Closing my account with SunTrust

[atarian]

Up by me ( NJ ) TDBank in my town has gone up and beyond for me. Well till that one day that I went ape nuts over cashing out alot of spare change. Ive built up. ( I guess 400.00 in pennies will do that when the bank is slow ) . Busy I wouldnt have done that but on a slow day and a teller that didnt mind. I guess 400.00 was excessive :/ I bought breakfast and things smoothed over for the most part. I should place an order and see what comes in .

[georoxx]

On the opposite side of that coin, I went into my credit union last Friday and asked if I could buy a box of pennies (speaking their language by using the word pennies - afterall, if I asked to buy some sense, they might signal the security guard. Anyway...), as soon as I asked, I saw the manager pop her head up and ask, "Are you sure you don't want more..!"

I said, "OK. I'll take 2 boxes."

I love my little credit union.

-George

[copperlover]

Give love and you'll get get a lot more (bricks) cents in return.

Lucien

[BadThad]

I suggest you make the rounds to all your local banks (and credit unions) and look for one that has a free coin dump machine for customers. Once you find one, open and account and ask if they will sell you a bag. Most of the banks store these "penny bags" in their vault and they want to get rid of them quickly since they take up space and are generally a PITA for them.

I greatly prefer these bags to rolls. They are much easier to search (no ripping open rolls) and customer dumps always yield some interesting coins.....I also normally get 5-6 dimes per bag due to machine error. Another bonus is you don't have to go to the bank as often. Just make sure you dump elsewhere! Never dump at your source bank.

[Arjohn]

I suggest you make the rounds to all your local banks (and credit unions) and look for one that has a free coin dump machine for customers. Once you find one, open and account and ask if they will sell you a bag. Most of the banks store these "penny bags" in their vault and they want to get rid of them quickly since they take up space and are generally a PITA for them.

I greatly prefer these bags to rolls. They are much easier to search (no ripping open rolls) and customer dumps always yield some interesting coins.....I also normally get 5-6 dimes per bag due to machine error. Another bonus is you don't have to go to the bank as often. Just make sure you dump elsewhere! Never dump at your source bank.

I like this advice except the last sentence. All banks in my drivable area use the same service to roll coins so all coins are intermixed. But of course with 10's of banks in a 5 mile radius, I'll take a little bit of recycled coins in my lots. I have not asked if I could buy a bag -- that would be awesome! Definitely on my list next time I head into the bank....

[liveandievarieties]

A word of warning about "counting" machines guys-

A coin dealer friend of mine sorts copper. He has a counting machine (of course, in a coin shop). He started out by counting out $50 bags of zinc for deposit. His branch told him the bags must be deposited in their change counting machine. Each bag counted in at under $50- $48 and change, $47 and change etc...

My buddy got curious and went to several different locations of banks he keeps accounts with... yup. Every counting machine was off- but not just off. Every single change counting machine (in banks, not CoinStar) counted short $50 bags in amounts from $1 and change to as much as $3 and change.

I'd like to see members do a similar experiment- If you are able, take your change to a coin shop that you're friendly with. Get 5,000 cents counted into a bag. (the old mechanical counting machines are exact, every time). Then take that bag to your dump bank and deposit it in the "counting machine". I won't be so bold as to predict that every bank counts short, but I'm confident that statistically, it will be a short count far more often than not.

This would be very interesting, but perhaps better in a new thread.

[VAB2013]

WOW, we LCR'RS can get when someone messes with our Lincoln cents and when we have a hard time supplying our habit This has turned into an interesting thread... thanks ya'll

[coincollectingenterprises]

Thanks guys! It's not because they are too busy, it is a very small town branch. I think they are so small that their ordering is strictly limited. When they say they have to reserve a certain amount for their commercial accounts, that consists of three gas stations, a McDonald's, Dollar General and Family Dollar. I was trying to avoid having to drive into the city, but looks like I will have to.

It's possible they had some vault issues as far as "space" is concerned. Cent boxes take up a consider amount of space and are, essentially, annoying and useless to most tellers. Especially with banks that make their tellers count up their total coin/cash every close of business day. A few errors can mount to a job loss. So keeping less is safer in this regards. Not only that, but one less box means they get to leave a few seconds earlier every day they work. May sound silly, but it's psychologically something to strive for as a teller.

The branch manage may also have been overly generous with various things like giving refunds on bank fees, etc. This would often result in them being told to keep a much tighter eye on their overall bank branch cost. Having less coin to deal with and save on branch cost is a real win for a manager.

A word of warning about "counting" machines guys-

A coin dealer friend of mine sorts copper. He has a counting machine (of course, in a coin shop). He started out by counting out $50 bags of zinc for deposit. His branch told him the bags must be deposited in their change counting machine. Each bag counted in at under $50- $48 and change, $47 and change etc...

My buddy got curious and went to several different locations of banks he keeps accounts with... yup. Every counting machine was off- but not just off. Every single change counting machine (in banks, not CoinStar) counted short $50 bags in amounts from $1 and change to as much as $3 and change.

I'd like to see members do a similar experiment- If you are able, take your change to a coin shop that you're friendly with. Get 5,000 cents counted into a bag. (the old mechanical counting machines are exact, every time). Then take that bag to your dump bank and deposit it in the "counting machine". I won't be so bold as to predict that every bank counts short, but I'm confident that statistically, it will be a short count far more often than not.

This would be very interesting, but perhaps better in a new thread.

Sounds like the solenoids in the machines are overworked. It's kind of an impossible to avoid scenario without very heavy maintenance cost on the machine. CoinStar machines steal any coin that didn't get accepted or rejected. It's somewhat amusing, in a bad way. There is a secondary reject slot built into these machines that all the bent coins or too thick coins for the main pathway. Instead of having this reject tray open to the deposit, it's internally secured. So any excess coins you put in there that don't make it down the main pathway to be read and accepted/rejected, just get collected.

Certainly would be an interested test. Given the sample base of coin machines that are pulled into this facility, could talk your ear off for an hour as to the results - it does, however, come full circle to the OP point - maintenance cost of a branch resulting is tighter budgets and less service to customers. Kind of a pain. But I have to say, those machines, and maintaining them, certainly can be pricey. As is simply ordering coin boxes (prices have risen significantly as of late).

[liveandievarieties]

Thanks Dan, that's insightful. I guess the machines are engineered to err on the side of safety, huh? Never an error in the favor of the customer!

I've seen the internal hold container on the inside of a CoinStar machine... it had a silver eagle in it, no joke. That just doesn't seem right.

[Maineman750]

My buddy got curious and went to several different locations of banks he keeps accounts with... yup. Every counting machine was off- but not just off. Every single change counting machine (in banks, not CoinStar) counted short $50 bags in amounts from $1 and change to as much as $3 and change.

I might worry about higher denominations.....but you couldn't pay me $3 to count out a bag of cents. I get too much enjoyment out of this to worry about a few bucks.....and then there's the fact that I've made thousands of dollars doing it.

[liveandievarieties]

You make a good point Roger, but for me, it's the principle. I already feel very harshly about banks (after the mortgage debacle) as well as the fact that banks have never done anything for me except cost money.

In a bigger picture sense, think about if each bank were to skim just 3-5% of all the change they handle...

[VAB2013]

Same here Maineman, except I have not made thousands yet I have been using coinstar because I don't want to take the time to roll them up and the bank will not take them loose. I would rather spend that time searching.

[furryfrog02]

I've had machine errors in my favor twice now in the last year. One was counting my nickels as quarters - I made $28 off that transaction and the other time a machine counted my cents as dimes - I made about $50 off that transaction. Both times I brought the problem up to the bank staff and both times was told that there was nothing they could do about it and to enjoy my free money. The only time I have been shorted was with dimes, usually only 2 or 3 though so not bad.

[Maineman750]

In a bigger picture sense, think about if each bank were to skim just 3-5% of all the change they handle...

And if they were to lose 3-5%...we wouldn't have counting machines. But, my guess is that the extras are going into the bags. As Thad pointed out, I also get dimes in my cent bags. Those bags go right to the Fed...so it may be a "hidden" tax.

[coincollectingenterprises]

You make a good point Roger, but for me, it's the principle. I already feel very harshly about banks (after the mortgage debacle) as well as the fact that banks have never done anything for me except cost money.

In a bigger picture sense, think about if each bank were to skim just 3-5% of all the change they handle...

As you astutely pointed out, it's more a design flaw in the machinery. Somewhat goes into a long-standing belief I have that a machine is built to require the purchaser to pay for ridiculous maintenance costs by the manufacturer. And they make special, 'slightly different parts' that are grossly over-priced. Beyond lucky to work with a highly skilled person capable of designing and making these parts.

Might be interesting to do an open-machine video and upload it during a time when the machinery is creating this error so can show what happens to cause the issue being discussed.