Olive snails will not touch algae or waste. They are meat eaters and its said that they will eat the benificial stuff out of your sand.
If something wanders close enough to them on the ground (like a shrimp) it may be able to capture it. Dead/dying fish very quickly fall prey to them as well.
I have a book here that happens to have some info on olive snails.
**Marine Invertebrates by Ronald L. Shimek
Foods and Feeding: Predatory. Feed on sediment infauna, such as worms and other animals.
Aquarium Suitability/Reef Aquarium Compatibility: Not suitable for reef aquariums.
Captive care: These snails have highly polished olive-shaped shells. They live within and burrow through sediments and are seldom seen on the sediment surface. They occasionally enter marine aquariums in live sand and will live for a while in captivity, rapidly exhausting their food sources in the sand; after this they typically starve. Colors vary within and between species, from white to black, with many species tending toward earth tones or brown and tan mottling. Have a long slitlike aperture with flared front end found along most of the shell length. When moving, their large foot extends out of the aperature and completely covers the shell.
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I used to have some in my tank, they were quickly removed... the LFS lied about what they eat.
One of my brothers had a few in his tank as well.. sold to him by a LFS guy who said they were good sand sifters... they do a mildly decent job at it.. but still cause more harm than good. He says he cant find his now... most likely starving because they have already exhausted their food supply in his sand.
I went to the beach a few months back and was finding them like crazy along the shore. They are everywhere down here. My brother took them to the LFS and sold them

Hope some of that info was useful.