Can You Take Coins to the Bank? Here’s How to Do It

Many people accumulate loose change, from pennies to quarters. They often wonder how to convert this into usable funds by depositing it into a bank account. Banks generally accept coin deposits, but methods and requirements vary by institution.

Preparing Your Coins for Deposit

Before visiting a bank, prepare your coins for deposit. This involves sorting coins by denomination, separating pennies, nickels, dimes, and quarters. Then, wrap the coins using coin wrappers. Wrappers are usually available at most bank branches, or can be purchased from office supply stores or online retailers.

Each coin wrapper holds a specific number of coins for its denomination. For instance, a penny wrapper holds 50 coins, a nickel wrapper holds 40 coins, a dime wrapper holds 50 coins, and a quarter wrapper holds 40 coins. Accurately count and place the correct quantity into each wrapper for a smooth deposit. Miscounts can lead to delays or require re-wrapping.

Properly rolling coins ensures they meet banking standards, making the deposit process efficient. While some banks offer services that reduce the need for pre-rolling, preparing coins in this manner is a traditional and widely accepted practice. This approach helps verify the total amount before arriving at the bank.

Depositing Coins at a Bank Branch

Once coins are prepared, depositing them at a bank branch can be done through a teller or, at some institutions, using a coin-counting machine. When presenting rolled coins to a teller, they may verify counts by visual inspection or internal counting equipment. Banks often require account holders to deposit coins, though some might accept them from non-account holders with limitations or fees.

Many banks provide self-service coin counting machines, often in the lobby, for account holders. These machines allow customers to pour unsorted or loosely sorted coins into a hopper, which counts the total value. The process is typically free for bank customers, resulting in a receipt for deposit or cash. Non-account holders might incur a service fee, often a percentage of the total value, or may not be permitted.

Bank policies regarding coin deposits can differ significantly, so it is advisable to contact your bank or credit union beforehand. Inquiring about their preferred method, coin-counting machines, and fees saves time and effort. This ensures you meet requirements and understand potential costs.

Alternative Coin Deposit Options

Beyond traditional bank branches, several alternative options exist for converting loose change into spendable funds. Third-party coin counting machines, such as those operated by Coinstar, are widely available in grocery stores and other retail locations. These machines accept unsorted coins, count them, and then provide a voucher for the total amount, minus a service fee.

The typical service fee for these third-party machines can range from approximately 11.9% to 12.5% of the total coin value. Customers can usually redeem the voucher for cash at the store’s customer service desk or opt for a gift card from a selection of retailers, which sometimes waives the service fee. Some kiosks also offer direct deposit to online accounts or charitable donations, often with varying fee structures.

Some credit unions also offer self-service coin counters for their members, which may be free or have a lower fee compared to commercial services. Some local businesses might accept large amounts of change, especially if they need coins for operations. However, this informal approach is not guaranteed and depends on the business’s discretion and need.