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Updated almost 6 years ago, 02/20/2019

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Robert Lindsley
Pro Member
  • Real Estate Investor
  • Orlando, FL
48
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184
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What can I do with quarters?

Robert Lindsley
Pro Member
  • Real Estate Investor
  • Orlando, FL
Posted

Hey there,

I just put in a laundry room in one of my buildings and I'm wondering what people do with their quarters.  I tried to deposit them at my local credit union, but they won't take rolled quarters and they want 8% to use their coin counter.  Call me crazy but I really don't want to give a bank 8% of my laundry business for counting some coins.

Any thoughts on what I can do with the quarters?  They're rolled and ready to be deposited :)

Thanks!
Robert.

  • Robert Lindsley
  • User Stats

    50
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    45
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    Dale Walker
    • Investor
    • Rigby, ID
    45
    Votes |
    50
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    Dale Walker
    • Investor
    • Rigby, ID
    Replied

    Open an account at a different bank. Some do accept cash. All types of cash. 

    User Stats

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    Karl B.
    • Rental Property Investor
    • Erie, PA
    2,865
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    Karl B.
    • Rental Property Investor
    • Erie, PA
    Replied

    My bank has a coin machine and they don't charge me. 

    Check and see if any of your local banks have a coin sorter. You may need to open a checking account to not be charged a % (non-members of my bank have to pay a few percent to use their coin sorter).

    I believe Coinstar (a popular coin-sorting company) doesn't charge fees when you convert your coin total to an Amazon gift card (as opposed to receiving cash which they charge a % for). If you're an active buyer on Amazon that can be considered as well. 

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    User Stats

    14,348
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    Theresa Harris
    Pro Member
    #2 General Landlording & Rental Properties Contributor
    11,038
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    Theresa Harris
    Pro Member
    #2 General Landlording & Rental Properties Contributor
    Replied

    Offer to sell them back to your tenants?  They'll need more to do laundry and you have them.

  • Theresa Harris
  • User Stats

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    Michael P.
    • Rental Property Investor
    • Brooke Park Drive
    2,395
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    Michael P.
    • Rental Property Investor
    • Brooke Park Drive
    Replied

    Go to the arcade and play Mortal Kombat?

    Go on a scavenger hunt to find a working pay phone?

    Write a B on them with black marker and sell them as Bitcoins?

    Buy a house in Detroit?

    User Stats

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    Sylvia B.
    • Rental Property Investor
    • Douglas County, MO
    1,418
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    Sylvia B.
    • Rental Property Investor
    • Douglas County, MO
    Replied

    You need a new bank.

    User Stats

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    Chris Szepessy
    • Catskill, NY
    668
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    Chris Szepessy
    • Catskill, NY
    Replied

    I agree with @Sylvia B. What bank does not accept cash? My local credit union stopped using the coin counter because it was getting broken every other day with people putting things other than coins in there, but they still accept rolled coins. You put your name/account number on the rolled coins and you can deposit them or trade them for bills.

    User Stats

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    55
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    Gus Kazek
    • Real Estate Agent
    • Cleveland, OH
    55
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    90
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    Gus Kazek
    • Real Estate Agent
    • Cleveland, OH
    Replied
    @Robert Lindsley Get to know a local small bank, they barely have anything going on most of the time and would love to count your quarters for free. I know this personally growing up in a small town that has only two banks located in neighboring rural towns

    User Stats

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    Karen O.
    Pro Member
    • NYC, NY
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    Karen O.
    Pro Member
    • NYC, NY
    Replied

    Some banks will accept the change without charge if you open an account.  I'd call around and find one that does.  

    Would it make sense to add a change machine at the property?  

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    Charlie MacPherson
    • China, ME
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    Charlie MacPherson
    • China, ME
    Replied

    @Robert Lindsley Rockland Trust has coin machines at some (not all) locations.  

    As a bad Plan B, many supermarkets have CoinStar machines - but they take something like 8%.

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    Nathan Gesner
    Property Manager
    Agent
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    Nathan Gesner
    Property Manager
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    Pro Member
    • Real Estate Broker
    • Cody, WY
    ModeratorReplied

    Find a new bank. I use a local credit union and they don't charge anything for their coin counter. In fact, they have almost no fees at all whereas Wells Fargo wanted to charge me over $500 to maintain the same number of accounts because they were business accounts. It's well worth it to shop around.

    • Nathan Gesner
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    Joe Splitrock
    Pro Member
    • Rental Property Investor
    • Sioux Falls, SD
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    Joe Splitrock
    Pro Member
    • Rental Property Investor
    • Sioux Falls, SD
    ModeratorReplied

    @Robert Lindsley some banks are no longer taking coins for free, including some larger chain banks. I would talk to the bank manager and explain, one of two things will happen:

    1. Take my coins with no charge.

    2. I will go to a different bank that values my business.

    Banking is very competitive. Most banks want investors because of the deposit and loan business they can generate. 

  • Joe Splitrock
  • User Stats

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    Shane Smith
    • Rental Property Investor
    • Fort Bragg, NC
    0
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    12
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    Shane Smith
    • Rental Property Investor
    • Fort Bragg, NC
    Replied

    Its legal tender, spend it. At least its not nickels and dimes.

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    User Stats

    184
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    48
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    Robert Lindsley
    Pro Member
    • Real Estate Investor
    • Orlando, FL
    48
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    184
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    Robert Lindsley
    Pro Member
    • Real Estate Investor
    • Orlando, FL
    Replied

    Thanks everybody for your thoughts.  It sounds like the best option is to just find a new bank and open an account that accepts quarters (or play Mortal Kombat lol).

    Thanks!
    Robert.

  • Robert Lindsley