If you have a collection of coins you’d like to convert to cash, several options are available, with varying levels of convenience and cost.
- Many local banks and credit unions offer free coin counting services to their account holders.
- Some institutions, particularly smaller community banks and credit unions, might have self-service coin counting machines available for customer use.
- [Bankrate notes] that large national banks like Chase, Bank of America, Citibank, and others, have largely stopped offering coin counting machines due to maintenance costs.
- If your bank doesn’t have a coin counter, you might still be able to deposit rolled coins. Banks often provide free coin wrappers for this purpose.
- Fees may apply if you’re not an account holder or if you’re dealing with a large quantity of coins.
- Coinstar kiosks are a widely available option found in grocery stores, pharmacies, and other retailers.
- These machines automatically sort and count your coins and provide a receipt for cash redemption at the store’s customer service desk.
- A key consideration with Coinstar is the fee structure:
– To receive cash, you’ll be charged a service fee of up to 12.9% of your total coin value, plus a flat fee of $0.99 per transaction.
– You can avoid fees by opting for an e-gift card to one of Coinstar’s partners (e.g., Starbucks, Apple) or donating to charity through the kiosk.
- Some grocery chains, like Publix, offer their own coin counting machines, but fees might apply (e.g., around 10% mentioned for Publix).
- Fees: Carefully consider the fees associated with different options to avoid unnecessary expenses.
- Convenience: Coinstar kiosks offer greater convenience due to their widespread availability, but at a higher cost if you want cash.
- Time and effort: Rolling your own coins takes time and effort but can save you money on fees.
- Bank policies: If you plan to use your bank, it’s best to call ahead and inquire about their specific coin exchange policies and potential fees.
In conclusion, for free coin exchange, your local bank or credit union is likely the best bet if you’re an account holder and they offer coin counting services. Otherwise, Coinstar provides a convenient option, but be prepared for the fees unless you’re willing to opt for a gift card or charitable donation.
Will banks cash coins for free?
Thanks for asking. Typically, you can cash coins for free at your local bank. You may have to roll the coins yourself but the bank will likely give you coin wrappers for free.
Will Bank of America take my unrolled coins?
Good point! No. Please take rolled coins to your local financial center. Incomplete rolls or loose coins may not be accepted.
Is there a coin machine in banks?
Thanks for asking. Using your bank’s coin machine
Some banks now have coin machines that let you pay in your spare change without needing to sort it first. Not all banks offer these machines, and even those that do might not have one in your local branch. However, they should be able to take your coins if you sort them yourself.