How do some of you deal with depositing the cash from you vending operation. I talking about the larger vendors who deposit 4-5 grand a week.
I would just bring in the bills and the teller would transfer the cash into the plastic bags that they use and thats it. If there is any discrepancy in the amount they would either debit or credit my account. With the new manager taking over I have to stand there and wait for them to run the 40 or 50 bundles of a hundred each.
How do you guys deal with the cash deposits?
Any banks you can recommend? I'm in California.
3 replies to this topic
#2
Agee Vending
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Posted 04 May 2009 - 11:17 PM
You're a little to small for cash management services like an Armored truck... they can be expensive about 1500-2000 a month for a daily pick up, but that is the way to go.
You should process your own bundles... BofA has a cash volume policy where they will take your deposit and shore up your account later, if you present them with pre-counted 100 bundles. Get a good cash counting machines... count and deposit every day. That is what I used to do. Don't leave a couple of grand sitting in the office safe.. you asking to get robbed
You should process your own bundles... BofA has a cash volume policy where they will take your deposit and shore up your account later, if you present them with pre-counted 100 bundles. Get a good cash counting machines... count and deposit every day. That is what I used to do. Don't leave a couple of grand sitting in the office safe.. you asking to get robbed
How do some of you deal with depositing the cash from you vending operation. I talking about the larger vendors who deposit 4-5 grand a week.
I would just bring in the bills and the teller would transfer the cash into the plastic bags that they use and thats it. If there is any discrepancy in the amount they would either debit or credit my account. With the new manager taking over I have to stand there and wait for them to run the 40 or 50 bundles of a hundred each.
How do you guys deal with the cash deposits?
Any banks you can recommend? I'm in California.
#3
mobo13
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Posted 05 May 2009 - 01:07 PM
I hope I'll have to deposit 5k/wk one day...
#4
bcron
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Posted 07 May 2009 - 06:33 AM
How do some of you deal with depositing the cash from you vending operation. I talking about the larger vendors who deposit 4-5 grand a week.
I would just bring in the bills and the teller would transfer the cash into the plastic bags that they use and thats it. If there is any discrepancy in the amount they would either debit or credit my account. With the new manager taking over I have to stand there and wait for them to run the 40 or 50 bundles of a hundred each.
How do you guys deal with the cash deposits?
Any banks you can recommend? I'm in California.
I guess I'm lucky because I run mine through my credit union which I used to work at part-time and now am on the board of directors of. I know them well enough and they know me well enough that when I have a large deposit, usually once a month, I have it counted out ahead of time. I just leave it with them in the morning and let them work on it at their convenience then they just let me know if there are any discrepancies. If you have a good enough raport with your bank, maybe you can make arrangements with them considering you are dealing with them often in these situations. They should understand you can't spend your time waiting on a recount.
