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 Replies: 20 / Views: 12,243 |
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Valued Member
United States
259 Posts |
Quote:
In the US, cents are legal tender in any amount.
And your point is?  Edited by chasinva69
06/03/2012 6:11 pm
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Pillar of the Community
United States
3294 Posts |
I was refuting the bad information proffered by the poster above me. What is your point?
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Bedrock of the Community
United States
20753 Posts |
With BoA they are developing some real nasty rules. And if you don't like them, just go elsewhere. By me all BoA and Chase banks have done away with coin counting machines. Now you bring in coins, they are placed in a plastic bag, sent somewhere for counting. The end results are posted in your account. And there is a fee for that service. NO account. They send you a check and there is an additional fee for that too. I suggesst you place all your coins in a USPS flat rate box and send to me. You pay postage and you will no longer have that problem.  |
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Bedrock of the Community
13014 Posts |
Carl I've heard about that as BOA is pretty famous for trying to get every last fee possible out of customers. Not sure why anyone who has a choice uses them at this point.
At least by me the Navy Federals all have coin counting machines with no fees where you could dump them all if you wanted to. I'm sure some banks dont want them to prevent roll searching as it does cost them money, but they could always say if you want to search well order for you but youll be charged a 20 dollar fee for it whether you bring the coins back or not.
Seems it would just be easier to have an upfront reasonable fee people could pay where they could then just take it home, search it and bring them back as opposed to dumping them all over the place to unload what they dont want
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Valued Member
 United States
477 Posts |
I still don't see you guys do like 100 dollars in cetns a week, if you only go to the bank with 20-25 rolls each time you go to the bank. Do you guys really use coin star? I'd rather not because of the fee. Can you explain how you guys manager to search 100 dollars or more in pennies in a week and how you guys deposit back into your account so much money in penny?
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Valued Member
United States
259 Posts |
I wasn't able to confirm that cents are legal tender only up to $5.00 per federal law (as claimed by Gyrene 7483). That said, the issue of legal tender is irrelevant when it comes to the issue of this thread - whether or not a bank has to accept a deposit of cents without charging a fee for that service.
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Pillar of the Community
United States
622 Posts |
greenprint, you're making this way harder than it should be. You can easily do $100 in penny's if you have several dump banks, or one good one. The people you hear talking about dumping a roll or two aren't the people searching hundreds of dollars per week. I can take any amount of coin I chose to BofA. They will count and deposit WITHOUT A FEE. Some BofA's have different policy's. The point is that it just depends on where you are and how much effort you're willing to put in at the beginning. Have you checked every bank within 10 miles of you? If not, why? Maybe they take coin for free. Every one of your posts takes the extremes of everything you can imagine that is WRONG about CRHing and accentuates it and its like you never read all the posts that tell why its possible or enjoyable for most people to do.
OO
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Valued Member
Canada
89 Posts |
I would go in and ask for $25 box. Take it home search it, rewrap, then return it to the bank and exchange it for another. My bank then takes the coins I sorted and distributes them to the businesses. very low chance of getting my own searched coins. I also am on the call list (3 of us) for Half and Silver/Nickel dollars.
Good Luck and HH
Dave
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Moderator
 United States
189320 Posts |
Quote:
In the US, cents are legal tender in any amount. True, but that legal tender status only applies to settling a debt. A bank can refuse them for deposit, in any amount they see fit. People may have been confusing bank policy with legal tender status. |
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Pillar of the Community
United States
1770 Posts |
owass makes a great point , you are making it sound harder than it is like I stated in another post test the waters green try out a box and just ask for wrappers and you count out to 50 and then return what you dont want ( chances are you will probably keep a few 100 of them if you want to sort copper wheaties etc ) so thats about 17-25% you will be keeping
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Valued Member
United States
477 Posts |
Ya so I figured out that at BoA there is a $10 charge if your coins are unrolled and they put the coins in a canvas bag (it's $10 a bag if unrolled) and they send it some were. If it's rolled there is no charge. I believe they send it through a counting machine some were (they specify not to include anything that can damage the bag like paperclips (but it's the coin counting machine that there worried about damaging with paperclips not the bag)
They said that anything under $50 you don't have to use this method to deposit coins and that you can just give them to the teller to count (no fee but you have to be a member).
One other thing that I would like to know is what bank do you guys use for dumping coins? Like for example if I receive coins from a BoA should I dump coins at a BoA as well that way I don't have to open a new account at some other type of bank, or a whole another line of banks to dump coins? I think dumping and buying coins from the same exact branch would be safe because I guess they send them off some were to be counted, but just to be safe should I go to a different one, another town? I would assume I would wear out my welcome if tellers saw me dumping and buying large amounts of coins (they would probably think it was pointless or something). Does it matter if it's in the same town/different line of banks?
Thanks for any advice.
Edited by greenprint
06/05/2012 12:19 am
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Valued Member
United States
397 Posts |
@greenprint: I always recommend doing CRH transactions at a bank you have an account at only so you can avoid the whole "I can't help you without an account" situation. As far as using other banks besides BofA... only if you run out of friendly BofA banks to deal with. The rule I always follow is if there is an unfriendly teller/manager/branch, it is always easier to walk away to a different teller/branch than to argue with them.
As far as how many branches to use, just use your best judgement. If you dump a box of pennies off at a branch, and try to buy a new box a few days later and they are struggling to find a whole box that are not your rolls (you are marking YOUR rolls, right?), you've just found a branch you shouldn't try to buy pennies from, just a dump bank. If you walk into a branch and you try to dump a box of pennies off and the teller starts spouting off fees you need to pay/asking you to open a business account/talking about the pennies being sent for sorting before being posted to your account, you've found a bank to not dump coins at.
The more branches you visit, the better your chances of not "wearing out your welcome", and the more you learn about what banks are good to visit. Between the banks I visit on my lunch breaks close to work, the branches with the extended Friday hours I can stop at halfway between work and home, the branches by my apartment on Saturday mornings and my days off, AND the branches my girlfriend visits for me by her work on my busy days with no lunches... I have a pretty good idea which branches charge fees and don't care to handle change, and I don't worry about wearing out my welcome at the nice branches who like me. =)
Edited by MadMortician
06/05/2012 12:59 am
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Pillar of the Community
United States
530 Posts |
Right as said, walk into any bank account or not, and ask for penny rollers,99% of the time they will give you the wrappers.
Need somewhere to cash your pennies in ? go to a bank with lots of branches, open 40$ account.
buy your pennies from bank 1, search, reroll with the new wrappers you have obtained.
Walk into bank 2, say hello I would like to cash these, they open the lid to 25$ box, count the rolls, ask what bills you would like back, boom cash in hand.
repeat process.
Dont deal with bags and sending in, for small amounts.
most likely, the cash in bank is the only one to ask for your account info.
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New Member
United States
45 Posts |
When I take in boxes I just ask for a new box. The tellers dont refuse because they want my business.
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Valued Member
United States
477 Posts |
would it be a bad idea to bring like 200 doallrs to one bank in mixed coins if it's rolled? From what I understand it's fine they just give you a bag and you put them in the bag, there's no fee if they are rolled, and they send the bag some were to be counted with a coin machine, any thing less than 50 they just count.
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Replies: 20 / Views: 12,243 |
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First Page
Posted 06/03/2012 6:34 pm
