If you’ve got a jar full of spare change collecting dust, you might be wondering where you can actually turn those coins into cash. Finding a bank with a coin-counting machine can save you time, frustration, and even spare you from unwanted fees.
Knowing which banks offer this service is more important than ever, as many have removed their machines or set limits. In this article, we’ll reveal which banks have coin machines, tips for using them, and alternative options so you can make every penny count.
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Which Banks Have a Coin Machine? Your Complete Guide
If you’ve ever found yourself with a jar of loose change piling up, you’re not alone. Many people wonder where they can turn these coins into cash or deposit them easily. Banks with coin counting machines offer a simple, convenient solution. However, the availability and location of these machines can sometimes be confusing. Let’s break down how you can find a bank with a coin machine, what to expect, and the best ways to turn your coins into usable funds.
Do Banks Still Have Coin Counting Machines?
Yes, some banks still provide coin counting machines for their customers—but they are less common than they used to be. Over the past decade, many banks have reduced or removed these machines due to maintenance costs and declining usage. However, select banks and credit unions continue to offer this service, aiming to provide added convenience for account holders.
Why Aren’t Coin Machines Available Everywhere?
A few key reasons explain the scarcity:
– High maintenance and repair costs.
– Risk of coin contamination, jamming, or counterfeit coins.
– Declining use as digital payments and card usage increase.
Despite these challenges, a handful of banks (and some credit unions) see the value in offering coin counting machines, especially to attract and retain customers.
Which Major Banks Typically Have Coin Machines?
Finding a nearby bank with a coin counting machine is not as simple as walking into any branch. Here’s how the banking landscape stands today:
1. Large National Banks
Most large national banks, such as Chase, Bank of America, Wells Fargo, and Citibank, no longer offer coin counting machines in their branches to the general public. They have removed these machines, citing the factors above.
2. Regional Banks & Credit Unions
Some regional banks–especially community-based ones–and credit unions are more likely to have coin machines available. Here are examples of banks and credit unions that may have this service:
- TD Bank (in select branches; sometimes called “Penny Arcade”)
- PNC Bank (in some regions)
- Huntington Bank
- BB&T (now Truist)
- KeyBank
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Various community credit unions
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Note:* Availability varies widely by location and is often restricted to account holders only.
3. Credit Unions
Credit unions shine when it comes to customer service and added value. Many offer free coin counting for members in the lobby or teller area. Non-members might have to pay a fee or may not be allowed to use the machines.
4. Banks That No Longer Offer Coin Machines
It’s important to know some major banks have phased out coin machines entirely, including:
– Bank of America
– Chase
– Wells Fargo
– Citibank
If you bank with these institutions, you’ll likely need to look elsewhere.
What Should You Expect When Using a Bank’s Coin Machine?
Coin machines in banks are user-friendly and similar to those you might find at a grocery store. Here’s the general process:
- Bring your coins: You don’t typically need to pre-roll them—just pour them into the machine.
- Sort and Count: The machine will automatically count, sort, and tally your coins.
- Receive a Receipt: The machine prints a receipt showing your coin total.
- Redeem: Take the receipt to a teller, who either converts it to cash or deposits the amount into your account.
Some machines may allow direct deposit into your checking or savings account, while others require the extra step of speaking to a bank teller.
Free vs. Fee-Based Coin Counting
Not all coin machines are free to use. The experience will depend on the bank’s specific policies:
- Free for Account Holders: Many banks and credit unions offer coin counting machines free of charge for their customers or members.
- Fees for Non-Customers: Non-account holders may be charged a fee, often ranging from 5% to 11.9% of the total coins counted.
- Minimum Amounts: Some machines require a minimum deposit before they’ll process your coins.
Always call ahead to clarify the fees and policies before you go.
Benefits of Using a Bank’s Coin Machine
Banks offer several advantages over retail coin-counting machines:
- Fee Savings: Using your own bank often means there’s no fee, letting you keep every penny.
- Ease of Deposit: You can deposit the coin amount directly into your account.
- Security: You don’t need to walk around with large sums of coins or cash.
Challenges and Limitations
While convenient, there are some things to watch out for:
- Machine Availability: Not all branches have a machine. Call ahead to confirm.
- Operational Hours: Machines are usually available only during lobby hours.
- Coin Restrictions: Some banks may place limits on the amount or type of coins accepted.
- Customer Status: Non-customers may not be allowed to use the machines, or may face steep fees.
- Waiting in Line: At busy times, you may need to wait if the machine is in use or being serviced.
Practical Tips for Turning Coins into Cash at Banks
To make the most of your coin-counting experience, keep these tips in mind:
- Sort Out Foreign Items: Remove any non-coin objects (buttons, washers, foreign coins) before arriving.
- Check Account Requirements: Ask if coin counting is free for account holders and if your account qualifies.
- Call Ahead: Not all branches of the same bank have machines; ask about your local branch.
- Prepare for Large Amounts: Some banks may require advance notice if you have a large batch of coins.
- Consider Coin Wrappers: If your bank doesn’t have a machine, ask if they accept rolled coins. Most will, and you can obtain free wrappers at the branch.
Alternatives to Bank Coin Machines
Not every bank can help you with coins, but there are alternatives:
1. Retail Coin Counting Machines
Many supermarkets and grocery stores provide self-service coin machines (like Coinstar). These typically charge a fee—often about 11.9%—but may offer the option for a no-fee eGift card.
2. Credit Unions
Join a local credit union if you regularly deal with coins. Their coin-counting policies tend to be more customer-friendly.
3. Roll and Deposit
If machines aren’t available or you want to avoid fees, use coin wrappers. Deposit the rolled coins with a bank teller. Free wrappers are often available at local banks or office supply stores.
Best Practices for Banking Your Coins
Make your coin banking experience smooth by following a few best practices:
- Clean Out Your Coin Jar Regularly: Avoid large, overwhelming coin deposits by making regular small deposits.
- Be Polite and Patient: Bank staff will appreciate your organization and courtesy.
- Store Coins in Small Containers: Easier to transport than big jars or buckets.
- Bring ID: Some banks may require identification, especially if you’re depositing a large sum.
- Confirm Deposit Policies: Knowing your bank’s stance on coins will save you time and frustration.
Understanding Coin Machine Features
Modern coin machines offer:
– Fast, accurate counting.
– Receipt printing for easy redemption.
– Sorting out of rejected or foreign items.
– In some cases, direct deposits to accounts.
Not all machines are created equal—some may be prone to jams or inaccuracies, so always double-check your receipt and total.
Summary
Finding banks with coin machines is a little trickier than it used to be, but it’s certainly possible. While the largest national banks have moved away from this service, many community banks, regional banks, and credit unions still provide coin counting for the convenience of their customers—often free of charge.
Your best approach is to check with your own bank or a nearby credit union. Call ahead to confirm availability, policies, and fees. If a bank option isn’t available, retail coin machines and the old-fashioned rolling method can also get your coins turned into cash. No matter your approach, turning loose change into usable funds is still within reach!
Frequently Asked Questions (FAQs)
1. Do all banks have coin counting machines?
No, most large national banks have removed coin counting machines from their branches. However, many regional banks and credit unions still offer them, especially for account holders. Always call ahead to your local branch to confirm availability.
2. Can I use a bank’s coin machine if I’m not a customer?
It depends. Some banks allow non-customers to use their coin machines for a fee, while others restrict the service to account holders only. Always check the branch policy before visiting.
3. How much does it cost to use a coin counting machine at a bank?
For bank customers or members, the service is often free. Non-customers may be charged a percentage fee—sometimes between 5% and 11.9%—based on the total value of coins counted.
4. What happens if my bank doesn’t have a coin machine?
If your bank doesn’t provide a coin counting machine, you can:
– Use a coin machine at a grocery store (with or without a fee).
– Roll your coins and deposit them directly at the teller.
– Join a credit union that offers coin counting services.
5. Do banks accept rolled coins if they don’t have a machine?
Yes, most banks will accept rolled coins for deposit or exchange. You can get coin wrappers for free at your local branch, or purchase them at a store. Make sure to write your information on the rolls if requested.
Ready to cash in your spare change? Start by calling your local bank or credit union and asking about their coin-counting options. With a little planning, you can turn that heavy jar into valuable funds—without unnecessary fees!