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 Replies: 41 / Views: 3,834 |
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Valued Member
United Kingdom
188 Posts |
quote:
Originally posted by zakgold
Sure, they charge you a percentage, but I hate rolling coins (goes back to my paperboy days).
I'm glad we don't have rolls (well I think new coins come available bankwrapped but I've never had one). We get free plastic moneybags from the banks. Count a hundred pennies throw them in, walk into the bank and they change them for free. They'll only change up to five bags a day though, but when there's two different banks across the street from each other it's not too bad. |
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Pillar Of The Community
3147 Posts |
Hang on ND as I have around 300 coming in this mess I am trying to put together for you. Really trying to find some items with some value for the kids as well!
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Rest in Peace
United States
954 Posts |
Rachel, I will say you will have $500 to $600 worth waiting for your return.
Most of the cents are going into jars, cans, boxes ect. People are "saving" them. What for I'm not really sure. Look at it this way.
Most banks won't accept a large bunch of rolled pennies. This costs a bunch to ship them back. This leaves the person the option of taking them to a coinstar machine, costing the 7 cents to 9 cents on ever dollar they put in or selling them at a discount.
Just think if you had a hundred dollars worth of pennies and had to put them in a Coinstar you would be paying them $9.00. That's about an hours worth of work for you. FOR NOTHING..!
My suggestion is stop saving those things, place them back in circulation as many as you can at a time and start saving one dollar bills.
catman
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Pillar of the Community
United States
867 Posts |
I was surprised- I still only had the $300 in cents waiting for me. But... (there's always a but) I also had $4000 in nickels, dimes, and quarters waiting on me!  Luckily I got rid of it today when the delivery guy came, I was having trouble turning around in the vault! Rachel [:p] |
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Valued Member
United States
440 Posts |
Our bank has a free counting machine in the lobby..It's a good selling point. we opened our account there and take our change in about once a month. it prints a receipt and we just deposit it.. no fee to use !!  |
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Pillar of the Community
United States
867 Posts |
Grovey- that's rare that you have a bank that doesn't charge for coin counting. We charge 1%, and some people throw a fit until they realize that most other places charge at least 5%. Then they bring their coin back to us, where it piles up in the vault until I can't walk around in there...
Rachel [:p]
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Valued Member
United States
458 Posts |
Well, I always end up with change almost every day--I then throw change on da table--mama comes home, scoops up all change from that day and it goes into a large beer glass--We also load up the cup holders in the my company van, the hummer, and da jeep cheroke--When all are over flowing, mama and the girls roll all of it up--Pennies seem to be the most rolls--but multiples or nicks, dimes and quarters--She then deposits the rolls at my little daughters bank account for her college future funds--I believe there is over 2K there bout now--all built from our change in 15 yrs--not bad--That was without any effort--kewl eh?  |
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Pillar of the Community
 Australia
1091 Posts |
quote:
Originally posted by Kyra
Grovey- that's rare that you have a bank that doesn't charge for coin counting. We charge 1%, and some people throw a fit until they realize that most other places charge at least 5%. Then they bring their coin back to us, where it piles up in the vault until I can't walk around in there...
Rachel [:p]
Wow! Times have changed. I remember when the Banks would try and get children to save their pocket change in a bank. The banks charge you for counting coins![:0] 5% is criminal.  Do you also have account service fees and low interest rates on your savings? No wonder the banks make such high profits. The name "Money changers" springs to mind. Well I guess "it's better to spend it than save it" is their message. Or is it "We are only interested in you if you have big bucks" |
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Rest in Peace
United States
2884 Posts |
Our current bank does not charge for that service. My old bank did not charge anything for that service as well. Mike  |
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Rest in Peace
United States
954 Posts |
Teah. Interests rates are real bad. Its actually better to keep cash at the house in order to take advantage of a good sale that put it in the bank at 2% interest.
Look how much you lose by keeping your pennies in a jar. My grocery store has a U-Serve check out lane. If I get too much coin I use that lane and pay with the change. I get full value taht way.
catman
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Pillar Of The Community
3147 Posts |
Banks charge for just about everything these days. I am surprised they don't charge us for leaving our money lay around in their vault? I keep my change through out the week and then take it in on Fridays to deposit in my little boys savings account. I don't feel any burden saving for him this way and when the account nears the $1000 mark I start looking for a new gold piece to add to his collection which he then pays for out of his account! The little guy purchased an 1897 $20 gold piece about 2 months ago so we are now account building again. With no more interest than our bank pays it would be foolish to leave the money in the account and I am bound and determined that he will have something to show for my efforts and that it will have some value some day! Needless to say the little guy has quite an impressive coin collection for a 3 year old.
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Pillar Of The Community
3147 Posts |
And I guess I forgot to say those pennies, nickels, dimes and quarters can add up to something of value if you will just let them. I dreamed this all up when the baby was born in 2002, started it 3 months later and it has worked like a charm. I don't feel like I am spending any money at all and once the change hits his account it really does become his money! I am just helping with the decision making process at this time as the little guy doesn't know one coin from another but he DOES know the difference between gold and silver! Been fun and works for us.
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Valued Member
United States
146 Posts |
I know they sometime's fall out of my pocket when I'm in my car, so I suck them up with the vaccuum at the care wash.
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Forum Kid
Kuwait
1523 Posts |
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Pillar of the Community
United States
2271 Posts |
quote:
Originally posted by robocp
I know they sometime's fall out of my pocket when I'm in my car, so I suck them up with the vaccuum at the care wash.
It has been estimated that the average car has nine or ten coins in it when it's cut up for recycling. Most of these are pennies and fewer than half are recovered before melting. Time don't fly, it bounds and leaps.
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Replies: 41 / Views: 3,834 |
First Page
Posted 05/29/2005 3:29 pm
