IAHtraveler

When my bank told me that they'd have to unroll every one (and a girl kept cutting her hand when slicing the rolls open), I offered to open them myself and bring them in bags instead. They were VERY against this because, "then we'd have to hand count 2500 coins since we don't have a machine to do it."

chimmy826

So let's say someone brings in 10 rolls of dollar coins ... $250. But they need $2,000, the amount needed to fill a bag. How do they reconcile their vault each night? Recount the partially filled bag by hand? Leave a post-it note on it with how much is in the bag?

No! They weigh them.

I've found that many tellers are not very familiar with their own bank's back office practices.

Despite my credit union weighing them, I've also offered to bring them in already bagged and they said no? Why? Probably because I could mix a bag with coins other than dollar coins and then they would be shorted.

chtrich

Fair enough. Then if you're in Utah, avoid those banks.

buschoi

I am glad I did NOT listen to the one branch this morning and unroll $2,500! After unrolling $500, my common sense kicked in I figured I would take the still rolled coins to other branches. I couldn't believe not one single branch would take them rolled. When trying to deposit the $500 unrolled and bagged coins, I was told they would send the bag to the vault to count them, and my deposit will NOT show up until a few weeks later. Wow, I wasn't told about that BEFORE I started the unrolling, and I felt lucky not unrolling the $2.5K in that deposit, and the rest in my trunk! I got a feeling that they just wanted me screwed, which I wasn't. Before I left, I got the manager's card, and told her I would call the corporate office and ask about the inconsistency of her branch.

For that $500 of unrolled and bagged coins, I thought about taking them to another national bank's branch that has a coin-counting machine in the lobby. I later decided to just treat that $500 deposit as an experiment, and see how much it will be deposited and how long it will take.

Xyzzy

What a day. I walked into our local small bank this morning and was greeted by the manager. She apologized profusely but said that I'd have to pay the transport fees for any more bulk $1 coin deposits. She didn't have the exact figure, but based on what she said they'd paid on what I'd deposited, I imagine it is about $10 for every $1000. She said they were very surprised at the bill from the armored car company. Previously, I'd been told I could bring in whatever I wanted.

So, I went over to Chase where I was told that the area manager said they would have to start charging for these deposits. They, too, had no idea what the fees would be. They did accept a good portion of what I had in my car for no fee. They would have taken more but their cash vault can't hold very much.

On my way home I went to TD bank to use their coin counter. I threw a box of assorted change and $50 in NA coins into the hopper and had no problem. I'd have split more rolls and thrown them in to see whether they'd take a sizable amount, but I didn't have time.

I guess I'll have to try some other Chase and TD branches. I suspect things are rapidly working to a close on this.

RLW

today before I went to the bank i unrolled 2.5k and put them back on the trays because i called the bank beforehand and they told me they needed to run them through the machine.

it would be pretty easy for the tellers to hand/eye count them with the trays as measuring guides but they just ran them all through the counting machines (per bank policy?)...and the machine kept jamming up (sorry ladies)

Hertz4me

Chase reduced my credit line by 85 % percent and surprisely restored it a week later any experiences?

deant

I think everyone knew that once people started depositing thousands of coins at a time that the banks would want to put a stop to it. Obviously, a bank can only use so many dollar coins - especially since they are not in demand by the public (why do you think the mint has had this "promotion"?). The banks are, contrary to history, in business to make a profit and just accepting coins and shipping them back to the Fed does nothing except reduce profits.

craz

I believe if you walk in today with 5k in NAs theyd turn you away. Go back tommorrow with 5k in the Pres (if it was possible) and they will grab them and ask you if you have any more and to bring them in

Its the NAs that are the problem , people are calling the banks looking for The Pres coins

thehawk75

Yup, policies seem to be dictated by which manager is working at the time. I had previously been going to a Chase, brought in a bulk deposit, asked the manager working at the time if they would mind if I brought more, and she said 'no problem, bring in as many as you can at once as opposed to smaller batches' -- I mentioned I still had another $30K to bring in, but had only brought in $7.5K because that is all I could fit in my backpack. Following week I show up with $7.5K in my backpack, and carrying a box of $2.5K (total $10K) and a different manager comes up to the teller window and starts complaining....

...So, I say to the complaining manager that 'I had just spoken with Ms. xxxxx the previous week, and she told me I was welcome to bring in a very LARGE deposit, and to make it as large as possible, and that you guys would welcome taking it. But, if the case was you do not welcome large coin deposits I would prefer that you had told me so prior to me making this effort... etc. etc...'

Guys response is: 'We do welcome your business and your deposit, but, I think we have to charge a fee for this'.


To which I ask 'Might I inquire what this fee is, and if you could in the least produce it in writing and as it pertains to my premium checking (or whatever they call it now) account?'

Then the guy goes onto his computer terminal and literally searches and searches and searches for about 20 minutes to come up with a list of fees, for business accounts btw, where he says the fee for depositing a roll of $25 in $1 coins is: $0.125

In truth a 1/2 % fee isn't really bad, but, I had a hunch by this point with a little more persuasion and the fact that another manager had already given me the go ahead to come in this week for a large deposit, that I should be able to get 'his' fee waived -- which turned out to be true

That said, I know that this particular branch is likely 'closed' for 'no fee deposits' for me. I'm not going to try them again. Might try another Chase in the area just to see if I've been flagged in general, or only for that branch.


Emphasis mine: Agreed. I am only relieved that I am the only 'coin guy' in the neighborhood. I feel bad for people who live nearby the guy who started the 'middle appendage' measurement contest in this thread and his previously timid minions that joined him. Your favorite bank gets hit by one or two of these guys in a month, and then followed by you, you'll find your bank has decided to change policy in a hurry.

Xyzzy

Actually, none of the banks that I've dealt with have ever cared who was on the coins or even so much as looked at the coins except to count how many rolls there were -- except for my first deposit at Chase. At Chase that time they'd never seen the NA coins before.

lili

I suspect my cheery CSR this morning still has all our deposits in the vault and doesn't yet realize what Brinks is going to charge to haul them away.

soitgoes

Winners:
Brinks and other armored car services
UPS
most purchasers
US Mint
credit card companies

Losers:
Banks
Federal Reserve

Happy

Went to Wachovia branch today (the only one we use for coin deposit and also have several accounts with them) to open a CD with the just received $5K coins. This is the largest single deposit I do. I usually only gave them 2 to 4K for deposit, split the load between them and a BofA branch. We left the coins in the trunk and waited for a banker.

For whatever reason there were hardly any customer at the counter but lots of people waiting for services. Also, I have seen none of the 3 faces at the counter before - one of them was particularly unfriendly when I asked for deposit slips.

The conversation went like this:
Me: Why there is no more deposit slip outside? May I have a few, so I can fill out the deposit slip at home and not waste time at the counter?
Teller: The deposit slips are for customers who come in to do the deposit. You can order deposit slips with your account.
Me: I dont want to order a book of 200. (Last time BofA did this to me, the teller conviently forgot to tell me BofA actually CHARGED for the book. I was furious and took the book back and had BofA reversed the debit.)
Teller: The deposit slips are for customers who come in.
Me: I am the customer who comes in. Now, can I have a few?
Teller: You can order the deposit slip with your account.
Then she very reluctantly handed me 2 slips.

Because of such unfriendly teller, I decided to just wait for the banker to do the CD and take the coins. The banker said she needed to actually see the coins and count them before opening the CD. So we carted the 2 carts in, each with 10 small boxes. The banker then got a teller over and asked the teller if she needed to unroll them and count them. The teller said as long as they came in rolled like that, no need to break the roll. Just need to make sure each box has 2 trays, each tray has 5 rolls. Then they put 5 boxes together and quickly concluded 10 boxes equal to $2,500, 2 x 10 boxes equal to $5,000.

The teller mentioned they just shipped out their vault content earlier in the morning so these coins they would circulate some and then wait till next ship-out. I asked what day is the "good day" for me to bring in the coins, may be the day before the truck day? Both the banker and the teller said, there is no "set" day for shipment out. So just bring the coins in, but the teller does stress the vault size isn't big and these boxes could quickly fill the vault up.

So my husband helped to cart the coins to the vault and I sat there to open the CD. However, husband said when the teller returned behind the counter, she still opened the boxes spotly to check the coins...

Up till now, this Wachovia branch has been friendly regarding taking in coins. Of course I only deposit once every 2 weeks for a few Ks also helps.

My policy is I only re-order once I get rid of the coins. I dont want to have several Ks worth of coins sitting at home - can't imagine others who are in tens of Ks league how to manage their loads.

RS250Racer

Sounds good to me! ^

Could not happen to a more deserving bunch!