Depositing Quarters

[MEP001]

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.

You have a good bank. Most here charge around $30 for a bulk bag of dollar coins even if you have an account with them.

 

[soonermajic]

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]

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]

My bank in Clarksville, TX is awesome. Red River Credit Union does EVERYTHING & charges ZERO!!

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]

Good thread

 

[soapy]

I take $500 bags of quarters to the bank a couple of times per month. I always put a few extra quarters in the bag. The FED only gets after a bank if the bags come up short. NO charge at Key bank ever for my quarters.

 

[chaz]

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]

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]

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.

$100k of qrtrs is just an insane amount of qrtrs!!!

 

[chaz]

$100k of qrtrs is just an insane amount of qrtrs!!!

Yeah...I only wish it was 10k. Make that $1,000.!!!!! Tks

 

[Earl Weiss]

.............& charge me to deposit my cash, if I haven't already counted it.

My monthly charge for counted Cash at one bank was $50.00!

 

[mjwalsh]

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.

 

[chaz]

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.

.....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]

.....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.

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!