Which Banks Accept Coins for Cash or Deposit?

Loose change often accumulates in homes, tucked away in jars, piggy banks, or forgotten corners. While these small denominations may seem insignificant individually, their combined value can become substantial. Converting this accumulated coinage into usable currency, whether paper money or a digital deposit, is a practical task many individuals undertake.

Common Places for Coin Exchange

Individuals looking to convert their coins have several options. Traditional financial institutions, such as banks and credit unions, are common choices, primarily serving account holders. These institutions may require coins to be pre-rolled into wrappers, or some may offer self-service coin-counting machines for customer convenience.

Another widespread option is using self-service coin-counting machines, found in many grocery stores and retail locations. These machines, like Coinstar kiosks, allow individuals to pour in uncounted coins and receive a voucher. While convenient, these machines typically charge a service fee, which can be as high as 12.9% for cash payouts. An alternative to avoid this fee is to opt for an eGift card from a participating retailer, which often comes with no fee.

Some retail establishments might accept loose coins as payment for goods. Using large quantities of coins for purchases is generally not practical and can cause delays. Retailers are not legally obligated to accept all forms of payment, and some may refuse excessive amounts of loose change.

Understanding Bank and Credit Union Policies

Policies for coin exchange or deposit vary among banks and credit unions. Many offer free coin services exclusively to account holders. Non-customers may face a nominal fee, typically ranging from $5 to $10, or may be unable to use the service at all.

A common requirement for depositing coins at a bank is that they must be pre-rolled. Some credit unions and smaller local banks, however, provide in-branch coin-counting machines that can process unrolled coins. If an institution accepts unrolled coins without a machine, they might charge a fee for the manual counting process.

While no federal limit exists, banks and credit unions may impose their own deposit limits. These limits are typically practical measures to manage the volume of coin processing. For example, some institutions may limit daily cash deposits, which includes coins, though specific coin limits are not always explicitly stated. Always contact your bank or credit union directly to inquire about their policies, including any fees, rolling requirements, or deposit limits.

Preparing Coins for Deposit

Proper coin preparation can streamline the deposit process. The initial step involves sorting coins by their denomination. This means separating pennies, nickels, dimes, quarters, and any other coin types into distinct groups.

If rolled coins are required, you will need coin wrappers. These can often be obtained for free from banks, or purchased at office supply stores and various online retailers. Standard coin rolls contain specific quantities: 50 pennies, 40 nickels, 50 dimes, 40 quarters, 20 half-dollars, and 25 dollar coins. Ensuring each roll contains the correct number of coins and is neatly wrapped is important for acceptance.

Even when using a self-service coin-counting machine, some preparation can prevent issues. Removing any foreign objects, such as paper clips, buttons, or dirt, from your coin collection before feeding them into the machine can prevent jams and ensure accurate counting. This saves time and frustration.