Large Quantities Of Halves + Legal Troubles?

I think I have the pamphlet lying around somewhere amongst the clutter. I know offhand that halves would cost me $10 a box.

you figured they would remember you after a while

Why don't you shrink your order? It sounds like they are going to cut you off. I personally think getting 8 boxes is STUPID and this type of action is leading to why so many banks will not order halfs. Be smart, you will see more boxes in the long run if you don't get cut off.

Patty,
If I do recall you had the same problem form bank of America. They stopped ordering your 28 boxes a week or something to that effect. I have been roll hunting for 10+ years and nothing frustrates me more than going into a bank to buy halfs and they tell me that they won't order them for me because of problems they have had in the past. I have been hearing that more and more over the last year. I feel this is the direct result of roll hunters being greedy and ruining it for everyone else. I have the money to order as much halfs as the central vault has but I choose to keep my orders small so someone else can enjoy the hobby.

It sounds to me like they are requiring that information because they are filing a suspicious activity report (SAR) per federal law. Money servicing businesses (banks) are required to file one when any one of several things occur. The one you are probably triggering is worded something like "serves no known business or apparent lawful purpose.

You can see a copy of the form and the instructions on the IRS website at http://www.irs.gov/businesses/small...4555,00.html and http://www.irs.gov/pub/irs-pdf/ffc109.pdf

Explaining to the bank what and why you are searching may or may not stop them from filing the forms. Asking them not to file the form though is actually a suspicious enough reason that they are required to file the form.

If you're dumping at a different bank than you pick up from - it's going to look like money laundering to them.

Lucky you. The banks around me never have any halves, and they will not order any for me :(

They should not take your info every week if you are an established customer. I assure you they are not reporting your info to IRS (SAR or CTR). Your transaction is not suspicious nor is it over $10,000+ cash in one business day. I used to be a bank teller in college and you are doing nothing wrong.

Do you conduct other business with this bank besides ordering half dollars on a weekly basis? Do you have accounts with this bank? If yes to both, then I don't see what the problem is. The teller may be getting hassle from the manager or may just be trying to inconvenience you enough to turn you away from ordering so many boxes. In my opinion, 8 boxes is not a lot at all.

I work in a bank currently and have frequent conversations with our central vault or money center. There is a newer employee there that used to work for Brinks and I have asked coin questions regarding supply. I was told the inventory they hold is huge for coins including halves, they must have enough available to accommodate any situation and halves rarely circulate, so there is always plenty there. If a bank runs low, they simply order more from the FED.

You should simply ask why they need your info every week, but be nice about it. Bringing in a box of donuts or gift card for coffee for the teller ordering is also a way to go. Those small extras make tellers feel appreciated and more likely to go out of the way for you.

interesting.

so you're saying that each bank has something like a set amt at the vault waiting to be used at a moments notice or something?

also, to whomever asked: yes, I have several accts. there.