Do ATMs Take Change? Here’s What to Do With Coins
Uncover if ATMs take coins and find effective strategies for managing your loose change, from specialized machines to simple everyday solutions.
Many people accumulate loose change, leading to a common question: do Automated Teller Machines (ATMs) accept coins for deposit? The answer for most standard ATMs is no. ATMs are designed for handling paper currency and checks. Understanding why this is the case and exploring alternative methods for managing your coins can provide clarity.
Understanding Standard ATM Limitations
Typical ATMs are not equipped to handle loose coins due to their mechanical design and operational complexities. These machines are engineered for the precise intake and dispensing of uniform paper banknotes, which are consistent in size and material. Incorporating mechanisms to sort, count, and store various coin denominations would significantly increase the size and cost of ATMs.
The diverse sizes, weights, and potential for foreign objects or debris within coin batches can lead to frequent mechanical issues, such as jamming. Maintaining coin-handling capabilities would also require more frequent servicing and emptying of coin hoppers, adding to operational expenses for financial institutions. Consequently, the focus for ATM development remains on efficiently processing paper money and checks, which constitute the majority of automated transactions.
Machines That Process Coins
While standard ATMs do not accept coins, specialized machines process loose change. Commercial coin-counting kiosks, often found in grocery stores and other retail locations, count unsorted coins. These machines provide a voucher for the coin value, which can then be exchanged for cash at a customer service desk or used for in-store purchases. A processing fee, which can range from 10% to 12.9% of the total value, is deducted for cash payouts. Some machines offer fee-free options if you choose to receive an e-gift card for select retailers or make a charitable donation.
Some bank branches also offer their own coin deposit machines, allowing account holders to deposit loose coins directly into their accounts without a fee. These bank-specific machines count the coins and print a receipt, which can be presented to a teller for deposit or cash back. Unlike commercial kiosks, these bank machines are intended for customer use and may not be available at every branch.
Other Ways to Handle Your Loose Change
Beyond specialized machines, several practical methods exist for managing loose change. One common approach is to visit your bank or credit union and deposit coins directly with a teller. Many financial institutions provide free coin wrappers for their customers, allowing you to sort and roll your coins by denomination before bringing them in. While some banks may accept unrolled coins, it is best to check their policy beforehand.
Another straightforward option is to incorporate coins into your daily spending. Using exact change for small purchases can gradually reduce your coin accumulation. While businesses are not legally required to accept large quantities of coins, using a reasonable amount for transactions is accepted. Finally, saving your loose change in a jar or container at home is a simple way to accumulate funds over time, which can then be deposited or exchanged when the amount becomes substantial.