royalforest Posted November 15, 2009 Share Posted November 15, 2009 My bank takes loose change for free. Is that a good way to go or should I roll the change? How do you get the money in the bank when the route drivers gets back at 5 pm. I am guessing it is counted and deposited in the morning. Link to comment Share on other sites More sharing options...
JPVendCo. Posted November 15, 2009 Share Posted November 15, 2009 I let my bank count it. if I get done after 5 I do it in the morning, but I imagine if you wanted to, you could set up a night drop. you get a coin bag from them, that has a lock on it. Link to comment Share on other sites More sharing options...
royalforest Posted November 15, 2009 Author Share Posted November 15, 2009 Can you trust the bank counting it right? Link to comment Share on other sites More sharing options...
BluePlate Posted November 15, 2009 Share Posted November 15, 2009 weigh the quarters before you deposit. A pound of quarters is $20. Usually the bank don't actually count it, they outsource it to a cash courier like Dunbar, Pendum, Loomis. I've had depost take 10 day to credit to my account. Link to comment Share on other sites More sharing options...
andyinchville Posted November 15, 2009 Share Posted November 15, 2009 HI, My bank (Wells Fargo / Wachovia) does not count coins....we have to roll it for them.....They give us credit immediately (as in I can just swap it out for bills right then and there and walk out if I wanted to). They will accept counted and bundled bills BUT they will double check all the bills so I suppose that I could take in loose and have them count it but since I have a bill counter I just want to make sure they credit me enough.... More often than not I do deposits on Saturdays since I am less busy then.....I suppose I could take time to do more often but then I am cutting into vending time. Andrew Link to comment Share on other sites More sharing options...
mission vending Posted November 15, 2009 Share Posted November 15, 2009 I use a small local community bank. I take my deposit in weekly and drop it off. The coin needs to be bagged with a zip tie closure, and the bills need to be stacked and facing the same direction. They count the bills as soon as I drop them and the coin when they have the time but by the end of the day. I have never had a problem with suspected shortages, With all the cameras in there I don't see how someone could get away with much. How many handfuls of change can you stuff in your pocket? Or 1.00 bills without it being noticeable? Over time I have learned based on the weight of the bag and how tightly the bills are packed in the cardboard can flats what my deposit should be. I can guess it correctly within 200-300 dollars. With weekly deposits of around 6K I feel that the time and effort required to get more exact is not worth it. my.02 (I guess my deposit will be .02 short this week. ) Link to comment Share on other sites More sharing options...
The Mage Posted November 15, 2009 Share Posted November 15, 2009 Where I am, Wells Fargo simply runs the coins through a coin counting machine. No charge, no rolling. Maybe they have different rules for different parts of the country. Link to comment Share on other sites More sharing options...
sherlock Posted November 16, 2009 Share Posted November 16, 2009 My credit union has a coin-counter right by their service desk. Pour your coins in, let the machine sort/count, then push a buttion for a receipt. The teller takes the receipt and processes your deposit. Link to comment Share on other sites More sharing options...
IVEND11 Posted November 16, 2009 Share Posted November 16, 2009 I am sorry but people spend the money to invest in a coin counter. I have had 4 banks in 20 years and every bank has stole from me. If you do not count it they steal from you. We started counted are money and on thr first trip to the bank we were missing 200. Think about it if every time you go to the bank one time a week and they steal 100 from you every week in a year you could have the best coin counter Link to comment Share on other sites More sharing options...
Mikey B Posted November 16, 2009 Share Posted November 16, 2009 My prices are .50, .75 1.25 and 1.50 very rarely do I deal with dimes or nickles, if I do, I put them in the kids piggy banks... As for the quarters, I have enough change machines that I never have to deposit quarters. At my local bank they count the bills right there in front of me and credit my account right then and there. Link to comment Share on other sites More sharing options...
JPVendCo. Posted November 16, 2009 Share Posted November 16, 2009 I guess I should specify. I dont do "drop off" deposits. they have a counter and they do it right then and there with me staring at them. Link to comment Share on other sites More sharing options...
royalforest Posted November 16, 2009 Author Share Posted November 16, 2009 I count the money by marking down what each machine does. I just don't want to roll the change. I will know if the bank is coming up short because I have the totals. Link to comment Share on other sites More sharing options...
The Mage Posted November 16, 2009 Share Posted November 16, 2009 I also count each machine separately. I put the change from each machine into it's separate envelope, and later I count it, and pour it all into the same safe. It's just a little math to figure out what the deposit should be. Link to comment Share on other sites More sharing options...
snack dude Posted November 17, 2009 Share Posted November 17, 2009 I bought a used coin counter for $700.00 ( worth every penny) that sorts the coins into bulk bags that my bank supplies to me. That way I know exactly what I am depositing. I would not trust the bank to do it. Also A caution, Do not carry deposits of cash to the bank at the same time on the same day. Mix it up. friday morning this week thursday afternoon next week so on. All it takes is one teller at a party to make a comment about this guy who comes in every saturday with 6k in cash. I guarantee someone will notice. we usally do two or three deposits a week just to break it up and not fall into a pattern. Link to comment Share on other sites More sharing options...
Mikey B Posted November 17, 2009 Share Posted November 17, 2009 I bought a used coin counter for $700.00 ( worth every penny) that sorts the coins into bulk bags that my bank supplies to me. That way I know exactly what I am depositing. I would not trust the bank to do it. Also A caution, Do not carry deposits of cash to the bank at the same time on the same day. Mix it up. friday morning this week thursday afternoon next week so on. All it takes is one teller at a party to make a comment about this guy who comes in every saturday with 6k in cash. I guarantee someone will notice. we usally do two or three deposits a week just to break it up and not fall into a pattern. Very good point! Link to comment Share on other sites More sharing options...
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