If you:
1) have coin operated laundry machines AND
2) site staff collects coins each month AND
3) you bank at a Wells Fargo banking center, please continue reading.
** There is a survey at the very bottom of the post, so please read all the way through.
All other site managers may disregard this message.
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WELLS FARGO COIN DEPOSIT UPDATE:
Wells Fargo has recently announced that their banking centers will no longer count coins at each branch. Instead, they have offered that we make large volume coin deposits by bagging the coins and creating an estimated deposit based on either a count or weight of the coins.
That bag of coins and estimated deposit slip would be taken to your local branch for deposit. The banker will then transfer that deposit from the local branch to a central counting facility. Any deposit corrections will be adjusted after the coins are counted at the central counting facility.
YARDI POSTINGS OF ESTIMATED DEPOSITS:
When posting these estimated deposit to yardi, you would enter the estimated deposit amount into yardi. Any deposit corrections would come through the bank statement and be corrected in yardi by your property accountant.
PROCESS FOR ESTIMATING DEPOSITS:
With respect to the deposit bag specifications and estimated deposit process, attached is a flyer from the bank with the complete process details including how to estimate your deposit using the weight of the coins, how to handle multiple bag deposits, where to put the deposit slip etc.
ORDERING DEPOSIT BAGS AND DIGITAL SCALES FROM OFFICE DEPOT:
Some items to order from office depot for your site management office:
- Tamper evident clear plastic bags
- Office depot item number: 707803 $53.99 per pack (11” x 15” preferred size)
- Office Depot item number: 396981 — $42.99 per pack (9” x 12”)
- A small digital scale
- Office depot item # 657653 – approx.. $38.99
WELLS FARGO BANK BRANCH SURVEY — PLEASE RESPOND:
We are working with Wells Fargo to ensure that your local Wells Fargo branch is ready to accept your bagged and estimated coin deposits. Along those lines, please respond to (lholtz@cambridgeres.com) with the branch name and address of the local Wells Fargo branch where you deposit your laundry coins.
We have ordered an initial supply of coin deposit bags for our office, so if you have any trouble ordering online or would like us to send you a starter kit, please say the word!
In the interim, please let Lisa Holtz (lholtz@cambridgeres.com) know if you have any questions as we adapt to this new process with Wells Fargo.
Large Coin Deposit Preparation
Thank you in advance for responding back with your local branch address.