Tutorial: Dumping bags of coin

[namster]

This is asked/brought up so many times I figure I will share what I think is the only way to dump. Bear in mind that I am not an accountant so you might want to check out the business account particulars and how doing this may effect your taxes/how to file properly.

1) Open a BoA business account. DBA your name (DBA: John Doe) so fictitious is not required and and use your SSN for tax purposes. You will file under schedule C I think. You may be able to simply open a regular account rather than a business account, but I am not sure if they will allow you to dump if you are not a business. With a business account you also have access to the merchant window.

2) Ask for CoinLok bags (BoA will accept their own bags and coinlok bags, they will not accept chase bags in my experience).

3) Order coin, look through coin, put un wanted coin in bag. Dont put more than $500 in a bag unless you want to make mortal enemies of the female tellers/managers.

4) Fill out the bag, dollar amount, denomination is all I do. The tellers take care of the rest.

5) IMPORTANT: Tell the teller you want to exchange the coin for cash. They will reference the bag to your account so if it is under or over they will credit/debit accordingly. Some tellers are not comfortable with this but most of the merchant tellers know the drill, and if not the manager definitely does.

That's it. I dump 1-2K/day with this method. I do about 12-16 boxes/week give or take. I own a couple businesses so I have those accounts to use for CRHing. Someone else might have better advice about opening the business account, but if I was going to start fresh today I would attempt what I wrote in step 1.

Happy hunting!

 

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[Bigheed]

you have learned well my dumping padawan

It helps to put your name, account #, branch name, and branch ID # usually a 3 or 4 digit code on the bag as well, saves work for the tellers and speeds up your dumping.....especially if you are dumping 5-7k per day as I do.

 

[namster]

you have learned well my dumping padawan

It helps to put your name, account #, branch name, and branch ID # usually a 3 or 4 digit code on the bag as well, saves work for the tellers and speeds up your dumping.....especially if you are dumping 5-7k per day as I do.

I asked the tellers if they want me to fill those fields out but they always say to let them do it. Go figure. It would speed things up though.

 

[Dinero2005]

Unless you're dumping that kind of volume I don't see paying business account fees being a good idea. For small timers like myself ($1k +/-) I go to a credit union and use my personal account. A lot more CUs have counting machines. No fees, no minimum balances. I'm a member of 3 CUs here and each of them have a counter that I used to dump. I buy all the coins I need at one with no fees so I haven't even asked the others.

 

[namster]

Unless you're dumping that kind of volume I don't see paying business account fees being a good idea. For small timers like myself ($1k +/-) I go to a credit union and use my personal account. A lot more CUs have counting machines. No fees, no minimum balances. I'm a member of 3 CUs here and each of them have a counter that I used to dump. I buy all the coins I need at one with no fees so I haven't even asked the others.

No monthly fees, and no minimum balance as long as you use the debit card once/month.

 

[SFBayArea]

Unless you're dumping that kind of volume I don't see paying business account fees being a good idea. For small timers like myself ($1k +/-) I go to a credit union and use my personal account. A lot more CUs have counting machines. No fees, no minimum balances. I'm a member of 3 CUs here and each of them have a counter that I used to dump. I buy all the coins I need at one with no fees so I haven't even asked the others.

No monthly fees, and no minimum balance as long as you use the debit card once/month.

There is a $15 fee for accounts under $1500 or without direct deposits.

 

[That Canadian Guy]

That would save me so much time getting to use the business teller instead of waiting in line.

 

[Canadian hunter]

Business services teller is not always on his wicket in some of my dump banks. Every coin I dump is rolled, so I'm a little envy about CRH using coin counters.

 

[sultan of silver]

Thanks for the info. HH Robert

 

[penman77]

namster, thanks for the info.

 

[clovis97]

Thank you for sharing this info!

BoA isn't in our area, and I have often wondered how you heavy volume guys dump.

 

[Bigheed]

it doesn't have to be BofA either, you can and should have multiple dump banks, not just branches of one bank.

 

[jr98119]

Namster -

I am a CPA, and I would not recommend that you use a business account for dumping. Besides the fees issues for coin that some banks impose, the more serious issue is using a "Schedule C." I can tell you that the IRS has Schedule C filers, even those with relatively low gross revenue figures, close to the top of the list in auditable categories of individuals. Just wait till the IRS calls you in for an office audit and asks you to explain your cash deposits. They will think that you've gotten a lot of cash that you haven't reported, only some of it has been declared so you will look legit. After a lot of explaining they may buy the CRH reasoning, but the burden of proof is on the taxpayer, and the hassle just isn't worth it. I started to deposit my dumps into my business accounts, but quickly realized my exposure and opened up multiple personal accounts for dumping purposes.

HH to all

jr98119

 

[namster]

Namster -

I am a CPA, and I would not recommend that you use a business account for dumping. Besides the fees issues for coin that some banks impose, the more serious issue is using a "Schedule C." I can tell you that the IRS has Schedule C filers, even those with relatively low gross revenue figures, close to the top of the list in auditable categories of individuals. Just wait till the IRS calls you in for an office audit and asks you to explain your cash deposits. They will think that you've gotten a lot of cash that you haven't reported, only some of it has been declared so you will look legit. After a lot of explaining they may buy the CRH reasoning, but the burden of proof is on the taxpayer, and the hassle just isn't worth it. I started to deposit my dumps into my business accounts, but quickly realized my exposure and opened up multiple personal accounts for dumping purposes.

HH to all

jr98119

They key point is that I am not depositing, I am exchanging coin for cash. The coin does not enter the account and, as far as I know, the transaction does not appear on the account record.

Thank you for the clarification on the schedule C, I suspected there was more to it. Your input is greatly appreciated.

ETA- This is exactly what this thread is all about, sharing this kind of info. HH everyone!

 

[clovis97]

I have often wondered about dumping into a business account.

Where I dump, the banks have coin counters. The coin is, in essence deposited into my account, even if I ask for cash. The tellers always tell me, "I can give you cash, but I have to deposit it first". The coin deposit is in my account for less than 10 seconds before they withdraw it and give me cash.

When you deposit bags of coin, and exchange it for cash, do they pull up your account, deposit it, and then withdraw the cash for you? Or is it a straight exchange for cash?

 

[47thelement]

I refuse to use coin loc bags from BOA.

I've been doing this for over 4 year. More than many, less than some, but long enough to have learned many things.

The policy for BOA in my area is the coins are put on hold into your account, much like a check until they verify the count. That sometimes takes 5 days. Delay of Game. Not doing it give me a coin counting machine any day.

 

[namster]

I have often wondered about dumping into a business account.

Where I dump, the banks have coin counters. The coin is, in essence deposited into my account, even if I ask for cash. The tellers always tell me, "I can give you cash, but I have to deposit it first". The coin deposit is in my account for less than 10 seconds before they withdraw it and give me cash.

When you deposit bags of coin, and exchange it for cash, do they pull up your account, deposit it, and then withdraw the cash for you? Or is it a straight exchange for cash?

Again, there is no depositing of the coin into the account. The teller references the bag to your account number so if you are over or under they will credit/debit accordingly. I have been told that Loomis weighs the bags and if they are within a certain weight range they credit the full amount. There is no wait/hold on any funds, no suspicious cash deposits for big brother to look at . You give them the bags they give you cash. Perhaps other regions have different rules, I don't know. I do know that this has been working for me for the last 6 weeks or so.

 

[Farchaus2k]

In the end I think it is best to sit down with the branch manager or one of the account reps and come up with a solution that works best for you and the bank.

 

[clovis97]

Thanks for the clarification!!!

I don't think bags are an option for me right now, but I appreciate the info!!!!