Where Can You Deposit Coins for Cash?

Many people accumulate loose change and seek ways to convert it into usable funds. This coinage can be a tangible asset, contributing to savings or expenses. This article provides guidance on common and accessible options for transforming loose coins into cash.

Using Financial Institutions

Depositing coins at a bank or credit union is a common method to convert loose change. They often require coins to be prepared specifically. Many provide free, color-coded coin wrappers for different denominations. Sort and roll coins into these wrappers, ensuring each roll contains the correct value (e.g., 50 pennies for 50 cents or 40 quarters for $10).

Take rolled coins to a teller. Some institutions have coin-counting machines, but many larger banks require pre-rolled coins. For account holders, this service is generally free, with funds exchanged for cash or deposited. Non-account holders may face fees or find the service unavailable. Contact your branch beforehand to understand their policy and fees.

Utilizing Coin Counting Kiosks

Automated coin counting kiosks, such as Coinstar machines, offer a convenient way to convert loose change. They are commonly found in retail locations like grocery stores and pharmacies, providing easy access. No prior preparation, like rolling coins, is necessary; simply pour unsorted coins into the tray. The machine automatically sorts and counts the coins, displaying the total value.

Upon completion of the count, kiosks offer several payout options. You can receive a cash voucher, redeemable for paper money at the store’s customer service desk. Alternatively, convert coins into an eGift card for various retailers, often without a service fee. Another option is to donate your change to charity. Cash payouts generally incur a service fee (11.9% to 12.9% of total value) plus a small transaction fee, though eGift cards or charitable donations often waive these fees, retaining full value.

Using Financial Institutions

Depositing coins at a bank or credit union is a common method for converting loose change into paper currency. For this process, financial institutions often require coins to be prepared in a specific manner. Many banks and credit unions provide coin wrappers free of charge to their customers, which are color-coded for different denominations, such as red for pennies or green for dimes. It is typically necessary to sort coins by denomination and roll them into these wrappers, ensuring each roll contains the correct value, for example, 50 pennies for 50 cents or 40 quarters for $10.

Once coins are rolled, you can take them to a teller at your bank or credit union. While some institutions may have coin-counting machines available for customer use, especially local banks and credit unions, many larger national banks now require pre-rolled coins. For account holders, this service is generally free, and the funds can be either exchanged for cash or directly deposited into an existing checking or savings account. Non-account holders may face fees for coin counting services, or the service might not be available to them at all. It is advisable to contact your specific branch beforehand to understand their current policy and any potential requirements or fees.

Utilizing Coin Counting Kiosks

Automated coin counting kiosks, such as Coinstar machines, offer a convenient alternative for converting loose change. These kiosks are commonly found in retail locations like grocery stores, supermarkets, and pharmacies, providing easy access during regular shopping trips. A primary advantage of these machines is that no prior preparation, like rolling coins, is necessary; you simply pour your unsorted coins into the machine’s tray. The machine automatically sorts and counts the coins, displaying the total value.

Upon completion of the count, kiosks typically offer several payout options. You can receive a cash voucher, which is then redeemed for paper money at the store’s customer service desk. Alternatively, many kiosks provide the option to convert your coins into an eGift card for various retailers, often without incurring a service fee. Another option is to donate your change to a selected charity. If you choose cash, these kiosks generally charge a service fee, which can range from 11.9% to 12.9% of the total value, plus a small transaction fee. Selecting an eGift card or charitable donation can often waive these fees, allowing you to retain the full value of your coins.