Depositing large amounts of coins

[checkraiseulite]

Over the last probably 18 months I've made an effort to save my all my coins and smaller denomination notes after nights out etc.

It's come to the point where I probably have too many coins and i think it's time to deposit the money.

I probably have around $2.5k of coins. My question is can I just take this down to my local branch (CBA) and deposit them into my personal account?

I expect it to take at least an hour, maybe longer for a teller to count these up.

Are there any charges associated with doing this?

 

[carn_freo]

i know at my local cba branch there is a coin counting machine... i assume you'd have to separate all your coins and then the machine would weigh them to determine the value...

 

[Scotland]

If you take them separated, counted & bagged coins they'll weigh them on the little scale and the process shouldn't take that long.

If you just take them a big box/bag of everything mixed together they'll tell you to go away and not waste their time.

 

[checkraiseulite]

Thanks for the responses.

I've separated the coins and have started sandwich bagging them up in bags of $25 for silver coins and $100 for gold coins.

I know in the US there is a ~5% rake for using these coin machines. Is it free here?

Don't really feel like donating ~$150 to these pricks who always manage to screw up the simplest situations.

 

[Selective Retention]

I take my 5c and 10c pieces in every 6 months or so and it's free to use the machine if you have an account with commonwealth.

 

[eays]

At my local CBA they have a machine that you can just dump all the unsorted coins into and it automatically counts it (then spits out a ticket which you take to the teller to get the money or deposit into account etc).

I've used it recently and since i'm the untrusting type, pre-tallied the coins. I then mixed them back up, took them in and tried it. Difference was 10c (probably my error) which is not too bad for 700 odd bucks worth of coinage.

 

[Lakey91]

Your local CBA, depending on how big, will probably have a big coin counting machine. You don't have to sort, just dump then in, and its free to use.

If not, try and put bags into (if possible):

Silver - $10 per bag
$1 Coins - $20 per bag
$2 Coins - $50 per bag

Then they will just weigh them.

Also - I'd try and deposit more regularly. You have probably cost yourself $100 interest of so over the past 12-18 months from not doing so.

 

[ashley12]

I take my 5c and 10c pieces in every 6 months or so and it's free to use the machine if you have an account with commonwealth.

Whats the juice for people without a Commonwealth account?

 

[Leslie_Chow]

I work at the CBA, and dependent on the branch, if there is a coin counting machine then dont bag the coins up. Takes forever to weigh them accurately, and will save you a lot of time

A number of the new branches will have the automatic coin counting machines, but judging by the number of coins you have I'd say it will take around an hour to count as you said.

 

[The_Doctor]

If you take them separated, counted & bagged coins they'll weigh them on the little scale and the process shouldn't take that long.

If you just take them a big box/bag of everything mixed together they'll tell you to go away and not waste their time.

LOL! No they wont genius. You dont need to sort out your coins you just take them in, give them to them and they will take care of it no problems

 

[Matty_G]

Yep, no need to sort them. I've literally taken my money box in and dumped it straight into the machine - no fees, over with in a couple of minutes (I'm with NAB, I assume it would be the same with CBA).

 

[Leslie_Chow]

Yep, no need to sort them. I've literally taken my money box in and dumped it straight into the machine - no fees, over with in a couple of minutes (I'm with NAB, I assume it would be the same with CBA).

Depends on the teller you get, but some will charge you if your not a customer, especially with a huge amount of coin.

 

[Bunnie]

Most banks have the coin counting machines now. Walk up, toss in, machine counts, go to teller.

If you are going to do the old school bag and weigh method then go down to you local bank and ask for a fist full of their proper coin bags. The bags come printed with what amounts of which coin should go into it.

Sandwich bags are going to get you a VERY grumpy teller.

 

[Scotland]

LOL! No they wont genius. You dont need to sort out your coins you just take them in, give them to them and they will take care of it no problems

OK, then 'genius', you take a stack of unsorted coins to a bank that doesn't have an automatic counting machine and see how pleased they are to see you...

 

[dr0ne]

If you take them separated, counted & bagged coins they'll weigh them on the little scale and the process shouldn't take that long.

If you just take them a big box/bag of everything mixed together they'll tell you to go away and not waste their time.

What he said

 

[The_Doctor]

OK, then 'genius', you take a stack of unsorted coins to a bank that doesn't have an automatic counting machine and see how pleased they are to see you...

Firstly why seek out one without a machine? But even if they dont they will still take your money, they will never tell you to go away when you are depositing money with their bank. Sure the guy who has to count it wont be happy but tough sh!t thats what they get paid for

 

[Scotland]

Firstly why seek out one without a machine? But even if they dont they will still take your money, they will never tell you to go away when you are depositing money with their bank. Sure the guy who has to count it wont be happy but tough sh!t thats what they get paid for

It's got nothing to do with 'seeking out' a bank that doesn't have a counting machine. Not everyone banks with the big 4 and lives in an urban area where there are lots of branches.

By all means if feel the need to rock up to your bank with a big sack of mixed coins and say 'count this, it's your job' go ahead, but I don't think you'll be rapt with the response you get.

 

[The_Doctor]

It's got nothing to do with 'seeking out' a bank that doesn't have a counting machine. Not everyone banks with the big 4 and lives in an urban area where there are lots of branches.

By all means if feel the need to rock up to your bank with a big sack of mixed coins and say 'count this, it's your job' go ahead, but I don't think you'll be rapt with the response you get.

Im not telling you to be an ass, but if you walk in with a bag of coins and ask to deposit it into your account they will take the coins.

 

[Scotland]

Im not telling you to be an ass, but if you walk in with a bag of coins and ask to deposit it into your account they will take the coins.

You are the one that said...

Sure the guy who has to count it wont be happy but tough sh!t thats what they get paid for

From my experience if you want into a bank with a huge sack of unsorted coins they will tell you to go away. By all means give it a try and let us know how you go...

 

[Rohan25]

About 5 years ago I took about $1000 worth of coins into a Westpac (it might have been Bank of Melbourne then, can't remember) and they gave me a wad of bags and told me to sort it out.

Not sure if it's the same deal now but I've always just done the same since then. They don't even seem to like dealing with them after they've been sorted into coin bags, so I can't imagine they'd be thrilled just to get a box of loose coins.

 

[Ross Prunster]

20% fee for non-commonwealth customers. No way I was giving those bastards 20%, gave my commonwealth account holder mate $50 to drop the coins in the machine for me.