Selling searched coins to bank...

Recently I began searching rolls of different coins again. One thing I found out when buying them by the box, the rolls are all machine wrapped. Most banks around here require you to have an account with them to sell them rolled coins, so I sell all of my searched rolls back to my bank. My bank only buys coins that are rolled, not loose, so I have to re-roll all of these. Coin papers start to cost money after a while.
I did find a main branch of a bank down the road from me with a coin counting/rolling machine. I don't have an account with this bank, so if I sold them my loose coins they would charge me 5%. If I had an account there it would be free. I'm seriously thinking about taking out a free, basic checking account and use this bank as my cashing in/ dumping ground for coins, and not even bother re-rolling them. Anyone else done this before? I would probably cash them in once a week or so I'm not there every day. When asking about an account, I wonder if I should mention what I would be doing, searching rolls and cashing them in? Do banks frown upon this type of thing?


Jeremy S

 

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your paying 5% for returnng pennies? :bigeyes:
that sounds CRAZY!

all the fees I've paid in searching the 30,000+ pennies I'm looked through in the past 3 months are $0.00 + gas to go to and from banks to buy/sell pennies

 

Luckily I haven't paid the 5% yet. Don't plan on it either. Having the buy the papers to re-wrap coins does cost money though, something I was hoping to avoid. Every now and them I manage to get some customer wrapped rolles, so I don't have to use my papers for these.

I'm going to call the bank tomorrow and ask about setting up a basic free checking account and ask about usage of the coin counting/rolling machine. I did sell pennies there once before, probably 3 or more years ago, and they only charged 2 or 3%. It was pretty convenient, as I probably cashed in 10K pennies at the time.

 

My bank charges zero for bulk coins......BUT, I have to trust them.

I drop off a bag of coins, and in 2 days a deposit is made into my company checking.

I do have a coin sorter/counter so the first cpl times I ran it thru my own counter, the bank was dead on every time. Now I just drop off with a blank amount deposit slip....

I have never asked if there was a charge for non customer expecting cash on the spot.

 

You could ask your bank if they give out free coin wrappers. I know my bank will only accept rolled coins as well but they give the wrappers away free, but you have to ask for them.

 

Same with me, Wachovia gives me the rolls for free and they require that I roll them

 

open a statement savings account with the bank that has the counter in the lobby. keep the minimum required in it and wehen you cash in just ask for the cash back instead of depositing it in the account. you are only out the min deposit which you get back when you close the account.

Richard

 

Richard, thats what I was thinking about doing. They have a basic checking account which is what I want. Its free, $100 required to start up, no min balance, ATM/Debit card, no monthly fees. I just want to make sure they won't have a problem with me depositing a few hundred dollars worth of coin each week into my account.

My primary bank with my accounts is Chase, and they do give out the free wrappers. I've already asked for quite a few already, I just didn't want to wear out my welcome.

I just got back into searching rolls of halves today. The ones at the Chase branch had been looked over many times. 3 different people had left their "calling card" on the coins, different marks with a Sharpie. I think the rolls had been at the bank for a while, so hopefully I can cash these in at the new bank and keep buying them at my bank until I start getting fresh, unsearched rolls.

 

Laundering Coins

Jeremy,

What you need to do is stop by several banks. I found one that has a coin machine that they do not charge you to use if you open an account, They have a minimum balance of $5 to open a saings account. They allow you to bring any unlimited coins as often as you want. I dropped off $800 yesterday and will drop another lot tomorrow. So my advice would be just look around for your best option. There seems to be more banks around nowadays than gas stations. Another thing you can ask about is most of them send in "bags" of unrolled coins and then order boxes. So even at the same bank you likely won't get bank your own coins. The ones I have been getting are sealed from about a year ago. However, just to help, I do use different banks.

Erin

 

I search rolls I return them to the counting machine( no fee) and start all over again. I dont get the same coins back. I have a great bank to get good coins from. Really happy.

 

Come on the wrappers aren't going to break you

Office direct $5.29
OfficeMax $5.79
Staples $7.49

That is per 1000 wrappers, or .52 to .75 cents apiece One box of 1000 wrappers is enough to wrap 20 of those $25 boxes. About 26 cents per box. or 1% Makes you understand why the banks charge 2 or 3%, the wrappers cost 1% so if they take them for free and have to wrap them they are losing 1%. (At least on cents, the percentage decreases as the denomination gets larger since the wrappers cost the same for every size.)

 

I just ask my bank for the paper wrappers and they give me a big stack each time at no cost.

 

does you bank not have a coin counting machine?

 

On bank wrapped psper rolls, you can cut the rolled edge with fingernail clippers once and then unroll it and use them to reroll.

 

I opened a bank account recently just for the coin counter; that and they will order anything I want.

Also, a lot of banks dont like to admit it, but, they can take unrolled coins and send them to their count room. I know PNC does it. Every bank I have EVER asked will give you free wrappers but try to limit it.

 

I do something similar, I have a dull tipped tool that works well, it is a tool used in traditional bookmaking called a 'bone folder' (yes, it is made of natural bone/horn or composites like hard resin), I choose the end of the bank rolled roll with the coin that looks least likely to be something of value or interest, then gently pry and un-roll around the edge of the roll. Once the rolled end is extended, coins will either slide with a bit of shaking the roll or pressing gently from the opposite, still rolled end. Keep that opposite end rolled for later. Then refill the tube and fold the opened end closed. Occassionally you may use tape to reseal an end that will not stay closed. I cycle through several banks to return my searched rolls and they never balk about reusing the wrappers.

 

I get my paper rolls free from the bank, but I go to different branches at times to get them and deposit the coin rolls back into my account. Some tellers are very nice when one takes the rolls in, and some are a little less than nice. But, I really don't care since they are there to provide a service.

 

Sometime you just gotta talk to the right person! I was seriously thinking about starting a new account at the bank where they buy loose coin. But before I did that I wanted to double check with my bank (Chase). So I called the main branch in my area. Turns out they do buy loose coin. You bring it in, they bag it and send it out to be counted, and the ammount is deposited into my account, no charge!

This is only at the main building downtown though, all of the other small branches don't do this. So I may save up a couple weeks worth of pennies, maybe $200 worth and give it a try.

 

From what I have seen, they like to keep the coins around what would be in a counted bag, so, in the case of pennies you would have 4 bags at $200.

 

Enjoy using banks for taking and getting large amounts of coins. It is distined to end soon everywhere. Around me Bank of America and Chase now have stopped using coin counting machines. If the one they have breaks down, it is not replaced. They will not sell you nor order you bulk quantities of coins unless you have a buisness that requires them. This is true of 5 banks in my area now due to coin collecting habits of the bulk buy and return policies from what the bank officials tell me.
Bank of America also now will take rolled coins but will send out somewhere to be counted. The end results will be entered into your account. There is now a charge for this service and if no account the charge is higher. The reason for this is the latest craze of short rolls. One or two coins missing from each roll is the latest craze so we all now pay for that one.
A bank official told me this system will soon enough be done in many other locations and if profitable for the banks, it will soon become a standard policy everywhere.