Bank "handling fee" for ordering rolled coin

New to the hobby and the forum, and I'd appreciate any insight on the following.

I decided to search rolls of coin that I obtained from my bank (a mid-sized institution with multiple branches and statewide presence). I placed an order for $1,000 of pennies. Got a call from the head teller today, advising me that the bank would fill the order, but they would "have no choice but to pass on a .05 per roll handling fee" that Brinks allegedly charges the bank.

I find it hard to believe that Brinks actually charges this financial institution a 10% surcharge upon every coin that it delivers, and I was really disappointed that the same bank which has all of our family's business and personal accounts would respond to my request this way.

Is their story on the 10% fee per ordered roll accurate, and is this typical bank behavior?

Thanks in advance for your insights.

 

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They're BS'ing you.

Then again, why are you trying to order 40 boxes of cents at one time? They may be charging an additional fee to transport that HUGE volume of change.

 

Volume is d/t fact that I've got three (3) kids searching with me (it's become a very popular family event, and we go through a LOT of coins in just one evening). That, coupled gas prices, I wanted to keep my bank trips to be minimum.

I explained the above, and asked them if I cut the order size to a weekly (rather than a monthly) amount ($250), if the fee would still apply. They said "yes".

 

It wouldn't surprise me if the surcharge originiated at Brinks. 40 boxes is a lot of Lincolns! You have to remember that Brinks services many banks and businesses, and an order this size would not be possible without shortchanging other customers. Their only alternative would be to special order them from the Fed. So, my question is, "Do you think they should do this for free?"

Chris

 

I could understand a modest fee of some type, that was reimbursement of a cost actually incurred, but 10% of face?

Seriously?

This shipment is coming from a Brinks location that is 20 minutes away from the bank, btw.

Beyond that, I find it hard to believe that the bank is actually paying 10% of face for the fulfillment of its coinage orders.

 

Try a different bank.

 

I know this question was directed toward the OP, but I would personally answer absolutely! Unlike the OP, I keep multiple accounts (both personal and business) at multiple institutes. Regardless, each institute is still using my money to loan out and invest with. They are receiving a return on the money I deposit with them, yet they still charge for a number of "services" and pay no to little yield on the funds that are deposited with them.

If the OP even has $50,000 deposited in the bank, the bank could easily save $50 that month by utilizing that deposit resource instead of borrowing at the Federal Funds Rate. That is above and beyond any yield the bank may receive that month in the lending or investing of the same money. The bank could easily return nearly another $300 that month in yields from the lending or investing of that $50,000.

So, again, most definitely "yes" the bank should do it for free.

 

Being a newbie, I didn't want to seem intemperate, but the response that I kept to myself was similar to the above.

Between business and personal, we've got mid-six-figures on deposit with these folks. I am sure that we are nowhere near their biggest customer, but we are a solid customer of the bank, and I did not expect to such a response to our order for coins.

 

Being a newbie, I didn't want to seem intemperate, but the response that I kept to myself was similar to the above.

Between business and personal, we've got mid-six-figures on deposit with these folks. I am sure that we are nowhere near their biggest customer, but we are a solid customer of the bank, and I did not expect to such a response to our order for coins.

 

I wouldn't be surprised. It is a huge investment (for the bank) to buy 50 boxes.

Are you sure it doesn't take long for you to search 100,000 coins?
Do you search just for just the date and/or mintmark on your coins?
How long does it take to search a roll?

 

In that case, escalate the situation, ask to speak to a district manager. If they continue to push the fee, tell them you wish to close your accounts, see if they call your bluff.

 

Banks commonly sell rolls of coins. Every retailer who orders coins pays for each and every roll they receive. Larger retailers that have their own cashier cage, will roll their own coins from the prior days deposits to save this cost. Banks also charge for the wrappers you will need when you try and bring back all those opened coins. I believe it's 2c per wrapper. And you will need to roll them or they will charge you more to deposit them. Some banks will even refuse large deposits that involve loose coins. Money costs money to handle.

 

I'd shop around. Some of the banks in my area want to charge a 10% fee for orders as small as 1 box of halves per week. After calling 5-6 different banks, I was able to find one that did it for free (for members of course - nothing a free $20minimum savings account didn't remedy).

 

Yup. Shop around.

Also, you can go in and ask to buy what they have at their window. "Have any old oversized dollars or halves?" They were glad to get rid of the 7 Ikes.

 

I think if you guys are searching them that quickly then you're not really searching them well enough... are you looking for all of the Cherrypicker's Guide varieties??? If not, you could be missing out on some great finds.

 

In my first sentence, I suggested that the service charge originated at Brinks, not the bank.

So, you think the bank should pay this rather than pass it along to the customer. Correct? Why should the bank be willing to do this when those 40 boxes of coins are not generating potential income for the bank? It's not as though the customer is using the coins to make change for his store customers and subsequently depositing the sales receipts into the bank.

So, what happens if another bank customer observes this transaction and decides that he/she wants 40 or 50 boxes? And, another bank customer observes this transaction and wants to do the same thing? And so on and so on, ad infinitum.

Chris

 

Just go to another Bank! sounds like allot of shine-ola!

 

Wow. 100,000 pennies is a chunk of change. Two thousand rolls. 40 boxes.

I would expect banks to take care of good customers with rolls of coins at no fee. But for an order this size I would expect one. $200 feels a little high. Maybe the bank is trying to dissuade you.

If you only wanted 10 rolls ($5) I would be shocked it there was a $.50 fee.
Lance.

 

Did you consider that the charge may be on a per physical roll basis rather than a per dollar value basis? If so, what is a 10% charge for cents would only be a 2/10 of 1% charge for dollars.

 

That fee seems high - it's more of a "we don't want to do this, and have set a price to deter you". That said, driving an armored car 40+ miles round trip (and paying for security) is a pricey endeavor, especially with gas prices pushing so high.

I generally order by the 1-box size (and 50c pieces at that) - it's easy to add a box to a routine shipment. Ordering 40 boxes almost certainly means a special shipment has to be arranged.