When Did Banks Stop Accepting Coin Deposits?
I have been working hard on building my emergency fund, so I figured I would finally cash in my coins. I have slowly built up my coins by just adding them into a large wine bottle (a really large bottle) over time. I didn’t pay attention to how many coins I have collected over the years, but I think the amount is getting pretty substantial. Instead of using them to purchase things I don’t need, I figured I would deposit them into my savings account. Unfortunately, this hasn’t been as easy as I thought it would be.
**Update: This post is a few years old, but banks still give people a hard time when they want to deposit coins. Many banks still don’t allow them. I get emails almost every day with people asking me about banks that will accept them. You might have to settle for a credit union my friends!
You Don’t Want My Coins?
As indicated earlier, I have my bank accounts between two banks, one mainstream bank and one credit union. Since my credit union is not local, I cannot deposit the coins there. This leaves me with the mainstream bank. I won’t name the bank here, but it is only three letters that starts with “B” and ends with “T”.
I walked into my bank thinking that it would be just another deposit. The process is simple or so I thought. Before I threw my coin sack up on the counter, I asked if they accept coin deposits. Here is where the easy process turned not-so easy. The bank teller quickly said, “No, we no longer accept coin deposits, but you can use the Coinstar in the grocery store.”. This threw me for a loop and I didn’t really know how to respond. I was at a loss for words. When did coins stop being a form of currency?
No More Coins?
When did most banks stop accepting coin deposits? Do they feel that it is no longer a form of US currency? I mean, I can get as many coins as I want, but if I want to add that money to my account, I have to go use Coinstar? Are you kidding me? Why would I want Coinstar to take 9% of my money (the % Coinstar takes is more now, but you can get free gift cards!) just to count my coins? I just don’t get it.
Any money that I have, I don’t want a hassle with the decisions I make when using it. There is no problem when spending money, but when you want to save it, banks make it difficult? Hmm…..
There are a few credit unions in my area that have free coin counters, but they are only allowed to be used by members. I don’t meet the requirements for these credit unions, so I might resort in “befriending” someone from one of these credit unions. Who knows what I will do, but I don’t want to give Coinstar my money for really doing nothing, but having a machine count my money.
The Roundup
It is sad to see how coins are being treated by banks. While coins are not worth as much as they once were, they are still a legal form of tender, so I should be able to easily deposit them. This trend makes me worry about teaching our children to save. If your child can’t deposit coins into their bank account, then how does this teach them to save? If they collect change from random places, what will they do with it? All I want to know is when did banks stop accepting coin deposits?
Do you deposit coins at your bank? If so, which bank do you use? Let me know of any places where I can cash out my coins without a fee.
We bank with PC Financial so we have no one to bring our coins to. I do know that some of the grocery shops have the machines but they take a cut of the coins you drop in. Some people don’t even realize they are paying for this service when they use it. I swear I read somewhere that RBC had a machine in their bank for customers that they could use free although I’ve never looked into it. Nothing in life is free though lol. Mr.CBB
I know how you feel. RBC did have the machines, but they are no longer in my area (or in the US) I think. The banks that I deal with won’t even accept the coins. It is just quite irritating. I know that nothing is free, but I am not going to give someone almost 10% just to count my coins. I know how to count!
Hi, I live in Australia. Our banks give out little clear plastic click lock bags for Free to put coins in. They have the denomination and required amount printed on the front. The banks have weigh machines to make sure each bag has correct amount, No Need to count them, and can see if they are genuine coins inside the bag. Too Easy! Seems that American Banks are a little behind the times when it comes to banking coins. I take all my change to my bank NO problem and it is a very fast service.
How does that work because in America coins can vary in weight depending on the metal compassion so I’m afraid that using this method here would enevitably not work
It is actually illegal for a government entity to deny coin. If you are not lazy and you roll it yourself every bank is require, by law, to take your coin. I have worked in the banking industry for years and worked in retail before that. This page is very misleading
How is it misleading? Doesn’t matter if it’s illegal, I’ve been to banks who just don’t accept the coins. I’ve even rolled them and have been told they aren’t accepting the deposit because they don’t have the resources to make sure the rolls are correct.
So, while you might have been in the banking industry for years, still doesn’t mean banks aren’t doing this and just telling people no coin deposits.
You’re wrong. I roll my own quarters that I pop into a jar and have given them to my son to deposit into his account. My bank said they aren’t accepting rolled OR loose coins anymore, that if I want, I can leave a bag of coins with them, they will give them to Looomis/Brinks and Loomis/Brinks will count and deposit them into MY ACCOUNT! WHY would I want Loomis/Brinks to have ACCESS TO MY BANK ACCOUNT??? One MORE entity having access to MY PERSONAL BANKING!!
I hear this all of the time from banks. Sad.
I understand this is an old thread but I just called my bank (three letters that start with P and end with C) and they couldnt really tell me what their policy is. I was left with the impression that a branch will accept them – no limit – as long as it is rolled and I have an account…check & check. Guess I’ll find out. I’ve been accumulating change for years – last I checked most banks had the “coinstar” style counters in there lobby for customers to use for free. Seems as though most of these have been removed. It is sad and I do agree with “banker says” in that not accepting legal tender for deposit should be illegal – but apparently some banks will charge as much as 5% for rolled change deposits….it’s criminal and shamefully. And lastly, if my P and C branch gives me crap – I’ll cause a scene not seen by many.
Oh Oh! Now I’m worried. We have a cute green pig who is past full of coins that we’ve been planning to roll and bring to the bank before year end. I really hope we don’t get the same no you were given. I was once told that if you wrap them in the money wrappers, grocery stores and the like are more willing to buy them off of you.
I would definitely check with your bank K.K. Some banks still accept them, but they are few and far between. Good luck with depositing your coins.
WOW. I would change banks for sure. Ours still accepts them. If they don’t, who will? I’m not pay coinstar any money to take my money. That’s for sure.
I just changed to them from another bank. I have two different banks, so I don’t want to change again. I have heard from many about their banks not accepting coin deposits, so it makes me worry about the trend of coins.
i use my credit card and pay it back every week for almost everything as like u said coins are treated like nothinng .i got threatend by canadian western if i put coins in and i wreck the machine they will charge me for it and restrict my card .i also have to go to cibc as they restricted my card for putting change in the machine .i am lost for words banks bec if i am working and cant go to you during your hours what do i do with the change.i pick up bopttles for money and get alot of change for that and find change alot.i ask banks when will you have change machine that charges me no money?Td is a ripoff and disgusted by td as they take 3 percet of your money converting it into cash.come on td that is crazy.
Sorry to hear about your problems with your bank not accepting coins or charging for the coin machine. I had to go to a credit union in order to get my change deposited. It was a hassle and irritating to say the least.
I work with a charity that has a huge fundraiser called “Pennies for Pets”. We do it around the 4th of July and lots of people save up coins all year to donate. We took in around $600 in change this year, only to find that our bank has taken on the no coin policy! 9% to Coinstar is totally unacceptable, so we switched banks to a small local one who doesn’t even require that coins be rolled. If you don’t want to switch banks, I’d maybe make sure the coins were rolled and maybe ask the service desk at the grocery if they would change them out. I don’t think they’d do a whole bunch at once, but they might do a little at a time. This is disturbing to me. As long as it’s money, banks should take it in my opinion.
So it seems that you have experienced what I have. I initially tried to roll them, but decided to ask my bank about it first and they don’t accept rolled or unrolled. I might have a solution with a local credit union that I am not a part of, but I will have to wait and see. Thanks for stopping by Kim.
Coin Star now charge 11% as of Dec 2012
Oh, awesome to know. Thanks for passing this information along Gerry!
That is so completely bizarre. The last time I traded in coins was about two years ago. In fact one of my rolls was rejected and I was chastised by the teller for having a Canadian penny tucked in there somewhere. How many coin rolls do you have? You could slowly try to liquidate them at local businesses (“Hey, here are some quarters, if you could spare some bills.”)
It is strange that banks are now treating money like it is bad. I don’t want to have to jump through hoops just to deposit money, coins or paper. This is just getting ridiculous. Thanks for stopping by Jennifer.
Grayson,
It is sad, but you are correct and this post was years ago and it has only gotten worse. Real money (which we’re not even talking about here, it’s all Fiat garbage – real money is Gold & Silver) is shunned. Worst yet, saving is the devil. If you’re paying attention, we live in a scary world.
Maybe they got fed up with all the coin deposits during the U.S. Mint-sponsored coins-for-miles craze of 2011? Anyone remember that?
Thanks for stopping by Nick. I think they don’t want to accept them because they have to pay people to count them. They could just invest in one machine for each branch and be done with it, but that is apparently too difficult.
I am surprised. I was under the impression banks are obligated to take all forms of currency in the country they operate. In the past the process was that the bank would accept your coin deposit, seal it in an envelope and send it to a different unit, where they would count it and credit you the amount.
I was under than impression as well until I found out that they have discretion in what they want to deposit.
I will take mine to a casino to cash in if need be. I am also not a fan of paying a machine to count my money as well. I learned how to do that decades ago! But don’t give up. Try grocery stores and even liquor stores. The only problem I may see with that is trying to cash in pennies…. rolled or not. Most of the time they will not accept them. I have a multitude of casinos in my area that I like to go to, I will cash mine in there if need be, but I haven’t had a problem with Bank of America thus far with accepting them. Hope this helps. It is truly sad to see banks doing this to their customers. I agree with another poster, how are our children to learn to save if they cannot use their earned rewards for deposits??? Sad state we live in!
I don’t have any casinos near me, so that really isn’t an option. I do think it is sad that banks make it harder to deposit coins because it won’t help children learn the right way to save their money. Thanks for stopping by to provide the tip Witchymama.
Witchymama,
I like your thinking – I live 3 miles from a Casino – I’ll bet they’d take my money in any form.
Thanks for thinking out loud for me.
HSBC takes coins but need to put coins into those coin wrappers first
Thanks for the information.
1962 coin act says they are legal tender and must be accepted, rolled or not, in payment of a debt. Now changing out for dollars or depositing is not the same as paying a debt. But I suspect you have a mortgage. Use it for that. Why do you think people get away with paying something with a truck load of quarters or pennies. It’s the law that or the debt is void I guess.
Thank you for the information John. I am aware of the Act, but that doesn’t have to do with just regular deposits. Why should I have to ask to pay a debt with my coins? I don’t have a debt with any local banking institutions, so I can’t just go in there and say I want to pay a debt.
I don’t think you should have to, but get that by a bank teller that has been told she has to obey bank policy and is mistaken in thinking the bank is the law. A deposit is not a debt and so they don’t have to take it just like any business. The only thing I would think would make banks special and force them to take it is if there are some bankin rules that they treat it as valid currency or loae their license and if they are held to a higher standard than other businesses. To ex
To expect people to pay coin star a percentage to convert it just to get it into a bank account where they are likely to lose money versus inflation is ridiculous. But I don’t know of an alternative except the coin act. And even then a bank could refuse and you would have to push the issue all the way to foreclosure and say judge I attempted to pay with legal tender and a bank had th audacity to deny accepting this legal tender that the coin act says they have to accept and here is the money, all of the payments up to this point. I believe there is mention of the debt bein made void as punishment but I’m having a hard time finding it. I am currently in the business of acceptin quarters and have to find a way to get it to a spendable unit. I don’t want to lose ten percent to coin star. Would rather the bank accept a federal reserve bag (we did have this set up at one point). They may as well since they can’t really accept the rolled money as bein the same as their counted rolled money and give it out to the next business asking for it. As it is right now to get around things we are paying our mortgage with it but already I see grumpy clerks that will eventually try to not take it. We shouldn’t have to roll it based on the act but we do just to be nice. We at least get the rolls for free from the bank but I sit around for hours rolling. I would much rather count out a thousand and put it in a reserve bag. It should be that easy but again thy don’t want that anymore. I can see with coin star being out therhow a bank might see it as a way to make money, yet one more fee. Certainly having this clerks count my quarters is Time consuming. Took thirty minutes to pay my last mortgage.
I am not sure if they are in your area, but I had a paper route where I got paid through the old newspaper boxes at stores. I took the change to a federal credit union that works with my actual credit union. I asked if they accepted coins since I did not see a coin counter and they told me they did. In fact, I just went there within the past three weeks and deposited a ton of quarters without having to wrap them. The federal Credit Union I used was Three Rivers Federal Credit Union.
I actually was able to get my coins deposited by heading to a credit union, but had to go with a friend, because I didn’t have an account. They had a coin counter. It seems that credit unions are the few that accept coins.
I bank at the mainstream bank (B-T) that you mention in this article, and ran into the same problem at my regular branch. My teller, however, was nice enough to let me know of another branch downtown that had a free coin counter and would allow me to deposit my coins there. Maybe you could check with smaller branches in your city as well.
Thanks for the information Alex. I called all of the branches around me, but none of them had a coin counting machine. Good to hear that some of them have them, but I am not sure why more don’t.
I worked for a bank as a teller once. Here’s the thing. NO one teaches their child to save by pennies anymore. They all spend hundreds on games. I respect your idea of saving with coins but it’s no longer the mass’s idea of savings. everyone is spending and spending. And with society moving into electronic transactions more and more. Your company directly puts paycheck into your account and you simply use your card. So here’s the scoop. A bank has to pay insurance for its cash stock in case of robery and money service for transfer to and from central banks. Coins are damn heavy when a vault teller bundles them up for shipment going out. Health and injury issue. Coins bc they are heavy, they cost more for transfer. Those armored trucks like Guarda, Sprint, Leeds, etc, all charge more for coin shipments. In short, it costs more, takes up room and worker’s com risk. But personally, i hated the idiots that come in with loose coin in a big ass jar or pillow case and expect us to count it. F*ckin lazy asses. Count them before coming in. Tellers are there to verify your cash amount, NOT count them for you. Tellers are pressured to move the line fast bc EVERY customer gets antsy when they have to wait more than 5 mins. Oh their gawking eyes and locking arm stance. Very irritating. Coins slow down a teller. Period. So all the people who bitch n whine, deal with it. Stop complaining. F*ck face
Wow, you are a very angry individual aren’t you Heny? I am sorry that you didn’t like servicing customers based on what your job was. Did you know that it doesn’t matter how much it costs a bank to deal with coins? It is called the cost of doing business. Since coins are legal tender, banks need to be prepared to deal with them. I agree that coins are inefficient, but that doesn’t make them less of a currency. If they are still accepted, then banks need to deal with them.
I never expected anyone to count the coins. I actually counted them before I went into the bank. What I didn’t do was roll them. If you don’t want to just take my word for it, then you would have to count them. That is what makes a coin counting machine such a great investment. You don’t have to roll or count them, you just throw them in and you are on your way. Again, I am sorry that you hated your banking job and customers in general, but that is what you signed up for. The next time you want to stop here and call me a “F*ck face”, just remember that this is not Yahoo. Your rude comments are not welcome on this site. While your comment could have been constructive, you had to ruin it by being an asshole. See how I didn’t put a * in that word? It is because I felt you needed to see the whole entire thing. I don’t give courtesy to assholes!
Grayson, I agree with you 100% about that stupid moron who was too lazy to count the money even though he worked as a bank teller. I have a large collection of small dollars, halves, quarters, dimes, nickels and pennies at home too. When I get a large amount I always roll them. I haven’t tried to deposit them or cash them for paper, but if my bank has a teller as rude as that Heny, I will definitely report her insolence.
Haha, great comment Robert! I’ve not really encountered rude tellers, but they just tell me they don’t accept coins. I never thought it would be so difficult to get legal tender deposited into a bank.
Wait a minute!!! You mean just because I’m a letter carrier I have to deliver MAIL??? Is this world gone crazy???? LOL what a weenie.
The last time I cashed in coins I had over $1,000 worth. I rolled them, labeled them with my name and account and took them to my bank on a Saturday morning. (Bank is 5 letters, starts with C ends with E). I had each domination in a separate container and amount written on an attached paper. They were a bit taken aback, to say the least, but they gladly helped me unload them and paid me in bills. I came across this blog and it scared me a bit. I have a water-cooler sized plastic jug that is about 15″ high in coins. I have a hand-crank sorter, that is slow but steady and much much easier than hand counting. I think I will call ahead of time and ask which branch to take them to and the best time. Hopefully, I’ll find a branch that will help me. Thanks for the posts.
Glad to hear you were able to get them to deposit those coins for you. There are some banks that will do it, but others just don’t want to. They don’t get enough coins to justify the expense of getting the van to transport them. I guess they forgot the cost of doing business.
Hen sh*t, I’ll bet you were loads of fun to deal with when you were a bank teller. If you had been a teller where I bank at I’d have reported your sorry butt as high up the chain as possible to try to get you fired!!! Also, if you were too lazy to do your job why did you ever go to work at a bank in the first place???
In order for a teller to verify the cash amount as you say wouldn’t they have to count what is deposited whether it be cash or coin?? I’m sorry but you just made it sound like you don’t want to do your job. That is what they get paid for so they should have to do it.
I have to agree with that!
Hi Henry, I think you contradicted yourself a bit in your comment. If mostly everyone is using credit cards and direct deposit, how come there would be great lineups at the bank anyway. Also what about shop owners who HAVE TO deposit coins from the days takings or people who sell at markets and garage sales or don’t you have them over there? Regards Mags from Australia.
Wow – Henry – chill…Like Grayson said, that would be the cost of doing business. I’ve collected my coins over at least 5 years, so maybe you get one customer a week with a shit-ton of rolled change? I’d never take my change in unrolled, nor would most people and even though this is now 2018 (October for those wondering) – some banks will still give out free coin wrappers. So a proper response for a teller would be, “I’m sorry Sir and/or Madam…or other these days, but we do not accept loose change. Please accept these free coin wrappers and feel free to bring this back as soon as you are ready.”
I’m a little late to the discussion but wanted to chime in. I just closed accounts at two banks that stopped accepting rolled coins. The unfortunate truth is banks have found a way to make money off rolled coins. They might install a coin counting machine like you suggest, but be ready for them to charge a Coinstar-like counting fee for using it. One of the banks I left today started charging 7% earlier this year, the other 5%. Sure not much, but it’s the principle. I count the coins and am willing to bring them all in, neatly rolled and totaled so all the teller has to do is count the rolls. I am not willing to pay someone else to do something that I am able to do and have been doing for years. Not to mention the couple of times I used their machine it shorted me no less than $5 each time.
The big argument of ‘it costs more to process coins due to fraud’ is bogus. As somebody who has been in banking for two decades, and had to balance teller general ledgers, I can tell you the over/short G/L washes out most days. If a bank is worried about being out $1 or $5 at the end of the day they have bigger problems than coin deposits. The big mistakes that really cost money happen when errors are made by people like the guy who used to be a teller. Only thinking about themselves, they are in a hurry to go home, rush people through without paying attention, and end up with a drawer shortage at the end of the day because they gave somebody an extra $20 bill or took counterfeit bills, not because a kid came in with $100 of school fundraiser coin change that was a penny off, and yes kids do still do that.
Bottom line here is it’s a way for the banks to make more money, so expect to see it happen more and more. Beginning to think the Great Depression generation had it right, bury money in coffee cans in your backyard or hide it in the walls of your house. Banks today are all about sticking it to the little guy so the executives can buy more mansions and politicians. That’s the New American way!
Great article on a topic that people need to start talking about more instead of just blindly going along with policies that will end up in more fees to pay.
This is a great comment. Thank you very much for taking the time to comment Mitchell. I appreciate your perspective and I think you are correct. Banks are going to find a way to make money, but they should have to accept coins. It is a legal tender in the US and people still get them and use them to make purchases. It is the cost of doing business to accept them.
Not only I am running into this problem with banks, but the three Credit Unions that I have checked with, including two I have accounts with, don’t accept coins anymore either. This feels like it should be illegal. You have to pay a huge penalty for saving cash? You have to teach your kids that a portion of the money they have been saving in their piggy banks has to go to some corporation in order for them to deposit it in their college savings accounts? This is ridiculous. Do you know how many budgeting gurus suggest that you pay for things with cash because it helps people not overspend? If you pay with cash, you accumulate change. Banks get money from the Federal Reserve at reduced rates because they provide a necessary service. I’m sorry that some aspects of doing business cost more than others, but that is true for the rest of us too. Do your job.
This is a great comment Jennifer. I’m sorry you are having problems with banks and coins. I don’t understand how they can just say they won’t accept them or you have to jump through a number of hoops. It’s legal tender and it should be expected. If a retailers can give me change with coins, then I need to be able to do something with it.
I know I’m behind on this commentary, but I ran into this site browsing for some info on banks that do coin counting deposits. Yup, I’m as perplexed as anyone on this. After a horrible time in my life several years ago which impacted my financial situation extremely, the last few years I put a heavy focus toward saving/cutting my expenses with ultimate future goals. I was done with my credit cards (although now keeping one with a low limit) and resulted with plenty of coins from paying with cash. About a year ago my Chicago area bank stopped counting coins (to where I’d deposit them if I agreed with the amount) but last I heard they’ll accept a bag of coins if you give written totals, and have an account there. I’ve always counted mine anyway to be sure. Hard earned so I wanted to know the amounts were right. I guess now it’s counted by Brinks or someone, somewhere else, to be added to your account later — I can’t remember their explanation exactly as to who supposed to do the count and where. I’ve not tested it yet, since with my luck the total will be something way off mine and my change will be far away, long gone. I’ve had miscounts with other banks in the past, both on my part and theirs — last thing I want is to be stuck with wondering which. Mostly so if off by $5 or more! So how do the smaller merchants/pharmacies/stores do it? Do they all have to pay for all their coins to be counted?
Sorry to hear about your financial hardship, but great to hear about your push to save your money. Keep it up! Most banks pay a service to count their coins as it’s time consuming for them to do it and most won’t buy a coin counting machine. I’m not sure about the smaller merchants, but I’m sure the have services that handle deposits. I do remember a store I worked for just went to their bank and gave them a bag of cash and coins. The bank handled everything there, but only for the businesses, not for the regular consumer.
Just a thought…. If your bank is refusing to take coins but coins must be taken to pay a debt, next time you have a fee from your bank, you insist that they take the fee with your coins.
This is absolutely ridiculous. A bank must take all US Legal Tender. Period. If they don’t have the ability, they must make the ability.
I once thought banks were required to take all legal tender, but that doesn’t seem to be the case in reality. I’ve seen my fair share of them reject coins in all forms. If I had a debt to be paid, I would happily pay it with coins. Unfortunately, I don’t have debts with any of the banks I have accounts with.
Not that it helps, but in England/UK/Britain this has never been a problem for me – no matter how small the deposit is you can deposit it (although I’d guess it would have to at least be £1), and you can ever deposit uneven quantities of money, like say £22.53 – it’s no more effort for them behind the counter as they just add up the cash and coins using basic math skills, and use the coin weighing machine to count the coins that you’ve bagged up (bags of money would be coin specific, so you would only have one type of coin per bag). I can’t believe this is such an issue in the US – I bet banks would be happy to give you coins and Legal Tender if say you withdrew $72, but wouldn’t accept it themselves. Do they accept coins as a form of Legal Tender when exchanging for notes?
My college-aged daughter just found out today that our credit union accepts neither rolled nor loose change for deposit into her account. Instead, she was told to go to one of their branches that had a coin counter and have it counted through the machine and deposited at that branch. What she wasn’t told was that there would be a 5% fee to have it processed that way (I abhor the idea of paying a financial institution in order to deposit your money into your account at their institution!). I told her to hold off until I spoke with someone at the credit union, and what I found out was if you had over $500 in your account that the 5% charge would be waived. We will see if that information holds true when she returns to the credit union (she does meet that account criteria), but I don’t think that information would have been otherwise provided had the specific question not been asked. I maintain it pays to be persistent and to ask lots of questions!
Ouch, didn’t know credit unions were doing this mess now too. Why it is so hard to deposit legal tender at a bank? Isn’t it their sole purpose to take our deposits?
When buying at a self checkout you can use pocket change in the change unless it says cards only.
If a bank refuses pocket change resulting in bounced checks the banks could be sued.
You must use a REALLY tiny bank. I live in a town of 20k in southern Minnesota. My bank is local (2 locations, both within city limits) and they have coin machines in both branches free for use by clients, whether they wish to deposit or get the cash
I wish I did. My bank is in 5 states and has many branches. Not small at all. I’m in a town of nearly 500,000.
Banks do still take coin deposits but they don’t want years worth of coins that were just thrown into a jar. If you truly want to save take that spare change and deposit it weekly at your bank. It would take a teller all day to sort, count and roll all of that coin. Then the bank would be charged a fee to send that coin back to federal reserve. Also, banks do not have coin sorters or counters. Everything would need to be done by hand. This means that instead of waiting on customers the teller would be counting your coin all day. It just doesn’t make sense to accept it like that.
I would say that is true, but I’ve been declined the acceptance of rolled coins as well at quite a few banks (different banks and different branches). It seems it’s completely up to the branch in how they want to handle coins. So, unfortunately, some banks just don’t want to take coins, rolled or not.
Our credit union has coin counters. If you have under $100 in coins it is free, over $100 = a 5% charge. We will take in just under $100 at a time or we will each take in a jar and dump them in separately.
Great article!
Hi, I live in Australia. We have little plastic click lock bags that banks give for free to put coins in. Each has the total monetary amount printed on the front for the separate denomination of coins. We put the money in the bags in correct denominations. then the bank weighs each bag to make sure they are correct. The bank can see if the coins are genuine through the plastic. There is NO charge for this service. Too Easy! Seems that America is behind the times when it comes to their banking system.
Well here in New York all the bank take coin deposit with a limit on how many rolls can be deposited. While that’s a pain I at least can deposit them with out a fee. But it does take time to roll them.
Wow, I don’t know if to be surprised that govt-issued coins are now such a nuisance to banks. So… what are businesses–particularly smaller chains–to do with their reserve of coins? I assume supermarkets empty all their change into Coinstars every night?