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Go Back   Coinwash The key to a successful Laundromat Business. > Laundromat 101-Newbie Section.


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  #16  
Old 12-26-2011, 11:37 AM
mjwalsh mjwalsh is offline
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Join Date: Mar 2003
Location: North Dakota
Posts: 640
Default banking intricacies

Quote:
Originally Posted by Suds View Post
Yeup just turn them in in 50 lb bags. My bank accepts those no problem or added cost.
Suds,

From our experience --- the odds are the bank will not ever send them back to the Fed because of the simple reason there is no duplicating 25 cent paper note --- like their actually was in the USA at one time.



We have actually had a very conscientious head teller actually call us once because the bank & its branches ran out of quarters & she had a hunch that we had extra on that specific day of the week. We accommodated them because we knew they were going out of their way for us in other ways.

mike walsh king koin of bismarck
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  #17  
Old 12-30-2011, 08:57 PM
cleanclear cleanclear is offline
 
Join Date: Nov 2011
Location: nyc
Posts: 59
Default

Quote:
Originally Posted by Suds View Post
Yeup just turn them in in 50 lb bags. My bank accepts those no problem or added cost.
so 50lb of quarters roughly equals to $1000?? i dont have to count the coins just weight it? are the bank gonna count it? the bag comes from the bank or i can use any kind?
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  #18  
Old 12-31-2011, 02:16 AM
Suds Suds is offline
 
Join Date: Sep 2008
Location: Florida
Posts: 201
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Yes, 50lbs of quarters = $1,000.00. There is no need to count them. Just weight them. Ask the bank to give you a bag for quarters. The bag is constructed of heavy plastic, it is a matt see throughish kind of look.

You put your account number, the banks sends the bag to the feds. If it is over or under by any chance you will get credited or debited. Pretty simple really.
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  #19  
Old 12-31-2011, 10:21 AM
KJD KJD is offline
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Join Date: Jun 2003
Location: NY
Posts: 1,350
Default

Quote:
Originally Posted by Suds View Post
Yes, 50lbs of quarters = $1,000.00. There is no need to count them. Just weight them. Ask the bank to give you a bag for quarters. The bag is constructed of heavy plastic, it is a matt see throughish kind of look.

You put your account number, the banks sends the bag to the feds. If it is over or under by any chance you will get credited or debited. Pretty simple really.
A lot will depend on the bank or credit union.
I use my friendly credit union down the road. I take in 50 pound canvas bags ($1000).
They in turn, dump in in their counter and physically count it.
Put it in the plastic bags and ship to the fed.
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  #20  
Old 01-07-2012, 08:39 PM
cleanclear cleanclear is offline
 
Join Date: Nov 2011
Location: nyc
Posts: 59
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i will give it a try. thanks
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  #21  
Old 01-11-2012, 06:27 PM
Anonymous
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i do my banking with a credit union they have a change machine thats free to all members
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  #22  
Old 01-11-2012, 08:57 PM
shad2038 shad2038 is offline
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Join Date: Sep 2008
Location: Mildura Australia
Posts: 1,241

There is only on thing worse than handling all those coins, - Not having enough to worry about!!!
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  #23  
Old 01-12-2012, 10:29 PM
laundryplus laundryplus is offline
 
Join Date: Jun 2010
Location: Ontario
Posts: 171
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I feel pretty lucky!

When I bought the additional 4 mats the guy I bought them from included a change sorter/counter and a coin roller/wrapper and I must say they make my life way simplified.

The problem now is if they broke I would be lost. With 5 stores I could manage without the roller but the sorter I would buy another for sure.
I can dump money in from each store and know in min. what my income from that store is.

Of coarse I keep track of what the 40# brought in, 20#,30#,top loaders, dryers,soap machine,pop machine...etc on an itemized spread sheet with a overall total at the bottom.
I do this for each store.
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  #24  
Old 07-31-2017, 01:03 AM
ashurg
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Posts: n/a
what to do with .25's

I have a jpmorgan/Chase account - ask for coin bags you have to know how much is in the bag, i weigh it. if i am wrong a few days later they deduct or credit, i have never been off by more than $2. - $600 - $800 deposits.

.5lbs of quarters is $10

total weight / .5 * $10 = total number of quarters in the bag.
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  #25  
Old 08-06-2017, 09:31 AM
laundryplus laundryplus is offline
 
Join Date: Jun 2010
Location: Ontario
Posts: 171
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I have a wrapping machine that saves me a lot of time. I dump the bracket of coins in and it spits the rolls out.
I put them in boxes supplies by the bank ($500 per box) and take them in.
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