this but to date, I haven't found a bank in Spokane that has a coin counter available. One poster mentioned that their counter is located at US Bank. Not sure what state but we do have US Banks here. I called them though and they haven't used coin counters in years.

I was hoping to maybe hear about specific branches that use these in hopes of finding one locally here.

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 Posted 07/26/2010  01:29 am  Show Profile Check specksynder's eBay Listings Bookmark this reply Add specksynder to your friends list Get a Link to this Reply
If you are eligible to join any credit unions, I have found them more likely to have counters.
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 Posted 07/26/2010  01:40 am  Show Profile Bookmark this reply Add turtleoverhead to your friends list Get a Link to this Reply

How big is your collection that you
need a coin counting machine ?
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 Posted 07/26/2010  09:26 am  Show Profile Bookmark this reply Add just carl to your friends list Get a Link to this Reply
From what I see around me is banks are getting away from coin counting machines. For example Bank of America and Chase banks around my area have gone to a system that if you bring in coins, they are placed in bags, sent out to a central location for counting. Your results are placed in your account. Of course there is now a charge for this service. NO ACCOUNT? Then a check is sent to you through the mail and an additional charge is made for that additional service. With no account you could end up paying 10%.
One bank in this area does have a counting machine but there to with no account you pay 10% for counting coins.
From what I've been told by a bank official is the recent coin collecting craze is partially to blame since it has become almost fun for many to go to banks, acquire coins, go though them and then return the unwanted coins and all for free. Also, the short rolls that are becoming common. Every roll returned to banks have at least one coin short or many replaced with washers. Rolls returned to banks that send out for counting have an addtional charge for opening rolls.
If you have a bank in your area that does deal with coins, best use it for now since they too will soon start a similar system.
just carl
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 Posted 07/26/2010  09:43 am  Show Profile Bookmark this reply Add funcitypapa to your friends list Get a Link to this Reply
I hadn't thought about people dishonestly shorting a roll or substituting a coin for a roll returned to the bank. How naive of me. If that is the reason for the charge, it is indeed unfortunate, but as with so many things in life, we do it to ourselves. there is always someone trying to cheat or get away with something. I have thousands of coins of all denominations that are sitting in buckets that I would love to turn in----but I have this thing about being charged 8% for the privilege of exchanging coin for currency.
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 Posted 07/26/2010  10:06 am  Show Profile Bookmark this reply Add nod2003 to your friends list Get a Link to this Reply
All the Wells Fargo banks around here have counters, and they are pretty big on the west coast, are there any of those in Spokane?
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 Posted 07/26/2010  10:32 am  Show Profile Bookmark this reply Add sublime118 to your friends list Get a Link to this Reply
From a business prospective, here is a little justification of the money spent on operating one of these machines. Lets say the machine cost $12,000. If we have over 1,000 stores the initial investment would be over $12,000,000 plus shipping and set up. For the one machine we have at our store it would take $150,000 in change being cashed in to pay for it. I would guess this would take about a year to a year and a half. These machines use plenty of electricity, as the computer runs continuously all day, plus the machine actually running. Besides the electricity, there are also other supply costs (receipt paper, coin bags, and cleaning supplies). We also pay someone to look at it when an alarm goes off (Often can take up to 30 minutes to trouble shoot it). We pay someone to take bags off of machine, move the bags of coins to cash office, someone to record the deposit of it, and the armed guards to pick it up. The internal sensors often get clogged with debris, and the machine malfunctions. For this we have to call a service technician out to fix it. The cheapest repair bill I have seen is in excess of $500.
We're not a bank and the financial reward is all we get out of this, as the coins are not reused they are sent to a bank. I'm not saying that we're not making any money, but after all is said and done, it takes a while to make a profit off of one of these machines. Bad luck can make you or break you on these (ex. a faulty machine). I don't think 8% is that far of an outcry.

BD
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 Posted 07/26/2010  12:15 pm  Show Profile Check carmykle's eBay Listings Bookmark this reply Add carmykle to your friends list Get a Link to this Reply
The only coin counters around my area are at Wal Mart and Food Lion. It'll cost you 10% of you cash unless you want a store cash card. The last 2 CUs I joined actually removed their machines because of the time and maintenance required to keep the thing running. I will say that my CU will give me all the coin wrappers I need. In a cost cutting move, they'll probably stop that too.
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 Posted 07/26/2010  12:48 pm  Show Profile Bookmark this reply Add fioti to your friends list Get a Link to this Reply
Home Federal is here in Id. Maybe Wash? They have counters, even this tiny branch.
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 Posted 07/26/2010  12:59 pm  Show Profile Check daviscfad's eBay Listings Bookmark this reply Add daviscfad to your friends list Get a Link to this Reply
bringing back in bags is the way to go I think. I wish all banks did that. in my town you have to have a business account before you can bring back in a bag
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 Posted 07/26/2010  1:04 pm  Show Profile Check biokemist6's eBay Listings Bookmark this reply Add biokemist6 to your friends list Get a Link to this Reply
Look for the commercial branches of your local banks, i.e. the ones that draw a significant portion of their branch transactions from businesses. Not many neighborhood banks have coin counters anymore due to costs involved but they can typically be found at larger commercial locations. And of course, you will need an account at the bank.
ANA R-3151318
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 Posted 08/05/2010  8:01 pm  Show Profile Bookmark this reply Add johnstac to your friends list Get a Link to this Reply
Hi, hoping someone is still keeping tabs on this thread. I did finally find a bank that has a coin counter as long as I'm a customer. The only thing I'm bummed about is that it she said that she is pretty sure that it only goes up to quarters. I have $2000 in halves that I would like to dump. Anyone have a similar issue? I'm thinking about opening bank accounts at 4 new banks and then perhaps spread the coinage out. Advice?
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 Posted 08/05/2010  10:37 pm  Show Profile Bookmark this reply Add just carl to your friends list Get a Link to this Reply
When talking to a officer of one of the banks I go to we discussed the stopping of coin counting machines. Some of the reasons he mentioned are people used to come in and purchase a bag of coins. Then a few days later they would bring them back. Then a few days later the same people come back and try to buy another bag of coins. They do this to look through them for their collections. Each time they do this a teller has to stop what they are doing, usually go to a vault, get the bag for the customer. Sometimes those bags are heavy and a guard has to stop what he is doing to assist. Now the nest day that person comes back with that bag of coins to be counted so the teller has to lock up everything again, take the bag to the coin counter, if heavy ask someone else to assist again.
Meanwhile look at the line of people that have REAL banking buisness and have to wait for that person that does this all the time. Who pays for that service? How do you tell real customers to just wait since this person is here again with his bag of coins?
Then too there are many that bring in rolls of coins. They think they are outsmarting the bank since every roll is short a coin or two. And some of the rolls have washers in them. Each roll must be opened and the coins counted. Who pays for that service?
As the bank official pointed out he works for a company like many other people and his company is the bank. That company is here to make a profit, not loose money to accomodate coin collectors.
He said I'm sorry but that is just one of the reasons Bank of America in this area stopped coin counting machines and this will spread to other banks if people keep playing around.
just carl
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 Posted 08/05/2010  11:21 pm  Show Profile Bookmark this reply Add spaceace to your friends list Get a Link to this Reply
Around here (Indiana) numerous Chase banks have coin counters and there is no charge as long as you hold an account there. I can see it from a business standpoint how banks don't like it when people come in and get boxes/bags of coins and then return them after they have picked through them, but often times it is somebody who just wants to cash in a collection of pocket change that they have accumulated or saved. I guess if I was a bank I would note it in people's accounts when they use the counter at any branch and then if they use the counter excessively (whatever definition that might be) I might impose a fee.
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 Posted 08/06/2010  2:49 pm  Show Profile Bookmark this reply Add bjgood to your friends list Get a Link to this Reply
I grew up in MN and had a Wells Fargo bank account. All Wells Fargo's in my area had coin counters that us bank customers could use for free. Then I moved to CA and no Wells Fargo's have coin counters. They only accept self counted and wrapped rolls. Not sure why it's different. The ones back in MN still have the counters so its not like they just happened to take them out of all their banks right around when I moved.
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 Posted 08/06/2010  8:45 pm  Show Profile Bookmark this reply Add Waredu to your friends list Get a Link to this Reply
This is why I take my coins back to a different bank. I pick them up at Wells Fargo - they look at me a bit funny sometimes and ask why I want them. I just tell them the truth - my son and I collect coins. So, they go to the vault thinking I'm weird. It's ok, because if they really knew me...

Then I dump them at a Capital One that has one of the coin counters in the lobby. The teller there asked me where I got all of my change. So I told him Wells - and that my son and I collect coins. He just smiled and said ok. He thinks I'm weird too. Oh well.

I also make it a point to go dump early on Saturday - the bank is fairly empty so the noise doesn't bother anyone. And I usually take my son (he likes emptying the reject bin). Then I go to Wells and get my new boxes. Wells doesn't seem to mind selling them to me and Capital One doesn't seem to mind my dumping there. I did ask if the tellers had to empty it or if Brinks did. Brinks does. So - as long as I don't jam the machine (like I did my first time) and I don't disturb anyone or hold up their lines - they're ok with it. I've even got them opening the door for me and calling me by my first name now. I haven't quite had the courage to ask if anyone else does the same thing.

I'm going to have to find out if the counter takes halves soon. Providing I can get Wells to order me some boxes, that is.
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