Ethan Riley
While major banks have phased out coin-counting machines, local community banks and credit unions often have them. These machines are usually free for members, but non-members may be charged a fee. Some banks, like Wells Fargo, will exchange rolled coins without a fee. If you don't want to go to a bank, you can use a Coinstar machine, which is available at many supermarkets, but you'll have to pay a fee for cash exchanges.
| Characteristics | Values |
|---|---|
| Banks with coin-counting machines | Credit unions, community banks, and local banks |
| Banks without coin-counting machines | Major national banks, e.g. Bank of America, Chase, Capital One |
| Coin-counting fees | Charged by some banks for non-customers |
| Alternatives to coin-counting machines | Coin wrappers, Coinstar kiosks, gift cards, charitable donations |
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What You'll Learn
- Local community banks and credit unions are most likely to have coin-counting machines
- Some banks provide free coin wrappers to customers
- Some banks charge a fee for coin-counting services, especially for non-customers
- Coin-counting machines are available at some supermarkets and charge a fee
- Some banks offer free coin-counting services to account holders
Local community banks and credit unions are most likely to have coin-counting machines
Credit unions, such as Mission Fed Credit Union, often provide coin-counting machines at most branches, but service fees may apply, especially for non-account holders. Local banks and credit unions are more likely to have coin-counting machines than larger banks, but not all branches will.
If you are a member of a bank with a coin-counting machine, you will likely be able to use the machine for free. Non-members may be able to use the machine for a fee, which is typically smaller than alternatives like Coinstar. Some banks may also provide free coin wrappers for customers to roll their coins, which can then be exchanged for cash.
If you are unable to find a local community bank or credit union with a coin-counting machine, there are other options to exchange coins for cash. For example, Coinstar operates approximately 20,000 self-service kiosks worldwide, which can be found in many supermarkets. However, these machines typically charge significant fees for cash exchanges.
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Some banks provide free coin wrappers to customers
While many banks no longer offer coin-counting machines, some local community banks and credit unions still provide this service for their customers. Major banks like Chase, Bank of America, and Capital One, for example, do not have coin-counting machines anymore. However, they may still provide coin wrappers, which are paper or plastic tubes that come in various colours or clear styles and are used to roll 40 to 50 coins. These wrappers are typically provided for free to customers and, in some cases, non-customers as well.
For instance, a former employee of TD Bank shared that their branch offered free coin wrappers, especially since it was located in an area with many small businesses, making coin transactions common. Similarly, Chase Bank has a rather generous policy for non-customers, allowing them to exchange up to $200 in coins as long as they are wrapped.
While some banks may not have coin-counting machines, they often accept rolled coins from customers. For example, Wells Fargo will exchange rolled coins for customers without charging a fee. However, some banks may charge a fee for this service.
If you are looking to exchange a large amount of coins, it is worth checking with your local bank to see if they offer coin-counting services or provide free coin wrappers. Alternatively, you can explore options at credit unions or local community banks, which are more likely to have free coin-counting machines for their members.
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Some banks charge a fee for coin-counting services, especially for non-customers
Some banks do offer free coin-counting machines to their customers, but they may charge a fee to non-customers. This fee is usually a small percentage of the coins counted, and some banks may even charge their own customers for the service. For example, Hyperion Bank in Philadelphia has a coin-counting machine that is free for customers but charges a 5% fee for non-customers.
If you are a customer, it is worth checking your bank's policy, as some banks provide free coin wrappers, but non-customers may face deposit limits or fees unless they use multiple branches. Local community banks and credit unions are the most likely to operate coin-counting machines for the public, but you may need to be a customer to use these machines for free.
If you are looking to avoid fees, there are some alternatives to using a bank's coin-counting machine. Some banks will accept rolled coins from customers without charging a fee, so you could roll the coins yourself and deposit them. Some banks will also provide free coin wrappers for you to do this. Alternatively, you could use a coin-counting machine at a grocery store or supermarket, such as Coinstar, and exchange your coins for an electronic gift card or donate them to charity without paying a fee.
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Coin-counting machines are available at some supermarkets and charge a fee
Coin-counting machines are available at some supermarkets, but they charge a fee for their service. For example, Coinstar machines are in many supermarkets, and Publix has its own machines. Coinstar charges a fee of around 11.9% to 12.9% for cashing in your coins. So, if you cash in $100 worth of coins, Coinstar would take about $11.90 to $12.90, leaving you with $87.10 to $88.10 in cash.
Coinstar kiosks at supermarkets also allow fee-free gift card or donation exchanges. You won't pay a fee if you opt for an e-gift card to one of more than 20 stores and restaurants, like Starbucks or Southwest Airlines. You can also donate your coins to charity without a fee. Coinstar used to offer Amazon gift cards, but no longer does.
Target stores with Coinstar machines allow you to cash your coins for a fee, generally 11.9% or more. Publix's machines will count your coins and provide you with a receipt to redeem for cash at the customer service counter. Fees could be around 10% of your transaction, but check your store for details.
Some banks may also charge a fee for coin-counting services. Hyperion Bank in Philadelphia has a coin-counting machine that is free for customers and charges a 5% fee for non-customers.
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Some banks offer free coin-counting services to account holders
While most large national banks no longer offer coin-counting machines, some local community banks and credit unions continue to provide this service for their customers. These smaller financial institutions are known for their better personal customer service and are most likely to operate coin-counting machines for the public.
Some banks that offer coin-counting services include JBT (Jonestown Bank & Trust), Manasquan Bank, Republic Bank, and Hyperion Bank in Philadelphia. However, it's important to note that these services may only be available at select branches, and availability can vary by region. For example, U.S. Bank branches in Minnesota are more likely to have free coin-counting machines.
To avoid fees, it's usually necessary to be an account holder at the bank. Non-customers may face deposit limits or fees unless they use multiple branches. Some banks may also offer free coin wrappers, allowing individuals to roll their coins and deposit them without incurring charges.
Before visiting a bank to use a coin-counting machine, it's always a good idea to call ahead and confirm the availability of the service at that specific branch. Policies and offerings can vary between different locations of the same bank.
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Frequently asked questions
Local community banks and credit unions are the financial institutions most likely to operate coin-counting machines. Major national banks no longer offer this service.
This depends on the bank. Some banks only allow customers to use their coin-counting machines for free, while non-customers may be able to use them for a fee.
Fees vary depending on the bank and whether you are a customer or not. Coin-counting machines in supermarkets, such as Coinstar, typically charge a fee of around 11.9% for cash exchanges. However, some banks, such as Wells Fargo, will exchange rolled coins for customers without a fee.
