Depositing quarters

[MEP001]

2. I'd suggest looking into Coinstar. If you want cash back, it's crazy expensive like 10%. But if you want to donate money, or even get gift cards from some vendors for various reasons, it's free to use. They charge 0% if you want Amazon (Amazon pays them that's how everyone makes money.) Surely, you buy car wash stuff from Amazon, right?

I'd prefer not to carry 50 pounds of quarters into a grocery store or WalMart. The last time I used a CoinStar I brought a 3-pound coffee can almost full of change - it was a huge pain in the ass because the can doesn't fit where you need to pour the coins into the tray. I also don't see myself spending $5000-6000 a month with Amazon for the car wash.

 

[mjwalsh]

I haven't tried local banks yet, I started with ones that are most convenient to me. I forgot there's a small local bank about 1000 feet from my house. I'll call them now.

On the subject, how is it even legal for banks to charge a fee for accepting legal US currency, and at the same time charge if I buy from them the same currency?

MEP001 & others,

We need enough of us combined with laundromat owners & others to be allies & breathe down the "political elites' & the media's necks" enough so they fulfill their constitutional role in making it so the banks can't be too monopolistically abusive towards what is the best option for many of us. People have sacrificed their lives for the protection of our constitutional rights & we need to stand our ground to help honor their actual service & sacrifice!!!

I bought & read a "War on Cash" kindle book off of Amazon by a very reputable CPA David McCree ($2.99) that kind of explains the dynamics of similar unfair practices you describe. Another "War on Cash" kindle book written by a Canadian author Andrew Moran ($.99) which also may be a good read ... people should take a look at that one too.

https://www.amazon.com/s?k=war+on+c...refix=war+on+cash,aps,180&ref=nb_sb_ss_c_3_11

Only Wells Fargo ... not US Bank & its branches of the megabanks locally ... have taken out their coin counters completely. Wells Fargo & its branches currently have the worse reputation in town .... mostly because of other shenanigans that they have done. They tangled me up with wrongfully putting my account in limbo between them & the unclaimed property division of our State. I had fulfilled their 5 year access requirement on the small account & they still tried to hit me with "penalties" related to their own wrong doing. I stood my ground & only because I had 100% proof ... that they took the penalty off.

 

[Earl Weiss]

MEP001 & others,

We need enough of us combined with laundromat owners & others to be allies & breathe down the "political elites' & the media's necks" enough so they fulfill their constitutional role in making it so the banks can't be too monopolistically abusive towards what is the best option for many of us. .

I must have missed the day in "Con Law" where it mandated that political elites and media had some constitutional role concerning banks being "monopolisticaly" abusive . Perhaps you can point out that clause in the constitution. Inquiring minds want to know.

 

[washnvac]

I use a local community bank. I deposit on average (3) full $1000 bags per week; no charge; deposit credited at time of drop off.

 

[soonermajic]

Ditto, I just pour them in the counter and hand them my slip. I switched away from two different banks that changed there policies on quarters to where it either cost me money to deposit or made me do things like counting and bagging them myself.

That is my banks policy. I use 2 banks. 1 has this policy, & other is social bank that wants em baggex in "500 incremental ts. So I use the other bank for all my qrtrs (about $1000/week).

 

[Jeff_L]

Shop your banks....the cost of doing business with you is to take care of your quarters. Mine never charged me for it.

Another option is to get away from cash altogether (opening a can of worms here, not looking for rebuttals). I took one of my washes to all credit card only at the beginning of the year, had some pushback from the bucket washers, but that's about it. Can't say if the business is up or down because of it. It is down as compared to the same timeframe last year because we have had terrible winter weather in KC this year.

 

[MEP001]

Shop your banks....the cost of doing business with you is to take care of your quarters. Mine never charged me for it.

I agree, and as I mentioned I don't see how they can charge for taking legal tender for deposit, but they do. If you Google "where can i change my coins for cash for free", you get news articles about how almost all major banks have removed their counters, or charge 5% over $25 in coins. I've called all the major banks and all the locals within a reasonable drive, and only one of them accepts loose bulk coins for deposit with no fee (And they're open fewer hours than I work full-time so I can't use them). Most take them rolled for no fee. Only a federal reserve bank will accept a sealed bag of $1000 in quarters without a fee.

Another option is to get away from cash altogether (opening a can of worms here, not looking for rebuttals). I took one of my washes to all credit card only at the beginning of the year, had some pushback from the bucket washers, but that's about it. Can't say if the business is up or down because of it. It is down as compared to the same timeframe last year because we have had terrible winter weather in KC this year.

My customer base would not accept a change to cashless. I'm definitely planning on adding CC acceptance though.

 

[Roz]

SunTrust accepts bags of coins. They send them out one day a week to be counted and deposited into your account about 3-4 business days later. They are usually fairly accurate (within $1). Now that they are merging with BBT I am hoping the service only gets better with more branch locations.

 

[cap732000]

We take them in 50lb bags that they supply but I have to take them to a location 15 miles away as there branch is across the street from my wash because they won’t take them. I did check around several places and all three banks in town did have a solution that didn’t cost me anything!

 

[Greg Pack]

Banks have been making an effort to increase fees on their customers over the past several years. About six months ago my bank started charging$5 per bag. The only problem is they count and credit after they have been counted at the main branch downtown. The bags are picked up once a week on Tuesday. So if I drop a bag of coins off Wednesday, it may be ten days or so before my account is credited. Both these are minor nuisances. The bank I use adjoins my wash and I just walk the deposits over.

My coin deposits are getting to be a smaller percentage of my total, probably 3% of total deposits now more or less. If I'm still in business in ten years I will likely be coinless, if not altogether cashless.

 

[Roz]

Our Suntrust bank accepts them loose. They put into a bag and send out to be counted. We get our credit about 5 days later. I count them in bulk before going to the bank and they have been within$1 each week. Hopefully the service continues after their merger with bbt.

 

[Damoni88]

Do you have a chase bank around? That is where i do mine $1000 a week. No charge!

 

[Mel(NC)]

I roll them using an old Klopp machine I bought on ebay. I splurge and buy the pre-formed wrappers from Amazon. My bank (BB&T) does not charge to deposit the rolls..

 

[Randy]

I roll them using an old Klopp machine I bought on ebay. I splurge and buy the pre-formed wrappers from Amazon. My bank (BB&T) does not charge to deposit the rolls..

I also roll my Quarters I take to the bank. Key bank gives me all the coin wrappers and currency straps I need at no cost. I use a big Scan coin roller, it doesn't take me long to do a $500 box.

 

[MEP001]

My coin deposits are getting to be a smaller percentage of my total, probably 3% of total deposits now more or less. If I'm still in business in ten years I will likely be coinless, if not altogether cashless.

I need to start toward that path. No CC acceptance right now, and mixing tokens into the changer to stop abuse has now created an influx of $1000 in extra quarters a week. I should be depositing 25% or more in CC, not quarters.