Do Banks Take Change? How to Deposit Coins
Navigate the options for depositing your accumulated coins. Discover efficient ways to transform loose change into spendable money.
Many individuals accumulate loose change over time. This guide explores various methods for depositing coins, from traditional financial institutions to alternative services. It helps you make informed decisions about converting your spare change into a more usable form.
Where to Deposit Loose Change
Most traditional banks and credit unions accept loose change deposits. Policies vary significantly between institutions and even among different branches. Some larger national banks may primarily serve their account holders for coin deposits. Many smaller community banks and credit unions often offer coin-counting services to both customers and non-customers. Contact your specific bank or credit union to inquire about their policies, such as being an existing account holder.
Preparing Your Change for Deposit
Preparing your loose change can streamline the deposit process. It is recommended to sort coins by denomination, separating pennies, nickels, dimes, and quarters. Some banks prefer coins pre-rolled in paper wrappers, often provided free by the bank. However, policies differ, with some institutions accepting unrolled coins, especially if they have an in-house coin-counting machine. Regardless of whether you roll them, ensure your coins are clean and free of foreign objects, as this can interfere with counting machines.
The Change Deposit Process
When you arrive at a bank or credit union with your prepared change, the deposit process involves presenting your coins to a teller or utilizing an automated coin-counting machine. If using a machine, you pour your coins into the hopper, and the machine counts them, generating a receipt. This receipt is then presented to a teller who can deposit the funds into your account or provide cash.
Many banks offer this service free for account holders. For non-customers, a small fee, often ranging from 5% to 15% of the total amount, may apply. You may need to provide government-issued identification, such as a driver’s license or passport, especially for larger deposits or if you are not an established customer.
Other Options for Your Loose Change
Beyond traditional financial institutions, several alternatives exist for converting loose change. Third-party coin-counting kiosks, such as Coinstar machines, are widely available in grocery stores and other retail locations. These machines offer convenience, quickly counting your coins and providing a voucher. However, they charge a service fee, ranging from 11.9% to 12.9% of the total value for cash payouts. To avoid these fees, Coinstar provides an option to convert your coins into an eGift card for various retailers at no charge.
Another option is to use your loose change directly for purchases, particularly at self-checkout lanes in stores. Some retail establishments also feature their own self-service coin deposit machines.