Coin Deposit

[Yahya]

Why give your coins to the bank to count them, meanwhile you can do it by yourself and save money.

I deal with a lot of coins (and tokens too) in my SS car wash, and the best option for me so far is a coin counter machine. I bought a brand new one from NuCoun on Amazon and it does an incredible work.

At first, it might be expensive but it's cost-efficient and saves time and money in the long run.

 

[STXCW]

https://www.amazon.com/gp/product/B07PS78D6B/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1

I buy these on amazon, put $1k in each bag and drop them off at the bank, usually $4k to $6k monthly. They immediately make the deposit, if there is a discrepancy from the armored truck company that picks it up, the bag is then returned to the bank. The armored company audits via scale, so my original sealed and serial numbered bag is returned to the bank and they can call me to verify the bag is untampered, if i choose to do so. In the last 5 years i have had 1 bag actually be incorrect and it is where i put too much in the bag due to a math error. The bank dumped it in their coin machine and recounted and adjusted the deposit accordingly. If a bank wont take your money its time to find another bank. We did this almost 15 years ago when the bank told us they were no longer taking our quarters. That bank lost several accounts from family members at the same time and they are still calling back to this day asking us to bring our business back to them.

We use the same type of bag and armored truck picks up.

 

[Mattwash]

Wells Fargo takes them. Business account for my wash is with them. They have to register you to deposit coins. I bring them in a sealed plastic bank bag. Tell them about how much I have. They send it off with other deposits and verify. Cost $4.95 each time.

 

[HeyVern]

Wells Fargo takes them. Business account for my wash is with them. They have to register you to deposit coins. I bring them in a sealed plastic bank bag. Tell them about how much I have. They send it off with other deposits and verify. Cost $4.95 each time.

If my bank charged me to deposit my money, I'd find another bank.

 

[Mattwash]

Why give your coins to the bank to count them, meanwhile you can do it by yourself and save money.

I deal with a lot of coins (and tokens too) in my SS car wash, and the best option for me so far is a coin counter machine. I bought a brand new one from NuCoun on Amazon and it does an incredible work.

At first, it might be expensive but it's cost-efficient and saves time and money in the long run.

are you implying you don’t deposit any? Cost me $4.95 with wells Fargo.

If my bank charged me to deposit my money, I'd find another bank.

I’m not about to spend time rolling quarters to save $5. Bring a bag of $1k in quarters every 4-5 weeks.

 

[HeyVern]

are you implying you don’t deposit any? Cost me $4.95 with wells Fargo.


I’m not about to spend time rolling quarters to save $5. Bring a bag of $1k in quarters every 4-5 weeks.

I don't roll coins, I count em, bag em, and take em to the bank, same as you but, I don't pay to do it.

 

[soonermajic]

I don't roll coins, I count em, bag em, and take em to the bank, same as you but, I don't pay to do it.

WTH??!!! Gather up my chamge & I throw qrtrs in a 5gal bucket, pour em in their coin counter, & deposit. Costs me ZERO
I can't fathom paying a bank, to take my cash.!!!

 

[chaz]

Yep. Deposit bags of 1k quarters immediate credit to my account. No service fee. If ever a difference when bags are verified….its adjusted to my account. That’s happened once in last 5 years,,,,,my bag was a quarter over

 

[schnapdragron]

Chase will take bags of coins too. < $1000 per bag, you declare the value and they credit your account. Around a week later any adjustments are made to your balance. There's no charge for this

 

[edredtop]

I must be getting old!
My bags are $500 max (for B of A) and just the thought of picking up a thousand dollars in quarters makes my lower back hurt.

 

[SprayDC1]

Located in Nashville, TN. I am having a hard time finding a credit union or bank that would take loose change. They all require it to be warapped. One credit union have a coin counting machine but it’s only free deposit for the first $250. After that it’s 12.5% fee (Insane). I usually have have about $1200 + in coins a month

How do you all deposit your coins?

Lose the quarters and convert to coinless ie. bills and credit cards only and don't look back. Studies show you will not only capture more than the 12.5% cost to bring the coin to the bank or whatever your local bank charges, you will increase revenue simply by swipes are easier than pulling coins out of a pocket, and save the time weighing/counting quarters.. then taking the time to send to the bank.

 

[Yahya]

are you implying you don’t deposit any? Cost me $4.95 with wells Fargo.

I get you man, $4.95 per deposit at Wells Fargo for coins, seems manageable. But for me, it adds up quickly, especially with how many coins (and tokens) I deal with at my car wash.

Having my own coin counter machine from NuCoun helps me save on those fees, alongside the time I spend running to the bank.

And most banks don't accept counting tokens, and I won't take the hassle to separate them manually.

Yes, a coin counter might be a bit of an upfront cost, but when I did the math, it really pays off in the long-run.

 

[Randy]

We very seldom have to take quarters to the bank. When we do have to take them to the bank we roll them, our Scan Coin SC3001 coin counter will roll them in a few minutes. At the car wash we have a Scan coin 303 to separate the tokens from the coins. The banks here don't have a coin counters. Currency, we count, face and band. The bank supplies the necessary supplies.

 

[yhannat]

Update:

Thank you all for the replies. I opened a business account with Chase and they supplied me with clear plastic deposit bags. No more rolling quarters

 

[Mel(NC)]

Some branches of Truist accept bagged quarters. They even provide the $1000 bags.