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 Replies: 23 / Views: 5,060 |
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Pillar of the Community
 Canada
1747 Posts |
my routine is volume and repetition, which has yielded a lot of good results. however the dumping is the only real concern, as I need to turn over the coins to keep the routine going. Normally I pick up up to about $4000 (various quarters/dimes/nickels/pennies) on Saturday, go through what I can and on Sunday, I am lucky to have 2 banks (with multiple branches) open, so I dump what I had done, and pick up more coin.
I do this because working Monday to Friday regular business hours means its hard to go after work to get coin.
I actually dump coins Saturday, Sunday, Monday, Wednesday, Friday, all at different dump banks.
I may have crossed over the line, I have been keeping track of my coins from January and I just broke 106K
I am sure if I use the coin counters they wont care, but I can just imagine how long it would take me to dump $2000 in a machine, not to mention what if I loose money
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Pillar of the Community
Canada
5417 Posts |
Quote:
Lets see... I'm going to say not even a single ton since those coins, multiplied by four for each week in the month, still won't come to a ton (2000 lbs). I'm actually going to be a little wild here and say not even a half ton. Ok, maybe a ton was an exaggeration, after all I didn't actually take the time to do the math when I posted. So lets assume, there are $2000 in coins, 25% quarters, 25% dimes and 50% nickels. That'd be: (0.5)(4.54g)(2000)(20) + (0.25)(2.07g)(2000)(10) + (0.25)(5.05g)(2000)(4) = 111,250g = 111.25kg x 4 weeks = 445kg per month. Now go ahead and check how much it costs to ship 445kg of weight likely in a large secured container. The bank has to pay that much on Face Value coins. So basically if I costs them $200 to ship 445kg, they're literally taking a 10% hit on whatever money they accept from their customers. So, yes, the total amount is not 1 ton, but still a very large amount. Edited by zxcccxz
04/14/2015 2:11 pm
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Valued Member
United States
277 Posts |
I spoke with a local bank and told them what I do.
The teller called over a manager and discussed options, they give me Brinks bags and tell me to fill them up with the correct denominations half dollars up to $1000, sometimes it is less if I find some good ones (but I write the amount on the Bag $980). The bank puts the bags in the vault when I return them and then Brinks picks up the bags from the bank, no problem up to $15K.
The bank explained their issue if the coins are rolled and they can not off load them to businesses (they usually want boxes for accurracy) then the bank employees have to unroll the coins and put them into the Brinks bags (Brinks does not take wrapped coins). This time cost money and that can be costly to a bank manager.
I would ask the teller what is the problem and see if you can not work a solution in bagging the change for them.
I take $5-12K back a week to the same branch every week in bags and they are very happy with the solution.
Good Luck.
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Pillar of the Community
United States
840 Posts |
It's counter-intuitive, but my banks only accept rolled coins. They've told me they must be the ones to unroll the coin into the bags.
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Pillar of the Community
Canada
1747 Posts |
Update, I think it was just a manager at the one branch, because I have been to other branches and have dumped coins with no issues, and no comments.
I have tried to limit the dump to under $1500, which I think is their threshold to not actually put the transaction through my account.
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Pillar of the Community
United States
1911 Posts |
The problem at one of my dump banks seems to be all the tellers are women (no offense intended) and it appears I always get this same teller who appears that she is physically/medically unable to lift the box of half dollars so another teller has to dump them in the machine for her... and I usually fill the machine bag once a month at least so then they have to change the bag to continue counting the coins.. at least at my other dump bank there are a couple guys who have no problem carrying the box/bag of halves.
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Pillar of the Community
United States
729 Posts |
At all the dump banks I get the feeling that they just said "Here he comes again". One bank it seems the lady who changes out the bag gets annoyed. I need to figure out when its her day off. But other than that no other problems.
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Pillar of the Community
Canada
1747 Posts |
Steve, I have an issue with the coin counters, actually I have 2 major issues.
1) amount of time it would actually take for me to dump $1500-$2000 would be well over an hour.
2) I know for a fact they are not accurate, and people loose money
Let me preface what I said, I have used the counters (which are actually coinstar machines loaned to TD) and to dump $75 of pennies, it takes about 30 minutes, because every 5 minutes or so it stops, and has to catch up.
Secondly when I have dumped the coins, my total rarely adds up to $75, its more like $73 (I have an account at TD and this is not a surcharge its free for customers)
Thirdly, I have received a quarter once in the reject slot (it was not there before I started) when again I was only dumping pennies.
Fourth, and finally, I have been offered coins right out of the machine by one manager, which did not make the reject tray, but were stuck inside the counter.
So I loose 2.67% of my money at $2000 that's over $50 lost money.
Why would I use the counters?
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Replies: 23 / Views: 5,060 |
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Posted 04/14/2015 1:11 pm
