pickup/dump 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.

pickup/dump banks

Postby stonewallrabbitry » Mon Jul 25, 2011 4:21 pm

I know that I can't dump my zinc at the same bank as i pickup my pennies at but can I dump them at the same bank but a different branch? Example BOA in one town for pickup and BOA in another for dump or would I get my dump pennies back? I am goiing through thee boxs a week
stonewallrabbitry
Penny Pincher Member
 
Posts: 173
Joined: Tue Jul 05, 2011 10:01 pm

Re: pickup/dump banks

Postby ed_vantage17 » Mon Jul 25, 2011 4:24 pm

I do the same thing, dump at one Chase and pick up at another. Still pulling the same 28%-32% I always do. Pennies get around, unlike halves so getting your old coins back is not likely. The main reason to separate pick-up from dump is to keep your tellers happy.
Ferengi rule of acquisition #162: Even in the worst of times someone turns a profit.

My realcent feedback.

“Most Americans are getting hammered by high gas prices, yesterday oil hit a record high and politicians cannot do anything about it”. -- Bill O'Reilly April 23, 2008
User avatar
ed_vantage17
Penny Hoarding Member
 
Posts: 524
Joined: Tue Mar 01, 2011 10:24 pm
Location: SE Wisconsin

Re: pickup/dump banks

Postby wpd7 » Mon Jul 25, 2011 4:29 pm

Except that BoA does bags for bulk deposits so in effect you're diluting your coin supply since it goes directly back to the distributor.
wpd7
Penny Pincher Member
 
Posts: 135
Joined: Tue Jul 19, 2011 10:05 pm

Re: pickup/dump banks

Postby ed_vantage17 » Mon Jul 25, 2011 4:30 pm

wpd7 wrote:Except that BoA does bags for bulk deposits so in effect you're diluting your coin supply since it goes directly back to the distributor.

Three boxes a week is a spit in the ocean as far as BofA is concerned.
Ferengi rule of acquisition #162: Even in the worst of times someone turns a profit.

My realcent feedback.

“Most Americans are getting hammered by high gas prices, yesterday oil hit a record high and politicians cannot do anything about it”. -- Bill O'Reilly April 23, 2008
User avatar
ed_vantage17
Penny Hoarding Member
 
Posts: 524
Joined: Tue Mar 01, 2011 10:24 pm
Location: SE Wisconsin

Re: pickup/dump banks

Postby GTOJohn » Mon Jul 25, 2011 4:52 pm

i've seen tellers move between branches - and then you are snagged.
i feel supply and dump banks should be different banks - not just different branches of the same bank.
it does help with your supply if you can tell the head teller you are not going to be bringing the coins back to them or any of their other branches.
that's just me.
User avatar
GTOJohn
Penny Collector Member
 
Posts: 397
Joined: Mon Nov 15, 2010 7:04 pm
Location: Connecticut

Re: pickup/dump banks

Postby inflationhawk » Mon Jul 25, 2011 5:55 pm

I agree with John. There really is very little risk that you would ever see the same pennies again. The risk is more that a roving teller catches you and then you could be out both a dump bank AND a pick up bank. If at all possible, use separate bank chains for dump and pickup.
inflationhawk
Penny Hoarding Member
 
Posts: 846
Joined: Sat Feb 19, 2011 1:10 pm

Re: pickup/dump banks

Postby stonewallrabbitry » Mon Jul 25, 2011 6:01 pm

I am going to be picking up the boxs of pennies and my girlfriend will be dumping them at a different branch, we have never been in either branch together so none of the tellers will know that she is dumping pennies that I picked up
stonewallrabbitry
Penny Pincher Member
 
Posts: 173
Joined: Tue Jul 05, 2011 10:01 pm

Re: pickup/dump banks

Postby NotABigDeal » Mon Jul 25, 2011 7:58 pm

I pick up and dump at different branches of the same bank. Never an issue.

Deal
I plead the 2nd....

Control your kids and your crazy ass relatives, leave my guns alone.

TTS 10/30/60-10/25/13 Dad.
User avatar
NotABigDeal
Too Busy Posting to Hoard Anything Else
 
Posts: 5130
Joined: Sat Sep 01, 2007 3:00 pm
Location: The one and only U.S. of A.


Return to Copper Penny Bullion Investing

Who is online

Users browsing this forum: No registered users and 9 guests