Most people have coins sitting around or collecting in a jar somewhere, but what do you do with these coins? With the current coin shortage easing in the US, many businesses still want access to coins.
Would you rather cash those coins for paper money? We have covered Coinstar and what it charges for counting unrolled coins. While we enjoy that service, not many want to pay nearly 12% for the convenience of counting coins. So what do you do?
While Coinstar is a popular coin counting service around the US, it’s not the only way to get cash for coins. Check with your local bank branch to see if they accept your coins unrolled. If they require you to roll them, then ask for free coin wrappers. Some banks like Chase will allow you to cash out up to $200 for free.
There are some alternatives to using a coin-counting machine like Coinstar, but it takes some detective work or physical work. So let’s quickly discuss the alternatives to Coinstar and how you can use them to get cash for your coins.
Check Your Local Bank or Credit Union
If you have an account at a local bank, there are times when they will have a coin counting machine. Not all do, but some have them in their lobby. For members of the bank, this service is often free. If you are a non-member, they might charge you a service fee, but it’s often much less than Coinstar.
We have an account at CIT and they make it really easy to earn good interest and they keep competitive with other banks. You can have an account setup in minutes and customer service is easy to deal with. With a low initial deposit, this is our favorite bank for saving money.
Credit unions most commonly have coin counting machines for their members and non-members. Unlike big banks, credit unions require you to be a member based on certain rules. If you can become a member in your local area, you often get really great service and much better interest rates than you would at a big bank.
You can use this button below to open a Google search looking for a credit union near you.
Roll Your Coins for Deposit or Cash
While we have seen banks not accept coins in the past, it seems with the coin shortage, they are happy to accept them now. Most banks will give you free coin wrappers so you can roll your coins. If you ask nicely, they often will let you borrow their coin sorting machine to help.
Banks will allow you to deposit coins into your account if you are a member at the bank, but some will also let you exchange wrapped coins for cash. Chase bank allows this with a $200 limit. If you have more than $200 in rolled coins, you need to visit different Chase branches.
If you have rolled your coins, then call around to some banks in your area to see if they will exchange them for cash for free. If you have a bank account that isn’t online only, then go to a branch near you, ask for coin wrappers, and deposit or exchange those coins for cash.
QuikTrip Gas Stations
There is a company called QuikTrip that has over 800 locations in 11 states that is providing free coin exchanges due to the national coin shortage (which is easing). You can use their site to find a store/station near you and all you have to do is bring your coins into the store/gas station to get them exchanged. They are not currently charging a fee for this service. So if you are in one of the 11 states this company resides, this could be a good way to get your coins exchanged for cash for free.
Cashing Out Your Coins FAQ
Most large banks like Wells Fargo, Bank of America, and Chase allow you to deposit coins for free. Some you have to roll your coins (they can provide you the rolls) and others don’t require rolling them.
If you choose to use Coinstar to get cash for your coins, then you will be charged 11.9%, but you can bypass that fee with some gift card options. You can learn more about the coinstar fee here.
They are currently in 11 states with over 800 locations. You can find all the states on their website here.
If your bank requires you to wrap your coins before deposit, you can typically get them from the bank branch for free. You just have to ask.
Yes, just like normal banks, credit unions accept coin deposit. Many of them have free coin counting machines for their members. If you are a credit union member, make sure to check your local branch.