Ethan Riley
Banks typically offer coin exchange services, allowing customers to convert their coins into cash. While some banks have phased out coin-counting machines, others still provide them as a free service for customers. Most banks accept pre-rolled coins, while some smaller institutions provide coin-counting machines. Banks that accept loose coins typically require customers to sort them into denominations. Non-account holders may incur fees for coin exchange services, while account holders can usually exchange coins without charges.
| Characteristics | Values |
|---|---|
| Banks that accept coin exchanges | Chase, Bank of America, Wells Fargo, Citibank, Citizens Bank, PNC, JBT, Manasquan Bank, Hyperion Bank, Mission Federal Credit Union |
| Banks that don't accept coin exchanges | Ally |
| Coin-counting machines available at banks | Certain credit unions and community banks, JBT, Manasquan Bank, Hyperion Bank |
| Coin-counting machines available at retailers | Coinstar, Publix |
| Coin-counting machines charge a fee | Coinstar charges a processing fee of up to 12.9% and $0.99 per transaction |
| Free coin-counting options | Some credit unions and community banks, JBT, Manasquan Bank, Hyperion Bank |
| Banks that provide coin wrappers | Wells Fargo, Bank of America, Mission Federal Credit Union |
| Banks that require pre-rolled coins | Large banks like Chase, PNC, Citizens Bank |
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What You'll Learn
Banks that accept coin deposits
Banks generally accept coin deposits, although the services offered vary by institution. Most large banks, such as Bank of America, Chase, and Capital One, no longer have coin-counting machines for customers. However, they may still provide coin wrappers, and some banks, like Wells Fargo, offer free coin wrappers and accept rolled coins without charging a fee.
Local community banks and credit unions are more likely to have coin-counting machines, although they may charge fees for non-customers. Some banks, such as Chase, have generous policies for non-customers, allowing them to exchange a limited amount of coins if they are in wrappers.
Some banks, like U.S. Bank, accept loose coins without the need for rolling them, although specific branches within these banks may refuse to accept large coin deposits or claim that their machines are broken.
It is recommended to call your nearest bank branch to check their specific policies and procedures for handling coin deposits, as most banks do not list these details online.
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Coin-counting machines
Some banks that have been identified as still providing coin-counting machines include Hyperion Bank in Philadelphia, JBT, and Manasquan Bank. TD Bank also offers a free coin-counting machine, although one user reported that their ATM design differs from the standard.
If you are unable to find a coin-counting machine at a bank, there are other options available. Coin-counting machines can also be found at some grocery stores and other retailers, although these may charge fees of up to 12.9% plus a transaction fee. Coinstar is a well-known provider of these kiosks, with about 24,000 worldwide. Regional retailers may also provide their own coin-cashing services, such as the Florida grocery chain Publix.
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Retailers with coin-counting services
While banks are a good option for exchanging coins for cash, certain retailers also provide coin-counting services.
Coinstar is one of the most well-known options, with about 24,000 kiosks worldwide, including many in supermarkets. Coinstar charges a processing fee of up to 12.9% and $0.99 per transaction to exchange coins for cash. However, there is no fee if you opt for an e-gift card from one of over 20 retailers, including popular brands like Starbucks, Apple, and DoorDash. You can also donate your coins to charity without incurring a fee.
Publix, a Florida-based grocery chain, has its own coin-counting machines. After using these machines, you receive a receipt to redeem for cash at the customer service counter. Fees for this service are typically around 10% of your transaction, but may vary, so it is advisable to check with your local store for details.
Some other regional retailers may also provide their own coin-cashing services, so it is worth checking with stores in your area to see if they offer such services and what their associated fees are.
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Online-only banks and coins
Online-only banks typically do not accept coin deposits. For example, Ally, an online-only bank, does not accept cash or coin deposits. If you bank with an online-only institution, you will likely need to find another place to deposit your coins.
Most national banks, local banks, and credit unions will accept coins in exchange for cash. However, policies and procedures vary by institution and location. For example, some banks will only accept coins if they are rolled, while others will provide coin-counting machines. Some banks may also charge a fee for coin deposits, especially for non-account holders.
If you are looking to deposit a large number of coins, it is a good idea to call your nearest bank branch and ask about any specific policies related to converting coins into cash. Most banks do not list the full details of their coin policies online. Some banks with coin-counting machines include:
- Chase
- Capital One
- Mission Fed Credit Union
- Wells Fargo
- Bank of America
- U.S. Bank
Alternatively, if you are unable to deposit your coins at a bank, you can use coin-counting machines at grocery stores and other retailers for a fee. An example of this is Coinstar, which has about 24,000 kiosks worldwide.
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Fees for coin exchange services
Some banks, such as Wells Fargo, will exchange rolled coins for customers without charging a fee. They also offer free coin wrappers. Other banks, like JBT and Manasquan Bank, have coin-counting machines that customers can use for free. Hyperion Bank in Philadelphia has a coin-counting machine that is free for customers and charges a 5% fee for non-customers.
Large banks typically require pre-rolled coins, while smaller institutions and credit unions may provide self-service counting machines. Account holders at many banks can exchange coins without charges, but non-account holders may incur fees.
Coinstar is another option for exchanging coins, with over 20,000 kiosks worldwide. They charge a processing fee of up to 12.9% and $0.99 per transaction to change coins into cash. However, there is no fee if you choose to receive an e-gift card or make a donation to charity.
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Frequently asked questions
Yes, most banks accept coin exchanges for cash.
You can either use a coin-counting machine, if your bank has one, or roll the coins yourself and exchange them with a bank teller.
Most banks offer coin exchange services for free to account holders. Non-account holders may incur fees.
You can use a Coinstar kiosk, which are usually found in grocery stores, or exchange them for gift cards or donate them to charity.
