Coin Community Family of Web Sites Join Thousands of Coin, Bullion, & Money Collectors
Royal Canadian Mint products, Canadian, Polish, American, and world coins and banknotes. Join Thousands of Coin, Bullion, & Money Collectors Vancouvers #1 Coin and Paper Money Dealer Royal Estate Auctions - $1 Coin AuctionsCoin, Banknote and Medal Collectors's Online Mall 300,000 items to help build your collection! Specializing in Modern Numismatics








Username:
Password:
Save Password
Forgot your Password?


This page may contain links that result in small commissions to keep this free site up and running.

Welcome Guest! Registering and/or logging in will remove the anchor (bottom) ads. It's Free!

How To Deal With Banks ?

To participate in the forum you must log in or register.
Author Previous TopicReplies: 6 / Views: 2,197Next Topic  
New Member

United States
6 Posts
 Posted 06/08/2016  12:26 am Show Profile   Bookmark this topic Add Alan B to your friends list Get a Link to this Message Number of Subscribers
Hello everyone!
I'm quite new to coin roll hunting, but I am having some fun.
Although today I turn in some pennies at my bank for free and exchanged them for new pennies.
They looked at me strange, and I told them I am a hobbyist looking for old coins.

Then cracked a joke of how I am poor, and I want to work myself up to nickles and dimes.

Then the manager came over and said they could only give me 1 box because I don't have a business account, and they normally charge 6 cents per roll! ( That's over 10%! on 50 cent rolls!)
Then they tell me I would need a dba license I just say can't I DBA under my name. I look young but I have done a little research =).

Anyway how do you get coins, and return coins with out getting charged and hassled?
Pillar of the Community
John77's Avatar
United States
2915 Posts
 Posted 06/08/2016  03:31 am  Show Profile   Check John77's eBay Listings Bookmark this reply Add John77 to your friends list Get a Link to this Reply
The best thing to do is to develop a good relationship with your local bank from the beginning. It sounds like you may be off to a rough start there, so you may want to go elsewhere.

What I normally do is I get my coins at one bank and turn them in at another one. I have accounts with two major banks, one of which happens to have 3 branches within 2 miles of my home. I normally get my coins at the biggest of the branches (they will buy me half dollar boxes) and then turn them into the others. I rarely run into problems now, though I did at my original bank (which is why I now bank with two), as they would only allow me to turn in $50 at a time.
CRH Nickeloholic. 1,600,000 nickels searched in eight years! Have found FOUR complete Jefferson sets!
Moderator
Learn More...
John1's Avatar
United States
56855 Posts
 Posted 06/08/2016  05:13 am  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply
to CCF Alan.Sounds like you need a friendlier bank. You should never dump at the bank you buy from. I pre order 10 to 12 boxes of cents from my bank and dump at my brother in law/sisters bank.I have not yet been charged any extra fees (fingers crossed).
John1
Rest in Peace
T-BOP's Avatar
United States
18456 Posts
 Posted 06/08/2016  07:50 am  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
Open an account at another bank, get friendly with the tellers . Then ask them for rolls or boxes .
New Member
United States
6 Posts
 Posted 06/08/2016  4:07 pm  Show Profile   Bookmark this reply Add Alan B to your friends list Get a Link to this Reply
Thank you all for the info!
Pillar of the Community
fistfulladirt's Avatar
United States
4333 Posts
 Posted 06/08/2016  6:16 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
You've found out firsthand how greedy the banks are.

Dump the bank, join a credit union, as a member you are also part owner.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Pillar of the Community
n9jig's Avatar
United States
998 Posts
 Posted 06/08/2016  7:35 pm  Show Profile   Bookmark this reply Add n9jig to your friends list Get a Link to this Reply
Remember that banks are a business first, they exist to make money. They make money by providing selected services to paying customers.

They make no money on selling you coin at face value nor do they make money by buying it back from you at face value.

Many banks will provide coin to customers in reasonable amounts and accept returned coins, again in reasonable amounts. They are in no way obligated to do either, especially for individual customers.

If you are one of their business customers they will almost always provide rolled or bagged coin upon request but larger quantities may require prior notice.

If a bank graciously provides you with boxes or bags of coin for face value take it as a gift and return the favor. Dump elsewhere for sure. Be nice to the staff at both the source and the dump banks. Small tokens for repeated favors go a long way. A box of donuts will get you remembered and they may just set something aside for you when you come in the next time.

While one way for the bank to make money is to be nice to the customer, individuals are rarely the big rainmakers. You will always do better if you have accounts at the source and dump banks. Keep track of which branches still have customer counters (less and less do these days).

Consider an account at a credit union, they often have coin counters and are often more agreeable to accept large coin deposits with them. They are also less driven by the profit motive so tend to be more service oriented. Just remember to not burn your bridges. The quickest way to get a coin counter removed from your local facility is to dump tons of coins there all the time. Spread the wealth...

  Previous TopicReplies: 6 / Views: 2,197Next Topic  

To participate in the forum you must log in or register.



    




Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use

Coin Community Forum © 2005 - 2026 Coin Community Forums
It took 0.28 seconds to rattle this change. Forums