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Buy Presidential Dollar Coins with CC @ Face Value, Free Shipping

Buy Presidential Dollar Coins with CC @ Face Value, Free Shipping

Old Jan 7, 10, 1:02 pm
  #7336  
 
Join Date: Jul 2007
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It's possible the banks might report the account with excessive (bags), suspicious activity coin roll to the government? Am I just paranoid?
orgopeach is offline  
Old Jan 7, 10, 1:15 pm
  #7337  
 
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Originally Posted by buschoi View Post
Why would you even use coins at Safeway, where you can use your CC to get points/miles/cashback?

Buying the coins with your card, and spending them at a place that takes credit card is a wash - you do not gain anything in the whole process. We are trying to use the coins at places that do NOT take credit cards to indirectly earn the CC points/miles/cashback through the purchasing of the coins.
. . . unless there exists some special offer requiring $x amount charged by some due date, and the user knows that he/she can't spend $x by then or won't have enough in savings to pay the credit card off after buying a fully-refundable ticket. Note that the user could also be "anxious" to receive some miles.

But you have a point.
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Old Jan 7, 10, 1:24 pm
  #7338  
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Originally Posted by orgopeach View Post
It's possible the banks might report the account with excessive (bags), suspicious activity coin roll to the government? Am I just paranoid?
In my humble opinion, yes.

You didn't sign anything under perjury that you wouldn't immediately deposit them, and the word immediately isn't even defined. It seems like one of those high school virginity pledges. It is just there to keep certain elements of society happy with themselves.

Who is the bank going to report am immediate depositor to? The Fed? (as in the Federal Reserve Banking System) The Fed has been complaining to The Mint about this for a long time, and I don't think complaints from a bank to The Fed about immediate depositing in violation of The Pledge is going to matter. Other than within The Fed system, I don't think a bank can share your information with anyone due to privacy issues. I don't think that The Mint is part of The Fed (if anyone knows for sure, enlighten us, please). You can read prior posts about Large Currency Transaction and Suspicious Activity Reports, but these concepts don't involve violating The Pledge.

Even if a bank does report your name to The Mint as an immediate depositor, what is the worst that is going to happen? They will just close your account and not sell you any more coins. More than likely they would just give you another warning letter, since we are the customer base for these coins that The Mint is forced to make by Congress and The Mint has no other way to get rid of.

The biggest difficulty is that there are now so many of us doing this that The Mint can sell all of its production to us quickly, hence the backorders.
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Old Jan 7, 10, 1:56 pm
  #7339  
 
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Originally Posted by Andy2 View Post
I don't think that The Mint is part of The Fed (if anyone knows for sure, enlighten us, please).
http://en.wikipedia.org/wiki/United_States_Mint

The Mint is part of the Treasury Department. The Fed is independent of the Treasury.
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Old Jan 7, 10, 2:03 pm
  #7340  
 
Join Date: Jun 2009
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Originally Posted by sparksals View Post
We're also having a bit of difficulty unloading the coins and we're not going to do this again. It's too much of a hassle.

We took the coins to our local bank at which I opened an account. Tried the coin machine and it kept rejecting about half of the NA coins. It even miscounted one set and gave us more coins than we actually had. The teller called us over and said they would take the rolls <that we got as a well meaning Christmas gift from a relative that we also waited several days after receipt to take to bank so as not to 'immediately' deposit them>.
Try a different bank. Some banks will give you a hassle, most won't.
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Old Jan 7, 10, 2:03 pm
  #7341  
 
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Originally Posted by sparksals View Post
We're also having a bit of difficulty unloading the coins and we're not going to do this again. It's too much of a hassle.

We took the coins to our local bank at which I opened an account. Tried the coin machine and it kept rejecting about half of the NA coins. It even miscounted one set and gave us more coins than we actually had. The teller called us over and said they would take the rolls <that we got as a well meaning Christmas gift from a relative that we also waited several days after receipt to take to bank so as not to 'immediately' deposit them>.
I would shop around. I've found that even different branches of the same bank have different procedures. I've lucked out and found a branch of a well known national bank that takes the rolled coins no questions asked and doesn't even bother to count them while I'm there.
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Old Jan 7, 10, 2:16 pm
  #7342  
 
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Originally Posted by aces View Post
You've got me wondering...were these people Jeffersonian agrarians objecting to Adams' mercantilist policies, or civil libertarians objecting to the Alien and Sedition Acts?
HA! Mr Robinson assured me in my high school US History class, that this information would be of use in the future. He was right!
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Old Jan 7, 10, 2:18 pm
  #7343  
 
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Originally Posted by orgopeach View Post
It's possible the banks might report the account with excessive (bags), suspicious activity coin roll to the government? Am I just paranoid?
It's important to remember that you aren't doing anything illegal, just not exactly what the mint intended.
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Old Jan 7, 10, 2:20 pm
  #7344  
 
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Thumbs up

i went to the bank yesterday and brought 250 coins. A staff approached me and asked me how he can help me. I said how much is the limit to deposit coins. He then said there's no limit as long as it is rolled...

then i said, ok i have more coins in my car and they are rolled.

he helped even helped me carry those big boxes of coins to the teller..

total coins deposited: XX,XXX.00
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Old Jan 7, 10, 3:47 pm
  #7345  
 
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Originally Posted by bdd View Post

anyone have any other suggestions on how to use these coins? I traded a couple hundred in at Bellagio already. I have a lot more to go!
Around here gasoline is cheaper if you pay cash. The credit card rebates don't cover the difference in price. So when I buy gas I hand them a roll or 2! Sometimes I get some strange looks but they've alway taken them.
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Old Jan 7, 10, 4:08 pm
  #7346  
 
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Originally Posted by MojaveJack View Post
Around here gasoline is cheaper if you pay cash. The credit card rebates don't cover the difference in price. So when I buy gas I hand them a roll or 2! Sometimes I get some strange looks but they've alway taken them.
These things are great in reasonable quantities for business that handle cash all the time, because they are useful for making change. For $50 worth of gas you give them 50 1-dollar units, which they can then give back out in change as needed. I pick blueberries in the summer, and this past summer I paid for everything with the coins, I said to one lady that I figured they were convenient for her to give out as change, she said yes, they would be, except I'm keeping them!
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Old Jan 7, 10, 4:11 pm
  #7347  
 
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Originally Posted by Andy2 View Post

Who is the bank going to report am immediate depositor to?
How is the bank going to know you're an immediate depositor? If you get the 2001s you could have been holding those rolls for 9 years. The 2009s you could have had for almost a year. The foolish ones are those who just taske the unopened boxes to the bank. Those a bank might suspect. I open the boxes and repack 22 rolls to a box. Nice thight fit, less boxes to handle, and at least I looked at them...
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Old Jan 7, 10, 4:13 pm
  #7348  
 
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Originally Posted by MojaveJack View Post
Around here gasoline is cheaper if you pay cash. The credit card rebates don't cover the difference in price. So when I buy gas I hand them a roll or 2! Sometimes I get some strange looks but they've alway taken them.
That's a good idea! Sometimes I run into a situation like that when I travel.
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Old Jan 7, 10, 4:19 pm
  #7349  
 
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Bridge tolls

I'm keeping a couple of rolls in my car for bridge tolls.
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Old Jan 7, 10, 4:55 pm
  #7350  
 
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They're really great for tips. People remember you.
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