Just had our industrial 3 year old, Shredmaster 5500X blow up yesterday. Was looking around for a replacement. Does anyone have any good experiences with the $1-3k range of shredders? Thanks!
Why not get one of the shredding services to come and do it for you? I think I have mine emptied every other month for $50 or less. If you’re going to spend $2000 on a shredder, even at $50 a month that’s over three years of shredding. No mess, no noise, and it’s much quicker to just throw the paper in the bin than to have my BOA manually shred everything.
Space, do you guys have any additional compliance issues with using a 3rd party shredding service? One of my LPL colleagues was telling me he didn’t want to go there.
I’ll have to look at it if it’s not a big deal, our office could easily do bi-monthly pickups.
Not as far as I know. We had our annual audit a few weeks ago and they didn’t mention anything about the shred bin.It's a nice setup. I think it's a bit more professional than having a shredder sitting by my BOA's desk with paper stuff all over the floor around it. When its time to empty it the guy comes in with his big trash bin, empties the bag into it, wheels it out to the big shredding machine inside the truck and in about 3 seconds it's done. He said I can throw pretty much anything in there, ie CDs, paperclips, magazines. I like it. If you're looking at spending $1000-3000 on a piece of machinery that might not last as long as you'd like, then I'd definitely look into it.
I just eat the paper. I'm a new guy trying to make it in this market, it serves as a win-win.
Just as an update, we went with the shredding service. Called up a few banks and found what they were using. For about $40 a month, we cleared up the back area, and don’t have to worry about stuff breaking down.
I will repeat what other have said an outside shredding company is best. No worries about equipment breaking down, and no wasted time for you or employees to do it, it is amazing how much time can be wasted.
[quote=dgreene]I will repeat what other have said an outside shredding company is best. No worries about equipment breaking down, and no wasted time for you or employees to do it, it is amazing how much time can be wasted.[/quote]
I would agree with the outside service. One thing we got fined for when I was at a wirehouse was that the paper container did not have a lock on it. Then when we did put a lock on it, our internal auditor squeezed his hand by opening the lid just enough so he could get his hands inside. Our internal guy could not find anything, so this was it. I do not think regulators would as far.
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That's an auditor looking for something ding you with. Does he seriously think that someone is going to break into your office, find your shred bin, do some contortionist trick to get his hand in just to steal a trade confirmation from 3 years ago? He could have at least found the girlie magazines you have stashed in the secret door under your desk.