BoA as a dump bank

[dannan14]

Does anyone use Bank of America's coin counting service? i'm wondering how much i can bring them weekly without raising any red flags. i am considering dumping at a different branch every week, but since all bags get sent to their main branch in San Francisco i am curious if a large volume over time will get their attention. Basically, i am wondering if anyone has experience bringing large quantities to their service and if they have ever balked at the accumulated total.

Thanks in advance for any thoughts.

[reddirtcoins]

HA.... I have hauled in bags and I mean BAGS... some trips 4 or 6k in size but normally 2-3. So far not a big deal but, I keep them light and try to hit them on their off days. So far they are ok with it.. and yes, they do have a coin policy so they will take them.

[dannan14]

Thanks! Looks like i'll fly under the radar then. i expect to average $400-600/wk. i think i might still spread that around to several branches though.

[HPMBTT]

Does anyone use Bank of America's coin counting service? i'm wondering how much i can bring them weekly without raising any red flags. i am considering dumping at a different branch every week, but since all bags get sent to their main branch in San Francisco i am curious if a large volume over time will get their attention. Basically, i am wondering if anyone has experience bringing large quantities to their service and if they have ever balked at the accumulated total.

Thanks in advance for any thoughts.

BofA is a very good dump bank; I can vouch for them, as I used them extensively for several months at one point and was churning/rinsing up to 5k in (pre-counted) bags per week. (Hoard also has interesting stories about BofA too. PM him and I'm sure that he would be glad to share with you ) They WANT your business, because, just like most banks, they are hurting and desperate for cash. That being said, there are limitations, just like any other bank. Here's my general advice, which most of the good folks here at RC would probably agree with:

-Before opening the account, inform them that you will be bringing in bags of coin and if that will be a problem (some branches may have a slightly diff policy)
-Have either a small direct deposit or other business with BofA (they need to make money too). Without a direct deposit (min $250/month I think), the fee per transaction is expensive ($3). Also, get a checking and not a savings (you will be doing too many transactions per month). One more thing: if they let you do instant cash for your bags, try to get them to do it as a single transaction; otherwise, it will be two transactions (1 deposit, 1 withdrawal); these transactions will quickly add up and can cost you a boatload in fees per month (assuming you don't have direct deposit).

-Verify if you can get immediate cash at the time you turn in your pre-counted bags. With me, they let me get my cash back every time. Your area may be different and you may have to wait 2 days before the bag clears. You may have to start small and build up a trusting relationship with them first.

-Get a high-speed coin counter (obviously; also, make sure that it will do halves)
-Start with small amounts at first, then increase slowly over time.
-Establish good relationships with the tellers and (and managers & head teller, if you can). A smile, friendly conversation and occasional chocolate will go a long way.
-Don't dump too much at the same time (your $400-600 should be fine)
-Try to dump out of your immediate area once in a while (it moves your searched coin to different armored carrier, plus you get to visit a new branch and see what they are like)
-Don't overfill your bags. They do not like it and they will be too heavy to move. Stick with the posted amounts on the bag (ie $500 for halves)
-Try to dump the day of (or the day before) their coin pickup day. They will appreciate it, as they usually have limited vault space.
-Do NOT order coin (pick up) where you dump (probably the #1 rule)
-Spread the Wealth (dump at different BofA branches and on different days)

Good luck.

[dannan14]

Thank you for the tips. i do have a question about your pre-account opening advice. When telling the banker that i will be regularly depositing bags of coins it seems natural that they would ask why i would have so many coins. Is it best to simply say i am a coin collector or are there "rational" reasons out there that the average person can grasp easily?

[HPMBTT]

Thank you for the tips. i do have a question about your pre-account opening advice. When telling the banker that i will be regularly depositing bags of coins it seems natural that they would ask why i would have so many coins. Is it best to simply say i am a coin collector or are there "rational" reasons out there that the average person can grasp easily?

In my opinion, I think it is best to be honest with them and tell them that you are a part-time coin collector (they will be more nice if you say that you sort with your nephews, son, brother and so on). YMMV, of course. Other RC folks may not agree with me, but I think you'll find that the majority here prefer the honesty route. When sitting down with the head teller (or account exec or mgr), be sure to say, "Before I open the account, I have a couple questions. Although I will probably be doing some sort of direct deposit (that's the part they really like), I will be turning in some bagged coin on occasion (pre-counted). Is that going to be a problem?" They may ask you how much, but usually, they will be glad just to have your business. You can just say, "to start off, maybe only 200-300 dollars on occasion." Also, stay away from any business accounts, even if they suggest it; most of us here are small-time anyway.

For most accounts, you will have 30-45 days to arrange the initial direct deposit (via your employer etc). After that, regular fees would apply if you don't meet their minimum and you exceed the maximum number of withdrawals per month.

One more thing. Remember that an uninformed teller (or mgr) may accidentally give you the wrong information. So if you don't get what you want from the first branch, then politely take their information, excuse yourself and say, "Thanks...I'll get back to you" ; then you just go to another BofA branch and do the same thing there. You could even make an anonymous phone call (caller ID blocked) to a third BofA branch and ask a couple questions; however, don't give out your name or personal information during this particular call. Realistically, you're not going to have any of these problems though with BofA. I never did.

[dannan14]

Great stuff! Thanks again, i appreciate the advice.

[HoardCopperByTheTon]

And if you want a free box of pennies I have a coupon that will give you a box and me a box if you are going to open an account at BofA in the bay Area.

[dannan14]

And if you want a free box of pennies I have a coupon that will give you a box and me a box if you are going to open an account at BofA in the bay Area.

Hehe, i did see that coupon...but that is because i already opened the account. And i'm in Sac so not sure if it would have worked.

[HoardCopperByTheTon]

It would have worked. It works at all BofA's. I will be in Sac tomorrow. Maybe I will do drive-bys of all the local BofA's.

[ROC]

I have dumped several bags at BoA but they are slow with making the coin count correction to my account.

It's been several weeks now and they've only posted corrections to 2 out of my 10 deposits.

[silverhedgehog]

How is BofA for getting pennies? My wife just started there but not in a branch. We'll be opening a joint checking account for her check to be direct deposited. I wish I started this madness a few years back when she was a branch manager. I know most of the managers from the banks she worked at before and have no problems getting coins. Sooner or later she'll be a branch manager again and I have free delivery service.

[ROC]

How is BofA for getting pennies? My wife just started there but not in a branch. We'll be opening a joint checking account for her check to be direct deposited. I wish I started this madness a few years back when she was a branch manager. I know most of the managers from the banks she worked at before and have no problems getting coins. Sooner or later she'll be a branch manager again and I have free delivery service.

Wow, thats a really good inside connection how your wife works at a bank!