Ethan Riley
Major national banks no longer offer coin-counting machines, but local community banks and credit unions often do, sometimes charging fees for non-customers. Banks provide free coin wrappers, but non-customers may face deposit limits or fees unless they use multiple branches. Coin-counting machines may also be found at casinos, grocery stores, and supermarkets, such as Coinstar kiosks, which allow fee-free gift card/donation exchanges or cash vouchers with a fee.
| Characteristics | Values |
|---|---|
| Banks that still have coin counters | Hyperion Bank in Philadelphia, JBT, Manasquan Bank, Wintrust, US Bank, Fifth/Third |
| Banks that no longer have coin counters | Chase, Bank of America, Citibank, Capital One, PNC Bank, TD Bank, BB&T, Wells Fargo |
| Coin counters in other places | Yellow Brick Road Casino, Turning Stone Resort & Casino, Point Place Casinos, local casinos, grocery stores, supermarkets, self-checkouts |
| Coin wrappers | Provided for free by all banks |
| Coin counters that charge a fee | Coinstar, Publix |
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What You'll Learn
- Local community banks and credit unions are more likely to have coin-counting machines
- Major national banks no longer offer coin-counting machines
- Coin-counting machines at grocery stores and supermarkets often charge a fee
- Coin wrappers are free from banks but rolling coins yourself is time-consuming
- Some banks have different policies for customers and non-customers
Local community banks and credit unions are more likely to have coin-counting machines
While major banks like Bank of America, Chase, and Capital One no longer offer coin-counting machines, local community banks and credit unions often do. These smaller financial institutions are known for providing better personal customer service, and they typically offer coin-counting services for free to their members or customers. For example, customers of JBT and Manasquan Bank have free use of coin-counting machines.
However, non-members or non-customers may have to pay a small fee to use these machines. Some banks may also have deposit limits for non-customers. For instance, Chase Bank allows non-customers to exchange up to $200 in coins if they are in coin wrappers. If you have a large amount of coins, you can try visiting multiple branches of the same bank.
Before visiting a local community bank or credit union, it is best to call ahead to confirm the availability of coin-counting machines and their policies regarding non-customers.
If you don't want to visit a bank, you can find coin-counting machines at some grocery stores and other retailers, like Coinstar, which has about 24,000 kiosks worldwide. However, these machines typically charge a fee for converting coins into cash, usually up to 12.9% plus a transaction fee.
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Major national banks no longer offer coin-counting machines
If you are a customer, you can deposit your rolled coins into an account at these banks for free. For non-customers, it is not that simple. Although every bank will give out free coin wrappers, not every bank will accept your rolled coins if you are a non-customer. Chase Bank is an exception, allowing non-customers to exchange up to $200 in coins as long as they are in wrappers.
If you want to use a coin-counting machine, your best bet is to look at local community banks and credit unions. These institutions are more likely to have coin-counting machines available for their members. Some may even allow non-members to use the machines for a small fee.
Alternatively, you can use coin-counting machines at grocery stores and other retailers for a fee. Coinstar, for example, has about 24,000 kiosks worldwide and charges a service fee of up to 12.9% plus a $0.99 transaction fee if you turn your coins into cash. However, you won't pay a fee if you opt for an e-gift card or donate your coins to charity.
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Coin-counting machines at grocery stores and supermarkets often charge a fee
Coin-counting machines, such as Coinstar, are available at grocery stores and supermarkets. These machines offer a convenient way to convert loose change into cash or digital value. However, it is important to note that these machines typically charge a fee for their service. The fee structure can vary, but it generally includes a percentage-based fee on the total coin value, ranging from 11.9% to 12.9%, along with a potential additional transaction fee, such as $0.59 or $0.99. For example, processing $100 worth of coins through a coin-counting machine could result in a fee of around $12 to $13.
While some coin-counting machines may offer alternative payout options like eGift cards or donations to charities, the fee structure changes for these choices. Selecting an eGift card from certain retailers or contributing to specific charitable organizations may result in no processing fee, allowing individuals to retain the full value of their coins. However, these options might have restricted spending possibilities.
It is worth mentioning that not all grocery stores or supermarkets have coin-counting machines, and it is advisable to call the store beforehand to confirm the availability of such machines. Additionally, individuals can explore other options, such as rolling coins manually and depositing them at banks or credit unions, which often provide free coin wrappers and accept pre-rolled coins for deposit without charging a fee, especially for account holders.
Furthermore, local community banks and credit unions are more likely to have free coin-counting machines for their members, although non-members may be charged a fee. Therefore, it is recommended to contact the local branch to understand their specific policies and fee structures.
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Coin wrappers are free from banks but rolling coins yourself is time-consuming
Coin wrappers are cylindrical paper wrappers that come colour-coded for different coin denominations. Banks provide these coin wrappers for free, but they are also available for purchase at some supermarkets. Each wrapper is used to roll 40 to 50 coins in denominations of 25 cents or less. Wrappers also exist for 50-cent and one-dollar coins.
While coin wrappers are free, rolling coins yourself can be time-consuming. The process involves grouping your change into separate piles of pennies, nickels, dimes, and quarters, and then inserting them into the corresponding coin wrappers. You will need to arrange the coins into a cylinder shape, shake them gently, and then pour them into the wrapper.
If you have a large number of coins, it can take a significant amount of time to stuff them into the wrappers. Once you've rolled the coins, you can take them to your bank for deposit or exchange. However, it's important to note that not all banks will accept rolled coins from non-customers.
As an alternative to rolling coins yourself, some banks and credit unions offer coin-counting machines. These machines allow you to exchange your spare change for paper money, and some are free to use. Local community banks and credit unions are more likely to have these machines available for their members. Additionally, you can find coin-counting machines at grocery stores and other retailers, such as Coinstar kiosks, but they usually charge a fee for cash exchanges.
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Some banks have different policies for customers and non-customers
Major national banks like Chase, Bank of America, Citibank, Capital One, PNC Bank, and TD Bank no longer provide coin-counting machines to customers or non-customers. These banks claim that the machines cost more to maintain than the value they deliver to customers. However, they still provide coin wrappers for free, regardless of whether the person is a customer or not.
Local community banks and credit unions are more likely to have coin-counting machines available for their customers. For example, Wells Fargo offers free coin wrappers and will exchange rolled coins for customers without a fee. Hyperion Bank in Philadelphia has a coin-counting machine that is free for customers and charges a 5% fee for non-customers. Chase Bank also has a rather generous policy for non-customers, allowing them to exchange up to $200 in coins as long as they are in coin wrappers.
Some banks only offer coin-counting services on certain days, so it is advisable to call ahead before visiting. Additionally, some banks may charge a fee for coin-counting services, which can vary depending on the amount of coins being exchanged.
For those who are not customers of a bank, credit unions may be an option for coin-counting services. Many credit unions have machines that can quickly count coins and provide an accurate total in cash. Non-members may be able to use these machines for a fee, typically smaller than alternatives, or even for free.
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Frequently asked questions
No, most national banks no longer offer coin-counting machines to customers or non-customers. Local community banks and credit unions are more likely to have coin-counting machines.
Coin-counting machines can be found at select locations of various banks and credit unions. Some local casinos also have coin-counting machines. You can also find Coinstar kiosks at supermarkets, which allow fee-free gift card/donation exchanges or cash vouchers with a fee.
To use a coin-counting machine, simply insert your coins into the machine. The machine will count your coins and provide you with a total. You can then choose to receive your money in the form of cash, an electronic gift card, or a charitable donation.
