Do banks make errors when they ship your coin off to be counted?

[Gilmore Happy]

I see alot of you post that the counters in the lobby count dimes as pennies, counts are short, etc etc.

Do you know if the same errors are made when the banks ship your coin off to be counted at a sorting facility? Or are they pretty close to a 100%?

It's a huge national bank....

Thanks,
GH

 

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[ramjet2187]

Dunno.

I realize that doesn't answer your question........but here's a perspective. I get a bag of loose coin (1K in halves) a week from my pick-up bank. The bag is a heavy duty plastic with a handle made into the top. Don't know exactly what it's called. Anyway, there is often "extra" coin in there: mangled cents, quarters, SBA's, Sac's, etc. Usually the extra coins are not part of the count, as the bags also have the correct amount of halves. Yesterday's bag had an "extra" Sacagawea $1 in it. I guess the point is, if they can be over, they can be short.

My box of halves ( I get a bag and a box per week) is marked "*rinks", by the way. Don't know if that's your supplier too.

 

[azlegends]

I suppose anything is possible anywhere, but I think its less likely.

 

[TheRockDoc]

Hey buddy, are you talking about a situation where you would take a bag of loose coin to your bank, (a thousand dollars worth, in a coin bag, sealed). Then have them put all your information on the bag, or in it, so they could ship it off to their main vault, have it counted and then deposit the money into your account a day or several days later?

If that is what you are asking, I suppose that anything is possible, especially when talking about people making mistakes... For several months, I used this strategy exclusively, and I never had any problems with it. It was with a "national bank" with millions of chains, and I certainly feel very comfortable about doing it, In fact I am about to start doing it again, with a different bank. . . I hope that helps, if not, I would also say, that regardless of the chances of mistakes happening, I think that as long as you be careful, and always know what you have, and what you turned in/dumped etc.... If there are mistakes I think the banks are good about fixing them. for the most part. (buying bags off the machine are a 100% different story)... ya never know there.

 

[dougbfromnorthga]

I use vault bags most of the time. Mine have been 100% accurate. But stuff happens, counters malfunction. Beats the heck out of rolling & my tellers prefer the bags. Ask the vault or head teller for the bags. HH Doug

 

[baddbluff]

I assume u r referring to BofA. I haven't had any problems yet, tho I do get nervous w/any branch that won't give me cash for my bag. In fact i wont leave it with them. Only 3 branches in Vegas so far that wont give me cash on the spot. Most are cool. Make sure u keep the tag from the bag if u do just leave it.

HH
Baddbluff

 

[Gilmore Happy]

Hey buddy, are you talking about a situation where you would take a bag of loose coin to your bank, (a thousand dollars worth, in a coin bag, sealed). Then have them put all your information on the bag, or in it, so they could ship it off to their main vault, have it counted and then deposit the money into your account a day or several days later?

If that is what you are asking, I suppose that anything is possible, especially when talking about people making mistakes... For several months, I used this strategy exclusively, and I never had any problems with it. It was with a "national bank" with millions of chains, and I certainly feel very comfortable about doing it, In fact I am about to start doing it again, with a different bank. . . I hope that helps, if not, I would also say, that regardless of the chances of mistakes happening, I think that as long as you be careful, and always know what you have, and what you turned in/dumped etc.... If there are mistakes I think the banks are good about fixing them. for the most part. (buying bags off the machine are a 100% different story)... ya never know there.

This exactly what Im talkin' bout. I figured they were probably more accurate than counters in the lobbies.

THANKS everyone for your input. I feel pretty safe shipping off in $1000 increments. I know if I ever disputed they would probably credit my account and take note of it.

I just don't like letting control of the coin and it have so many different hands involved, but it seems the errors, if any, are limited.

 

[TheRockDoc]

Hey buddy, are you talking about a situation where you would take a bag of loose coin to your bank, (a thousand dollars worth, in a coin bag, sealed). Then have them put all your information on the bag, or in it, so they could ship it off to their main vault, have it counted and then deposit the money into your account a day or several days later?

If that is what you are asking, I suppose that anything is possible, especially when talking about people making mistakes... For several months, I used this strategy exclusively, and I never had any problems with it. It was with a "national bank" with millions of chains, and I certainly feel very comfortable about doing it, In fact I am about to start doing it again, with a different bank. . . I hope that helps, if not, I would also say, that regardless of the chances of mistakes happening, I think that as long as you be careful, and always know what you have, and what you turned in/dumped etc.... If there are mistakes I think the banks are good about fixing them. for the most part. (buying bags off the machine are a 100% different story)... ya never know there.

This exactly what Im talkin' bout. I figured they were probably more accurate than counters in the lobbies.

THANKS everyone for your input. I feel pretty safe shipping off in $1000 increments. I know if I ever disputed they would probably credit my account and take note of it.

I just don't like letting control of the coin and it have so many different hands involved, but it seems the errors, if any, are limited.

Yeah, it is definately a "weird" feeling to walk into a bank with a thousand dollars worth of coin, and leave with nothing besides good faith that they will do everything right and that money will make it into your account. Like I said, I never had any probs with it. I wanted to tell you this too... might be something for you to "work towards" I switched some things around, a while back, and basically stopped dumping at the bank I was talking about in my earlier post, and opened an account with a different bank who does the same thing. Only it doesnt take 7 or 8 business days to get the money, it takes 3 days- tops. Also, once I started talking to the manager there, she told me that as we build a relationship and she gets used to what Im doing, and sees that there is always gonna be 1,000 dollars worth of coin.... etc. That she would be willing to eventually just cash me out on the spot, and then if need be, make any adjustments by adding, or taking out of my account.

Just thought I would throw that in there, I have heard of many members doing that (dropping off loose coin, and getting cash on the spot) on Tnet, but none of the banks around here are open about being willing to do that (besides the one I just mentioned-once she knows me and feels comfortable). So I would suggest building some rapport with the manager at your "dump" bank, to see if this would be something they are open to eventually. It sure would make it easier, and more comfortable. Im sure if I could find one like that here, you could do the same thing there...

good luck. HH