How long for bulk coin bag Deposits?

[CoinFetcher]

Hey You all -

Last week, a bank where I am very friendly with told me they will happily take bags of mixed coin, and deposit them for me.

I don't want to do this very often, but I really do appreciate it.

Anyone know how long it takes for this deposit to post?? It's a Chase bank branch in a big city. Thanks again.

 

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[SilverFace]

I recently started using a Chase bank as an occasional dump bank and I first asked them if I could make bag deposits into my account and I was told that it would take 7 - 10 days to be deposited into my account. So instead I just dump my halves re-rolled for immediate cash. Halves are pretty quick to re-roll because I just transfer them from mwrs into cwrs without even counting them and just replace however many coins I remove from the cwrs. And I use the commercial drive thru for the transaction which makes it even more convenient.

But I still use coin counters mainly for dumping. But this helps out a little when the coin counters at my dump banks are out of service. But I think others are able to get immediate credit from the bank using bag deposits. Probably just depends on the bank. Good luck.

 

[CoinFetcher]

Thanks! I'm just tired having to spesifically manage this transfer of cash around for my addiction, er, I mean hobby.

 

[TheMastermind]

I get cash right away for my bag deposits. I hand them the bag, they hand me cash. This is TD though, not Chase.

 

[maverick]

Hey CF, I use a different bank to dump my bags but, if you can just ask them when they ship out there coins you can bring them in the day before and that should cut down the wait time. My bank ships out 5 days a week so if I drop on a Wed I get my account credited by Friday, they told me the same thing that it could take up to 7 days, but so far it is always 2 days. It also helps to find a branch that is in a really busy area ( ie around shopping plazas and a lot of stores) because they will ship a lot more often because of the business deposits around them. Now, if you can build a good relationship with them and get some trust from them you can do like I did and just ask if you can start getting your bags cashed out or credited to your account right away, I have 3 branches that let my bring in bags and give me cash but I have delt with them for a long long time and they trust me ( and I smother them with treats too...). Good luck! You can PM me if you want to know anything else... HH, Maverick.

 

[FormerTeller]

Like Mav says, if you find out their schedule you can cut the down time to a few days. The danger you may find is that they don't always count the bags accurately. I can't tell you how many times I've brought in a bag with nothing but half dollars in it, where I counted them as they went in and know that it was $500, and 3 days later my account gets credited for $497.69. Sometimes it's over, more often it's short; usually never more than $4 or $5. But the very fact that I'm sending in nothing but halves and getting credited odd amounts is not reassuring. I've spoken with the branch manager time and again, and they say once the bag leaves the bank they have no recourse. Bag dumping may work for you, but be aware of the risks.

 

[SilverFace]

But the very fact that I'm sending in nothing but halves and getting credited odd amounts is not reassuring. I've spoken with the branch manager time and again, and they say once the bag leaves the bank they have no recourse. Bag dumping may work for you, but be aware of the risks.

That's something that would have me a little uneasy about using bags for dumping. Im so used to using coin counters that for the most part seem to count pretty well and I like being able to do it myself so I usually know on the spot if there might be a problem with the count. And on occasion now when Im having to re-roll some of my halves then at least there is no chance for a miscount. If I bring in $500 or $600 in re-rolled halves to a bank then I get my $500 or $600 cash. There is no chance for error in miscounting. I know bag dumping would be more of a necessity if I was searching more volume than I am now, but with my current volume I'll probably try and keep my current dumping method as long as I can. I like keeping the risks (the costly ones anyway) and expenses of this hobby to a minimum as best as I can.

 

[dreamboxvip]

I have two banks that will take bags for instant cash credit and they don't even take my account number down because they know my amount is always correct. I use each bank once a month although i could probably get away with going more i don't wanna push my luck.

 

[maverick]

Like Mav says, if you find out their schedule you can cut the down time to a few days. The danger you may find is that they don't always count the bags accurately. I can't tell you how many times I've brought in a bag with nothing but half dollars in it, where I counted them as they went in and know that it was $500, and 3 days later my account gets credited for $497.69. Sometimes it's over, more often it's short; usually never more than $4 or $5. But the very fact that I'm sending in nothing but halves and getting credited odd amounts is not reassuring. I've spoken with the branch manager time and again, and they say once the bag leaves the bank they have no recourse. Bag dumping may work for you, but be aware of the risks.

In my area it is a little different, the bags I get here are just weighed, when I get my bags they have a weight sticker on them, I am pretty sure that they just weigh my deposits too, as long as my bag weighs within a certain amount ( usually about 49. something pounds or more) I get my full 500 credit, I have never been shorted in years, if they ran mine through a machine for counting though, I might be encountering the same problem with short deposits. HH, Maverick.

 

[weighit]

Exact same thing happened to me, a $1,000 bag was full of halves, they credited my account for $997.46 about 5 days after I dropped it off.. WHAT, there were no pennies in the bag, only halves. I complained to the teller that took the bag in and she credited my account the missing money. I did bags a total of 4 times, then stopped as every time the count was off and I knew exactly the bag was accurate. Now I drop only boxes and get my cash right then, not having to wait any time for them to count and credit me.

Like Mav says, if you find out their schedule you can cut the down time to a few days. The danger you may find is that they don't always count the bags accurately. I can't tell you how many times I've brought in a bag with nothing but half dollars in it, where I counted them as they went in and know that it was $500, and 3 days later my account gets credited for $497.69. Sometimes it's over, more often it's short; usually never more than $4 or $5. But the very fact that I'm sending in nothing but halves and getting credited odd amounts is not reassuring. I've spoken with the branch manager time and again, and they say once the bag leaves the bank they have no recourse. Bag dumping may work for you, but be aware of the risks.

 

[Omega]

I swap coin for cash, no trail, no issues

 

[CoinFetcher]

no trail....? You act as if you are breaking the law :P

Apparently they got picked up Thursday.... Waiting...!

 

[Omega]

Your waiting, I'm not. One of the only ways about it now a days.

 

[Infowarrior]

Coinfetcher...

Since when do you need to not break the law to be harassed by the thugs in blue? Have you not been watching the news lately? Less they know, the better your off.

 

[CoinFetcher]

don't start with me guys... I'm with yah!

controlled demo - 3 buildings - I know the score.

But, in my day to day, I am NOT harassed, and the police and law enforcement agencies are good people!

 

[SilverFace]

Even at the banks that know me by name I usually have to show them my bank card when Im dumping my coins for immediate cash - regardless of the amount. Maybe a dumb question, but what is the bank doing with this information? Aren't they keeping track of all my cash transactions? And do you guys have to show your bank card too every time your dumping for immediate cash?

Also, when I was picking up from one of my usual p/u banks a couple of weeks ago, the head teller who knows me asked for my debit card which they usually don't do there. They kept me waiting at least 10-15 minutes which was unusual. Then I overheard one of the bank employees explaining to another customer about some kind of recent security issue or concern. Then I realized they were keeping me waiting not because they were unusually busy or because of some type of vault delay issue but because they were apparently doing some kind of security check on me and/or my account. And last week I just went in to that bank to p/u my boxes relatively quick as usual without having to show my bank card.