Do all banks pay a fee to order coins?

Discussion in 'Coin Roll Hunting' started by Tuco, Jan 23, 2020.

  1. Tuco

    Tuco Active Member

    Called a new branch of an excellent bank for halves today asking to order 1 Q box & 5 halves. Got called back by a grumpy woman who said no more orders unless I deposit 6 figures or pay a 1% fee. She said no more orders at any of their branches, even though I've only placed 1 order at 2 branches and both were very nice. She also ranted about a customer who orders pennies there and then runs them through their coin counter.
     
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  3. Kevin Mader

    Kevin Mader Fellow Coin Enthusiast Supporter

    As the story goes, banks are in business to make money. CRH enthusiasts erode their profitability with our quest for coins. So unless you have an account at a bank and maintain a tidy sum for them to make money (on your money), they may do what they did. Of course, there are exceptions. If you have a business account, I understand that this improves the likelihood of getting CRH coins. But no guarantees.
     
  4. furryfrog02

    furryfrog02 Well-Known Member

    I'm close with a couple of vault managers at a couple of CUs. They told me that they have a contract with Loomis where they pay a standard monthly fee and order whatever coin/bills they want and Loomis will pick up whatever coin/bills they have every week. It doesn't matter if they order $1 or $500,000. They do not pay a per box fee.
    Your bank's results may vary.

    That being said, it sounds like they just don't want to deal with you or other hunters. Probably because of the guy ahem EDITED
     
    Last edited by a moderator: Jan 23, 2020
  5. Tuco

    Tuco Active Member

    Thanks ff, that there are standard fee banks/CUs is great to know. Yeah, she was definitely irritated by the guy "dumping" at her branch. :D

    I might have learned a good rookie-year lesson, if you have a friendly branch just stick with them instead of seeing if the grass is greener elsewhere. But I was also kind of thinking 2 orders with the same branch in 1 month might be too much.
     
  6. furryfrog02

    furryfrog02 Well-Known Member

    I get an order of halves/quarters/and cents every week from a branch. They are awesome. I bring them candy every once in awhile as well.
    I used to go to a branch in the same CU but the manager there cut me off. She just didn't want to deal with me. Even though I did everything I could to not be a hassle. She isn't a nice person. I make sure to dump whatever garbage I have on her now.
     
  7. Tuco

    Tuco Active Member

    Haha, that's awesome, I just found a new dump bank! :D
     
  8. furryfrog02

    furryfrog02 Well-Known Member

    The only thing I would caution is dumping into your supply. If you pick up from say Loomis, and dump at another branch who is serviced by Loomis, you run the risk of getting your dumps back.
     
    Tuco likes this.
  9. Collecting Nut

    Collecting Nut Borderline Hoarder

    It really depends on the bank but banks do pay a fee for the service they receive from the armored car service, etc.
     
  10. tibor

    tibor Supporter! Supporter

    They either pay a monthly service fee or they pay a
    percentage over face value. Armored truck companies
    are in it to make money. The fact that banks don't charge
    you more than face value on multi roll or box quantities
    is a KINDNESS that they are providing.
     
    Kevin Mader likes this.
  11. Muzyck

    Muzyck Rabbits!

    Banks charge fees for rolls for "CRH hunters" because they are nothing more than a nuisance that have nothing to do with banking. I am amused every time I read people post that banks charge fees for many services because they are doing everything to make an extra buck. In a lot of cases they charge fees as a deterrent. Charges for coin requests by people that don't have a banking relationship is a perfect example.
     
    Last edited: Jan 24, 2020
    tibor likes this.
  12. Collecting Nut

    Collecting Nut Borderline Hoarder

    Not all banks charge fees for CRH's.
     
  13. Burton Strauss III

    Burton Strauss III Brother can you spare a trime? Supporter

  14. desertgem

    desertgem Senior Errer Collecktor

    Some people are like individuals who complain the free food they get at the food bank is an off brand or not microwavable. I would have an answer, but even mods have to follow the rules.

    Jim
     
  15. Corn Man

    Corn Man Well-Known Member

    My bank doesn't charge fees for my boxes but they did made a new policy that limits orders because I used to order $600 in pennies 3 times a month now im limited to 100 bucks a week
     
  16. TexAg

    TexAg Well-Known Member

    Whenever I mention to my wife I feel a bit guilty about ordering boxes from certain banks and dumping the rejects at other banks, she reminds me of the following. These banks have substantial amounts of my money for which they pay me close to nothing in interest. Then, they loan it out to others for much higher interest rates than I can hope to get outside of the stock market. My minor CRH inconvenience and cost to them is greatly outweighed by the money they make off of my deposits. End of guilty feeling.
     
    Tuco and Collecting Nut like this.
  17. Collecting Nut

    Collecting Nut Borderline Hoarder

    I'm glad you listen to your wife as that is priceless!
     
    TexAg likes this.
  18. -jeffB

    -jeffB Greshams LEO Supporter

    It's all part of the equation, though. The costs they're accepting to support your box-hunting habit come out of their bottom line; to maintain the profit they (or their shareholders) want, they either have to charge more elsewhere, or pay less elsewhere.
     
    tibor likes this.
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