Navy Federal coin counting services have undergone significant changes, particularly regarding the availability of coin-counting machines. For members looking to deposit loose change, it’s important to understand the current policies and the alternative methods available. This article provides a comprehensive overview of Navy Federal’s stance on coin counting and practical solutions for managing your spare change.
Navy Federal and Coin Counting: The Current Landscape
Navy Federal Credit Union no longer provides coin-counting machines at its branches. This policy shift aligns with many other large financial institutions that have phased out these services over time. The decision to remove coin counters stems from various operational considerations.
Why Did Navy Federal Stop Offering Coin Counting Machines?
Based on discussions within online communities such as Reddit and Facebook, several factors likely contributed to Navy Federal’s decision to discontinue coin-counting machine services:
- Maintenance Issues: Coin-counting machines are complex pieces of equipment prone to mechanical failures. Jams, miscounts, and breakdowns are common, requiring frequent maintenance and repairs. This upkeep can be costly and time-consuming for the credit union.
- Reliability Concerns: Despite regular maintenance, these machines can be unreliable. Inaccurate counts lead to discrepancies between the machine’s tally and the actual amount, creating customer service issues and requiring staff intervention to reconcile.
- Labor Involved: Even with machines, processing large volumes of coins involves significant labor. Staff must empty the machines, handle coin bags, verify counts, and prepare coins for shipment. This labor diverts resources from other member services.
- Logistics and Security: Storing, transporting, and securing large quantities of coins presents logistical challenges and security risks. Managing coin inventory adds complexity to branch operations.
- Declining Demand: With the rise of digital payments and credit/debit card usage, the overall demand for coin-counting services may have decreased, making the investment in and maintenance of these machines less justifiable.
- Cost-Benefit Analysis: When considering the costs associated with maintenance, labor, security, and the potential for errors, many financial institutions, including Navy Federal, have determined that the benefits of offering coin-counting machines no longer outweigh the operational burdens.
The removal of these machines means that members must seek alternative methods for Navy Federal coin counting.
Alternatives for Counting and Depositing Coins
While Navy Federal no longer offers in-branch coin-counting machines, members have several viable options for managing their loose change. These alternatives range from DIY solutions to utilizing third-party services.
1. Rolling Coins Yourself
This is often the most direct and cost-effective method for Navy Federal coin counting and depositing.
- Free Coin Wrappers: Navy Federal still provides free coin wrappers to its members. You can pick these up at any branch. This eliminates the cost of purchasing wrappers, which can add up for large quantities of coins.
- Process:
1. Obtain the correct wrappers for each denomination (pennies, nickels, dimes, quarters, half-dollars, dollar coins).
2. Sort your coins by denomination.
3. Count and roll the appropriate number of coins into each wrapper. Ensure the rolls are tightly packed and sealed to prevent coins from spilling out.
4. Once rolled, you can deposit these pre-rolled coins directly into your Navy Federal account at any branch.
- Benefits:
- No Fees: This method is entirely free, saving you money compared to third-party services that charge a fee.
- Accuracy: You control the counting, ensuring accuracy before deposit.
- Convenience: You can roll coins at your leisure, at home.
- Drawbacks:
- Time-Consuming: Counting and rolling large amounts of coins can be a labor-intensive and time-consuming process.
- Manual Effort: Requires personal effort and attention to detail.
2. Other Financial Institutions
If you prefer not to roll coins yourself, or if you have a significant amount of change, exploring other financial institutions might be a solution.
- Community Banks and Credit Unions: Many smaller, local community banks and credit unions still offer free or low-fee coin-counting services for their members. They may have different operational models or a stronger focus on providing niche services to attract and retain local customers.
- Checking Membership Requirements: Before visiting, it’s crucial to confirm if they offer coin counting to non-members or if you would need to open an account. Some institutions may offer the service for a fee to non-members.
- Contacting Institutions Directly: Always call ahead to verify their current policies and machine availability. Policies can change, and machine uptime is not guaranteed.
- Benefits:
- Automated Counting: Saves time and effort compared to manual rolling.
- Potentially Free/Low Cost: If you are a member or become one, the service might be free or incur a minimal charge.
- Drawbacks:
- Requires Research: You need to identify institutions in your area that offer the service.
- Membership May Be Required: You might need to open an account, which could be inconvenient if your primary banking is with Navy Federal.
- Fees for Non-Members: If you are not a member, you will likely pay a fee, which can be a percentage of the total amount.
3. Coinstar Kiosks
Coinstar kiosks are a widely available option for converting loose coins into usable funds. They are typically found in supermarkets, large retail stores, and convenience stores.
- How Coinstar Works:
1. Locate a Coinstar machine.
2. Pour your unsorted coins into the machine’s tray.
3. The machine counts the coins and provides a receipt for the total amount.
4. You then choose your payout option.
- Payout Options and Fees:
- Cash Voucher: Coinstar charges a service fee for converting coins to cash. This fee is typically around 11.9% of the total amount counted. For example, if you have $100 in coins, you would receive approximately $88.10 in cash. The machine prints a voucher that you take to the customer service desk for cash.
- No-Fee eGift Card: This is a popular option to avoid the service fee. Coinstar partners with various retailers and restaurants to offer eGift cards (e.g., Amazon, Starbucks, Apple, Home Depot). You receive the full value of your coins in the form of a digital gift card.
- Charity Donation: You can choose to donate your coin value directly to a selected charity without incurring a fee.
- Benefits:
- Convenience: Widely available and easy to use.
- Automated: No manual counting or sorting required.
- Immediate Payout: Get cash or a gift card on the spot.
- Drawbacks:
- High Fees for Cash: The service fee for cash conversion is substantial, reducing the value of your coins.
- Limited Payout Options for Full Value: To avoid fees, you are limited to eGift cards or charity donations, which may not always be what you need.
- No Direct Deposit: You cannot directly deposit the funds into your Navy Federal account through Coinstar. You would need to convert to cash and then deposit the cash.
4. Publix Coin-Counting Machines
For those in areas served by Publix grocery stores, this chain offers its own coin-counting machines.
- Availability: These machines are specific to Publix stores, primarily located in the Southeastern United States.
- Fees: Like Coinstar, Publix coin machines generally charge a fee for cash conversion. The fee structure may vary, so it’s advisable to check the machine or inquire with store staff.
- Process: Similar to Coinstar, you pour your coins into the machine, and it counts them.
- Benefits:
- Convenience for Publix Shoppers: If you regularly shop at Publix, it’s a convenient option.
- Automated Counting: No manual effort.
- Drawbacks:
- Geographic Limitation: Only available where Publix operates.
- Fees: Fees apply for cash conversion, similar to Coinstar.
- No Direct Deposit: Funds cannot be directly deposited into your Navy Federal account.
Important Considerations for Navy Federal Coin Counting
Regardless of the method you choose for Navy Federal coin counting, there are a few important points to keep in mind:
- Verify Policies: Always contact your specific Navy Federal branch or any other financial institution directly to confirm their current policies regarding coin deposits and counting services. Policies can change without widespread public announcement. This is particularly true for smaller banks or credit unions, whose services may vary by location.
- Large Deposits: For very large coin deposits, it may be advisable to inform your Navy Federal branch in advance, even if the coins are pre-rolled. This allows them to prepare for the deposit and ensure they have the necessary resources to process it efficiently.
- Coin Condition: Ensure your coins are clean and free of debris, foreign objects, or excessive damage. Machines can jam, and banks may refuse heavily damaged or foreign coins.
- Security: When transporting large amounts of coins, especially if they are already counted and rolled, be mindful of security. Coins can be heavy, making them cumbersome to carry.
- Time Management: Factor in the time required for counting and rolling coins yourself, or for traveling to and using a third-party coin counter.
Conclusion
While Navy Federal coin counting no longer involves in-branch machines, members have several effective strategies for managing their loose change. Rolling coins yourself remains the most cost-effective solution, leveraging the free coin wrappers provided by Navy Federal. For those preferring automation, Coinstar kiosks and, in some regions, Publix machines offer convenience at the cost of a service fee for cash. Exploring other local financial institutions can also yield free or low-cost options. By understanding these alternatives and planning accordingly, Navy Federal members can efficiently handle their coin deposits.
Does Navy Federal have a coin counter?
Navy Federal dropped their coin counters at all branches because of maintenance and reliability issues. Preparing the coin for shipment to the Fed took a lot of hours. Inefficient process and people dumping coins, screws, and whatnot didn’t help either.
How to deposit coins at Navy Fed?
Good point! And you’re done you’ll get an email confirming your deposit. Now that’s digital banking made easy. Message and data rates may apply visit navyfederal.org.
Where can I cash coins for free?
Great question! PNC Bank.
Bank of America.
Chase.
Citizens Bank.
JBT.
Manasquan Bank.
Republic Bank.
U.S. Bank.