Depositing quarters

[MEP001]

So the bank we were using (I say "were" because we will be switching) used to accept quarters in a sealed bag of $500. Now they will only take them loose, which you have to run through a counter yourself and pay a 5% fee, or in a sealed bag of $1000 which they charge $50 to accept for deposit. I've called banks all over town and they only take them rolled with either no fee or just 10 cents per roll. I really don't want to roll them. What do you guys do with surplus quarters?

 

[Randy]

We roll our quarters, not a big deal. We have a Scan Coin 3003 coin counter so it only takes about 10 or 15 minutes. The bank supplies us with all the paper wrappers and bill straps.

 

[slash007]

Man I just drop mine off in bags and don't even count them. They count and deposit them for free. I used to use Chase and they offered the same service, but that was years ago. I use a local bank now. I did count them a couple of times and it was correct.

 

[chaz]

My bank takes bulk quarters $1,000 to the bag they provide. I get immediate credit for my deposit with any adjustments (never e been an issue) made after verification. I buy bulk dollar coins $2,000 to the bag. I also deposit bills wrapped and faced. I’m guessing the offset with my bank not needing to buy wrapped ones as often makes up for any fees they may be charged. I’m with a local bank that is great.

My old bank credited after verification....that became a pain to keep track of, but I only left that bank as they fired me for depositing cash?

 

[tdlconceptsllc]

Mep my bank is a small local private bank they take mine in a 50 pound bag $1000 at a time. Have you called the small banks and asked

 

[MEP001]

I haven't tried local banks yet, I started with ones that are most convenient to me. I forgot there's a small local bank about 1000 feet from my house. I'll call them now.

On the subject, how is it even legal for banks to charge a fee for accepting legal US currency, and at the same time charge if I buy from them the same currency?

 

[Waxman]

My bank lets me use the coin counter for free. Not a big ask. Try it...

 

[tdlconceptsllc]

Small banks 99% will hook you up

 

[Main Street Carwash]

I have the same issue. I can only deposit $300 at a time or pay 5%. Every bank in town is this fee schedule or higher. I shouldn't have to pay to deposit my money.

 

[MEP001]

My bank lets me use the coin counter for free. Not a big ask. Try it...

The bank nearest me will do it for free, any quantity, I just have to wait on them to do it. They only have one small machine, so if it's down I'm SOL. All the national banks have pulled their counters. The credit unions charge 10%.

 

[OurTown]

Our credit union has a self serve coin counter in every branch and charges nothing for members.

 

[Kevin James]

The bank nearest me will do it for free, any quantity, I just have to wait on them to do it. They only have one small machine, so if it's down I'm SOL. All the national banks have pulled their counters. The credit unions charge 10%.

What kind of quarter volumme are we talking about? We only have about $150 in quarters to go to the bank so warping them like Randy does isn't a problem, takes just a few minutes. We accept $20 and we get a lot of them from people who just want change, so we are happy to not have to deal with all the quarters.

 

[Overachiever]

Our credit union has a self serve coin counter in every branch and charges nothing for members.

Ditto, I just pour them in the counter and hand them my slip. I switched away from two different banks that changed there policies on quarters to where it either cost me money to deposit or made me do things like counting and bagging them myself.

 

[MEP001]

What kind of quarter volumme are we talking about? We only have about $150 in quarters to go to the bank so warping them like Randy does isn't a problem, takes just a few minutes. We accept $20 and we get a lot of them from people who just want change, so we are happy to not have to deal with all the quarters.

In the last two weeks almost $3000 in quarters.

 

[Rfreeman]

My bank, smaller local bank, takes them for free. No wrapping, no bags, nothing....I just dropped a 5 gallon bucket full of quarters they run them and deposit them. After reading everyone's post I'm appreciative of what I have here for sure!

 

[Main Street Carwash]

It is seriously making me consider going to Bill's and CC only

 

[MudMoney]

I made a deal with the local bank,they supply the shotshell wrappers and I roll them.I also have friends that have a pizza business with an arcade that needs $ 500 in quarters every 8 days that are bagged.Not as many trips to the bank either for them or me. We have u s bank & wells fargo here, they aren't doing well. Its due to their banking & deposit fees , where as the 4 local banks are busy and expanding.

 

[OurTown]

In the last two weeks almost $3000 in quarters.

Wow. That is your quarter gain or do you deposit all quarters taken in then buy quarters for the changer?

 

[dukeofsuds]

Seems like all good answers, but a couple of other comments.

1. I use a Cassida 200 coin counter. It's $199, and it's fairly slow, but it's a lot cheaper than those other ones mentioned above. I'm not saying better, just a lower cost option. The difference will be speed.

2. I'd suggest looking into Coinstar. If you want cash back, it's crazy expensive like 10%. But if you want to donate money, or even get gift cards from some vendors for various reasons, it's free to use. They charge 0% if you want Amazon (Amazon pays them that's how everyone makes money.) Surely, you buy car wash stuff from Amazon, right?

 

[MEP001]

Wow. That is your quarter gain or do you deposit all quarters taken in then buy quarters for the changer?

That's the gain. This is a new-to-me wash I leased, and changer abuse is severe. I helped the previous owner set it up for everything to take tokens valued at a quarter and he just mixed some tokens in with the quarters. The current owner had quit buying tokens and told me right before I took over that he'd been buying at least $1000 a week in quarters. The first thing I did was put up a sign on the changer that it dispenses tokens and quarters and threw a few handfuls in it - now I have a surplus.