You’re likely thinking of Coinstar machines , which are popular coin-counting kiosks found in grocery stores and other retail locations . While convenient for quickly exchanging loose change, these machines come with fees if you want to receive cash.
Here’s a breakdown of Coinstar fees:
- For Cash: Coinstar typically charges a service fee of up to 12.9% of the total coin value, plus a flat transaction fee, which can be around $0.99. Fees may vary by location.
- For Gift Cards: Coinstar offers a fee-free option to exchange coins for an eGift card to one of their partner stores or restaurants, such as Starbucks or The Home Depot.
- For Charity Donations: You can also donate your coins to charity through Coinstar, which is generally fee-free for the user. Coinstar retains a processing fee, typically around 10% for national charities and 7.5% for regional charities.
If you want to avoid paying Coinstar’s fees, especially for cash, consider these options:
- Banks and Credit Unions:
– Many banks and credit unions accept rolled coins for deposit, often without charging a fee for account holders. You might need to roll the coins yourself, and you can usually get free coin wrappers from the bank.
– Some local banks and credit unions have their own coin-counting machines available to customers, sometimes for free or for a smaller fee than Coinstar.
- Retailers with Self-Checkout: Some stores and supermarkets have self-checkout machines that accept coins, allowing you to use your change to pay for purchases directly.
- Roll Coins Yourself: This is the most cost-effective method as it avoids any fees. You’ll need coin wrappers, which you can usually get for free from a bank or credit union. Once rolled, you can deposit them at a bank or use them to pay at stores.
How do I avoid the fee at Coinstar?
Thanks for asking. Opt for eGift Cards. To sidestep the Coinstar fee, opting for an eGift Card with a 0% fee is your best bet. …
Donate to charity. Coinstar also waives their fee when you donate directly at a kiosk (bonus: it’s a tax deduction).
Where can I cash in my coins without a fee?
Credit unions. Many have machines that can quickly count your coins and provide you an accurate total in cash. …
Local community banks. Customers of JBT and Manasquan Bank, for example, have free use of coin-counting machines.
What is the cheapest way to cash out coins?
If you’re wondering where to exchange coins for money, your bank typically offers the most cost-effective solution.