Depositing Quarters

[mikempls]

Hello, so I was told the other day that my bank (Wells Fargo) will no longer have coin counters at any branch locations. My options for depositing coins are to roll my quarters in the paper tubes or purchase plastic coin bags, count the quarters and bring them to the bank where they will charge me $8.00 per bag to deposit them. If my coin count is off by more than $10.00 there will be an additional charge. I use tokens at my site for security reasons so recycling them in my change machine is not a good option. I told my branch manager that I will be switching to a new bank. He said he understood, but recommended I ask questions because all the large banks will be removing coin counters? What are you guys doing with your quarters? Do your banks accept them? Anyone else dealing with this same issue? Thanks.

 

[Jim L.]

I've been rolling my quarters for 18 years. I takes an extra 10 to 15 min. a day...no big deal.

 

[mikempls]

Thanks Jim. Are you using a machine to roll your quarters?

 

[boywonder]

Find a different bank! Wells Fargo is nothing but a bunch of crooks.

 

[washnvac]

I have a counter. So I deposit to the bank $1000 at a time in the heavy plastic bags. No charge; it is just like a regular cash deposit. It is a local bank. I get the bags from eBay. They cost 40-50 cents each depending how many I order at a time.

 

[copperglobe]

Get a new bank.

 

[loewem]

Definitely find a new bank. I have a coin/token sorter/counter. Makes life much easier. When I first started depositing quarters I would roll them. After a couple of months a teller told me that she could give me some plastic bags that I could put 4,000 quarters ($1,000) in and bring it in for deposit. She told me that this was easier for them as this is how the federal reserve bank requires quarters to be submitted (bags of $1,000). Even if I roll the quarters the bank still has to remove them from the rolls, count the quarters I've given them, adjust my account if necessary and send them on in bags of $1,000. Now, I just take a 5 gallon bucket of $1,000 in quarters to the bank and dump it in the banks bag. They count it at some point and adjust my account if necessary. It sounds like Wells Fargo doesn't want to deal with quarters/change or they want to make money doing something that they should be doing as a bank. Seems to me that counting change for deposit shouldn't be any different than counting cash or checks for deposit. This ****es me off.

 

[copperglobe]

I posted earlier "find a new bank", as others have done. In my area I've got four banks that want my business of my car washes. They send me letters, gifts during Christmas, come by the washes wanting to know if there's anything they can do to get my business. Why? We're a cash business with large cash deposits. This cash the banks love because they don't have to order, and pay a fee to, the Fed so that they can have cash in the drawers to give to customers when they come in to cash their checks. They also love my merchant deposits because they're simple and don't involve employees. They also love that I don't have hardly any checks in my deposits that bounce, cause paper trails hassles, fees and interactions with other banks. So don't forget that you're the customer and that you're a very good customer that doesn't cause them, the bank, problems and that you make their life easier and more profitable because you give them cash, paper money, that they need. That cash that I deposit also goes out to their other customers that have stores and those stores need cash to operate each and every day. If you've got a bank that doesn't want your quarters, get a new bank. There are plenty out there. Try the Ma and Pa banks, for sure not Wells Fargo. Ma and Pa want your business.

 

[MEP001]

A lot of local banks here will accept quarters bagged and counted at no extra charge.

Wells Fargo does have a lot to offer, but you pay for it. They have fees for everything - I was making a deposit yesterday and the guy in front of me was charged $7.50 to cash a check written by one of their customers because the guy it was written to didn't have an account there.

 

[Overachiever]

Chase started doing the same thing with me so I switched to a local branch...

My new bank has a machine where I just pour my coins in myself and hand them a ticket with the total on it and they put it in my account. It almost never rejects a coin.. previously I would sometimes have to deal with the teller telling me some of my coins were too dirty and they wouldn't allow me to deposit them.

They also have this cool bill counter where you can give them a stack of bills that haven't been faced or sorted (but I still usually sort them while counting) and it processes them all in a couple minutes vs waiting 30+ minutes for the teller to take care of it.

 

[mjwalsh]

mikempls & others,

IMHO it seems like there is a real danger of at least some banks having an agenda of wanting to put as many impediments to coins & eventually currency (all cash) as possible. Think about it ... no matter how bad inflation gets ... they will always get the "going rate" for merchant fees from electronic transfers. Cozy for them but NOT GOOD for us operators at all. If enough momentum or resistance (political will) can develop ... I honestly believe that this mindset that is happening within some of the banking community can be stopped.

mike walsh http://kingkoin.com/USA_Deficit_Reduction.html

 

[loewem]

Did a little checking on this. Definitely agree with getting a new bank. I also agree with mjwalsh regarding banks requiring a premium for depositing coins and coordinated resistance would be good. I'd also suggest that this sets a bad precedent. When will the smaller banks decide that they need to charge a specific amount for depositing coins? When will banks decide that they need to charge more to accept $1 bills? Our business is the opposite of most in regards to cash. Most businesses are depositing larger bills or exchanging larger bills for smaller bills. It is a decent amount of work for the tellers to count my $1 bills every week. Not much different than counting the quarters.

I spoke with someone at the consumer division of the Consumer Financial Protection Bureau (CFPB) today. They said that what wells fargo is doing isn't illegal, but that a complaint can be submitted and an investigation will take place. http://www.consumerfinance.gov/ is responsible for overseeing "national banks". I'm going to submit a complaint just to see what happens.

 

[chaz]

Here's a thought....send all your quarters my way! My bank provides the plastic bags, and credits my accountant immediately for the deposit $1,000 per bag. Only once was there a correction made after the fact, for $50.00, entirely my fault, I dump $50.00 at a time in the bag, and I sealed the bag too soon.

 

[Jeff_L]

Like the others have said, get a new bank. Go local, a lot of benefits to knowing the bank president and staff. Especially when needing a loan and such. Usually you can negotiate away other fees they normally charge for commercial accounts too.

 

[cmawash]

Did a little checking on this. Definitely agree with getting a new bank. I also agree with mjwalsh regarding banks requiring a premium for depositing coins and coordinated resistance would be good. I'd also suggest that this sets a bad precedent. When will the smaller banks decide that they need to charge a specific amount for depositing coins? When will banks decide that they need to charge more to accept $1 bills? Our business is the opposite of most in regards to cash. Most businesses are depositing larger bills or exchanging larger bills for smaller bills. It is a decent amount of work for the tellers to count my $1 bills every week. Not much different than counting the quarters.

I spoke with someone at the consumer division of the Consumer Financial Protection Bureau (CFPB) today. They said that what wells fargo is doing isn't illegal, but that a complaint can be submitted and an investigation will take place. http://www.consumerfinance.gov/ is responsible for overseeing "national banks". I'm going to submit a complaint just to see what happens.

our bank was bought out and a new set of fees we just received cost are due to company that picks up $ from the bank and they process coin and $ bills fee's are
currency/coin deposited $1.85 per$1000
checks paid 0.20 per item
currency order $1.85 per $1000

this used to be a great bank, but since it was bought we switched, bulk coins is a must for us.

 

[tehachapicarwash]

We accept tokens and quarters, only tokens are changed to the customer. Every 3 days we empty the safes, take the mix home and hand sort, count the quarters into a cloth bag provided by the bank using a coin counter and make $1000 deposits. The tokens go back to the wash and are recycled.

 

[Stuart]

Wow, most of you guys are really having to jump thru hoops.
I collect my coin and bills. Sort and Count my coins (qtrs., tkns, $coin) and sort & count my currency. Make a deposit slip and take to bank as one deposit--coin and bills. Does not matter if I have $200 or $625.75 in qtrs. They take them.
This $1000 in qtrs sounds like a real pain. I don't have to keep coin around waiting to add to $1k.

When I need more $coin, I just call and they have it ready no matter how much I need. $20 or $900. They take care of me. I do need to have a certain monthly balance average in my account to cover monthly fee and check fees which is no biggee.

 

[chaz]

The $1,000 deposit of quarters is for bulk coin in the bags provided by the bank. The bags hold $1000 max, I assume I could being in batches of $500. I buy my one dollar coins $2,000 to the bulk bag

 

[MudMoney]

I've always used local owned bank,so much easier to deal with come loan time.My bank supplies the shotgun wrappers free of charge and when I order $ 1.00 coin i'm not charged for that either.

 

[jprb]

Get a coin scale if you have all quarters, and don't need to sort coins. They are as accurate at counter, and much quicker. I've never paid money to deposit my money. I'd find another bank.