Coin Lock bags for dumping

[n8dagr8345]

Hello-
I know this topic has been discussed here and there. I am just wondering if anyone has any experiences, ideas, thoughts, helpful hints on getting to dump coins in BAG form. I would love to be able to fill the bag at my home, and take to a branch that either has a coin counter(using the same bag) or a branch that takes coins in these bags.

Any thoughts/experiences?

I would prefer a place (as mentioned in other threads) that will give me cash on good faith, and then reconcile any discrepancies once its counted officially but would settle for ANYTHING.

I need to be able to dump more(just like everyone else)

Thanks friends!
N8

 

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[Fmt15]

I just request bags from one my branches of BoA and they have no problem handing them over. They then ship it off and i'm credited in 3-5 days. Not instant cash, but easier than rolling. And I dont have coin counters where I am so its the best option

 

[n8dagr8345]

I just request bags from one my branches of BoA and they have no problem handing them over. They then ship it off and i'm credited in 3-5 days. Not instant cash, but easier than rolling. And I dont have coin counters where I am so its the best option

Do you believe they would have a problem if you gave them 8,000 dollars of coins? Or is this, like dumping in coin machines, need to be done in moderation?

 

[namster]

I just request bags from one my branches of BoA and they have no problem handing them over. They then ship it off and i'm credited in 3-5 days. Not instant cash, but easier than rolling. And I dont have coin counters where I am so its the best option

Do you believe they would have a problem if you gave them 8,000 dollars of coins? Or is this, like dumping in coin machines, need to be done in moderation?

Yes, probably. Spread it out man. The teller sells the bags to the vault, and the vault teller will quickly become annoyed if you dump 16 bags at once at the same BoA. The most I have ever done was 4 and that got me attention. I spread it between 4 banks for now, but I only do 6K/week.

 

[Goldmanford]

I have one bank that did this with cents for me once - they didn't like to do it then and said they don't want to make a habbit but I had 300 in cents and on faith I counted out $50 for each bag. They gave my money up front and I haven't heard that I owe them or they owe me anything so I guess all is square.

Since it was difficult just to get bags for cents, I would hate to ask about halves.

 

[The_EE]

I just request bags from one my branches of BoA and they have no problem handing them over. They then ship it off and i'm credited in 3-5 days. Not instant cash, but easier than rolling. And I dont have coin counters where I am so its the best option

A local bank gave me a $500 bag of dimes, I searched it, gave it back, they counted it right there in their machine and gave me cash right back. Could not complain with that!

I am planning on setting up an account with them and 3 other branches in January.

Will setting up 4 accounts in 1 day trip alarms?

 

[postvmvs]

If you start bringing in $8K in cash (which is how the transaction will appear in the computer) you could end up with other problems like suspicious activity reports for possible money laundering, smurfing (structured deposits/withdrawals below the $10K filing limit), or IRS on this 'unreported income'. Banks are required by law to report this sort of stuff even if you are "not doing anything wrong".

 

[The_EE]

I was thinking more, putting $100 or whatever into checking and taking cash to buy bricks of coins and then cashing in those bricks for straight cash. My accounts wont raise or fall as I will always have cash on hand either in paper or coinage. It should not show on my account balance because it will never change.

 

[n8dagr8345]

Lets get this back on topic- Anyone else have experience with putting their dumps in coin bags-
N8

 

[The_EE]

Lets get this back on topic- Anyone else have experience with putting their dumps in coin bags-
N8

Simply put, you have two options.

option #1: Find a bank that will count it with a coin counter right away.

option #2: Roll your coins, it will cost you some time and 35 cents per $250 dime box/$500 quarter box

Only two ways I know of you getting paid right away.

 

[SilverFace]

Bigheed has mentioned many times he uses the coin lock bags for dumping. He may be able to give you the best advise about this.

 

[db23]

Lets get this back on topic- Anyone else have experience with putting their dumps in coin bags-
N8

Simply put, you have two options.

option #1: Find a bank that will count it with a coin counter right away.

option #2: Roll your coins, it will cost you some time and 35 cents per $250 dime box/$500 quarter box

Only two ways I know of you getting paid right away.

What is the 35 cent cost?

 

[The_EE]

Lets get this back on topic- Anyone else have experience with putting their dumps in coin bags-
N8

Simply put, you have two options.

option #1: Find a bank that will count it with a coin counter right away.

option #2: Roll your coins, it will cost you some time and 35 cents per $250 dime box/$500 quarter box

Only two ways I know of you getting paid right away.

What is the 35 cent cost?

The cost of rolls. You can pick up a 1000 count box of rolls for about $6 or so off Ebay. I have some on order so I can roll the coins from banks that require them rolled.

http://www.ebay.com/itm/1000-PM-Nic...915?pt=LH_DefaultDomain_0&hash=item256777366b

I dont see a bank giving cash on good faith unless its rolled.

 

[CardsNCoins]

I've posted this before, but it bears repeating.

I pay for boxes with cash, and after I search I dump in coin machines for cash. So far I've searched over 450K this year without a deposit slip or withdrawal slip.

I know we aren't doing anything illegal, but should I ever be audited I don't want to have to explain where the extra half million dollars I deposited came from.

For me the little bit of extra time is a more than fair trade for the peace of mind.

 

[db23]

Lets get this back on topic- Anyone else have experience with putting their dumps in coin bags-
N8

Simply put, you have two options.

option #1: Find a bank that will count it with a coin counter right away.

option #2: Roll your coins, it will cost you some time and 35 cents per $250 dime box/$500 quarter box

Only two ways I know of you getting paid right away.

What is the 35 cent cost?

The cost of rolls. You can pick up a 1000 count box of rolls for about $6 or so off Ebay. I have some on order so I can roll the coins from banks that require them rolled.

http://www.ebay.com/itm/1000-PM-Nic...915?pt=LH_DefaultDomain_0&hash=item256777366b

I dont see a bank giving cash on good faith unless its rolled.

Oh ok, any bank I've ever gone to has just given them to me for free.

 

[CaptainRobin]

This has been out there before... and I don't do very much CRHing anymore ~ bought a home and most extra cash goes to paying it off. However, when I was going at it a few years ago I had a bank that would allow me to deposit in bags. I found the bags through Banking Supplies catalog. About $60 for 100 bags, clear plastic, printing and lines for all demoninations, and they have a tamper proof adhesive seal. Weight capacity is 50 pounds ~ $1000 in halves. I was told by the vault teller if I was to do this (which I did for a while) that the bags had to be $1K - the amount of coin the bank could ship out with their carrier. I was told that the carrier took the bags of coin, weighed them at the sorting facility, and as long as weight was within 3% it would be fully credited.

I always just deposited to my checking, credited instantly. Never had a problem with being debited or credited with extra (of course I KNEW I had the correct amount in the bags). The vault teller would even allow me to take their little cart out to the parking lot to get the coin, and allowed me into the vault to unload it (I ain't EVER saw so much money in one place) because the bags at 50 pounds were a bit much for the lady to handle. Worked like a charm while I was doing it. I did get a comment once the carrier driver groused about so much coin, (I was doing $2K a week) but the bank itself was very accomadating. Guess the driver was a lazy one. BTW... a box of European chocolate to the teller seemed to grease the skids... ;-)
Robin

 

[The_EE]

Lets get this back on topic- Anyone else have experience with putting their dumps in coin bags-
N8

Simply put, you have two options.

option #1: Find a bank that will count it with a coin counter right away.

option #2: Roll your coins, it will cost you some time and 35 cents per $250 dime box/$500 quarter box

Only two ways I know of you getting paid right away.

What is the 35 cent cost?

The cost of rolls. You can pick up a 1000 count box of rolls for about $6 or so off Ebay. I have some on order so I can roll the coins from banks that require them rolled.

http://www.ebay.com/itm/1000-PM-Nic...915?pt=LH_DefaultDomain_0&hash=item256777366b

I dont see a bank giving cash on good faith unless its rolled.

Oh ok, any bank I've ever gone to has just given them to me for free.

The banks give them to me for free as well but sometimes they are out. What happens when you have 100 rolls of halves on order and your bank has no rolls and the other banks require an account to use their counter? You have to roll them. I dont mind asking for rolls but asking for 200 rolls for dimes, quarters, 100 halves and 100 pennies I bet gets on their nerves a little. Last thing I want to do is upset my honey holes as there are not many in my area. I have 5 different banks in this town with a total of 7 branches. I dont have the luxury of pissing any of them off. If that means I spend 35 cents per box for my own rolls, I will gladly do it.

 

[Dodeskaden]

FWW on rolling --

I used preformed rolls and just replace what I keep, as I see a few others do here. I also bind the rolled (and ready to dump) pennies, nickels, dimes and quarters into $5 or $10 bundles with rubber bands. The bundled rolls keep things a little tidier for me (I can get disheartened when looking at mounds of loose coins in and around my hobby area) and I've found that I get fewer severely furled brows from tellers when they see the fairly-easy-to-count bundles coming out of my bag rather than handfulls of unbundled, loose rolls. Just my 2 cents on rolls vs. other containment vehicles -- sorry that I haven't used bags and can't offer anything on that front.

 

[The_EE]

FWW on rolling --

I used preformed rolls and just replace what I keep, as I see a few others do here. I also bind the rolled (and ready to dump) pennies, nickels, dimes and quarters into $5 or $10 bundles with rubber bands. The bundled rolls keep things a little tidier for me (I can get disheartened when looking at mounds of loose coins in and around my hobby area) and I've found that I get fewer severely furled brows from tellers when they see the fairly-easy-to-count bundles coming out of my bag rather than handfulls of unbundled, loose rolls. Just my 2 cents on rolls vs. other containment vehicles -- sorry that I haven't used bags and can't offer anything on that front.

I do the same. I will sort and then replace whatever I took out and make each roll as I go. Keeps things tidy and I dont have to roll up boxes of halves/dimes/quarters. I do like sorting through bags though, much faster and easier on the fingers than ripping up 100 rolls to search.