Bank "handling fee" for ordering rolled coin

Again, yes. As I showed, even as a mid-sized micro-business (deposits in the 5-digits), the bank is already making a good return on his deposits.

The bank does not know that unless the OP chose to disclose such information. Remember, the OP stated that he had multiple personal and business accounts with the bank. That should be the first issue that should strike willingness into the bank to perform the service for free. Generally, business do hold higher balances in their accounts, thus generating more "savings"/returns for the bank overall.

Remember that the OP stated that he held six-digit account balance(s) at the bank. Even taking that to mean a minimum of $200,000 in all accounts, if the bank is conducting their risk management properly and has good internal audit, then there is no reason why they shouldn't be yielding at least $1,400 in gross savings/returns each month. That amount self-perpetuates as the balances continues to remain at that level and their investments/loans pay off. If he has had this business for five years at that same bank with a similar balance, then that same $200,000 should be yielding close to $2,000 per month.

Out of the whole situation, that is the one point of consideration that I personally consider to have validity. The bank must take caution not to discriminate against any of its customers within any given product offering. Thus, the bank has the option of creating an account with a fee schedule that would pay for such requests.

For instance, the "Free checking" and "no minimum Savings" accounts can be disclosed with the fees per roll for rolled coin. The "NOW" accounts can be disclosed with fees as well, until a specific average balance is kept, whereas the fees are discounted or waived altogether.

Generally, most banks pass rolls to their business accounts no-questions-asked (as the OP has a business account with the bank), and will pass a small number to personal account holders and will disclose a "need for rolls for business customers". I have no problem with this so long as it is disclosed and there is no discrimination against business type. One of my business banks began refusing rolls to non-corporate businesses (ie sole-proprietors, partnerships, Limited-liability corporations, etc).

They are one of the oldest banking institutes in this area and ended having quite a few businesses take their transactions elsewhere. Well, this caused a need for them to apply for loans through the Fed since those deposits were no longer available. This snowballed into an OTC investigation (because of the sudden massive loan request), which then turned into a turnover of assets to another institute. The bank name is the same, but the controlling institute is different.

Now, many of their old business customers have returned, all businesses regardless of legal status are now treated equally, and the bank's investments and loans are now turning over strong returns.

This is a situation no bank should want to place itself into. The simple fact that it was a request from a business account holder should start flashing red lights the moment discontent is shown by the business customer.

But, like you said, what if more and more start making the same request? It could possibly cost the bank to meet those requests, but there are options available to them to make up some of that loss (internal auditing to determine the source of the most fees and slightly raise those fees, for instance).

Simply, if the bank does not meet your particular needs, then find a different one that is willing to. Banks make much more money than most people realize. Many people get the wrong idea when a bank "fails" or "goes under" today. Even a decade ago, it truly meant that the bank did not have the funds to meet the customer's deposits and were defaulting their Fed debts. Today, it simply means that there is a possibility or indication of it and the bank assets are passed off to someone else.

One would think this would encourage banks to be more eager to make their customers happy and encourage them to make more deposits to pad the investments and loans they have already made. In my opinion, bank penny-pinching and money-changing fees (regardless of where they originate) are something banks should be shying away from at the moment.

 

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Maybe they are charging a fee because they realize they may be getting back your unwanted coins. Then they will have to unload what is left of the 100,000 coins

 

My bank just informed me yesterday that they will no longer order half dollar boxes due to the fee they are being charged by Brinks.

 

As others have said, shipping and handling lots of boxes of coins definitely costs the bank real money. A box of pennies weighs, what, around 15 pounds? (A bit less if all zinc, a bit more if all copper.) Forty boxes is 600 pounds! Call up UPS or USPS and see how much they'd charge you to ship a package of that weight. (Yes, the bank is already taking regular deliveries -- but adding that much to a scheduled delivery is going to add to their cost, whether directly or indirectly.)

Should the bank swallow that cost because you're such a good customer? Let me turn the question around, since banks don't really "swallow" anything. To whom should they pass on the cost? Shareholders? Other customers, who aren't making extravagant requests?

 

From your first post, they didn't say a 10% of face value fee, they said a 5 cent per roll fee. Yes that is 10% for cents but it is a much smaller percentage for other denominations, 2.5% for nickels, 1% for dimes, .5% for quarters and halves, and .2% for dollars. The bank has charges passed on to them for handling, it seems reasonable to me that they would pass those charges on. Especially if you are going to be getting very large amounts of coin. You want A box of cents. OK we'll eat the fee. You want 40 boxes of cents! You're paying the fee. Those boxes of coin cost money. The wrappers cost money, the boxes cost money, the machines for handling, counting, and wrapping cost money, maintenance on those machines costs money, transporting them costs money, and then there are the labor costs for the people running the machines, and hauling the coins around. All those costs have to be paid for. Either the bank pays them or you do. The bank is in business to make a profit so why pay an expense they don't have to. If the customer wants this service, they will pay for it.

 

To the OP, it sounds like this fee is seriously impeding your melt operation.

 

Your order of $1000 in cents is more likely over their normal amount of rolled pennies they order from or receive regularly from Brinks and therefore it may be subject to a 10%/roll handling fee, which is not exceptionally high by the way.

If you want that many cents, I would pay the fee.

 

You could not get me to pay the bank a fee for ordering rolled coins, unless it's denominations they typically don't order such as Half Dollars .

 

However, most banks and credit unions don't normally order $1000 worth of pennies for their inventory. Maybe a box or two every 3 months or so. Since the OP wants 40 boxes, I don't think a small handling or ordering fee is out of line. What happens if he's not able to pick up all those boxes of cents? The bank is now stuck with them.

 

So, I just realized... this individual has "six figure deposits" but doesn't want to pay a $100 fee to engage in a hobby?

Dude, stop being so cheap. You're blessed to be in the situation you're in right now, stop ruining the hobby for people like me.

 

+1

 

.............but, that is why he has deposits in 6-figures.

Chris

 

Because he doesn't want to spend money on his hobbies?

 

Noooo..

It's part of "being frugal".

About 3 weeks ago, I was fortunate enough to listen to a presentation from Matthew Schifrin about the Warren Buffets Next Door. In the Q&A portion of his talk, someone asked if any of the people profiled had any similarities. "Yes, they do." One of those characteristics was that they were "Frugal" with their money. If there was a way to not pay a fee, don't pay it. If there was a way to save money, they did it. Cut coupons? You bet. Get free trades from their stock broker? You bet.

So, if there is a free way, that is the same as the "pay way," why waste your money?



Ruining the hobby? Only when it's him and me going after a coin we both need. And given his frugal tendencies, well, I might have the upper hand.

(PS - One of the people profiled in mr. Schifrin's book was sitting at my table and another was sitting at the table next to mine.)

 

If you want... nay, if you expect the bank to cater to you and order you 40 effin boxes, well then you better be willing to pay a fee. IMHO, that's outright unreasonable.

He has a business, set up a business account with Brinks/Gaurda/Whomever and get change delivered there.

 

After having read the entire thread, I gotta say either pay the fee OR find a different bank. Meaning a bank that will order your coins at no charge. I expect that if you spoke with the bank manager and stated you would remove your money from that institution, that the manager might see it your way but it really depends upon how much time is spent accounting for your order and how much time is spent handling your order. 40 boxes is a lot of weight and a lot of coins.

However, questions have been left unasked:

What exactly are you "searching" for? (I expect nothing more the wheaties or pre-1982 coins since most adults cannot distinguish a doubled die from a machine doubled coin without a loupe and lots of explanations and RPM's along with most other CPG varieties require intensive viewing and most kids just are not up to it.)

What do you do with the "searched" coins and do you reroll them or bag them? (IF you are returning the "searched" coins to the bank of origin, I can understand the roll charge since you're just being a major PIA for the bank. 6 digit funds or not since a lot of labor costs go into handling this volume of coin.)

 

I was just quoted 25 cents per roll, even for just 1 roll of pennies, so I laughed at the manager and toled her they are insane charging me 50% for a single roll. Called corporate and they verified that's their policy, even the guy thought it was questionable. I was also quoted $2 per strap of $2 bills or $20 for a bundle! These banks are out of control with these fees!!!

 

@Facevalue, I guess I'm naive and truly believe that is what they are being charged by their supplier(s). I look at it as "they're trying to dissuade me from doing this anymore".

So far I've been lucky and have been able to find other branches/banks that want my business enough to keep providing this service free of charge. It will end someday.

 

I've gone to every bank in my city and not a single one will order without charging me. Even straps of cash I'm getting charged for. I can see coin because of the weight and space, but a brick of bills? The government and banks are trying to phase out cash and coin...someday we will just have a chip in our arm that you use to pay for everything. They want to be able to track your every move if they please and cash doesn't allow for that

 

Why a chip, that can be dug out and transplanted, or shielded, or even hacked? Why any kind of device, when vision systems can already pick you out by face, eyes, ear shape, hand shape, or gait? How you look, how you move, how you behave?

Implants or "marks" are a red herring. Physical anonymity is pretty much a dead issue already, and cash won't save it.