Can I Deposit My Loose Change at the Bank?

You can deposit your loose change at a bank, making it a convenient way to convert accumulated coins into usable funds. Banks offer options for handling your change, whether you prefer to prepare it yourself or utilize their services.

Preparing Your Coins for Deposit

Preparing your coins before visiting your bank can streamline the deposit process. One common method involves rolling your coins using coin wrappers. These wrappers, often available for free at banks or for purchase at office supply stores, are designed for specific denominations and hold a standard quantity of coins. For example, a roll of pennies holds 50 coins ($0.50), nickels hold 40 coins ($2.00), dimes hold 50 coins ($5.00), and quarters hold 40 coins ($10.00).

While rolling coins can be time-consuming, it is often the preferred method for banks when dealing with larger amounts of change. Some banks, however, may accept unrolled coins, especially if they have a coin-counting machine on-site. It is advisable to contact your bank beforehand to inquire about their policy regarding rolled versus unrolled coins, any deposit limits, or potential fees for counting unrolled change.

Depositing Coins at the Bank

Once your coins are prepared, or you have confirmed your bank accepts unrolled change, the deposit process is straightforward. At the bank, you will approach a teller who will either accept your pre-rolled coins or guide you to a self-service coin-counting machine, if one is available. Many local banks and credit unions still offer these machines, though larger national banks have largely phased them out.

If using a self-service machine, you simply pour your coins into the machine, which then counts and totals the amount. The machine prints a receipt that you can present to a teller to have the funds credited to your account or exchanged for bills. If a teller manually processes your rolled coins, they may verify the count, and the funds will then be deposited or exchanged. Banks do not charge a fee for this service if you are an account holder.

Other Ways to Use Your Loose Change

Beyond traditional bank deposits, other options exist for converting your loose change. Coin-counting kiosks, such as Coinstar machines found in grocery stores, provide an alternative. These machines allow you to pour in your unsorted coins, which are then counted, and you receive a voucher for the cash value. However, these kiosks charge a service fee for cash payouts, which can range from 11.9% to 12.9% of the total amount.

To avoid these fees, Coinstar offers fee-free options to convert your coins into eGift cards for various retailers or to donate to select charities. Alternatively, you can use your loose change for everyday purchases, such as paying with exact change at stores. This helps circulate the coins back into the economy without incurring any fees.