| Author |
 Replies: 14 / Views: 1,678 |
|
|
Valued Member
136 Posts |
Unlike everyone else, when I check through boxes of rolls, I always rewrap them with my own rolls. (Usually I get the brinks plastic wrapped boxes) My question is, for those that dump their coins at their dump banks, do you get ripped off when they count them in the machines as opposed to just bringing in rolls? Several times I have brought coins in to be cashed and they would put them in the machine and they would tell me I would be short of the dollar in the end. As if some of the coins are getting stuck in the machine or what not. What's your opinion/experience with the machines.
|
|
|
|
Pillar of the Community
United States
2224 Posts |
Many people claim that they do; others don't. I know I won't dump halves in a coin machine; if the machine is off by ten coins you are out $5! Cents and nickels I don't have a problem. I frequently buy from a local bank nickel bags to go through, and oddly enough most of the time when I return them to a different dump bank I find the bag had more in it than it was supposed to! But the last nickel bag I picked up had 46 Lincolns in it, and the count was low by a few dollars. Seems those cents took the place of nickels!
|
|
Pillar of the Community
United States
689 Posts |
does the bank charge to count your coins like a coinstar or is it free?
|
|
Pillar of the Community
United States
4333 Posts |
My credit union has a nice fast machine that I've used off and on for about 3 years. I dump halves there on occasion when I have an odd amount (otherwise I dump all my coin at another location in $500 bags that go directly to the vault for cash).
Halves are hard on most machines, but the count is usually on so I can't complain there. It is also free to use if you are a member. I cringe when I dump odd amounts of dimes tho, it will either be right on or count several as cents. If I bring it to their attention they will credit my account after they inspect the bag (later.) I shy away from counters whenever possible.
ffd
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
|
|
Pillar of the Community
United States
858 Posts |
Agree with ffd, I only use the coin machines for pennies or nickels. With halves, I crack the roll, search them and then tape the roll back up. Although there have been a few times when the wrapped halves either had an extra coin or were missing a coin in the roll.
|
|
Pillar of the Community
United States
1523 Posts |
Wouldn't use a counter with anything but pennies especially those coinstar thingies.It is a "for profit" operation so how better to make extra profit but by setting the machine to miss-count a few dimes.quarters every time it's used?Could be quite profitable.
|
|
Pillar of the Community
United States
573 Posts |
fistfulladirt - Case in point - I pulled a dime out of a penny roll tonight (SCORE!). It was a Brinks roll. But you are right, they do easily get mixed up with cents.
|
|
Pillar of the Community
United States
687 Posts |
I use the counters at TCF a lot and I've found them to be pretty accurate. The only time I don't know how much I have going in is when I dump pennies (I keep all the copper but don't count the zincs I dump back). So far they've been accurate but I've had a few scares. I have a number of branches around so if I find a counter I don't like, I don't use it for a few weeks. Several times I've had the machines either seize up and stop counting, jam the feeder slots or start spewing the coins into the reject slot like crazy. Most of the time, simply restarting the machine a few times clears up the problem. I'm pretty sure I've actually come out ahead from finding coins in the reject slot, or stuck on the way to the reject slot. Largest dump I've done is $700 in halves and it counted them perfectly.
Due to all the horror stories I've heard, I don't dump dimes and cents together so I can tell if the dimes are being counted wrong. I have $300 in dimes to cash in so we'll see how that works.
I don't expect complete accuracy - those machines can only be so precise considering the abuse they take, but my experience has been that any loss or gain has been mostly negligible.
|
|
Pillar of the Community
United States
2424 Posts |
i may sound old fashioned, but I like to take my time and re-roll all my coins. I am Dutch. so if you know anything about the dutch, we are "penny pinchers" lol. so I never like to be short changed. and I will never pay for a service that I can do myself. the coinstar/coin counting machines are a nice way for these companies to make a profit, usually off of dopes that dont care if they lose a penny or two, no offense to anyone who uses them. they also have free ones for certain banks. I understand they can save substantial amounts of time in this roll hunting hobby. but this should be a hobby that we enjoy, not rush. this is just my honest opinion. whatever floats your boat.
SD
|
|
Pillar of the Community
United States
687 Posts |
SD: I hear what you're saying and I don't disagree - I just see it as a trade off. I run the risk that the coin counter will rip me off, but because of the coin counter I can look at more coins. Looking at more coins yields more goodies :)
Coinstar doesn't have to short change people to make money - most people are more than willing to pay the 8.9% fee. I practically beg my friends and relatives to let me buy their change off them so they don't pay all those fees.
|
|
Pillar of the Community
United States
781 Posts |
whenever I buy a box, all my dumps go right into a coin bag for deposit at my bank. I get these bags for free, just have to ask. they're "Cointainer" bags and easily hold $200 in nickels (2 boxes), pretty much 2 boxes of anything. when I'm done going through the box, I count up what I'm keeping and place an equal amount in the bag. this way, I know exactly how much I'm depositing. It's usually $200 in nickels, $50.00 in cents...Or if don't have spare change to place in the bag, no problem, I just count up what I'm keeping and subtract what I started with. today, I deposited $110.00 in nickels (i only bought 1 box, plus 5 rolls), $44.00 in pennies.
|
|
Pillar of the Community
United States
1080 Posts |
My bank breaks any rolls that customers bring in and run them through their sorter "in the back."
|
|
Pillar of the Community
United States
2424 Posts |
|
|
Pillar of the Community
United States
781 Posts |
|
|
Valued Member
 136 Posts |
Thanks for the input. I think ill try dumping them at the bank once and see how it goes for future experiences. Doing only a little each time should be an accurate count...hopefully...
|
| |
Replies: 14 / Views: 1,678 |
|
Posted 03/04/2010 2:07 pm
