Eastern Bank Coin Machine Discontinued: Alternatives

The convenience of coin counting machines has long been a staple for individuals looking to convert their loose change into usable funds. For many customers of Eastern Bank, the Eastern Bank coin machine provided just such a service. However, as of March 10, 2023, Eastern Bank has discontinued its coin counting machine program. This decision impacts numerous customers who relied on this service for their coin deposits. This article explores the reasons behind this change and provides practical alternatives for individuals seeking to count and deposit their coins.

The Discontinuation of the Eastern Bank Coin Machine Service

Eastern Bank’s decision to cease its coin counting machine operations was not made lightly. It followed a comprehensive analysis of the program’s effectiveness and operational challenges. The primary reasons cited for the discontinuation revolve around persistent maintenance issues and their impact on service availability.

Reasons for Discontinuation

Eastern Bank’s internal review of its coin machine program identified recurring problems that ultimately led to its cessation. These issues centered on the machines’ susceptibility to damage and subsequent downtime.

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• Frequent Maintenance and Repairs: The Eastern Bank coin machine units required regular maintenance to function correctly. This was often more intensive than initially anticipated.
• Non-Coin Item Deposits: A significant contributing factor to machine malfunction was the deposit of non-coin items. Foreign objects such as paper clips, buttons, screws, or even small toys were frequently found within the coin deposits.
• Damage to Internal Components: The presence of these non-coin items led to internal damage within the machines. This damage could range from minor obstructions to severe mechanical failures, impacting the counting accuracy and overall operation.
• Extended Downtime: When a machine incurred damage, it required repairs, leading to extended periods of downtime. This meant the service was unavailable to customers, causing inconvenience and diminishing the perceived value of the program.

The cumulative effect of these issues made maintaining a reliable and efficient coin counting service challenging for Eastern Bank. The cost and effort associated with frequent repairs and the resulting customer inconvenience ultimately led to the decision to discontinue the Eastern Bank coin machine service.

Alternatives for Coin Counting and Deposit

With the Eastern Bank coin machine no longer an option, customers and others with large quantities of coins need practical solutions for counting and depositing their change. Several viable alternatives exist, each with its own advantages and considerations.

1. Rolling Coins Yourself

This traditional method remains a reliable and often cost-free option for processing loose change.

• Acquiring Coin Wrappers: Coin wrappers, specific paper rolls designed to hold a set value of each coin denomination (e.g., 50 cents for pennies, $2 for nickels, $10 for quarters), are readily available.
• Banks: Many banks provide coin wrappers free of charge to their customers. It is advisable to inquire at your local branch.
• Discount Stores and Office Supply Stores: Coin wrappers can also be purchased inexpensively at various discount retailers, supermarkets, or office supply stores.
• The Rolling Process:
• Sort your coins by denomination (pennies, nickels, dimes, quarters, half-dollars, dollar coins).
• Count the appropriate number of coins for each wrapper (e.g., 50 pennies per wrapper, 40 nickels, 50 dimes, 40 quarters).
• Carefully insert the counted coins into the wrapper, folding the ends to secure them.
• Depositing Wrapped Coins: Once your coins are rolled, they can be deposited at most banks.
• Customer Accounts: Most banks do not charge a fee for depositing rolled coins if you are a customer. This is a significant advantage, as it ensures you receive the full value of your coins.
• Non-Customer Accounts: Some banks may accept rolled coin deposits from non-customers, though policies vary, and some may impose a small fee. It is prudent to confirm with the bank beforehand.

Pros of Rolling Coins Yourself:

• Typically free of charge.
• Ensures you retain 100% of your coin value.
• Can be done at your convenience.

Cons of Rolling Coins Yourself:

• Time-consuming, especially for large quantities of coins.
• Requires manual sorting and counting accuracy.

2. Checking with Other Local Banks or Credit Unions

While Eastern Bank has discontinued its service, other financial institutions in your area may still offer coin counting machines.

• Research Local Institutions: It is beneficial to contact other banks or credit unions in your vicinity to inquire about their coin counting services.
• Website Information: Many financial institutions list branches with coin counters on their official websites. For example, some banks explicitly state which locations have these machines, similar to how Rockland Trust outlines its coin counter availability.
• Direct Inquiry: A phone call or in-person visit to a local branch can quickly provide the necessary information.
• Customer vs. Non-Customer Policies:
• Customer Use: Most banks and credit unions that offer coin counting machines make them available to their account holders, often free of charge. This is a benefit of being a customer.
• Non-Customer Use: Some institutions may allow non-customers to use their machines, but they may charge a fee for this service. This fee can vary and might be a percentage of the total amount counted.

Pros of Other Banks/Credit Unions:

• Convenient and fast if a machine is available.
• Often free for account holders.

Cons of Other Banks/Credit Unions:

• Availability is not guaranteed.
• May incur fees for non-customers.
• Requires traveling to another institution.

3. Coinstar Machines

Coinstar kiosks are self-service coin counting machines widely available in grocery stores and other retail locations. They provide a convenient way to convert loose change quickly.

• Location: Coinstar machines are prevalent in major supermarket chains, large discount stores, and sometimes in pharmacies or convenience stores. You can typically find a locator tool on the Coinstar website to find the nearest machine.
• Conversion Options: Coinstar offers two primary ways to receive your funds:
• Cash Voucher: The machine counts your coins and prints a voucher that can be redeemed for cash at the customer service desk of the host store.
• Fees: Coinstar typically charges a fee for cash conversions. This fee is a percentage of the total amount counted, which can reduce the value you receive. Historically, this fee has been around 11-12%, though it can vary.
• Gift Card/eGift Card: Many Coinstar machines offer an option to convert your coins into a gift card or eGift card from a participating retailer.
• No Fee Option: A significant advantage of the gift card option is that Coinstar generally waives the service fee when you choose a gift card from a participating retailer. This means you receive the full value of your coins in the form of a gift card. Popular options often include Amazon, Starbucks, iTunes, and various restaurant chains. This can be an appealing option if you frequently shop at these retailers.

Pros of Coinstar Machines:

• Highly convenient and widely accessible locations.
• Fast processing of large quantities of coins.
• Option to avoid fees by selecting a gift card.

Cons of Coinstar Machines:

• Charge a significant fee for cash redemption.
• Gift card options may not align with everyone’s spending habits.
• Machines may occasionally be out of service or out of paper for vouchers.

4. Contacting Eastern Bank Directly for Specific Needs

While the general Eastern Bank coin machine service has been discontinued, for specific situations or large deposits, direct communication with the bank may be beneficial.

• Large Coin Deposits: If you have an exceptionally large amount of coins that make self-rolling impractical, or if you are a business customer with regular coin deposits, Eastern Bank may have alternative solutions or guidance.
• Business Accounts: Business customers often have different banking needs and services available to them. If your business regularly deals with cash and coins, discuss options with your business banking representative.
• Contact Information:
• Email: For general inquiries or to provide contact information for further assistance, you can email [email protected].
• Phone: You can also call Eastern Bank directly at 1-800-EASTERN (327-8376). This provides an opportunity to speak with a representative who can offer personalized advice or explore any special accommodations.

Pros of Direct Contact:

• Potentially tailored solutions for unique situations.
• Necessary for business account holders.

Cons of Direct Contact:

• May not provide a solution for every individual coin counting need.
• Requires direct communication and explanation of your situation.

Best Practices for Coin Management

Regardless of the method you choose for counting and depositing your coins, adopting some best practices can make the process smoother and more efficient.

Sorting and Storing Coins

• Separate by Denomination: Even if you plan to use a machine, pre-sorting your coins by denomination (pennies, nickels, dimes, quarters) can speed up the process and reduce the chance of machine errors.
• Keep Coins Clean: While not always possible, avoiding excessively dirty or sticky coins can help prevent issues with counting machines and keep your home rolling process cleaner.
• Appropriate Storage: Use a sturdy container, jar, or coin bank to collect your loose change. This prevents loss and makes it easier to gather when it’s time to count.

Regular Deposits

• Avoid Large Accumulations: Instead of letting coins pile up for years, consider counting and depositing them more frequently. This reduces the burden of processing a massive amount at once.
• Set a Schedule: For example, make it a habit to sort and roll coins once a month or every few months.

Conclusion

The discontinuation of the Eastern Bank coin machine service marks a change for its customers. However, numerous practical and accessible alternatives exist for managing loose change. From the cost-effective and traditional method of self-rolling coins to the widespread convenience of Coinstar kiosks and the potential for other local bank services, individuals have several options to choose from. By understanding the available avenues and adopting efficient coin management practices, you can continue to convert your loose change into a valuable asset.