Bank Practices

How many banks order new coins? How often is this really needed?

 

Log in or Sign up to hide this ad.

my banks get coin deliveries twice weekly. they dont specify new or old coins, they just place an order and what comes in comes in.

 

I guess I"m wondering if, for the most part, intake is equaled by outgo.

 

.........many many banks today, because of the economy, get MANY coins turned in for paper money or to make payments etc. this saturates the banks with ALL the coins they need. so of course, they have no need to order more!

 

Banks order coin from 3rd party counting/verifying companies

Banks order coin from 3rd party counting/verifying companies such as Lumis, Brinks, Wells Fargo to name a few who roll these coins and box them.
Rarely do banks use what customers turn in because it must be verified - they find it more cost effective to send all there change out to be verified then order (already verified) coin from the same or different 3rd party companies. They feel it is more cost effective that way than having someone count it all each day - that's where I come in - I solicit their cents that are turned in to search for varieties from four or five branches that I am a member of. We even now know which times of the year that coin gets turned in. Late May before Memorial Day and right before and after Christmas are a couple of best times for turned in coin.
The 12 Fed banks are the only ones that I know of that can and do order coin directly from the mint. Therein lies the problem - with the advent of CoinStar in the last few years there is such a glut of coin available that thier (the mint's) need to order has dramatically decreased resulting in fewer new orders for new coin from the mint.
This is why for the first time I can ever remember that we are having trouble getting current year production coin during a particular year. We used to get them all by March at the latest.
Alas, those were the good ole days!

 

Armored services don't deliver for free either, there is a premium over the face value for coinage orders.

 

You hit it on the head. This is what I've been told at the banks I do buisness with. 4 of the 5 banks I have some type of accounts with tell me the same thing. Bank of America in my area has this new LAW that they will not order any coins for anyone except buisnesses and then there is a charge for that service. Further more if you bring in change, any amount, it is put into a plastic bag, shipped out for counting, the results are entered into your account minus the charge for that service. 4 of those 5 banks have eleminate coin counting machines completely. One still has a machine and they told me when it breaks down, out it goes and they then must follow all other banks in the area.
Bank of America tells me they will no longer order, nor carry half dollars or $2 bills. All such coins as halves have been removed from any local bank vaults and sent out. And as I said they will order coins for you if you have a buisness that requires coins and you must have proof of that. And there is that charge regardless of your accounts, buisness with them, etc.
Oddly enough many of them have those baby sized dollars on the tellers counter and they usually ask me if I want them.

 

My small bank has their own counting machine and roller so they don't hardly order any coinage anymore...

 

Exactly!

None of the banks I use for boxes get Fed boxes of cents. Everyone of of them is Brinks. Also, none of them ever have halves unless turned in by a customer....I have gotten a few of those rolls and they've had silver in them 99% of the time.

 

This is what I've mostly seen.

 

Generally they are jerks.

 

Huh?

 

Have you ever asked a teller if you can look at a box of coins to see if they are uncirculated. They act as if you killed their dog. "what would you want to do that for?", "that's weird, I'm not going to do that", and stuff like that.

 

Well, they're banks and not coinshops.

Ruben

 

still though

 

I'm getting my tellers trained... That's what's nice about a small town bank... That and I have my business loan there and pretty hefty savings account... Until April 14th that is...:rolling:

 

Would you go to McDonalds and ask to look through their hamburgers so you could pick out the ones that meet your standards? Or go to a grocery store and expect to be able to sample each of their soft drinks to pick which ones you like best?

 

rofl

 

One bank I USED to go to would always have rolls of haves. I would wait until they are not crowded and ask for 2 to 10 rolls of them. Bank of America purchased that bank, closed it, moved some personal and many safe deposit boxes to a different location. At this place I still know most of the personal from the other place now closed. When I ask for any halves I'm told they are NOT ALLOWED to have any.
I asked an officer of the bank, also someone I know, what's going on. Was told that if I asked for halves and they are in the vault, the teller must lock up thier station, go to the vault, have it opened by an authorized person, acquire the halves, leave a document as to what was removed, have the vault relocked, go back to their station, unlock everything. So if I were to send a letter to the Bank Of America Corporate Office requeting halves, they would probably agree but for a fee naturally.
This fee is to cover all the incoviences created by individuals with no concern for our buisness.
HMMM. Do you think this person was trying to tell me something?

 

He was telling you to get a new bank!