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 Replies: 37 / Views: 4,872 |
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Valued Member
United States
337 Posts |
Ok, so first of all I am not trying to make enemies on here, but I think this is a pretty big problem. I notice a ton of people saying that their banks are now trying to charge them to order coins or sometimes even take back the change. I got to thinking why the bank might do this and it can only be because it's getting to be too much of a hassle. I know we all want to get that huge silver find from a box of half dollars, or that once in a lifetime FULL Wheat penny box, like I read someone recently got but at what cost. I read people are taking out 6-10 boxes of half dollars a week, sometimes even more! Us going through these boxes is crazy enough, but 10 boxes. Even if the bank you are picking up the coins from doesn't care, what about the dump banks? Is it possible that they are the ones who are getting the fee idea passed in your bank? I go to the nicest teller I have found to get my change but only ask for what he can give me, like the extra stuff. He can always give me boxes of quarters, dimes, and nickels, most of the time pennies too. Since people are returning soooooo much change these days they have the means to pass it on to me. The only thing I have him order is ONE box of halves each week, and only if he can. He gets them for me every time. I think we all need to step back and see that maybe the banks are setting up these fees for a reason other then to make us mad. Maybe we are doing it to ourselves. Sorry if I offended anyone but if you are gonna find silver you are gonna find it, and if not maybe it's just not your lucky day. I found my dream box already of jfk's only doing a box a week, it contained around 125 silver pieces. No need to go crazy on the box ordering, I think it might hurt us all. Take it easy and really enjoy the hobby instead of rushing through trying to make a quick buck. thats my 5 cents and if you read it all thanks and what do you think  Chris |
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Valued Member
United States
114 Posts |
I think you are Correct my credit union does not charge and I do the same with halves once a weak if they can get them Ect
But I mainly deal with pennies But I see what you are saying.
The banks see that money can be made they will make it.
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Pillar of the Community
United States
672 Posts |
 100% and this is because, like everything people are greedy (as I have been at times too with ordering). I fear several hunters are killing the golden goose with large orders/dumps. What gets me the most is when people get on here and throw a temper tantrum when banks wont order them anymore! Banks are a business and I fear people loose sight of that... |
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Valued Member
United States
366 Posts |
I think that's definitely a valid point, and that if anyone takes out too many boxes per week, the banks might be upset and then begin charging fees. Of course, I have had banks not too happy with me coming in weekly asking for even $20 in halves, so I can't imagine what they would do if I asked for 10 boxes. Also, remember not to visit a single bank all the time, but visit different dump banks every now and then. We have to remember that we want to keep the banks happy too.
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Valued Member
United States
66 Posts |
I couldn't agree more. I usually do 1 or 2 boxes of pennies or nickels each week. They looked at me funny when I asked about halves, so I don't even bother because I don't want to ruin what I already have.
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Pillar of the Community
United States
2424 Posts |
right on.
i only order 1 box a week. and my tellers are happy to do so. aside from the coin collectors and roll hunters, there are those folks that bring in their 10 year hoards now and then. not that those people deserve to be charged for their coin, but like you said, a few of us might ruin things that may end up costing everyone. but until that time when the gov. retires the penny and nickel and maybe even all coinage, we wont see a mandatory fee.
usually tellers are upfront when you ask them if they charge a fee for coins. BofA out here did when I first got into the obsession of hunting. I was a free member of b of a for a week when I realized they charged me $6/bag of rolled coin. I politely canceled my membership and moved on to a bank that was free...
when you look at the grand scheme of things, ask yourself why you roll hunt. is it to find the silver? find the errors/varieties?
for me, it was finding that silver and making money so I can buy the coins I wanted. Well, when I added everything up it was just cheaper to go buy the coins I wanted instead of searching for silver, selling that silver and then buying the coins I wanted. Yes its free money in a sense, but more work than its worth most times. But to each his own. I challenge you guys to ask yourselves why you do it, roll hunt. I know for most it means free money to support the hobby. If I found $20 in silver for every box of dimes and halves I search I would be so happy! but realistically, I am better off spending those 2 hours at the coin shop buying what I love! and I do not love skunk boxes or dumping the coins compared to buying a few coins that I like!
ok I'm done.. there are my 2 cents
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Valued Member
 United States
337 Posts |
cool I am glad I am getting positive feedback on this topic
was kind of afraid people would be mad at me for making it seem like the fees can be in a sense our own fault
not only the banks
Banks are a business but to me the small amount they would make off the fees doesn't really add up to a reason to put them there in the first place
that's why I think there is more to it then just the bank wanting to make money
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Valued Member
United States
277 Posts |
I am not offended at all but I completely disagree. There are two reasons why. One, we are their customers and they are suposed to take care of us. So many people and business's forget this nowadays, the customers keeps you in business so you should try to do whatever you can to keep them. You might not like it, it might not even be possible, but you try to work something out, never complain at a customer about it, or tell them they are stupid, do it after they leave. Two, I am not a banker, I don't know how interest rates are calculated, but I do know that I have quite a bit of money in my bank. I also have a car loan with my bank, and I pay more in interest in one car payment, than they pay me all year for holding my money and loaning it out. Then they are going to tell me that I can only bring back 50 dollars a day to the coin counter, or 5 rolls a day to the branches without a coin counter, or I have to pay them a 3% fee, to give them more money to make money off of. That would be like a friend of mine I worked with. We worked at a company that provided uniforms and also cleaned the uniforms. He had bad allergic reactions to almost all laundry soap. So he brought in a doctors note saying this and asked if he could take his own uniforms home to wash them, and the company that did the uniforms charged the company we worked for 5 % extra for this, which they tried to pass off to him, until he got a lawyer and got his revenge. That is another story all together
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Pillar of the Community
United States
508 Posts |
As much as I hate the banking industry for numerous reasons, I completely agree with the OP. I would imagine it costs them a good chunk of change to order massive amounts of boxes. Granted we may be the customers and without our money they would not exist, they are still doing us a service by paying a delivery service to transport the boxes from point A to B. I would imagine that would get pretty costly when you have multiple people asking for a larger quantity of boxes, I cannot imagine their flat fee covering 50+ boxes per week. Their delivery service would probably increase the charges which would in turn get passed on to the customer. I stopped ordering mass boxes when banks started telling me there will now be fees for doing so. I am content with 1 or 2 boxes of halves per week, I can sometimes get upwards of 10 silver pieces that way(on a very lucky day =D ), and when silver is at $35 an ounce, that's a nice dollar amount for doing something I find to be entertaining.
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Valued Member
United States
277 Posts |
I am not sure what they get charged for the extra boxes, but at my credit union I am good friends with the bank manager and I am sure she would tell me if I ask... now I just got to remember to ask next time I am in.
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Pillar of the Community
United States
757 Posts |
well, I should caution this discussion that moderators have warned that those who bring negative discourse regarding banks may be suspended.
knowing that, rk, you should tread carefully.
also, this debate has been going on for many many years and there appear to be equal camps on both sides. while I agree to some extent with rk, it is also clear that banks spend ALOT of money on ordering boxes, especially if the boxes ordered go beyond their norm. e.g. I've been told that I can no longer get 8 boxes a week because it was costing the bank around 100.00 each week for them. this is totally understandable. the moral of THIS story is that you should not assume that the cost to the banks is a trifle.
i think OP is largely right in saying that we are probably killing the goose. we may get around this fairly easily though, if we order like 8 boxes, each one from a different bank.
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Valued Member
United States
277 Posts |
Tread carefully? I am not mad or calling anyone out. I just disagree with the OP, and stated what I go through as I get coins from my bank(s) and there branches.
I do agree with you that you should just go get boxes from each different branch if they are close enough. For some reason the branches don't seem to communicate to well and don't know that you are ordering from each branch or dumping coins in one branch and getting the coins from another.
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Pillar of the Community
United States
757 Posts |
i know you're not, rk, I'm just saying that it's come up multiple times, and jbuck seems to be annoyed with it.
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Valued Member
United States
337 Posts |
I don't think anyone needs to tread carefully
that was a pretty weird comment
I asked the question and wanted honest feedback which is what I seem to be getting
I don't think anyone was attacked in anyway or being overly mean about their points
it can become a very heated argument though
I think everyone is being completely fair here and this has been interesting to read
I just wanted everyone to have a view at both ends of the spectrum
I would be very upset if my bank told me they were going to charge me
the fact is that we might be able to avoid the charges by keeping our orders reasonable
what is "reasonable"....do I hear another small debate
I say reasonable is what they can give you to a point
my teller tells me
"I have boxes of about anything for you"
I usually get a box of halves (these he orders)
then I grab a box of nickels pennies and dimes
this is a lot if they have to order
but he says its all stuff he has in the bank already and its no problem
I then return to about 4 banks
Usually 2 boxes per bank to spread it out as much as possible
I do this once a week
keep the inputs coming
It's an interesting thread that in my opinion is completely under control
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Bedrock of the Community
United States
20753 Posts |
By me I USED to be able to get rolls or bags of coins of almost any type all the time. And no charge. Same with returning coins. Then all of a sudden it all came to an end. Now of the 5 banks I deal with, all charge for returning ocins. All will no longer order coins unless you have a buisness that requires coinage and you must prove that.
All say the same thing. It is done due to this latest thing of people, mostly younger ones, coming into a bank when busy and wanting rolls of coins or returning rolls of coins they just receive a few days ago. And too many of the rolls are short one or two coins. Bulk bags contain washers and/or foreign coins too that jam counters. None of these banks no longer have coin counters. You bring in coins, they are put in bags, shipped out for counting and there is a charge for that.
All thanks to those that abuse the system.
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Valued Member
United States
426 Posts |
Agreed chriscoinmaster.
Exact same thing going on here just carl.
I started noticing this years ago when I would stop by at the bank to pick up my 1 measely box every 2 weeks on payday and the tellers would tell me about how some people would pick and dump a massive amount of boxes, they warned me that sooner or later the banks were going to change policy and yes the day has come and not just one or two banks here and there but more are implementing fees of this kind.
All in all the silver halves are dried up in my area but I guess I was lucky since I got to start hunting for halves back when there weren't too many people doing it and It was fun. I have since moved on to other things in search of cheap silver but I do feel that It could of lasted a lot longer.
Edited by RealPeso
03/06/2011 4:42 pm
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Replies: 37 / Views: 4,872 |
Posted 03/06/2011 11:54 am
