Chrisintheie Posted April 8, 2016 Share Posted April 8, 2016 I have been with my bank for about 5 years. I deposit large quantities of bagged, sorted, counted, weighed, and clean coin once per quarter. All of this coin comes from our various vending operations. I normally deposit about 60 bags per quarter. I have my own Cummins Allison Jetsort, and deposit near perfect counts. My problem is that my Stagecoach bank just changed my account and added the $4.00 bag fee per bag. Needless to say, I need a new financial institution. I'm wondering what your banking experience is like. I'm in Southern California, but any comments are helpful. Thanks everyone. Link to comment Share on other sites More sharing options...
AZVendor Posted April 8, 2016 Share Posted April 8, 2016 Just shop around. It may be hard to find a bank that won't charge a fee for a merchant account when you deposit that many bags. They still find it an expense to handle and they want to pass it on to you. $4 per bag is kind of steep so you should be able to find a better solution, but be aware that most banks will want to make your account a "analysis account" where they have fees for everything over a certain threshold. Try to have a bigger relationship than just making coin deposits. Have a business checking account, a business credit card, use their merchant service, etc. That will help avoid some fees. In the end, you might find it cheaper to stay where you are and pay the bag fees. Link to comment Share on other sites More sharing options...
Ecwatm Posted April 17, 2016 Share Posted April 17, 2016 have you considered selling the coins to bars or restaurants? i use bars to trade in quarters and singles all the time it saves them a trip to the bank Link to comment Share on other sites More sharing options...
rodney69 Posted April 18, 2016 Share Posted April 18, 2016 Are you referring to wells Fargo? If not, talk to them. I don't deposit that much, but for bagged money there is no charge. If you are using them, talk to another branch. If you don't need branches in other states, try a local credit union. Most times when you talk to them about it and why you're looking for a new bank, they will override rules. Link to comment Share on other sites More sharing options...
baza Posted April 18, 2016 Share Posted April 18, 2016 try the Post Office...... Link to comment Share on other sites More sharing options...
vendbend Posted April 24, 2016 Share Posted April 24, 2016 my bank just put a change machine in the lobby you dump in your change a do it yourselfer it spits out a slip and you take it up to the teller if you are a member it is free if not a member they charge you the tellers think it is great BUT it is new and eventually someone is going have to empty it everything is getting to be a do it yourself hell I am having a large machine delivered the shipping company told me I have to arrange a way to get it off the truck I said I paid for lift gate service and they said well we believe it is to wide for the lift gate to be safe so find a dock or fork lift or no delivery sooo here I go a do it yourself get it off the truck delivery hell even when you go to the doctor now they ask you what is wrong with you and I say your the doctor you tell me what ever happened to customer service? Link to comment Share on other sites More sharing options...
AZVendor Posted April 24, 2016 Share Posted April 24, 2016 Welcome to the world of vending. If you can't do it yourself then you are in trouble. This isn't a turnkey business and virtually no one will do you any favors or help you. Link to comment Share on other sites More sharing options...
QuikVend Posted June 13, 2016 Share Posted June 13, 2016 On yml v n9m m. Onoon Link to comment Share on other sites More sharing options...
rodney69 Posted July 2, 2016 Share Posted July 2, 2016 I have been with my bank for about 5 years. I deposit large quantities of bagged, sorted, counted, weighed, and clean coin once per quarter. All of this coin comes from our various vending operations. I normally deposit about 60 bags per quarter. I have my own Cummins Allison Jetsort, and deposit near perfect counts. My problem is that my Stagecoach bank just changed my account and added the $4.00 bag fee per bag. Needless to say, I need a new financial institution. I'm wondering what your banking experience is like. I'm in Southern California, but any comments are helpful. Thanks everyone. I've done some research on this, for usually less, you can have an armored truck company do it for less. Most banks will charge a little over 1% after a certain amount. I used to be with a credit union, they waived the extra fee for being a long term customer, but that was only about 4-5,000 per week and I ran it often so i had less on hand. Link to comment Share on other sites More sharing options...
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