What's new
By:
Car Wash Forum

This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Coin Deposit

Y

yhannat

New member
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?
 
I take coin when buckets get full.
Close to $2k at a time
They run it thru the counter and deposit it
No probleemo!
They even bought a new machine a year ago.
My wife does bundle all the cash for them!
(Which I dont recommend 😂)

But its MY bank that I have my loans thru
My checking accounts. My money markets. My cc deposits. Etc

They better do that or I ll get another bank!
 
we use a smaller local bank that actually appreciates our biz. We deposit coin in provided bags that hold $1k of quarte…. We buy bulk dollar coins $2k per bag. We deposit wrapped, faced bills. We have High quality coin and bill counter
 
Since COVID we very seldom have to take quarters to the bank. When we do have to take them to the bank we roll them, our coin counter will also roll them. There are no banks here that have a coin counter. Currency, we count, face and band. The bank supplies the necessary supplies.
 
We pay a 3% vig at Delta credit union to dump the quarters and dollar coins…

We only dispense our $1 tokens, and just reordered more, for a total of 60K tokens in 3 years…. CC’s now dominate revenue…,
 
yhannat said:
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?
Click to expand...
I had a liquor store next to one of my washes a few years back and that guy would buy everything I had.
Credit cards (EBT) may have changed that at this point but..
For a liquor store $1,200 a month is:
$300 a week
$43 a day
$1.75 an hour (if they're open 24 hours)
Peanuts for a busy store.
 
I have accounts at multiple banks. The only one that takes coin for me is Chase. If you have a business account there you can bag them. A completely full 5 gal is $3k. My guys either bag $500 or $1000 per bag. I can't remember. Gets deposited right away. A few weeks later you might see a debit or credit for a few bucks after it's counted.
 
ShinePro said:
I take coin when buckets get full.
Close to $2k at a time
They run it thru the counter and deposit it
No probleemo!
They even bought a new machine a year ago.
My wife does bundle all the cash for them!
(Which I dont recommend 😂)

But its MY bank that I have my loans thru
My checking accounts. My money markets. My cc deposits. Etc

They better do that or I ll get another bank!
Click to expand...
WTH kinda bucket you got, that when full is only $2,000??!!! You can't lift our buckets, when 1/3rd full.!!!
 
Local bank takes mine. I have a klopp counter. Put $1000 in a bag and take it. $1k goes into my account immediately.
 

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.
 
edredtop said:
Sounds like a 3 gallon bucket:
$3,000 / 5 gallon bucket is $600 per gallon
$600 X 3 gallons is $1,800 (he said "close to $2,000")
Click to expand...
I bough an empty / new Plastic Gallon Paint container with nice thick handle from Menarda. I am able to put $700 in quarters in it and it has a nice screw on top. Quarters weigh 5 pounds per $100.
Carrying a gallon of paint is not something a crook would target. Looks like this but they sell them new and empty. https://www.menards.com/main/paint/...6db-f/p-1642874288088358-c-8010.htm?exp=false
 
You must log in or register to reply here.
Back
Top