Can I Bring Coins to the Bank and How Does It Work?

Accumulating loose change is common, and depositing coins at a bank can add to your financial resources. Banks offer various methods to convert spare change into usable funds. Understanding the process ensures a smooth deposit experience.

Preparing Your Coins for Deposit

Preparing your coins before visiting your bank can streamline the deposit process. Sort your coins by denomination, separating pennies, nickels, dimes, and quarters. This organization makes counting easier and is often a prerequisite for large coin deposits.

After sorting, accurately count each denomination. Place these coins into appropriate coin wrappers. These paper or plastic containers, often color-coded, hold a specific number of coins and are available from banks, office supply stores, or online retailers. Properly filling wrappers helps banks process your deposit efficiently.

Bank Coin Deposit Services

Banks provide several options for depositing coins. Many banks, particularly local community banks and credit unions, offer coin counting machines where you can pour in unsorted coins directly. These machines automate counting, providing a quick way to tally your change. Some banks offer this service free for customers, while others may charge a fee, often 8% to 12% for non-customers. Major national banks have largely discontinued these machines due to maintenance costs.

Alternatively, you can deposit rolled or unrolled coins directly with a bank teller. For large quantities of unrolled coins, tellers might require more time or suggest using a coin machine. Banks generally prefer rolled coins for larger deposits, as it simplifies verification. Always contact your specific bank branch beforehand to inquire about their policies, fees, and any limits on coin amounts or forms.

Depositing Your Coins

Once your coins are prepared or you know the bank’s preferred method, the deposit process is straightforward. If using a bank’s coin counting machine, pour loose coins into the hopper. The machine sorts and counts, then prints a receipt or voucher. Take this voucher to a teller to process the deposit into your account or exchange it for paper currency.

If depositing rolled coins, present the wrapped rolls directly to a teller with your account information. The teller will verify the rolls, often by weight or sample, then process the deposit. Ensure you have your bank account number and valid identification ready, as these are typically required. While most banks prefer account holders for coin deposits, some may exchange coins for cash for non-account holders, though this is less common for large amounts and subject to bank discretion and fees.