Can I Deposit Coins at an ATM? What You Need to Know
Find out if ATMs accept coins and get practical advice on how to successfully deposit your loose change at the bank.
Depositing coins can be challenging, especially when considering Automated Teller Machines (ATMs). Many individuals accumulate loose change and seek efficient ways to convert it into usable funds.
ATM Coin Deposit Capabilities
Most traditional ATMs are designed for paper currency and checks. They do not have the mechanical components to accept coin deposits, due to the complexity of sorting, validating, and storing various coin denominations. Attempting to deposit coins at a standard ATM will not be successful.
Some financial institutions offer specialized “smart” ATMs or dedicated coin deposit machines, often within bank branches or high-traffic areas. These machines count and accept loose change, providing a receipt. It is advisable to verify with your bank or look for signage to determine if coin deposit functionality is available.
Depositing Coins at Bank Branches
Depositing coins directly at a bank branch remains the most common and reliable method. You can approach a bank teller, who will accept rolled coins for deposit into your account. Many banks also offer self-service coin counting machines within their lobbies, which process loose change. These machines provide a receipt that can be presented to a teller for deposit or cash exchange.
Some banks provide this service for free to account holders, particularly if you roll the coins yourself. Others, or third-party machines like Coinstar, may charge a fee. Coinstar kiosks, found in grocery stores, charge a service fee ranging from 10.9% to 12.9% of the total coin value for cash vouchers. These fees can be avoided by choosing an eGift card or donating to a charity through the machine.
Preparing Coins for Deposit
Properly preparing your coins can streamline the deposit process. Begin by sorting coins by denomination: pennies, nickels, dimes, and quarters into individual piles. Using coin wrappers, which are paper tubes designed to hold a specific quantity of each coin type, is recommended for teller deposits.
Coin wrappers are available for free at bank branches or can be purchased at office supply stores and retailers. While some coin counting machines handle unsorted coins, pre-rolling expedites the process, especially for large quantities. Ensure coins are clean and dry, as dirty, bent, or mutilated coins may be rejected by machines or tellers.