Brandon Lee
Banks and credit unions are among the places where you can exchange coins for cash. While some banks offer this service for free, others charge a fee. Some banks provide coin wrappers for free, but you may need to roll the coins yourself. Major national banks no longer offer coin-counting machines, but local community banks and credit unions often do. Some banks restrict this service to customers only, while others charge a fee for non-customers.
| Characteristics | Values |
|---|---|
| Banks that offer free coin-counting services | Bank of America, Wells Fargo, U.S. Bank, Citizens Bank, JBT, Hyperion Bank, Manasquan Bank, Republic Bank, State Employees' Credit Union, Suncoast Credit Union, Penn East Federal Credit Union, American Eagle Federal Credit Union |
| Banks that do not offer coin-counting services | Chase, Capital One |
| Coin-counting machines available at | Local community banks, credit unions, Walmart, supermarkets, gas stations, retailers |
| Fee for using coin-counting machines | 5% to 12.9% of the total coin amount, plus a transaction fee |
| Fee waiver options | Some machines offer fee waivers if you opt for an e-gift card or charitable donation instead of cash |
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What You'll Learn
- Some banks offer free coin-counting services
- Local community banks and credit unions often provide coin-counting machines
- Major national banks no longer offer coin-counting machines
- Coinstar kiosks charge a fee for cash exchange, but not for gift cards or donations
- Some banks allow customers to deposit rolled coins for free
Some banks offer free coin-counting services
While most national banks no longer offer coin-counting machines, some local community banks and credit unions do. These institutions are known for providing better personal customer service, and you might need to be a customer to use their coin-counting services for free. Non-customers may be able to use the machines for a small fee, which is usually lower than alternatives. For example, customers of JBT and Manasquan Bank have free use of coin-counting machines, while non-customers of JBT and Manasquan Bank pay a fee. Similarly, Republic Bank's branches feature Magic Money coin-counting machines for customers only, and U.S. Bank branches have coin counters available for bank customers only.
Some banks, such as Wells Fargo, will exchange rolled coins for customers without a fee and also offer free coin wrappers. Other banks that are known to have this service include Bank of America and U.S. Bank. Additionally, some credit unions like American Eagle Federal Credit Union have free coin exchanges.
If you don't want to roll coins and take them to your bank, 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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Local community banks and credit unions often provide coin-counting machines
Major national banks no longer offer coin-counting machines, but local community banks and credit unions often do. Some banks that offer free coin-counting machines for customers include Wells Fargo, JBT, and Manasquan Bank. Hyperion Bank in Philadelphia has a coin-counting machine that is free for customers and charges a 5% fee for non-customers. Certain credit unions, such as Mission Federal Credit Union, also provide coin-counting services for their members.
If you are not a customer of a local community bank or credit union that offers coin-counting machines, you may still be able to use their machines for a small fee. These fees are typically lower than those of alternatives like Coinstar, which charges a service fee of up to 12.9% plus a $0.99 transaction fee for turning coins into cash. However, Coinstar offers the option to redeem coins for e-gift cards or donate them to charity without any fees.
Some local casinos also offer free coin-counting services, such as the Yellow Brick Road Casino and Turning Stone Resort & Casino in the Syracuse-Utica, New York area. Additionally, some grocery stores and supermarkets have coin-counting machines, such as the Florida-based grocery chain Publix, which charges a fee of around 10% of the transaction.
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Major national banks no longer offer coin-counting machines
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.
While most national banks do not have coin-counting machines, some local community banks and credit unions still offer this service. However, you may need to be a customer to use these machines for free. Non-customers may be charged a small fee for the service.
If you don't want to use a coin-counting machine at a bank, you can find them at grocery stores and other retailers like Coinstar, which has about 24,000 kiosks worldwide. Coinstar charges a service fee of up to 12.9% plus a $0.99 transaction fee if you turn your coins into cash. However, you can avoid this fee by opting for an e-gift card or donating your coins to charity.
Some banks, like Wells Fargo, will also exchange rolled coins for customers without a fee and provide free coin wrappers. So, if you don't mind rolling your coins yourself, this can be a convenient option to avoid fees.
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Coinstar kiosks charge a fee for cash exchange, but not for gift cards or donations
While major national banks no longer offer coin-counting machines, local community banks and credit unions often do. Some banks may charge a fee for this service, especially for non-customers. However, most banks provide free coin wrappers, allowing you to roll your coins and deposit them into your account without incurring any fees.
If you are looking for alternative options, you can use coin-counting machines at grocery stores and other retailers, such as Coinstar kiosks, which have about 24,000 kiosks worldwide. Coinstar kiosks typically charge a service fee of up to 12.9% plus a $0.99 transaction fee if you opt for cash. However, if you choose to receive an e-gift card or make a donation to charity, there is usually no fee involved. It's important to note that the availability of specific gift cards and charities may vary by retailer and kiosk location. Additionally, Coinstar retains a processing fee from your donation amount, which is 10% for national charities and 7.5% for regional charities.
While Coinstar provides convenience and ease of use, it's worth considering the fees associated with cash exchanges. The fee structure may vary depending on location, and it's always a good idea to check the latest information on their website or at the kiosk itself.
Some people also suggest using self-checkout lanes at grocery stores, where you can feed your coins into the slot and have them counted without incurring additional fees. Alternatively, you can open an account with a bank that offers a coin-counting machine or simply roll your coins and deposit them at your bank.
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Some banks allow customers to deposit rolled coins for free
While many major banks no longer offer coin-counting machines, some banks do allow customers to deposit rolled coins for free. For example, Wells Fargo will exchange rolled coins for customers without a fee and also offers free coin wrappers. Bank of America also has free coin deposit options for its customers, although not all branches provide this service.
Some banks, such as Citizens Bank, will accept rolled coins but require a minimum amount, such as $20. Other banks, such as Chase, will accept loose change but only in small amounts.
If you don't want to roll your coins, you can use coin-counting machines at grocery stores and other retailers, such as Coinstar, but these often come with fees. However, some local banks and credit unions may have coin-counting machines that are free for customers.
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Frequently asked questions
Yes, some banks do offer free coin-counting services. Local community banks and credit unions are the most likely to operate coin-counting machines for the public. Banks like Bank of America, Wells Fargo, and U.S. Bank are known to have this service. However, some banks charge a fee for non-customers.
Rolling your coins yourself can help you save on any fees that might be charged by coin-counting machines. Some banks will exchange rolled coins for no fee. Alternatively, you can use a coin-counting machine that offers a fee-free gift card or charitable donation option.
Coin-counting machines can be found at select bank branches, grocery stores, supermarkets, gas stations, and other retailers. Some banks that have coin-counting machines include JBT, Manasquan Bank, Republic Bank, and U.S. Bank.
