Where Can I Turn In Change for Cash?

Banks and Credit Unions

Exchanging loose change for cash at banks and credit unions is a common and often cost-effective method. Most financial institutions, particularly community banks and credit unions, provide this service to their account holders, frequently without fees. While some larger national banks have phased out coin-counting machines, many local and regional institutions still offer them.

For account holders, the process is straightforward. Some banks have self-service coin machines in their lobbies, allowing for quick counting and direct deposit or cash redemption. Other institutions may require coins to be pre-rolled by denomination before being brought to a teller, though some accept unrolled coins from customers. Coin wrappers are often provided free by banks. Contact your bank or credit union beforehand to understand their policy, including any limits on the amount of change accepted.

Non-account holders may also exchange coins, but this comes with a service fee, which can range from a nominal amount to a percentage of the total value. Fees for non-customers can vary, sometimes falling in the range of $5 to $10 or a percentage such as 5% to 10% of the total value. Even if a bank does not have a coin-counting machine, tellers may still facilitate the exchange for rolled coins, though policies differ significantly between branches and institutions.

Automated Coin Counting Kiosks

Automated coin counting kiosks, such as Coinstar machines, offer a convenient alternative for converting loose change into cash. These machines are widely accessible, located in supermarkets and large retail stores. The primary benefit of these kiosks is their speed and the elimination of the need for pre-sorting or rolling coins. Users simply pour their mixed coins into the machine’s tray.

The main consideration when using these kiosks for cash redemption is the service fee. Coinstar, for instance, charges a processing fee that can be up to 12.9% of the total coin value, in addition to a flat transaction fee, which may be around $0.99. For every $50 in coins, you could pay approximately $7.44 in fees. While this fee reduces the total cash received, the machines offer an option to convert coins into eGift cards for various retailers without incurring this service fee, providing the full value of the coins.

Before using, remove any non-coin items or foreign currency to prevent machine jams. Once counting is complete, the machine issues a voucher redeemable for cash at the store’s customer service desk or checkout.

Retailers and Businesses

Beyond financial institutions and dedicated coin kiosks, some retailers and businesses may offer informal options for exchanging loose change. This can be true for smaller establishments, convenience stores, or gas stations. Such businesses may take coins, especially if they are experiencing a shortage of change for their cash registers. This service is not guaranteed and depends on the individual business’s policy and current needs.

Inquire politely with a cashier or manager before attempting to exchange a large quantity of coins. This method is more suitable for smaller amounts of change rather than substantial coin collections. Some regional retail chains have offered their own coin-cashing services, occasionally with a small fee. While some businesses may prefer rolled coins, others may accept loose change if it benefits their operational needs. This option can be a quick solution for immediate cash needs, but it is a discretionary service offered by the business.