How to Deposit Change at a Bank or Coin Kiosk

Converting loose change into usable funds can sometimes feel like a daunting task, yet accumulated coins represent tangible value. Understanding the straightforward methods for depositing this change ensures you can efficiently convert it into cash or add it to your bank account. This guide explores practical options for transforming your coins into accessible money.

Preparing Your Change for Deposit

Before visiting a bank or coin kiosk, taking a few preparatory steps with your loose change can streamline the deposit process and save you from fees. First, sort your coins by denomination: pennies, nickels, dimes, and quarters. This organization is crucial for accurate counting and efficient handling.

Once sorted, roll your coins using color-coded coin wrappers. These wrappers hold a specific quantity and value of coins (e.g., 50 pennies, 40 nickels, 50 dimes, or 40 quarters). Many banks and credit unions provide these wrappers for free; they are also inexpensive to purchase at office supply or dollar stores.

After placing the correct number of coins into each wrapper, ensure each roll contains its precise value. This preparation reduces time at a financial institution or kiosk and prevents discrepancies. Also, ensure your coins are clean and free of debris to prevent machine jams.

Depositing Change at a Bank or Credit Union

Depositing prepared change at a bank or credit union converts coins into cash or adds them to your account. Present meticulously sorted and rolled coins directly to a bank teller. Many financial institutions accept pre-rolled coins from account holders without a fee. Contact your specific branch beforehand, as policies and limits on rolled coin acceptance can vary.

While some larger banks have phased out self-service coin-counting machines, many local community banks and credit unions still offer them. These machines count unsorted coins, crediting the value directly to your account or exchanging it for cash at the teller window. Using a bank’s coin-counting machine is typically free for account holders. Non-account holders may face a service fee, often 2% to 10% of the total value, or may be unable to use the service.

Using Coin Counting Kiosks

Third-party coin-counting kiosks, such as Coinstar, offer an alternative for converting loose change. Commonly found in grocery stores and retail locations, these green kiosks count your unsorted coins after you pour them into the tray, providing a voucher with the total value.

When opting for a cash payout, kiosks charge a service fee, typically a percentage of the total coin value (e.g., 10.9% to 12.9%). An additional flat transaction fee (around $0.59 to $0.99) may also apply. For example, a 12% fee on $100 in coins means you receive $88, as the fee is deducted directly from your total.

To avoid fees, kiosks offer alternative payout options. You can convert your coin value into an eGift card for various retailers or make a charitable donation, both usually fee-free. After selecting your preferred payout, redeem the voucher at the store’s customer service desk or checkout.