Explain Armored Car Services to Me

Today I learned I can Google and get questions like these answered.



I don’t really know

You planing something buddy?

Armored cars bring money in from somewhere else. It's better not to ask where it comes from.

The full faith and confidence of the American Dollar rest on you believing its worth everything it says.

If I tell you I might be considered an accomplice.

What's my cut?

Just walk up to one and bang on the door until they open it and you can ask them directly.

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Do they bring money among branches of the same bank

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sort of

Some banks have their own internal division of "vault services" in which there is a vault that redistributes cash amongst their branches. They contract out an armored car service to handle this. Other banks dont run their own vault, and rely on the armored car company to provide 3rd party vault services.

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Do they bring it from the Mint?

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You mean the Fed (not the mint) - and yes armored cars move cash back and forth between the Fed and various central vaults

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What kind of fees do they charge the banks?

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No idea, but I know what they charge me, it's not pennies

Basically, the armor car company could eliminate an employee from having to transport 1000s of dollars to a bank and possibly get robbed

I heard there really ain't no gold in Fort Knox anymore

Are those reeeealllllly gun ports on the doors?

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Do they just keep a ledger

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yes
besides the carbon copy receipts, et al, they also have a scanner like a Fed Ex driver. Deposit bags are tamper proof and have barcodes.

If I write an amount$$ on the drop bag for deposit, the armored car driver simply punches that number into his machine, there is no verification, other than a very quick visual count. Any discrepancy will be picked up either by vault services or the bank branch and an adjustment will be made in the account.

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Chase call Albertson’s and say they’ll wire 100,000 for 100,000 cash and then pay the armored car 1,000 to transport it?

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Mostly it's pick ups for deposit.
For something like petty cash, a change order is placed with the bank. Either its a routine scheduled pickup or a special request. Regardless, the armored car service cares less about the amount they are transporting, but more the location, times and frequency

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pay the armored car 1,000 to transport it?

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like I said above, the fee is more for the service, and less about the actual amounts or denomination. Of course there are surcharges for very large amounts, non-traditional times/places or something like an excessive amount of coins