BUMMED OUT - one part of this hobby I didn't consider
White_Beard_TN
Posts: 103 ✭✭
Never even would have thought about until a half hour ago when my bank said "We can't sell you customer wrapped coins".
Fed inspection re-wrap thing. some banks I found won't sell rolls at all because it costs them to replace the rolls. so you're screwed if you want old coins to search through in large quantities. I'm sure there are threads on here about it.
0
Comments
then your stuck with 50,000 coins you have searched because they wont buy those back.
Most folks get bummed out when they discover that others will generally resist working for free.
Liberty: Parent of Science & Industry
I get it, I get it. Banks are a for profit business. Why should they do anything for you that costs them money.
just a shocker when you been walking through the doors for thirty years.
guess I better give it up before i have a box car of coins nobody wants
Where did they get them from in order to have some to sell to you?
Are you also saying that they won't take them wrapped because they can't resell them them wrapped? What about unwrapped?
My bank would just take them, break open the rolls [if in rolls] and run em thru the counter and give you deposit credit for 100% of the face value. Your bank sucks.
my mothers bank said they wont take them rolled. only in bulk bags, they send them off, get them counted, and deposit into you account. not sure if there is a fee or not. she's 80 and could carry the damn things in there.
my bank takes them rolled but won't sell them. they send them to the fed for recounting and wrapping.
if i bought a box of pennies they would most likely be new or newer coins. i'de go blind looking through that many shiny new pennies. you got to have the old brown crusties in there.
>
Last week when I tried to deposit $1200 in cash to my bank of 40 Years and was told that I can not deposit cash without an ID.
I completely freaked out
I refused to show my ID on principle even tho it was out in my truck
Yep...Agree.
My Saint Set
wow! makes no sense
I guess when people say " I'm going matress shopping" these days they really mean they are looking for a new bank
Time for a new bank. You were after all depositing into your account not that it should matter.
guess i need to figure out how to buy old coin rolls. don't get how some of the guys that do $500 in penny rolls at a time on you tube are able to just take them back and get another $500 in rolls. must have a sweet deal going
i asked the teller girl the other day if she had any silver dollars, she looked at my like I had worms coming out of my ears
I'll be dreaming now that i'm standing in line at the bank the the teller yells at me "NO COINS FOR YOU"!!!!!
First off, some banks do have a policy of not giving out CWRs (customer wrapped rolls). I always assumed it was due to concerns over liability if they are short, etc. I'll bet if you spoke with the manager they might make an exception for you as you would be saving them money if they did not have to send them out.
Second, where are you dumping your rejects? If you are buying and selling the same coins from/to the same bank, expect them to get hostile very quickly. The best approach is to stay as far beneath the radar as possible.
I have accounts at about four banks. And no, I am not rich, I just spread my peanuts around. Some of these banks are my pick up banks where I get coins, and some are dump banks where I cash them in. Any bank or credit union with a free coin counting machine is automatically my dump bank. It is best not to pick up and dump at the same bank.
As for cents - I did order three boxes once - they were all new. But obviously some boxes are circulated.
Some banks do. Some don't. One of our local credit unions has a big free coin star for customers.
Personally, if I ran a bank I wouldn't mess with rolled coins either if I didn't have to. All cost, no benefit. Only businesses have legitimate need for rolled coins.
All comments reflect the opinion of the author, evn when irrefutably accurate.
Just decided to try this over the last month so I haven't set up a system yet. but what you say makes good sense. i'll look for the free coin machine location and set something up.
Some tellers wise up real quick about what is worth more than face.
I just show my ID when making withdrawals. They go thru tellers faster than they do change so I wouldn't want them giving my $$$ to the wrong person.
If your bank is actually operating in modern times, they should have a FREE coin counting machine (sort of like a Coinstar but FREE). Dump your bank.
Time to bank human again. Hmmmm... That would make a good slogan.
Great transactions with oih82w8, JasonGaming, Moose1913.
I don't know if this would work for you due to the volume, but if your household is addicted to Amazon like ours is, it may be an option.
About twice a year I take my coin jar (actually a quart milk bottle) to the CoinStar machine and opt for an Amazon credit. This method gives you 100% of the value.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
Just a guess here but I suspect your bank is B of A because they operate that way, no rolled coins only bulk that they ship off to be counted and then deposited into your account. I left them for a credit union and have never been happier.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Banks in this area all charge a nominal % fee for their coin counting machines. However, the Coinstar at Carrs/Safeway issues no-fee coupons for merchandise at several local stores including Lowes. I spend plenty there so that's where they go.
Tellers were my best providers of ASE's. Credit customer a buck..... swap buck in purse.
But....only coin dealers are crooks.
I can understand why...... I wouldn’t want some stranger walking in to one of my banks and asking to make a deposit in my account. In other words, he/ she just gained access to my account. And what if they ask for the deposit receipt? Now they have your account number or personal info.
I have a tag on my accounts that an ID must be verified for any transaction.
On the flip side of that I had a friend that had a business account at a local bank and wanted to withdraw 1500$. The teller asked ,” Can I ask you what your using this money for?”
He was appalled.....she was serious. I would have said......” for a Louisville Slugger” “ now give me my money!”
Another story I have is my wife and I have joint accounts. I had a check in my name and wife had a check in her name. She signed it but was not present. Teller said she would have to deposit it and than make a separate withdrawal.
Another time she had refused to cash it because wife was not present.
Really........You would think when they open my account page and see all the zeros a 130$ check being cashed wouldn’t matter for a joint account. Although she did say some husbands are cashing wife’s checks and going out blowing it on a good time.
So maybe she is right.....I’m just old school....” Gimme my damn money.”
Well, banks are staffed by people. Some people are not ideal employees. Look at that Starbucks employee a few weeks back who asked the cops to leave because they were making a customer nervous. It was NOT Starbucks corporate policy, just an ignorant barista winging it on her own.
All comments reflect the opinion of the author, evn when irrefutably accurate.
The banks are changing in my area. Some finally have coin counters in the lobby free for customers. This
way you don’t have to bother the tellers with your coffee cans. Others won’t take but only rolled coins.
Some don’t even want your business if your dumping coins. I have a bank that has a manger in which her and I got into over a can of half dollars I was dumping. She walked up and said I’m going to charge you a business account fee for that can. I said I think not. She accused me publicly of being a coin collector and a coin recycler. Which I truly am both 😁 I ended up writing the bank President and he had some female VP call me and calm me over.
I wish that people would write this bank President for the discrimination and humiliation being received in regards to a coin collector and coin recycler. Are we really that bad of people? I felt it was uncalled for she got away with this treatment.
Ironic thing is that a coin collector comes on site twice a year to appraise peoples coins. They put a sign up in regards to this appraisal.
My other banks are outstanding....do anything for me. Of course they get chocolates and pizza once in a while.
Most of these anecdotes require the selection of a new bank. Until our concept of "bank" goes completely extinct I guess.
My anecdote is from today. Made three deposits, for me and each of my daughters - birthday money etc. One youngest daughter had been exchanging her big bills for her sister's ones, and accumulating her own, and had $40 in singles to deposit. The teller looked like she was shot out of a cannon, having to physically count all those ones. Hey honey, check the balances in my accounts and how long I have been a customer, versus how long you've had a job.
I'm getting old and grumpy.
I don't really disagree, but there is more than just counting money involved. They also have to ship the counted coins.
All comments reflect the opinion of the author, evn when irrefutably accurate.
My bank told me the feds require an i.d. Drug dealers apparently deposit lots of cash and if they are investigated the Feds can check their banking patterns.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Her reaction was disturbing, but the key is to stay under the radar if you want to peacefully coexist.
I pick up stray halfs or even rolls from the tellers when they have them, but I don't order boxes of them since the search for silver lasts about 5 minutes and then you have hundreds of dollars in half dollars to get rid of.
One local credit union stopped taking halfs in their machines and won't take rolled ones at the window. I am convinced this us because of roll searches. Half dollars don't circulate so when the bags in the machine constantly filled up they knew what that meant.
I make every effort to never or almost never cause a bag to get filled (you can't always control that, of course). I split up my coins between machines (if the bank has two) or between branches. That way I am less hassle and will attract less attention. They may think I am a weirdo for cashing in so many coins, but if they don't have to keep coming out to change the bags then I am a harmless weirdo.
Totally Agee with your procedures. They actually sold me a few boxes. Best boxes ever! But one night I had to dump a coffee can of halves there and it all went south. My dump banks could care less....I would have pizza catered in for the troubles of bag changing. I probably changed in about $300K in two years I was a pretty serious CRH.
Find another bank that will sell rolls to you, and keep a nominal amount of money in checking to avoid a monthly service fee.
Also, as long as you are not some heavy hitter in returning wrapped rolls to your bank, I'd just opt to go the Coinstar route and choose the non fee gift card. When I was searching rolls, I'd look for varieties, save the copper cents, and dump the zinc at Coinstar and save up the credit for Christmas shopping at the end of the year. Amazed at how much accumulated.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
I've found through many years of CRH that every branch of every bank is different. It depends on the tellers who often break their branch own rules because they don't care and the branch managers who set their own rules to whatever suits their own needs.
For example one bank in my area never has half dollars and won't sell any type of customer rolls to me until they are opened. I'm guessing checked for silver most likely or some other excuse that none are available and never will be. But I go a couple miles down the road to the same bank, different branch and they will sell them to anyone, will gladly order box after box of coins for you and even take a deposit of $1000 bag of coins without counting and place it directly into my account with no holds. They do require full bags to do this.
You just have to keep looking till you find the right situation.
Jim
You guys should realize that this is a pretty obnoxious thing to do as far as the banks are concerned. It’d annoy me also if I worked there. Not saying you shouldn’t do it, but don’t expect much sympathy when someone tries to make it a little tougher.
Banks are required to report cash transactions of $2000 or $5000 or more per FinCen rules: https://www.fincen.gov/fact-sheet-industry-msb-suspicious-activity-reporting-rule
Banks are for-profit organizations. If spending shareholder returns / incurring losses on operations to support your hobby is your definition of for-profit, you're crazy. Or overly entitled. At best, branch managers have a little bit of leeway within their own P&L to set rules that make money.
ANA 50 year/Life Member (now "Emeritus")
My bank does not ask me for ID either for deposits or withdrawals... I once noticed an error when checking my account online... went in, pointed it out, and it was addressed and corrected immediately...I have gone to another bank in town and asked for rolls of halves (no account there) and they cheerfully asked me how many I would like? I purchased four at the time...cash for cash...no ID, no hassle... Cheers, RickO
Time to expand your horizons. I usually drive an hour or two for the small town banks, they are typically more friendly and will have customer rolls and less rules. And I will hit several corner stores along the way getting 1 to 5 more at each.
When coin roll hunting nothing sucks more than new or previously searched junk. I feel like customer rolls have a better chance of finding the rare coins that were in someones water jug for the past 20 years. But its also a gamble because they may have just been searched.
A recent haul didn't net much but, was more fun to search and with some gradable 80's.
The plastic rolls had nothing newer than 2010.
Money Laundering issues. Chase bank started it back in 2014. I have a payroll company. Twice we missed direct deposits for our client employees and had to spend the whole day depositing cash into hundreds of bank accounts.
Couldn't do that today. Now banks have same day ACH if initiated before 11:00 AM.
The Canadian cents shown are essentially worthless. They don't use cents in Canada anymore and don't want them back.
Just what do roll hunters look for today? I haven't found anything in change, other than a very seldom encountered .900 fine silver dime or quarter or a silver war nickel, in thirty years. Wheat cents, when I get them, are just tossed back into circulation.
No more roll returning? Haven't done that in a while. I guess you can't get there from here is coming true. I miss the old days.
100% Positive BST transactions
I agree. His bank sucks.
My bank, a local Wells Fargo, has absolutely no problem with customer wrapped rolls. Either in exchanging or dispensing.
They even went so far as ordering bags of IKE's for me once I showed them how. As long as I didn't return the IKE's to them, they were cool.
The name is LEE!
A little torn on this. No doubt, the teller was simply following rules of the bank and the reality is that, folks simetimes deposit money into accounts that do not belong to them. My employee's deposit my stores cash into my stores account and are required to show an id.
Money laundering is real and there must be a hundred different ways of getting around certain rules.
When I am asked for my ID to deposit cash into MY store account using the Card I set up for Store employee's, I readily comply since that is simply the way it was set up. I would not want them to make an exception for me simply because they know me and know that it's my account. It was set a precedent and could sot them their jobs.
The world has gotten very complex and you cannot deny that millions if not billions of dollars are raked in by illegal activities around the Country.
The name is LEE!
Part of the reason banks don't have counting machines for customers is because of the heavy maintenance involved with them.
They jam very frequently. Customers dump a lot of junk into them with the coins. I was elated when my bank installed them. They didn't last very long. The manager said it cost too much to keep them.
You have a great credit union for providing that service.
Pete
The usual suspects - 92 close AM, wrong planchet, Doubled dies, etc. But, since I haven't found any I'm usually just keeping the high grade coins. For me its more of a pass-time in between hunting proof sets for cameos. It gets very boring very quick unless...
another thing i didn't mention....when i asked the young teller for some customer rolled coins he said " sure, how many you want" and pulled them from the drawer to the counter. i said how about $10 worth. he said ok, let me get a few more rolls. when he asked the other tellers for customer wrapped rolls they all ascended on him saying we don't do that. I appreciate all the responses and suggestions.
So use the coin star, take the merchandise card to avoid fees, use multiple banks preferably small ones and in smaller towns, don't be a heavy hitter, and never look them in the eyes. I have 5 separate accounts at this back of over twenty years, first time i ever got this crap.
Also, tell them you'll just pay cash rather than using my account, that way you bypass them asking you if you have an account because once you tell them you don't they'll shut you down.
I finally got around to reading this. I was curious because I recently deposited cash that exceeded the $2000. I believe that these smaller limits do not apply to regular banks, just "money services businesses". Banks are specifically excluded.
"4. How are money services businesses defined by the BSA?
MSBs are specifically defined to include each agent, agency, branch or office within the United States of any person (except a bank or person registered with, and regulated or examined by, the Securities Exchange Commission or the Commodity Futures Trading Commission) ..."
.
State of affairs:
Coins are not "requested" by the average person from the bank, except roll hunters, and all that means is the banik is subsidizing the searcher, cost to obtain the rolls, cost to send them back. Put a 5% or $5 surcharge to reflect costs, and most coin roll searchers will quit. Why should other customers subsidize the roll searcher? Commercial customers who need coins are already paying for the service, either in no interest or account fees. Really, how many people would ever use $500 in halves?
Large cash deposits into other people's accounts are unusual, and often are signs of illegal activity (dummy account made from dummy ID's to circumvent reporting tracking). The laundered money is withdrawn later in another city, etc, or country.
Bad person has mule with fake ID open account. Bad minions deposit CASH from various bad activities into account. Bad person has money transferred to off shore account. Easy Peasy Lemon Squeezy. No paper trail to bad person, no messy hauling cash outside of the US or whatever.