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 Replies: 15 / Views: 1,856 |
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Valued Member
United States
405 Posts |
Curious to know:
1. Do you roll or dump in coin machine?
2. Do you distribute rolls across banks, or dump on one?
3. What has your relationship been w/ banks you dump on?
4. If you dump at a national bank, which one?
I'm getting back into kennedy hunting after a 3 year haitus and after moving from Washington to NorCal. Back in Washington I was lucky enough to have a CU within walking distance that had free coin counting machine access. I dumped there. Best I could find down here in NorCal is a bank w/ a coin counting machine that charges 6.5%. Rather than pay $65 for every $1000 in halves I dump, I'm wonder what kind of experience I would have rolling and dumping the rolls.
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Pillar of the Community
1751 Posts |
The real big boys dump in bags.
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Valued Member
 United States
405 Posts |
Quote:
The real big boys dump in bags. Would you please elaborate? :) |
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Pillar of the Community
Canada
814 Posts |
I buy my rolls, open them look throug them, snag what I want add coins back to refill and put right back in the same roll. Then I go to one bank and cash them, then I go to a different bank and grab more. Never had any problems with the banks I dump on....sometimes they wonder why I go in there so much and buy rolls of coins....also I try and grab rolls from banks that have been rolled by customers and I try to choose banks that are in older areas of the city or where there are lots of old folks condos and stuff.
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Pillar of the Community
United States
4333 Posts |
Small change.
Realize there are hunters out there searching and dumping upwards of $20,000-$50,000 a week.
Myself -
1. I roll and dump in machines, and turn in bags.
2. I dump across several banks.
3. I have a good relationship (roll hunting for years) with my banks.
4. I don't use a national bank to dump. I avoid them, period.
I search maybe $30-$40K per year. Others search that much weekly.
Greed will eventually ruin the hobby for the rest.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
1751 Posts |
I do $20k a week. I've let my dump bank know that if it's too much, talk to me and I'll cut the volume. They know I'm willing to work within constraints they set, and I'm willing to pay for the right to dump if that's what it takes.
I plan to cut my volume back down to $5k a week or so in a year or two... just trying to raise money to buy a house with 20% down.
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Valued Member
United States
405 Posts |
Quote:
I roll and dump in machines, and turn in bags. Would you elaborate on what you mean by that? |
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Pillar of the Community
United States
4333 Posts |
I turn in bags of loose coin in $500 amounts. I get cash immediately, with no paper trail.
I've heard that can be done at other banks, although some send your money out to be counted, then credit your account.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Moderator
 United States
56855 Posts |
I roll and dump at Independent Bank and have had no problems so far. John1  |
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Pillar of the Community
United States
622 Posts |
SeattleMD. Let me clear the mud. Some of the larger banks don't count large amounts of coin on site. They provide you with bags to fill, which are then sent to a secondary location to be counted.
So, they give you a stack of bags. You bag your loose coin and return it to the bank, they send it off to be counted. They usually make you wait till the money has been counted, then they credit your account. The key is getting them to give you cash on the spot. That requires their trust(or a scale or a little common sense) in you depositing the amount of coin you claim OR an established relationship and money setting in their bank to cover any shortfall.
OO
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Valued Member
United States
370 Posts |
I dumped my first bag this week and they deposited it to my account and the funds were ready to withdraw right their and then. I can't just get cash, not so good because if you ever get audited down the road you will show a lot of money moving through your account, if tracked as income it could really screw you up for tax liability. So right now the plan is to bag dump pennies and all else goes to the CU for the free money counter and cashed out.
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Pillar of the Community
1751 Posts |
I wouldn't worry about that, I move $80k+ through my account every month and man, if I ever get audited, there will be lots of explaining to do, ha.
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Pillar of the Community
Canada
814 Posts |
I dumped some rolls off at a bank 2 days ago, went to a different bank biught some more....then dumped those off..yesterday...then went back to the first bank I dumped at and got more coins....when I got home and started looking through them...i relized I got the same coins I dumped 2 days earlier.....dang...haha oh well...
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Pillar of the Community
United States
979 Posts |
I return rolled coins. I simply add back in what I took out. I don't roll cents though, I let their rolling machine do those.
I always mark the outside of the roll. The tellers don't even give them back to me, they know my mark and know I don't want them.
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Valued Member
United States
370 Posts |
Fade, you said they were going to require you to wrap, did you get around that?
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Pillar of the Community
United States
530 Posts |
Yesterday finally got the deal for bags with instant cash  No charge for anything. Saves me rerolling 8 boxes a week. I'm going to find out how many I can bring in a week, Iv been bringing in 4000$ worth, I'm going to ask if I can bring in 3000$ a week on their other pick up day, I'm guessing it will be fine. Love my manager at this bank. |
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Replies: 15 / Views: 1,856 |
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Posted 01/24/2013 12:49 pm
