Xceler8x wrote:ThePhranc wrote: Local credit union. BoA is the worst. Run away quickly. They obviously don't want you as a customer.ThePhranc speaks the truth. Pull up stakes and get gone. Join a Credit Union. This website will help you find a Credit Union near you that will accept you in as a member. Their membership policies are very open these days.
QFT. I switched from "Americas most convenient bank" to a local credit union a few years ago and have not regretted it for a second.
If you own a coin-op business, don't you owe it to yourself to get a coin sorter? It's not like banks have a monopoly on those.
ThePhranc wrote:alfadriver wrote:I've done business banking at two different credit unions. They were actually very accommodating.ThePhranc wrote: Local credit union. BoA is the worst. Run away quickly. They obviously don't want you as a customer.Credit Union isn't the best choice here- they are for members, and typically are not for businesses. I would find a very local bank. Like one that is named for the city, and is happy to take actual money as deposits. BoA has gone downhill really badly over the last 5 years. really down.
I've asked both of mine if they had business accounts, and both said that they did not. Clearly, YMMV.
Shop around, and be clear what you are going to be bringing in. If a CU does it, great, if not, maybe a local bank will.
Regardless of BoA issues, it does appear that whoever you are working with in the office you are working in isn't willing to accomidate your service. Move on.
They aren't refusing coins they are just trying to run you off.
My local credit union has a coinstar that is no fee for memebers. Just take them the receipt and they deposit it into your account for you.
Non members pay the normal coinstar rate. maybe a thought
T.J. wrote: Bank of America is and has been insolvent....
That can't possibly be true. They seem to have plenty of money to spend on commercials saying how great a bank they are! 
I'd also vote for taking your business elsewhere as they're clearly not interested in retaining your business.
Hi jrw1621,
Thank you so much for bringing me up to speed on Compliance Departments.
scardeal wrote: If you own a coin-op business, don't you owe it to yourself to get a coin sorter? It's not like banks have a monopoly on those.
Hi scardeal,
I do own a coin counter…I run my money through it twice to remove everything except quarters and to ensure accuracy. I then fill tamper proof bags that reference my account number with a standard quantity of coins.
So this isn’t a Mickey Mouse operation, what I present to the bank is ready to be admitted into their internal systems and there has never been an issue in the 20+ years I've done this.
I’m going to look for a good credit union…thank you very much everyone for your assistance.
scardeal wrote: If you own a coin-op business, don't you owe it to yourself to get a coin sorter? It's not like banks have a monopoly on those.
It may depend on the bank, but I think they're going to count the coins themselves anyway. I recall one time bringing a large amount of coins to the bank; we had carefully counted them and put them in sleeves beforehand, but the bank simply dumped them all out and ran them through their sorter again.
Datsun1500 wrote:1988RedT2 wrote: What cracks me up is where you have these CoinStar machines that will count your change and they want like 50% for the service of telling you how much money you have. There's a business model for ya!It is 9% here, I have never seen it anywhere close to 50%
I know. I was intentionally exaggerating for dramatic effect!
1988RedT2 wrote: What cracks me up is where you have these CoinStar machines that will count your change and they want like 50% for the service of telling you how much money you have. There's a business model for ya!
under $100 is free if you buy something when you bring the slip to the register.
i used to take a cup full of coins to the coinstar on poker night and walk out with my beer and poker money.
You count them, but don't roll them?
Are you upset they won't provide you with the plastic tamper proof bags.....or the burlap re-usable ones?
Try finding an armored courier in your area, I'm betting their cash control area will gladly buy the coin off you.
Most bank branches don't keep a lot of coin on hand unless it has a certain customer that uses it. They'll get weekly deliveries from an armored courier. Unless the bank itself has their own central vault......it usually comes from the courier themselves. The bank wires the funds to courier, then courier takes from their own storage to the site.
sachilles wrote: You count them, but don't roll them?
The volume is too high for rolling
sachilles wrote: Are you upset they won't provide you with the plastic tamper proof bags.....or the burlap re-usable ones?
The only thing I’m upset about is that they’ve stopped giving me a receipt. At the very least, they’re being wildly, insanely, over the toply unprofessional and I’m wondering if they aren’t just flat out breaking the law.
The industry is heavily regulated and so I wouldn’t be surprised if there’s a legal requirement to document transactions along with a definition of what constitutes adequate documentation.
If that’s the case, I’m pretty sure hand writing an entry in a log book isn’t going to meet the criteria.
If the volume is too high for rolling, then you are likely overwhelming the capacity of the branch. If you are dropping more than 22 lbs(approx $500) of quarters at a visit, unrolled, the expectation of a timely receipt is going to be hard to accomplish, especially if the branch doesn't have a machine. I'd agree that the customer service is lacking in this situation. Seems to me if you sit down with the bank manager and hash it out, you'd be better off. If the branch manager is a jerk, then it's clear you should move down the road to another bank.
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