Having your coin returns be weighed?

[JobIII]

Hi all,

I'm getting close to ending my penny sorting, but to do this i've increased the amount i process. As a result the banks i return to mainly T><D><Bank has been stepping it up and allowing me to return larger than normal drops. One bank said i can bring as much in as i have, but it'll need to be sent out and weighed, then the total would go to my account. The process would take about 3-4 weeks. I'm tempted because i could basically process unlimited amounts for the next couple weeks until i've met my total.

I know i could always use my coin counter and/or just weigh them before i deposit them to get a ball park figure of the amount. It's annoying that the process takes about 3-4 weeks, because i'd like to do a sample run, but i'd have to wait a month before knowing if the results are worth the process.

Has anyone done this before? I'd like to know how it was for anyone else that does or has tried this.

~JobIII

[highroller4321]

Basically every bag of coin, of one demonination, gets weighed when it gets to the armored carrier. The armored weighs the bag to know if it is a full bag or not. There is a pretty tight variance so if you go outside of the varience than the bag has to be "processed". If you send an off weight bag than it has to get processed and than the bank will get charged a processing fee.

[NHsorter]

Sorry to ask another question instead of answering yours, but I was wondering what you had to say to get TD to take bags from you. I have tried at numerous branches and they always make me run it through the machine. I even brought a full sealed coinlock $50 bag of pennies, a $100 bag of nickels and a $1000 bag of halves in with me one time to try to deposit and they still made me run it all through the machine.

[JobIII]

HR,

I don't actually have the details. They are basically asking me to bag my coin and bring it in. So i could load bags to the $50 point, or perhaps more. They are going to provide the bags and service free for me. I don't know how long it'll last, but if it's an issue of bag supply i'd be willing to bag heavier just to allow myself more returns while i can do it. The teller is going to contact me when i can collect the bags, and i'll ask her about it then.

HR would you say this should be as reliable as the coin counter in the branch?



NHsorter,

I actually didn't have to do anything. I went to the branch explained what i was doing, and dumped $300 in their coin counter. Came back about 3 months later and did the same thing. Came back 3 weeks later and was allowed only $141.00. They had originally told me they would look into this option 4 months ago and never got back to me. However since i've been coming more frequently they found out what needed to be done and now i'm where i am. I don't know how much they are going to let m bag myself. I have plenty but I don't want to abuse this gift.
Most banks won't just accept bagged coins. You really need to establish yourself at that branch, use their bags (in all the cases i've dealt with), and provide your bank account.


~Jobiii

[highroller4321]

HR,

I don't actually have the details. They are basically asking me to bag my coin and bring it in. So i could load bags to the $50 point, or perhaps more. They are going to provide the bags and service free for me. I don't know how long it'll last, but if it's an issue of bag supply i'd be willing to bag heavier just to allow myself more returns while i can do it. The teller is going to contact me when i can collect the bags, and i'll ask her about it then.

HR would you say this should be as reliable as the coin counter in the branch?
NHsorter,

I actually didn't have to do anything. I went to the branch explained what i was doing, and dumped $300 in their coin counter. Came back about 3 months later and did the same thing. Came back 3 weeks later and was allowed only $141.00. They had originally told me they would look into this option 4 months ago and never got back to me. However since i've been coming more frequently they found out what needed to be done and now i'm where i am. I don't know how much they are going to let m bag myself. I have plenty but I don't want to abuse this gift.
Most banks won't just accept bagged coins. You really need to establish yourself at that branch, use their bags (in all the cases i've dealt with), and provide your bank account.


~Jobiii

If you need some bags than PM me and I can sell you some.

Yes, having the bags weighed is just as reliable as a coin counter. I would fill the bags to the $50 level and just get more bags. If you fill them with $55 than the bank is going to get charged fees for those few bags. If they track those fees back to you than you will most likely get shut down very quickly.

[inflationhawk]

I'd be leery of accepting that deal. They probably use a weighted average assumption for pennies because copper ones weigh more than zinc ones. Your $50 bags will always "appear" light to them because yours will be all zinc. If they use a high speed counter then you're good, but weighing pennies to determine a count just doesn't work very well.

[NHsorter]

Job, When you say that you explained to them what you are doing, did you fully confess that you were sorting for copper and just returning zinc? Just curious because I am afraid to tell them that at my bank because I fear that they would cut me off. Thanks for taking the time to answer my questions!

[JobIII]

HR,

Thanks, I'll stick to increments of $50. I'd take you up on the offer for bags, but i'm really trying to avoid any costs I can with this hobby.

Inflationhawk,

I agree, but i'm going to start out with a small trial run $100 to see how it goes. (too bad it'll take about 3-4 weeks to learn the results).

NHSorter,

Yes I walked in, and returned a couple hundred in pennies. The teller assisting me asked the usual questions and the large quantity of pennies. I merely told her about how copper pennies and how i wanted to collect as many as possible before they or the penny was taken out of circulation. That's about it. The people are pretty nice. Also it helps to communicate your hobby has an end point.

[highroller4321]

I'd be leery of accepting that deal. They probably use a weighted average assumption for pennies because copper ones weigh more than zinc ones. Your $50 bags will always "appear" light to them because yours will be all zinc. If they use a high speed counter then you're good, but weighing pennies to determine a count just doesn't work very well.

Nope, there is a pretty big variance they accept in with the pennies. Several pounds when compared to .1 pound(s) compared to things like quarters.

[JobIII]

Still waiting on the teller to get back to me. Seems she went on vacation last week. Hopefully this week i can get the bags and start returning bagged coin.