Ethan Riley
Banks and credit unions are the most obvious places to exchange coins for cash. While most banks no longer have free coin-counting machines, some local community banks and credit unions continue to provide this service for their customers. For example, Oak Lawn Bank & Trust offers free coin counting as a community banking perk. Typically, you can cash coins for free at your local bank, but you may have to roll the coins yourself. Some banks will provide coin wrappers for free, while you can also find inexpensive coin wrappers at dollar stores.
| Characteristics | Values |
|---|---|
| Banks with free coin-counting machines | Bank of America, Wells Fargo, U.S. Bank, Citibank, Capital One, Chase, Citizens Bank, PNC Bank, TD Bank, Hyperion Bank, JBT, Manasquan Bank, and more |
| Credit unions with free coin-counting machines | American Eagle Federal Credit Union, Alliant, State Employees’ Credit Union, Suncoast Credit Union, and more |
| Coin-counting machines in stores | Coinstar, Publix, QuikTrip, Target |
| Coin wrappers | Free from banks and credit unions |
| Coin rolling | Required by some banks and credit unions |
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What You'll Learn
- Local community banks and credit unions are most likely to have coin-counting machines
- Some banks only offer free coin exchanges to customers
- Coinstar kiosks are available at banks, Walmart, and supermarkets, but fees may apply
- Coin-counting machines may require coins to be rolled and wrapped
- Some credit unions offer free coin-counting services to members
Local community banks and credit unions are most likely to have coin-counting machines
Some banks, like Chase Bank, have generous policies for non-customers, allowing them to exchange up to $200 in coins as long as they are in coin wrappers. However, most banks will only offer free coin exchanges to their customers. For example, State Employees' Credit Union has a Coinstar coin counter, but it is only for members. Similarly, Hershey Federal Credit Union has a self-service coin-counting machine that is free for members but charges a 5% fee for non-members.
If you are a customer of a bank or credit union, it is worth checking if they have a coin-counting machine, as they are usually free of charge. However, it is always a good idea to check with your financial institution before using one, as some may charge a fee or require coins to be rolled in designated coin wrappers.
If you are looking for a free way to exchange your coins without being a member of a specific bank, there are other options available. For example, Coinstar kiosks, which can be found in many banks, Walmart stores, supermarkets, and gas stations, offer a few ways to cash out for free. You can choose to receive a voucher for cash, an e-gift card, or donate the amount to charity.
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Some banks only offer free coin exchanges to customers
Other banks may offer free coin exchanges to customers but charge a small fee for non-customers. For instance, Chase Bank allows non-customers to exchange up to $200 in coins as long as they are in coin wrappers.
Most banks will provide coin wrappers for free, regardless of whether or not you are a customer. However, not every bank will accept your rolled coins if you are not a customer.
Before heading to a bank to exchange coins, it is a good idea to call ahead to check if they accept rolled coins and whether they charge any fees, especially if you don't have an account with them.
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Coinstar kiosks are available at banks, Walmart, and supermarkets, but fees may apply
Coinstar kiosks are available at various locations, including banks, Walmart stores, and supermarkets, offering a convenient way to exchange your loose change. While these kiosks provide ease of access, it's important to note that fees may apply, and there are some considerations to keep in mind.
Firstly, Coinstar kiosks offer multiple options for cashing in your coins. You can choose to receive cash, select an eGift Card, or donate to a charity. However, fees may vary based on your chosen option and location. For cash transactions, there is typically a service fee of up to 12.5% to 12.9% plus a transaction fee of $0.50 to $0.99. On the other hand, choosing an e-gift card option from Coinstar partners like Apple, Outback Steakhouse, Nike, or Southwest Airlines is usually free of charge.
It's worth mentioning that Coinstar does not accept certain items, including foreign currency, gift cards, Eisenhower silver dollars, 1943 steel pennies, pure silver, commemorative coins, or keys and jewelry. Before using a Coinstar kiosk, ensure your coins are clean, dry, and free from dirt, debris, or other objects that could jam the machine.
When it comes to banks, local community banks and credit unions are more likely to offer coin-counting services with better personal customer service. However, you may need to be a customer or member to use these services for free. Non-customers may be required to pay a small fee or use coin wrappers provided by the bank to exchange their coins.
Walmart and supermarkets are also convenient options for finding Coinstar kiosks. These locations often have high cash transaction volumes, making the availability of coin-counting machines practical for customers. However, it is always a good idea to call the store ahead of time to confirm the availability of a Coinstar kiosk to avoid any unnecessary trips.
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Coin-counting machines may require coins to be rolled and wrapped
Coin-counting machines are available at some banks, credit unions, and grocery stores. However, the availability of these machines varies, and most banks do not offer free coin-counting services anymore. Typically, banks provide this service for free only to their customers, while non-customers may have to pay a fee.
When using coin-counting machines or exchanging coins at a bank, it is essential to ensure that the coins are clean, dry, and sorted by denomination. This preparation helps the coins be processed accurately and efficiently, whether by machine or by a bank teller.
While some institutions accept loose coins, others require coins to be rolled and wrapped. Coin wrappers are paper wrappers that come colour-coded for different coin denominations. Each wrapper is used to roll 40 to 50 coins, usually in denominations of 25 cents or less. Wrappers are also available for 50-cent and one-dollar coins. These wrappers can often be obtained for free from banks, credit unions, or dollar stores.
Rolling coins can be time-consuming, especially if you have a large number of coins. However, some banks may require coins to be rolled and wrapped for them to accept them. Before visiting a bank, it is advisable to call ahead and inquire about their specific requirements and policies regarding coin deposits. Some banks may prefer rolled coins to avoid the time and potential inaccuracies associated with loose coins.
Additionally, it is worth noting that some banks have weight-based coin-counting machines, which may require coins to be in wrappers. By weighing the rolled coins, these machines can quickly determine the value and ensure the accuracy of the deposit.
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Some credit unions offer free coin-counting services to members
While most national banks no longer offer coin-counting machines, local community banks and credit unions are more likely to have them. These financial institutions are also known for providing better personal customer service.
Some credit unions do offer free coin-counting services to their members. For example, State Employees' Credit Union (SECU) accepts coins and has a Coinstar coin counter to do the work for you. However, the service is for members only. You can deposit the coins into your primary SECU checking or CPG account and access the funds immediately using your SECU debit card. Or, you can take the voucher to a teller to receive cash, deposit the money, or make a loan or credit card payment.
Similarly, Penn East Federal Credit Union offers complimentary coin-counting services to members. Non-members pay a 2% fee. The service is available at every branch, and you can either deposit the proceeds or keep the cash.
Suncoast Credit Union has self-service coin-counting machines in each branch lobby. Members pay a 5% fee on the coin total, which is still cheaper than machines in retail stores.
Some local community banks also offer free coin-counting services to their customers. For example, JBT and Manasquan Bank have free coin-counting machines for customers. Chase Bank has a rather generous policy for non-customers, allowing them to exchange up to $200 in coins as long as they're in coin wrappers.
If you're looking to use a coin-counting machine, it's best to call your local branch to confirm the availability of the service.
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Frequently asked questions
Bank of America, Wells Fargo, U.S. Bank, Citibank, Capital One, Chase, Citizens Bank, PNC Bank, TD Bank, and local community banks like JBT and Manasquan Bank are some of the banks that have free coin-counting machines. However, most banks only offer free coin exchanges for their customers.
Yes, there are alternatives to using a bank. Coin-counting machines like Coinstar are available in many supermarkets and retailers, although they typically charge a fee for converting coins to cash. Some stores, like QuikTrip, have free coin exchanges.
It depends on the machine and the institution. Some coin-counting machines require coins to be rolled, while others can accept loose coins. Banks and credit unions might require rolled coins, but they usually provide free coin wrappers to help you organize and roll your coins.
