Telling a bank you'll open an account if they will cater to your roll searching needs

Hi everyone.

I'm not doing too bad right now with my 2 banks I use. One is dump bank, the other I get boxes of Pennies, Nickels, and sometimes Dimes from. But I want to start getting Halves. I havn't really tried yet getting halves from the current bank I get everything else from yet. But I will start looking at this.

However, I was curious if any of you have opened an account with a bank, letting them know beforehand that the main reason you were opening an account was so you could search roll? But of course all of your main checking account would be thru them too.

I had one bank that was somewhat helpful at first with halves but then like a dumbass I canceld my account. I don't want to have too many accounts open at different banks, because I don't have a ton of money to begin with, also some banks will charge montly if your balance isn't high enough. Also I just have my main bank right now until I pay off my car in the next 4 months (that just makes money transfers easier on-line), this was the main reason I closed with the other bank.

Anyway, I"m going to see if my current bank will be of any help with the ordering of halves. I do most all my banking thru them, but if they aren't really willing to order I think I will shop around. I"m thinking the best action would be to be honest and let them know that I would really like to get halves weekly or bi-weekly thru them (but not dumping with them), if they can't do that I will seek out a different bank that will.

By the way, I"m planning on bringing in a bunch of free little Vanilla Extract samples to the tellers this week when I go to my bank to get a box of pennies, just to try and stay on their good side...warm them up to halves, or just to keep on helping with my coin sorting addiction....haha. My company makes Natural Vanilla Extracts, I figured this could be a good unique gift, especially for those that like baking.

 

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My bank no longer maintains a coin counter. If they did, it would cost to use it.

I just hold on to my rolls and spend as needed when I am short on paper.

It gets expensive to hold on to halves, so I do not do much of those - plus I sort of get attached to them. I really like the size and weight of the Kennedy clad halves.

Have fun searching. I picked up a 1962 Jefferson nickel in fair shape today. It is my sister's birth year, so it is a keeper.

 

When I was in Colorado I had four separate bank accounts, over and above my regular checking/savings banks (2), which I used solely for ordering coins and dumping coins. All were Kennedy Half Dollars.

I've learned that unless there is a Casino in your area, Kennedy's returned to the bank often sit in the vaults until enough get accumulated to justify a call to get them shipped back to the feds.

One bank I was using specifically for the dumping of coins called and asked me to stop after I'd dumped nearly $10,000 worth of halves. Another branch of the same bank simply held onto what ever I returned to them. They had about $4,000 worth sitting in their vaults all rolled up (by me) and boxed. Shipping coinage through a Security Company can be quite expensive for them.

Banks do have to pay for getting coins securely shipped to and from the Federal Reserve vaults and most don't really appreciate coin collectors since they represent an overhead expense. Coinage that regularly circulates is one thing but coinage that does not is just an overhead burden. Now I suppose if you had about $50 or $100 grand deposited in each of the banks they would not complain but a minimum deposit savings account just won't be enough.

As for "buttering" up the tellers, save your gifts for the "vault teller" since thats the person responsible for ordering and shipping coinage. Sweet talking the Bank Manager or VP wouldn't hurt either since the Vault Teller reports to them.

My experience has also been that most banks will order and provide you with all the Half Dollars your heart desires as long as they are minimum $500 orders. Getting rid of them is a completely different challenge though.

Good Luck in your quest since it sounds like your off to a good start and whatever you do, don't just "mine" for silver. Take some time to look for the many, many Double Die Kennedy's that were produced between 1964 and 1984 as they are out there and quite desireable by most Kennedy collectors.

 

In the Northeast, we're blessed to have enough banking competition that coin counting machines are relatively common, thank you Commerce bank... now TD Bank, but that's another story.

It's ordering them I really struggle with... gotta hit up those small, local banks to get 'em.

 

I use TCF bank, here in MI, and they hook me up with as many rolls as I can afford. They also have a free coin counting machine for members.

 

".......They had about $4,000 worth sitting in their vaults all rolled up (by me) and boxed." Interesting comment since my bank and the local banks (4, among them is BofA) in a rural town will not accept wrapped coins (if only a roll or two will break them open and count them), do not have counters, and will only 'send off' loose coins for counting and credit your account four or five days later. I know for I have $700 or $800 in rolls that I mistakenly wrapped thinking I was doing a good thing only to find out they would not accept them but would only 'send them off' for counting after I broke them out. I still have them.

 

That bank only wanted them rolled and would not allow me to put any identifying information on the rolls which surprised me. It was only after I had inquired as to what they were doing with them that I found out they just put them in the vault.

Typically, banks do not want coinage stored in their vaults because, sitting in vaults is not drawing interest for them. Its just a dead asset that should be avoided if possible. Especially Half dollars since businesses don't circulate them.

 

Well, banks do have reserve requirements, so the halves aren't hurting them. Except possibly in storage costs.

 

I work for a "large bank" in Baltimore. Believe it or not, we actually ship out more money than we actually bring into our branch. Forget tyring to make friends with the Banking Center Manager, the Asst Manager, the Personal Bankers, Loan Officers, etc. The person you want to establish a relationship with is the Head Teller or T.O.S.(Teller Operations Supervisor). Doughnuts go a long way! Hint, hint. All of our money(coins and currency) comes out of our main vault in the city and gets delivered to the branches. We ship money out, and bring money in. This used money keeps getting recycled within our banks. The only thing we take out of the rotation is "mutilated" money which gets sent back to the reserve. Our bank receives "new" money from the reserve twice a year. The Head Teller or T.O.S. is in charge of this process. We do not charge for change unless you are a business customer. All banks have mininum balances and/or requirements. I suggest not having a bunch of different banking relationships, but instead just have one or two good ones. We do not have a coin counting machine. We provide free coin wrappers, and ask you to roll your coins. If you bring us loose coins, we charge five dollars for a 25 pound bag to be sent out and be counted. Your account will be credited within a couple of business days. Back to the money. We do not get anything of note from the reserve, and rarely have newly released coins when you first want them after they are first released. We do have coins rolled from private individuals who just want cash, coins removed from safe deposit boxes after sitting for years, and other odds and ends. This is where your relationship with the Head Teller or T.O.S. comes in. You just need to be polite and ask if any individuals have brought in rolled coins. You would be amazed at what you may find. They are just happy to get rid of the coin so they do not have to include it in their weekly shipments for money leaving the bank. I am afraid I am being longwinded, so I will stop my ramblings. I hope this helps.

 

Thanks for the responses and advice all.

Silvercowboy72, about how many people working at your bank, do you know of, that collect silver? From your experience would you say most do, only a few, or more and more do know that they know silver prices have increased a lot in the last few years?

I went in tonight to another branch I don't usually go to and I talked with 2 tellers for a little bit. I will have to dig deeper next time to try and figure out who the head teller is. I think I know who it is but I'm not sure, and u can bet I will be staying on her good side.
They have a coin counter and I am interested in knowing if I might be able to buy some of the bags, as well as ordering boxes of halves but I'm working up to that. My plan is to come in every week at the same time so they get used to seeing me.
I'm going to bring in some Pure Vanilla Extract samples my company makes next time for gifts.

btw, one teller is a fine looking older woman who is always very nice to me. I want my coins, but sometimes I think I might just want her too...for a little while atleast....haha.

 

That's how we roll at Harris Bank in Illinois. If you're a customer, you are catered

 

Hi Mike,

I'm in Illinois and there are some Harris Banks around. So you have good results getting coin boxes thru them, especially the halves?
I have to think some of this is just specific to individual branches, some will be helpful some won't and depending on the Company's overall policy some can't order.

 

I use PNC in Chicago. They are pretty good about ordering for me (4 boxes a week, though they never have them in trays or the vault) the head teller told me to let him know how many boxes I want by Wednesday morning, as that is when he places his coin orders. I pick them up after noon on Thursday. They have been pretty helpful. I tell them what I am doing, and they are ok with it. I gave them a little history about half dollars - they were pretty interested to hear it, but it seems that roll-searching isn't as exciting to other people as it is to me! I use a PNC bank in the suburbs for my dump bank, it is about a 15 minute drive, and I can put my money back into my savings account for next week's order. They don't seem to have a problem with me dumping $ 2000.00 in halves every Saturday. They also make a copy of the reciept from the roll counter, so I can keep track of how many coins (along with the type) I go through. I usually go in late in the day or on Saturday, to make sure they aren't busy. The donuts are a good idea, maybe I will try that!

I have had some success coming in off the street at Harris bank also. They always seem to have rolls on hand. I haven't hit any silver, but I did hit a 2010 in a roll. There are a few of them in downtown Chicago.