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Depositing Quarters
- Thread starter mikempls
- Start date
soonermajic
Well-known member
Just got the bad news from my new bank, Idabel Natl bank, Idabel Okla. They will charge me .10/roll of qrtes & charge me to deposit my cash, if I haven't already counted it. Even though they have bill counters @ every teller! My bank in Clarksville, TX is awesome. Red River Credit Union does EVERYTHING & charges ZERO!!
CheetahExpress
Active member
Our business account is with Wells Fargo. We bought a coin sorter, run the quarters through it into rollers, stack them into a box and take them into Wells Fargo along with the cash. We end up with about $130 to $150/wk. in quarters from 2 vacuums and our Access Machine. The coin sorter is worth the money you spend on it. We buy a box of 1,000 quarter rolls on Amazon. Lasts a long time. Makes things alot easier.
mjwalsh
6 bay SS w/laundromat
Soonermajic & others,
If you can channel as much of yours & others "clearly worthwhile" business to the Red River Credit Union & similar (if possible) is one of the ways to go. Without consequences & our ability to help provide a needed "more than just words" message there will be more of those types of charges. I know on the Coin Laundry Forum which with the coin op customer base being a large segment of the USA population ... one strategy for most of us there ... is to find ways to steer away from rewarding that behavior from those "clearly in the wrong" banks as much as humanly possible.
Too bad more of us car wash operators who do not believe that "100% cashless is the best" are not more united against what comes down to what our Congress (clear constitutional authority) is not doing.
I remember when I mentioned I was in the thinking stage before testifying against "service taxes" at the ND state legislature back in 2001 & 2003's my uncle (dad's youngest brother) who was both a county & a city commissioner encouraging me saying "unless they hear concerns from enough people" ... Lord only knows what they will do.
http://kingkoin.com/USA_Deficit_Reduction.html
soonermajic
Well-known member
Good thread
chaz
Active member
I take $1000,00 if quarters at a time to my bank in special bags they give me. I run the coins through my counter and dump $50.00 at a time in the bag. I don’t add extra quarters....if and when there is an issue my bank makes the adjustment....happened once....I had put an extra $50.00 in the bag! My current bank credits my account at once for my quarters.....my previous bank didn’t credit my account for about a week, after Brinks verified.
Roz
Well-known member
Suntrust will accept loose quarters. I tried to help them by rolling the coins with a machine but they would undo my rolls and place them in bags to be sent out for counting. No cost to me but their count is always lower by $1-$2 (my cost of doing business). Takes several business days for coin deposit to be reflected in the account.
soonermajic
Well-known member
$100k of qrtrs is just an insane amount of qrtrs!!!
chaz
Active member
Yeah...I only wish it was 10k. Make that $1,000.!!!!! Tks
Earl Weiss
Well-known member
My monthly charge for counted Cash at one bank was $50.00!
mjwalsh
6 bay SS w/laundromat
About 40 years ago after diligently putting coin in paper wrappers, we were told by the bank that doing that was wasteful for both us & them & that rolling was the old obsolete way. That is what it is so exasperating to have to get dollar coins in rolls from the armored car people. Is this deliberate so as to create an impediment to coin & ultimately to all cash? I have never had to get quarters from the bank ... so not sure if they sometimes insist on rolls for quarters too.
I do know that logically dollar coins should be one-fourth the challenges for handling as the worth-less nowadays ... because of inflation quarters. Laundromat operators in Canada have confirmed that fact based on their experiences that they share on the Coin Laundry Association Forum.
I do know that logically dollar coins should be one-fourth the challenges for handling as the worth-less nowadays ... because of inflation quarters. Laundromat operators in Canada have confirmed that fact based on their experiences that they share on the Coin Laundry Association Forum.
chaz
Active member
.....My bank orders US Dollar coins for me ...delivered with their regular truck from (I believe) Brinks. These come loose, $2,000 per bag. I deposit my excess quarters bulk, $1,000 per bag. I had to specifically request bulk dollar coins and take $2,000 per order....after a bit of research my bank discovered they could order in bulk. The coins do come assorted silver and gold....but typically I get mostly gold.
mjwalsh
6 bay SS w/laundromat
Chaz,
Any slugs in with the dollar coins when you get them?
I guess every part of the country is different when it comes to that along with when it comes to pervasive extra fees tacked on for the dollar coins, quarters, & even bills. One problem with operators in non affected areas being too complacent ... is that when a bank is successful (by their standards) making it bad for all coins & even bills in a specific area ... there are other banks in other areas that get that as the possibility for being wonderful for them also. Let's see now ... could it be driven by merchant fee greed with their ultimate 100% cashless goal. Could that possibly be a "conflict of interest" on their part? Greater public interest be damned?
A bit like when they raise or add taxes (services) more than inflation in one area ... other areas take the cue to do it in their area also! In our area, there are tons of lawmakers & media glamorizing South Dakota's supposed success with broadened sales taxes until some concerned citizens shed light on the truer facts & greater truth!
