Brandon Lee
Banks are not obligated to accept coins, and many large banks have phased out coin-counting services in recent years. However, some banks still provide coin-counting machines for their customers, while others accept rolled coins. Some banks may charge a fee for coin-counting services, especially for non-customers. Customers are advised to contact their banks to understand their policies and preferences for accepting coins.
| Characteristics | Values |
|---|---|
| Whether banks accept loose change or not | Some banks do not accept loose change anymore and require coins to be rolled. |
| Whether banks provide coin wrappers | Some banks provide coin wrappers for free, while others refuse to provide them. |
| Whether banks have coin-counting machines | Some banks have coin-counting machines, while others have phased them out. |
| Whether banks charge a fee for coin exchange | Some banks do not charge a fee for coin exchange if you have an account with them. Some banks charge a fee for non-customers. |
| Alternatives to exchanging coins at banks | Coin-counting machines like Coinstar are available at grocery stores and retailers. Some retailers also have self-checkout stations that accept coins. |
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What You'll Learn
Banks that accept loose change
Banks are not legally required to accept loose change. However, some banks do accept loose change, while others require rolled coins or refuse to take coins altogether.
Some banks, such as Wells Fargo, will exchange rolled coins for customers without a fee. Wells Fargo also offers free coin wrappers. Certain credit unions and community banks still have coin-counting machines. For example, customers of JBT and Manasquan Bank have free use of coin-counting machines. Hyperion Bank in Philadelphia has a coin-counting machine that is free for customers and charges a 5% fee for non-customers.
Some banks do not have coin counters and will refuse to accept loose change. These include Bank of America, Chase, and Capital One.
If your bank does not accept loose change, 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. You can also use coin-counting machines at some retailers for free if you opt for an e-gift card to certain stores and restaurants.
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Coin-counting machines
It is recommended to call ahead to your local bank to inquire about their policies regarding coin deposits and the availability of coin-counting machines. Some banks may prefer rolled coins or have specific procedures for bringing in coins. Additionally, some banks may only offer coin-counting services to account holders, so it is worth checking if there are any associated fees.
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Retailers that accept coins
Banks are not obliged to accept loose coins, and many no longer have coin-counting machines. However, some banks do still accept coins, either in rolled form or via a coin-counting machine.
If you are looking to deposit a large number of coins, it is worth calling ahead to check the bank's policy and preferred method of receiving coins. Some banks may charge a fee for this service.
If you are unable or unwilling to use a bank, there are other options for cashing in your coins. Coin-counting machines, such as Coinstar, can be found in grocery stores and other retailers. These machines typically charge a service fee of up to 12.9% plus a transaction fee, but you can avoid the fee by opting for an e-gift card or donating your coins to charity.
Some retailers also accept coins as payment, particularly for small denominations like quarters and nickels. Vending machines and transit ticket vendors, for example, usually accept coins.
Additionally, with the growing popularity of cryptocurrency, an increasing number of retailers are accepting Bitcoin, Ethereum, Litecoin, and other cryptocurrencies as a valid form of payment. Major companies such as Microsoft, Starbucks, and Adidas accept cryptocurrency, and it is particularly prevalent in California.
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Banks that don't accept coins
Banks typically accept rolled coins, as this makes counting them much faster and easier for tellers. However, some banks may have limits on the number of coins that can be deposited or exchanged at once. Some banks may also charge a fee for counting coins, especially if you are not a customer.
Some banks, such as Wells Fargo, will not accept loose (unrolled) change. They may direct you to a Walmart or similar store, where you can exchange your coins for a small fee. Other banks, such as Bank of America, Chase, and Capital One, do not have coin-counting machines for their customers anymore.
If your bank does not accept loose change, you can purchase coin wrappers from your bank, grocery stores, office supply stores, or online retailers. You can also use coin-counting machines at grocery stores and other retailers for a fee. Alternatively, you can find banks with coin-counting machines, such as JBT, Manasquan Bank, and Hyperion Bank, which offer this service for free for customers.
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Alternatives to exchanging coins
Banks and credit unions often offer free coin exchange services for customers, while charging small fees for non-customers. Most banks or credit unions will accept rolled coins from customers, but some may charge a fee for the service. Some banks, such as Wells Fargo, will exchange rolled coins for customers without a fee.
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. Coin-counting machines, such as Coinstar, are available at many supermarkets and charge a processing fee of up to 12.9% and $0.99 per transaction to change your coins into cash. However, you won't pay a fee if you opt for an e-gift card to one of 20+ stores and restaurants, like Starbucks or Southwest Airlines. You can also donate your coins to charity without a fee.
Another alternative is to simply use your coins for everyday purchases. Most retailers readily accept rolled coins, and this approach eliminates exchange fees entirely while reducing the cash burden on businesses that need coins for change. When using rolled coins for purchases, ensure they are properly counted and securely wrapped.
If you plan to buy a sufficient amount from the place that accepts the gift certificate, you can get that place to play the fee. For example, if you buy a coin sorter with a gift certificate, you can avoid paying the fee.
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Frequently asked questions
Banks are not obligated to accept coins, and many large national banks have phased out coin-counting services in recent years. However, regional banks and credit unions often still provide these services.
You can call your local bank branch or check their website to find out their policy on accepting coins.
If your bank does not accept coins, you can try using a coin-counting machine at a grocery store or retailer for a fee. Alternatively, some banks provide coin wrappers for free, and you can roll the coins yourself before taking them to a bank or retailer that accepts rolled coins.
Yes, you can use coins to make purchases directly at retailers that accept coins. However, businesses are not required to accept coins, and some may not have the capacity to count a large number of coins.
