The BofA branch I go to deposit only $1000 yesterday, the vault teller asked me yesterday where did I get the coins. I told him from the Mint. The guy did not understand "the Mint" at all. I have to tell him the US Government agency that issues all the coins, circulated or not.
He said I am the only one bringing in the coins and they dont have customers asking for such. However he does have some loose ones on the counter, as when we discussed the matter, he picked up one and asked, "how much it costs to make one?" Apparently he thought there was gold in it!
I decided to print out the description of NA coins and Prez coins from the Mint's site and armed with such with me next time I go to deposit at this BofA, for education purpose!
Wachovia branch asked me the same question the first 2 times, and they stopped since then.
The most amount I deposited at each location at any single visit is $3000, between 1 week to 10 days. They should not feel any burden given we are in a large metro area.
While it's nowhere NEAR as efficient as deposting thousands of dollars at once at the bank, have you tried using the intact rolls at places like the grocery store or anyplace else where you might be making at least $25 purchases? I say $25 purchases because I would think it's easier for you and them to leave the coins in the roll. Hope this helps.
Quote:
Originally Posted by xyzzy
I can see doing that for purchases where there is no choice other than cash for payment, but otherwise why would one want to do that? Doing so makes the coin purchases offset transactions that could otherwise be put onto credit cards, thereby earning additional miles!
xyzzy is exactly right. Right now we are still getting 5pts/$1 for our Chase Rewards+ card, so absolutely no groceries or gas go onto any other card. We've even offered to pay for people's groceries when they have cash and are in line in front of us. That card is too lucrative to screw with.
Most everything else is split b/t minimum spends on CC churns and SPG Amex.
Coins only go to cash only places, i.e. Farmers Market.
We just got shut down at another branch today (US Bank), and this is after trying to "work with them" on this (we never bring in more than 2k at a time). The teller claims that they need to start charging for coin deposits to cover their costs, so they will now start charging $30 for all coin deposits over $25.
Yes you read that right. $30 will be charged if you deposit, let's say $27.84.
Asked where the fee was publicly posted and she claimed it is in the fine print of the checking account disclosure. We'll research, but can't imagine something like that is in there. Since this location is kaput, may consider taking some more in there one day if we can't find any such fee in the fee schedule and challenge the branch manager. They can charge whatever they want, but they need to follow the law, and I'm just irritated enough to be the one to point that out to them.
I'll say it again. This isn't as much fun as it used to be.
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Quote:
Originally Posted by Cheapskate Travels
We just got shut down at another branch today (US Bank), and this is after trying to "work with them" on this (we never bring in more than 2k at a time). The teller claims that they need to start charging for coin deposits to cover their costs, so they will now start charging $30 for all coin deposits over $25.
Yes you read that right. $30 will be charged if you deposit, let's say $27.84.
OK - but if you get 99 boxes of NAs, that's not a big deal.
[quote=pierre mclopez;12358599] Now a college student can game the system too. That's cool with me.
qUOTE]
if you cant beat'em, join'em. if i can only get enough miles for a first class ticket to europe ill be happy. it might take a while, but its worth a shot. im building on 40,000 miles.
Most everything else is split b/t minimum spends on CC churns and SPG Amex.
Coins only go to cash only places, i.e. Farmers Market.
We just got shut down at another branch today (US Bank), and this is after trying to "work with them" on this (we never bring in more than 2k at a time). The teller claims that they need to start charging for coin deposits to cover their costs, so they will now start charging $30 for all coin deposits over $25.
Yes you read that right. $30 will be charged if you deposit, let's say $27.84.
Asked where the fee was publicly posted and she claimed it is in the fine print of the checking account disclosure. We'll research, but can't imagine something like that is in there. Since this location is kaput, may consider taking some more in there one day if we can't find any such fee in the fee schedule and challenge the branch manager. They can charge whatever they want, but they need to follow the law, and I'm just irritated enough to be the one to point that out to them.
I'll say it again. This isn't as much fun as it used to be.
is this US Bank the main branch in town? if not try going to the main one.
Location: Finally back in Boston after escaping from New York
Posts: 5,121
Quote:
Originally Posted by Happy
You mean there are 8 coins on the sheet that you received - all 75 of them? Or just the printed sheet?!
75 "sheets" with eight coins each. The CSR I spoke with was pretty horrified.
I sent them back today, UPS ground, for $40 (3 days). The CSR told me they would reimburse me when I shipped them back, but 1-day/2-day were $140/$128 each, and I'm not sure if they would have covered that.
I apologize, but if you don't have time to search or skim throughthe thread, you don't have the time to deal with managing large orders and deposits.
In direct answer to your query, there are no quantity limits (well, 99 boxes because of the order form) on Native American $1 coins.
I'm at work and my time on the internet is limited. I'm an accountant by trade, so I have a little bit of experience handling large deposits and cash management/reconciliation, but thanks for your concern.
Why should I spend four hours wading through a monstrous thread when a simple question and answer takes 30 seconds?
We just got shut down at another branch today (US Bank), and this is after trying to "work with them" on this (we never bring in more than 2k at a time). The teller claims that they need to start charging for coin deposits to cover their costs, so they will now start charging $30 for all coin deposits over $25.
Yes you read that right. $30 will be charged if you deposit, let's say $27.84.
Bring $30K worth of coins then. I wish my bank agreed to take any coin deposit for $30
xyzzy is exactly right. Right now we are still getting 5pts/$1 for our Chase Rewards+ card, so absolutely no groceries or gas go onto any other card. We've even offered to pay for people's groceries when they have cash and are in line in front of us. That card is too lucrative to screw with.
I know. I agree with you. As I have posted twice in this thread, once previous to the other poster's lamentations of how s/he can no longer deposit the coins at the bank, I use a mileage card at grocery stores and gas stations to get two and sometimes three times mileage, and would be hard pressed to use the coins there.
Coins only go to cash only places, i.e. Farmers Market.
Great minds think alike. I've posted recently in this thread that I use them at a local farmers' market too.
I'll say it again. This isn't as much fun as it used to be.
I can see where it wouldn't be as much fun as it used to be if someone who has purchased a large quantity of coins is now stuck with them and is having a hard time finding places to exchange or spend them. Others are posting about how a number of banks are obviously tired of dealing with large deposits of coins, which is good information to know if you live in the same area or bank with the same bank, but doesn't necessarily offer the person who appears to be having a difficult time unloading the coins any ideas on how to unload the coins when all of her/his local banking options are exhausted. Charging a $30 handling fee on $27.84's worth of coin is a bank's way of telling you "take your money elsewhere." I merely made a suggestion to the person who posted as to where s/he might begin to easily rid her/himself of coins s/he is trying to unload.
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I miss you like crazy, Freddie.
I'm at work and my time on the internet is limited. I'm an accountant by trade, so I have a little bit of experience handling large deposits and cash management/reconciliation, but thanks for your concern.
Why should I spend four hours wading through a monstrous thread when a simple question and answer takes 30 seconds?
When I come late, say a year late, to a thread, I find it helps to read the first post to get a rough idea what the thead is about and how things work. And, as usually the case, there is info in post #1 and in this case a link to the FAQ for coin churning. It's more than a 30-second read, but you might find it worth your time.
I'm at work and my time on the internet is limited. I'm an accountant by trade, so I have a little bit of experience handling large deposits and cash management/reconciliation, but thanks for your concern.
Why should I spend four hours wading through a monstrous thread when a simple question and answer takes 30 seconds?
This is just so wrong ... most of the folks participating on this thread are also at work - why is their time any less valuable than yours?
As lili recommends, do at least the minimal reading before posting with basic questions that you could quite simply answer for yourself. Sounds like you read the Mint FAQ, it was just the wrong one to spend your time on. FT is a friendly place, filled with lots of people willing to help, but the approach of "i'm just too busy" is rude, lazy and abusive to those people who contribute their time to provide that assistance.
Just had to share a deposit story. There are two banks outside of my downtown deposit area that have coin machines. So far so good since all but one of my deposits have been correct except for one that was only off by a dollar. Sometimes I buy an extra $2,000 - $3,000 and drive out to deposit at these two banks.
At the first bank, while I was depositing the coins, a disturbed man was trying to cash a check that clearly was not going to clear. I guess he wanders in from time to time and the tellers kept telling him he needs to leave or they will have to call the police. He kept yelling about his right to cash checks. At the second bank, while depositing coins, the tellers were hugging a nice young man who was getting ready for a trip to prison. He assured them he wouldn't drop the soap. I thought both times: "Gosh, I fit right in." Amazing the places this mile earning / increase in dollar coin production & circulation journey takes us.
Doing so makes the coin purchases offset transactions that could otherwise be put onto credit cards, thereby earning additional miles!
That card is too lucrative to screw with.
