SNAFU In my CRHing

[The_EE]

So.. I got a couple items sold the last couple of days. A 170 gallon horse trough for $55 and my boat for $850. More CRH money.

Went down to dump $94 in nickels and $650 in dimes and one lady comes up to me if I got their letter? I said No I didnt, what was it about. Apparently they want to charge me 10% to dump coin. I laughed and asked if they were serious and she said yes. I asked if I could dump this coin free of charge since I didnt receive the letter and she said yes. Looks like I am going to have to call coperate and find out what is going on. I use 1 branch of theirs in town. 2 Branches up North, sometimes a third and then 2 others as emergency dumps if I have too much coin, to spread it out. I usually dump below $1000 but sometimes I will dump $1500 in a week.

Not once has a single one of them made mention that it was a problem, even though I asked them each week if they have anything I would like to do differently to make things easier on them. They say everything is fine and its not an issue taking my coin, well, until today. I am going to see about setting up getting coinlok bags and bringing in sealed bags of $500 dimes or $1000 halves so they dont have to run them in their counter to save them time, not that the 3 minutes a week I spend in their branch takes up a lot of time.

This puts a big pinch on my CRHing. They are my personal bank but my main dump branch too. Without them as a dump branch I am super screwed as I have no other branches to dump with. I just cant see how they could consider charging me $100 to dump $1000 in halves each week, which I will bring up with their regional manager.

 

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[mills84]

I originally brought it in wrapped and they said they crack open the rolls to put them through the machine. I asked them which was easier for them, rolled or loose in bags? They said loose in bags so that is how i bring them in. Once a week, loose in bags. They take them in back, run them through their machine. I will talk with the lady, I am sure there is a way to work through this and I think it will be by me offering to buy coin bags to give them pre counted coin for them to send off to limit the work they need to do.

Is this how it works at all banks? More specifically, do they crack open all CWRs to run through their machine in the back before sending them off, or do some branches just weigh the rolls (if they even do that much)?

Bringing in my coins in bags of $100 would be much easier than slowly accumulating the wrappers, wrapping the coins, and bringing in rolls (especially if it's easier for them). I just always thought they wanted them wrapped (why bother giving away free wrappers then - people can buy their own if they want to store coins at home). I hesitate to ask them, as I don't want to draw any extra attention from the teller/bank.

As others have asked, please let us know how it works out with your bank.

Thanks,

- Mills

 

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[mishra142]

I received 3 phone calls over a 2 month period from my CU, asking questions and reminding me that the coin counter is not for business use. They seemed to be wise to the fact that I was spreading out my dumps over different branches. Now my wife does business there but I don't use them at all.

My new dump bank accepts my $3000 per week in coin lok bags. They know exactly what I am doing because I told them what I needed and asked if they were interested in my business. That was before I opened the account.

I keep at least $10,000 in that account, not because it is required but because I think it is the right thing to do. They are valuable to me so I want to be valuable to them. That's how business works. Those of you who dump or pick up boxes at banks where you keep $14 in an account are not valuable to those banks and are therefore in a precarious position. That statement is not directed at anyone in particular.

At my former main dump bank which was my main bank as well I had a large account balance which made me feel a sort of immunity. I felt that there is no way they will shut me down I have x amount of dollars in accounts with them. Well they did shut me down and when I threatened to close my accounts and did close my accounts they didn't care.

 

[optix]

At my former main dump bank which was my main bank as well I had a large account balance which made me feel a sort of immunity. I felt that there is no way they will shut me down I have x amount of dollars in accounts with them. Well they did shut me down and when I threatened to close my accounts and did close my accounts they didn't care.

Wao, I am glad to hear that cause I been pushing my luck on my main bank with the pickups. My dump bank will probably drop me soon enough, already looking for a new dump bank. The managers know me on all the branches but they will soon enough get tired off the halves filling their bins. I can't blame them...

 

[penman77]

I don't think that I am immune to being shut down. I keep a balance there out of a sense of fair play.

 

[The_EE]

Well, they wont change anything, not even if its brought in coin lok bags, pre counted, they said they have to run it through their machines. They wont get off that 10% fee for coin processing.

I guess I will drive out today and open two new accounts at two banks for dumps.

Also think I will have to dump one buy bank. They have not produced yet but they will be no more. That should leave me with 6 boxes one week and 8 the next instead of 8 and 10. I will have to deal with it.

I need to figure out what I am going to do with this weeks 8 boxes though. This is going to be interesting.

 

[Bigheed]

interesting that they have a 10% coin processing fee printed in their fee schedule. I have seen that for non-customers, but never for customers. What bank is that just out of curiousity? You might try filing a complaint for excessive fees to the OCC as well, that might get the attention of the "men behind the curtain" 10% is pretty ridiculous......Jesus overturned the tables of the money changers at the temple for their 10% fee among other things :-)

 

[The_EE]

interesting that they have a 10% coin processing fee printed in their fee schedule. I have seen that for non-customers, but never for customers. What bank is that just out of curiousity? You might try filing a complaint for excessive fees to the OCC as well, that might get the attention of the "men behind the curtain" 10% is pretty ridiculous......Jesus overturned the tables of the money changers at the temple for their 10% fee among other things :-)

Its a small somewhat local bank in my area. In a 40 square mile area, the have 7 branches, outside of that only 9 more.

I might try contacting the OCC and see whats going on but I dont think that will change anything. I was going to go out today and open two more accounts but I am procrastinated and instead got some fishing gear cleaned up and oiled ready for tomorrow lol. I will be going out Blind on Wednesday and opening two accounts and cutting off one buy bank and hoping I have no more issues with any banks. At least one of the accounts will open up two more local dumps for me but I am not sure how much their machines can hold, I will find out in 2 days.

 

[BillyOceansEleven]

Its a small somewhat local bank in my area. In a 40 square mile area, the have 7 branches, outside of that only 9 more.

I might try contacting the OCC and see whats going on but I dont think that will change anything. I was going to go out today and open two more accounts but I am procrastinated and instead got some fishing gear cleaned up and oiled ready for tomorrow lol. I will be going out Blind on Wednesday and opening two accounts and cutting off one buy bank and hoping I have no more issues with any banks. At least one of the accounts will open up two more local dumps for me but I am not sure how much their machines can hold, I will find out in 2 days.

That might explain their sudden action to cut you off. From what I have read here and other places smaller banks typically pay an incremental fee to a carrier for additional quantities of coin they handle, while the large banks often have fixed fee contracts that don't incur extra costs for additional quantities of coin processed. In any case a larger bank is better able to absorb the cost of handling the coin than a smaller local institution. That's why I always dump with the big boys, in addition to the fact the big boys have so many branches around here I can easily spread my dumps.

You haven't said much about the buy bank you are ditching, but would it be possible to just start using them as a dump bank? If nothing else it keeps you from having to open another account.

 

[The_EE]

Its a small somewhat local bank in my area. In a 40 square mile area, the have 7 branches, outside of that only 9 more.

I might try contacting the OCC and see whats going on but I dont think that will change anything. I was going to go out today and open two more accounts but I am procrastinated and instead got some fishing gear cleaned up and oiled ready for tomorrow lol. I will be going out Blind on Wednesday and opening two accounts and cutting off one buy bank and hoping I have no more issues with any banks. At least one of the accounts will open up two more local dumps for me but I am not sure how much their machines can hold, I will find out in 2 days.

That might explain their sudden action to cut you off. From what I have read here and other places smaller banks typically pay an incremental fee to a carrier for additional quantities of coin they handle, while the large banks often have fixed fee contracts that don't incur extra costs for additional quantities of coin processed. In any case a larger bank is better able to absorb the cost of handling the coin than a smaller local institution. That's why I always dump with the big boys, in addition to the fact the big boys have so many branches around here I can easily spread my dumps.

You haven't said much about the buy bank you are ditching, but would it be possible to just start using them as a dump bank? If nothing else it keeps you from having to open another account.

I dont have an option to dump at a BofA, the nearest one is 60 miles away.

As for the buy bank I am ditching, I could possible use them as a dump bank, it would require I set up an account with them. Currently I have a deal worked with them that I take their quarters, dimes and halves that come off their coin machine so that they dont have to ship them off. In turn, they were willing to order me 2 boxes of halves a week even though I dont have an account set up. I might end up setting something up with them though, even though its going to run me $100 to open an account. We will see what these other 2 banks say first. I will have 2 dumps locally and a 3rd which will be a little way out of the way with 1 bank but it will cost me a whole $25 to open an account. I just dont know how big their coin machines hopper is. I dont want to over burden them, as I didnt want to over burden the bank that just said no more dumps.