Charges for coins

[scyther]

I just got back from a potential pickup/dump bank. I'm thinking of using this bank to pick up nickels, halves, and maybe dimes, and to dump pennies. I talked to a banker (er... whatever they're called... not a teller) and she didn't seem to have a problem with me dumping pennies and picking up other coins at the same time. However, she said there would be a charge for boxes of coins (they can't sell me bags, unfortunately). This bank is across the street from my other pickup bank and within comfortable walking distance of my house. As much as I would hate to pay for coins, it would be really convenient to be able to use this bank. She said she could tell me on Tuesday what the charge would be.

What do you think a reasonable amount to pay for boxes of coins would be, so that a could still make a worthwhile profit?

[rainsonme]

I really wouldn't pay for coin pickups or dumps. Takes the fun out of it, and would make a dry streak unbearable. You need to be able to ride thru some dry streaks telling yourself at least you haven't lost any money on the effort.

These rules are all arbitrary. A few years back when I was doing 20,000 or more halfs a week, the manager at a BoA near my work place told me that they were going to start charging me ---- I had been picking up every week there for 2 years. I said OK. The charge was supposed to be $1.50 per box of halfs or something like that. They filled out the paper work a few times; I got 2 notices in the mail that I had been charged $1.50, and then I never heard another word about it. It was too much effort for them to fill out the forms, pull the carbon, process it, then make a special mailing to me one fo the copies of the form. So, you might give them a few weeks and see how dilegent they really are on pointless paper work that costs them much more to process than its worth.

I have also asked branch managers to check with their regional office a couple times, and each time I have been surprised to find the regional manager tells the branch manager to go ahead.

It probably helps to have an account. I ahve accuonts with 4 banks. No, 5. Oh, no wait, I also opened one in Evansville, that makes 6. I look for banks that will likely have coins, and that are close enough to me to be used often. Then I also screen them for 0-cost accounts. One bank has an "on-line only" account type, which can only be used on line or thru an ATM. I opened with the minimum $20. I get some email every so often on the account. It is enough that I can pull out my account card when I walk into a branch; they ask if I want to pull the money out of my account, and I always say, no I think I have cash today. Another bank I opened an account in my daughter's name. She is, or was, under 18, so it is a custodial account for a minor with no fees. I had to open that one with $50, which I have left untouched ---- I guess I could have pulled $49.50 out, and still had the account open. In Evansville, the 5th3rd bank account is free so long as I make at least one transaction each year ---- so I annually withdraw or deposit $5 in that account to keep the fees at bay.

One final word of advice, be mister nice. It's not bad advice for the planet in general, but for bank tellers, it is absolutely a technique that has helped me. I always tell them that's fine if they forgot what I asked for and didnt have it for me; I always say if it isnt too much trouble, please do xyz; I am never frustrated or terse with them. I also often offer to stand aside if the bank is crowded and wait until the lines have reduced before asking for my coin favors. Some tellers hold silver dimes for me in their drawers. If I see a silver coin in a drawer, I ask if they are going to buy it for themselves, and if not, I would buy it, but they get first choice. I once went thru 4 rolls of rich nickels and pulled all the buffalo's and war nickels for the teller. She always holds halfs for me, and tells me when she thinks there are old coins in the dime/penny/nickel rolls for me. Life is short. I would rather have a real good time with this odd habit than to get 10 extra coins over the course of 5 years. Look at all the time we spend on this ---- lets make it really fun time.

[uthminsta]

I pay for boxes of pennies. All the time. $25 a box.
That seems like just about enough.

[NDFarmer]

We don't use the "F" word (fee) around here. I wouldn't pay for coins there are enough banks out there that won't charge you. You just have to keep looking.

[scyther]

As I understand it, nickel boxes yield about one war nickel on average, right? At that rate, even for only $1 a box, it isn't worth it. But I wonder about halves. How much do you typically get with them? It might be worth it...

[Sheba]

I just got back from a potential pickup/dump bank. I'm thinking of using this bank to pick up nickels, halves, and maybe dimes, and to dump pennies. I talked to a banker (er... whatever they're called... not a teller) and she didn't seem to have a problem with me dumping pennies and picking up other coins at the same time. However, she said there would be a charge for boxes of coins (they can't sell me bags, unfortunately). This bank is across the street from my other pickup bank and within comfortable walking distance of my house. As much as I would hate to pay for coins, it would be really convenient to be able to use this bank. She said she could tell me on Tuesday what the charge would be.

What do you think a reasonable amount to pay for boxes of coins would be, so that a could still make a worthwhile profit?

You have received a lot of good advice ... I would add one thing, in all seriousness, which really helps the tellers decide to be friendly to us (we only pick up penny boxes ... can't afford the dimes, quarters and half dollar boxes ). My added advice is, if you want a friendly helpful and eager group of bank tellers at any bank, DON'T FORGET THE CHOCOLATE . Of course that probably will cost as much as a 'box fee' in some cases ... but its amazing what a box of chocolate does to make bank tellers really work with you and for you, even on pennies! We've even gotten some hugs from some of the tellers (my wife and I) along with a box or two or three of pennies! Best wishes on getting lots of what your looking for WITHOUT paying the bank to get the boxes for you!!

[Diggin4copper]

One bank I use has 2 branches in town... Branch A wont give me coin and is always mad if I drop...branch 2 is full of Choclate loving sweethearts who love to give me customer wrapped coins... Keep looking, the good ones are out there..

[fasteddy]

look else where....I don't mind paying for convenience but I believe you will be charged more than the convenience is worth.

[johnbrickner]

"Life is short. I would rather have a real good time with this odd habit than to get 10 extra coins over the course of 5 years. Look at all the time we spend on this ---- lets make it really fun time."
rainsonmePenny Collector Member Posts: 457Joined: Mon Mar 24, 2008 10:00 amLocation: Portland Or

Well said!

[scyther]

Harris bank never called me back. So I set up an account at Associated Bank. I opened my account with just under $300 in zinc I can pick up and dump as many coins as I want, and there are no fees. Silver here I come!