Any way to bypass banks?

Forum for discussing any topic related to investing in, collecting and saving US, Canadian, UK, and other Copper Bullion Pennies for their metal content.

Any way to bypass banks?

Postby handsorter81 » Sun Jun 24, 2012 12:13 pm

I've tried calling all armored truck companies in my area, the federal reserve branch in WA.(which is only about 20 miles from my house in Renton). I tried calling coinstar directly to see if I could get pennies from their machines. I've been shot down everywhere I've tried. Banks will only give a box or maybe 2 and they seems to be disgusted if they see my face too many times. The merchant teller did say that they charge $10 to businesses for accepted $50 plastic bags of pennies. What if I could go directly to their customers and save them the $10 charge? Also I am trying to find a way to not have to re-roll the zinc's by hand. Can any Vets lend some advice on streamlining the process?
handsorter81
 
Posts: 3
Joined: Sat Jun 16, 2012 12:11 pm

Re: Any way to bypass banks?

Postby slickeast » Sun Jun 24, 2012 12:36 pm

This question has been asked numerous times. Give up on ordering from an armored car service. That isn't going to happen.

Try to find a bank or credit union that has a lobby machine. You can either try to buy the bags off the machine or dump zincs in it. I have one branch bank that will accept loose in bags.

The more you deal with a bank, the more likely they will work with you. Talk to the head teller. Be nice. It takes time to build a strong relationship
You don't have to be the BEST you just have to be....... SLICK
User avatar
slickeast
Too Busy Posting to Hoard Anything Else
 
Posts: 6042
Joined: Thu Jan 08, 2009 3:00 pm
Location: South Carolina

Re: Any way to bypass banks?

Postby galenrog » Sun Jun 24, 2012 6:30 pm

Slickeast is correct on every point, so all I can do is emphasize that you need to develop a relationship with a few tellers in each branch you do business with. This can be anything from simply being friendly (NO HITTING ON THE TELLERS) to bringing your own cart or any other act that they might appreciate.
Mine Gold, Buy Silver. It Fills the Safe Faster.
galenrog
Penny Collector Member
 
Posts: 449
Joined: Mon Jun 27, 2011 8:51 pm

Re: Any way to bypass banks?

Postby Madwest » Sun Jun 24, 2012 8:46 pm

1st, get a dump strategy. Find a national bank or regional bank that has multiple branches with counting machines that are free to customers. Open accounts at two if possible so that you can spread your dumps to as many branches as possible.

Next, find a bank or credit union that will sell you bags from their coin counter. Start by asking every credit union in your area, then ask every community bank, then ask every regional bank, then ask every national bank. Tell them you understand that the bag count will not be exact and you don't plan on even counting the coins in it. Tell them you promise not to return any of the coin to them or any of their other locations.

You are likely to have the best luck with CUs because they generally contract with larger banks for their coin deposits. It actually saves them some expense if you take their bags.
Madwest
Penny Pincher Member
 
Posts: 120
Joined: Wed Sep 21, 2011 7:52 pm


Return to Copper Penny Bullion Investing

Who is online

Users browsing this forum: No registered users and 187 guests