I am very new to this and just wondering what people's thoughts are. When you dump do you try to use a bank that is totally different from your purchase bank. I don't mean a different branch of the same bank, but an entirely new bank? Or is it ok to drive to a different branch of the same bank? Curious if the boxes come from the bank re-wrapping the loose change from the counters or if they let the armored car ppl do that and just ship loose bags to them? I can use a coin counter at TD Bank for free, I just don't want to keep processing the same coins. Even if I go to another branch to order them. Just wanted to see what you think.
my bank uses an nf string machine, there are no bags, its a sealed machine with containers, tellers cannot open it, when armored car comes they remove the containers and replace them with empty ones, they then give the bank boxes of coins (1,5,10 & 25 cent, no halves or dollars) according to what is registered in the machine for each container, so the way i see it they are not getting the same coins back...
I'm thinking that the branch manager would know more about their policies and procedures than the folks here on CT. Just sayin'.
If the bank doesn't have a coin machine and you don't have an account, they may not take your rolled coins. At my bank I work at, we usually don't because if the rolls are short, we can't recover the money.
I use TD Bank to get a box of nickels - and then return them to the coin machine at the same branch. Those nickels in the counting machine are sent to a central location (in those big plastic bags) for wrapping. I'm pretty confident I get different nickels with each new box. I'm getting at least a couple of new coins to keep in each box. Time consuming with a relatively low payoff - but I watch hockey/baseball/something while searching. I enjoy it. I did get an 1800's large cent in the reject bin recently too!
It depends on the bank. Regardless of where you dump, do NOT use a coinstar machine since they take like 8% or something. Where ever you dump your coins be sure you have an account there. The small local bank I use will let anyone use the machine but its only free of charges if you have an account their otherwise its like a 7% fee or something.
If I have a purchase to make and I know it will exceed the amount of coins I have to dump, I'll use Coinstar and get a gift card - you can get one to Amazon, Lowes, etc. They do not charge a fee if you do this.
I asked bank mgr when I was doing a dump Friday. This was TD Bank, they told me all loose from "penny arcade" goes via truck away to parts unknown to her. And all coin boxes are ordered from fed. So using them to buy and dump seems safe.
Does this happen to anyone else when coin dumping? Just say you get $500 worth of dimes and either skunk or get a dime or two but when you get your count back it's less then what it should be? Today I went in to dump some change and it was .80 cent short of what it should've been.
i did have a machine at a TD bank register a nickel as a penny... i dumped all nickels and it came up 4 cent short..
Actually I was recently thinking of what to do with $125 I have from a box of nickels and cents and as I was looking into buying some preformed wrappers I realized that my loss is the same whether I buy the needed wrappers off of eBay or use a coin star machine. And I totally forgot to just get it as a gift card to spend at whatever store I just dumped them in.
I pick up coin wrappers for free, no charge at my bank. I do dump at other branches but ont think it matters much. please dont pay coinstar, thats cutting into your possibilities of scoing something cool.
