GumballDragon Posted September 6, 2018 Share Posted September 6, 2018 Just looking to gain better/more adequate methods as to what other people are doing with their coins. *What's the fastest way to convert coins to cash? are You carrying a 50 pound bag around at the bank? What is your method? *Coinstar is a rip off, and the worst way to convert quarters, so that's not an option. Is there something similar but less expensive? *I think most people here are using coin sorters; are you dropping all the coins into a bank bag and depositing? Is there a better way to make deposits? *If you need cash asap, do you roll the quarters and ask for cash? Do banks do that? Link to comment Share on other sites More sharing options...
TexasFreemason Posted September 6, 2018 Share Posted September 6, 2018 I take mine to the bank unrolled, they run them through a counter and deposit the money in my account. Link to comment Share on other sites More sharing options...
gumball guy Posted September 6, 2018 Share Posted September 6, 2018 15 minutes ago, GumballDragon said: Just looking to gain better/more adequate methods as to what other people are doing with their coins. *What's the fastest way to convert coins to cash? are You carrying a 50 pound bag around at the bank? What is your method? *Coinstar is a rip off, and the worst way to convert quarters, so that's not an option. Is there something similar but less expensive? *I think most people here are using coin sorters; are you dropping all the coins into a bank bag and depositing? Is there a better way to make deposits? *If you need cash asap, do you roll the quarters and ask for cash? Do banks do that? I use a coin scale on the road to save time when paying commissions. At the shop I use a coin counter that kicks out everything except quarters and it goes into these bags for deposit: https://www.usbanksupply.com/index.cfm/go2/view/pID/573/n/coinlok-tamper-evident-coin-bag-10qmark-x-19qmark-__-#hb7391012 You can deposit up to $1000.00 per bag. In my opinion this is the quickest way to handle bulk change. Keep in mind that all banks will not accept bulk coin so make sure your bank does before you try to go this route. Some banks will only accept rolled coin but that is alot of labor for you if you choose to go that direction. In regards to fast cash most banks will allow you to take in rolled quarters for exchange if you have an account with them. Some will make you actually deposit then withdrawal for tracking purposes and some will just allow you to swap out a roll for a ten spot. Every bank is different. Link to comment Share on other sites More sharing options...
orsd Posted September 6, 2018 Share Posted September 6, 2018 56 minutes ago, gumball guy said: I use a coin scale on the road to save time when paying commissions. At the shop I use a coin counter that kicks out everything except quarters and it goes into these bags for deposit: https://www.usbanksupply.com/index.cfm/go2/view/pID/573/n/coinlok-tamper-evident-coin-bag-10qmark-x-19qmark-__-#hb7391012 You can deposit up to $1000.00 per bag. In my opinion this is the quickest way to handle bulk change. Keep in mind that all banks will not accept bulk coin so make sure your bank does before you try to go this route. Some banks will only accept rolled coin but that is alot of labor for you if you choose to go that direction. In regards to fast cash most banks will allow you to take in rolled quarters for exchange if you have an account with them. Some will make you actually deposit then withdrawal for tracking purposes and some will just allow you to swap out a roll for a ten spot. Every bank is different. Ask around, then pick the bank with the best coin policy. Link to comment Share on other sites More sharing options...
SSVEND Posted September 6, 2018 Share Posted September 6, 2018 Some banks have the coin counting machines right in the lobby, which are free to customers with accounts at that bank. Check around for any banks in your area that might have this service. Link to comment Share on other sites More sharing options...
AMD Snacks Posted September 6, 2018 Share Posted September 6, 2018 Chase bank gives me free bags and I deposit them in either $500 or $1000 increments. Those are the only two increments they accept in quarters. Other change is different. I think it's like $200 for dimes, $50 for pennies etc. It's stamped on the free bags they give you. But you have to have a Chase business account, they wont do it for regular accounts I'm told. Like others said some banks, especially credit unions will accept coins and they have a free machine like coinstar right in their lobby. The closest one for me is an hour and a half away and they have a $400 a day limit so not practical. But I've gone to several chase's and they're all the same. Just ask around they might not all know how to do it, but it's something they all can do they just have to learn. And yes, banks will normally exchange rolled quarters for cash for free. Another option, is ask some locations you service if they need quarters. Sometimes they'll buy hundreds of dollars of quarters because they need them. Especially small stores and restaurants. Link to comment Share on other sites More sharing options...
Bulk32 Posted September 8, 2018 Share Posted September 8, 2018 On 9/5/2018 at 8:11 PM, gumball guy said: I use a coin scale on the road to save time when paying commissions. At the shop I use a coin counter that kicks out everything except quarters and it goes into these bags for deposit: https://www.usbanksupply.com/index.cfm/go2/view/pID/573/n/coinlok-tamper-evident-coin-bag-10qmark-x-19qmark-__-#hb7391012 You can deposit up to $1000.00 per bag. In my opinion this is the quickest way to handle bulk change. Keep in mind that all banks will not accept bulk coin so make sure your bank does before you try to go this route. Some banks will only accept rolled coin but that is alot of labor for you if you choose to go that direction. In regards to fast cash most banks will allow you to take in rolled quarters for exchange if you have an account with them. Some will make you actually deposit then withdrawal for tracking purposes and some will just allow you to swap out a roll for a ten spot. Every bank is different. That is what we do. Bulk bags for quarters with my bank. Credit union coin counter for the “extras” Link to comment Share on other sites More sharing options...
nepavend Posted September 9, 2018 Share Posted September 9, 2018 It varies bank to bank. And they will change policy over time. I’ve had to change banks a few times because of this. For vending I prefer to have the branch count and deposit. For larger companies or heavy volumes you may be forced to go the bag route. You can be charged as much as $5 per bag at the bank. That’s hell if you have a lot of nickel and cent/penny bags! Know your average volume and peak volume before you go to talk to a bank. Make sure it is a manager if at all possible, VP or whatever fancy title they give them. Someone who knows their stuff and gets the right info so you can make an informed decision. Having a backup bank is a good idea, even it isn’t as ideal a situation as you want. Keep a small account active in case the first bank goes FUBAR on you. Link to comment Share on other sites More sharing options...
GumballDragon Posted September 11, 2018 Author Share Posted September 11, 2018 Got it. All this information was excellent, and appreciate all of your input. I'm making some good changes based on all this info. Thanks! Link to comment Share on other sites More sharing options...
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