Opening Accounts at Multiple Banks?

[JohnDN90]

Hello Everyone!

I'm fairly new to copper penny hoarding. I've started this about two weeks ago and so far I've acquired about 15lbs. of copper pennies and am averaging 26% copper right now. I'm building my own automated penny sorter (don't have the cash for a Ryedale right now), and am looking to sort pennies on a much larger scale. However, I've run into a problem. My bank, US Bank, only gives out penny boxes to businesses (although I have gotten one from a nice teller before). I plan on opening a free business checking account so I can get access to these pennies. I live in a small town, and the banks don't keep that many boxes of pennies on hand, and at US Bank it costs $5 per box of coins that they order for you. That huge fee makes ordering boxes uneconomical.

My idea was to go to multiple banks and see which banks will allow me to buy penny boxes without having a business account, and open a business account at the ones that do require an account. Does this sound like a good idea as long as the fees for the account aren't too high? I'd like to sort around 16 boxes per day with my automated sorter, but living in a small town I expect to only be to get about 2 boxes per day form each bank. Does anyone have any other ideas for sources of large amounts of pennies, other than banks?

[jasmatk]

other than banks------run an add in your local paper or on craigslist offering to buy pennies $1.60 a lb is a fair price put it like why roll and lug all those pennies to the bank sell them to me.......

[JohnDN90]

other than banks------run an add in your local paper or on craigslist offering to buy pennies $1.60 a lb is a fair price put it like why roll and lug all those pennies to the bank sell them to me.......

Hmm, where you the one who bought the water jug of pennies for $1.60/lb? I saw that posting and gave me the idea to post of Craigslist. I have three responses so far, I emailed them back, so I'll have to wait and see if it works out. I was hoping for maybe a more steady source than craigslist, but it looks like banks and craigslist might be my only two sources.

[PreservingThePast]

Opening business accounts could be like opening a can of worms. You could run into problems and more expense than just sorting the coins you can get otherwise, and/or buying already sorted pennies from people on here.

The banks may require proof of a business license, that's an expense. It could be flagged for the IRS as well.

Just some stuff to think about.

Enjoy your coin searches, everyone.

[jasmatk]

No that wasnt me but ive had pretty good results running ads if you have any friends that own bussiness see if they will order some for you

[tinhorn]

[quote="PreservingThePast"]Opening business accounts could be like opening a can of worms. You could run into problems and more expense than just sorting the coins you can get otherwise, and/or buying already sorted pennies from people on here.

I agree. I've owned business accounts (for real businesses) and it's not a hassle you want. I'm a newbie at this, but after a 46% profit on my first trial run, I want to dive in. Since I don't have a bank account any more, I figured I'd go into local banks when I'm dressed nicely, then charm a teller out of ten or twenty dollars worth of pennies.

[JohnDN90]

Opening business accounts could be like opening a can of worms. You could run into problems and more expense than just sorting the coins you can get otherwise, and/or buying already sorted pennies from people on here.

The banks may require proof of a business license, that's an expense. It could be flagged for the IRS as well.

Just some stuff to think about.

Enjoy your coin searches, everyone.

I talked to the someone at US Bank already about business accounts. US Bank has a "doing-business-as" account. It's kind of like a personal-business hybrid account. It is a business account with the bank, but they don't require you to be registered with the state or provide a business license or anything of that sort. No monthly fees, no minimum balance, 150 transactions per month. I was hoping I could find similar options at other banks.

[justoneguy]

I bought that 5 gal jug and a couple of other batches too,
1 of them was somebody's dump i think all zincolns. I thought ha-ha nice joke, untill i remember i got $1.80 pennies for $1.60 jokes on him now
but i keep getting flagged and MF'ed from craigslist so i just gave that 1 up

[JohnDN90]

Yea, I got flagged on my first post, but my second one turned out ok. I can't figure out why they were against craigslist policy. Good deal on the profit from the zincolns though *thumbs up*.

[jasmatk]

Yea, I got flagged on my first post, but my second one turned out ok. I can't figure out why they were against craigslist policy. Good deal on the profit from the zincolns though *thumbs up*.

its not against CL policy its just morons flagging 4 no good reason(anyone can flag a post) i get the same thing on my I buy silver posts more so than copper lets say i post offering 19x someone else thats buying at 18x seen my post they might flag just to get mine removed so there post will be seen and not mine. its school house games if your post gets removed just repost