Do Banks Change Coins? Policies, Fees, and What to Know

Many individuals seek to convert loose change into usable currency. While most banks facilitate coin exchanges, their specific policies and requirements vary. This guide covers bank services, necessary preparations, and other available options.

Bank Policies and Requirements

Many financial institutions, including national banks and credit unions, accept coins for exchange into cash or direct deposit. Policies are not uniform, so contact your bank or credit union to confirm current procedures.

For instance, some large national banks may require coins to be pre-rolled, while some smaller or regional credit unions might offer self-service coin-counting machines.

Account holders typically receive coin exchange services without a fee, which can include immediate cash exchange or direct deposit into a checking or savings account.

Non-account holders, however, may face fees, often a percentage of the total coin value or a flat fee for the service. Banks may also request identification, such as a government-issued photo ID, for coin exchanges, particularly for non-account holders or for larger amounts.

Preparing Coins for Exchange

Before visiting a bank, preparing your coins can streamline the exchange process.

Sort coins by denomination (pennies, nickels, dimes, and quarters) and roll them using coin wrappers. These wrappers, often free at banks or sold at office supply stores, hold specific amounts like 50 pennies ($0.50) or 40 quarters ($10.00).

Rolling coins leads to faster service, as tellers quickly verify amounts without manual counting. While some banks accept unrolled coins, many prefer or require them rolled, expediting your transaction.

If coins are unrolled, the bank may use a coin-counting machine to process them, which sorts and totals the different denominations.

The Exchange Process and Fees

When presenting coins at a bank, especially if unrolled, a teller may use an automated coin-counting machine. These machines efficiently sort and count coins by denomination, providing an accurate total. This process automates tallying, ensuring precision and reducing manual effort for bank staff.

Fees for coin exchange are primarily imposed on non-account holders or for unrolled coins. These typically range from a percentage of the total value (5% to 10%) or a flat fee ($5 to $10). For example, a non-account holder exchanging $100 in unrolled coins with a 10% fee would receive $90. Always inquire about potential fees before initiating the exchange.

Other Coin Exchange Options

Beyond traditional banks, other avenues exist for exchanging coins.

Commercial coin-counting machines, like Coinstar kiosks in grocery stores, offer a convenient alternative. They quickly count unsorted coins, providing a voucher redeemable for cash at the customer service desk.

Coinstar machines charge a service fee for cash payouts (10.9% to 12.9% of total value, plus $0.59 or $0.99 transaction fee). However, they offer a fee-free option for eGift cards, retaining full value.

Another simple approach is to use coins directly for purchases at retail establishments, particularly those with self-checkout lanes that accept coins, thereby avoiding any exchange fees entirely.