Coin Counting Machines Still Exist: Which Banks Have Them?

Oct 19th, 2018 | 154 comments

Coin Counting Machine in the store
Coin Counting Machine at the store

Remember the days you could take your piggy bank full of coins to the local savings institution and have them counted out for crisp bills or deposit.

Fortunately, those days aren’t entirely gone.

MyBankTracker has identified a handful of banks still offering this service, although there may be a small fee.

In that case, we also show you other ways to convert your coins for free.

Which Banks Have Coin Counters?

Some top national banks continue to provide coin-counting machines to customers and to non-customers.

Many of them have stopped offering this service because they claim that these machines cost more to maintain than the value that is delivered to customers.

The financial institutions that are most likely to operate coin-counting machines for the public are local community banks and credit unions (often known for providing better personal customer service).

Additionally, you might need to be a customer in order to use these machines.

Otherwise, expect to pay a small fee for using the service as a non-customer.

Coin counting machine fees

BankCustomersNon-customers
BB&TFree for $25 or less, 5% fee for more than $2510% fee
JBTFree5% fee
Manasquan BankFree-
Home State BankFree10% fee
First County BankFree-
Shelby Savings BankFree-
Cape BankFreeFree
Hancock County Savings BankFree-
Republic Bank (NJ/PA)FreeFree
People's United BankFree-
American Eagle Federal Credit UnionFreeFree
Westerra Credit UnionFree-
ChaseNo Counters
CitibankNo Counters
Bank of AmericaNo Counters
Capital OneNo Counters
TD BankNo Counters
PNC BankNo Counters

BB&T Bank still has these machines in many of their branches, but not all.

For customers, it should be no surprise that the service is free, with the exception of BB&T.

For non-customers, however, there is a definitely going to be a fee that’s equal to a percentage of the coins counted.

Banks Accept Coins Deposits in Coin Wrappers

coin wrappers
Coin wrappers

After reaching out to all the banks, we found that every single one of them will provide coin wrappers for free, regardless of whether or not you are a customer.

Coin wrappers are paper wrappers that come color-coded for different coin denominations.

Each wrapper is used to roll 40 to 50 coins in denominations of 25 cents or less. Wrappers do exist for 50-cent and one-dollar coins.

If you’ve got a lot of coins, it could be a time-consuming task to stuff them into the wrappers.

Once you’ve rolled the coins, just bring them to the bank for deposit or exchange. For customers of the bank, it is free.

For non-customers, it’s not as simple — read below:

Exchange Coins For Free At Banks

Although every bank will give out free coin wrappers, not every bank will accept your rolled coins if you are a non-customer.

Chase Bank happens to have rather generous policies for non-customers, who can exchange up to $200 in coins as long as they’re in coin wrappers.

If you’ve got more than $200 in coins, there’s a simple trick: just visit multiple Chase branches.

Did you know? It costs more than a penny to produce a penny. In 2014, it cost $0.166 to produce one $0.01 coin, according to a report by the U.S. Mint. The high cost of penny production has led many people to advocate phasing out the coin denomination.

While Chase will happily accept your coins, other banks I contacted will not.

Most of them have a policy of not converting coins to bills for non-customers.

In actuality, however, tellers would perform the coin exchange if the coins were wrapped and for a small amount between $10 to $20.

Again, you can use the same trick here by going to multiple bank branches.

If you have hundreds of dollars in coins, be prepared to make trips to many different banks.

Otherwise, your other option would be to just open an account with a bank that has a coin counting machine — not exactly the best option I must say.

Coin Counting Alternative With Coinstar & Other Stores

Coinstar is a company that offers kiosks for counting coins. You can turn the coins into cash, electronic gift codes, or charitable donations.

Coinstar kiosks can be found most often in major U.S. supermarkets.

Coinstar charges a fee of 11.9% if you want the coins converted to bills. If you just want cash from your coins, banks are the cheaper option.

But, as mentioned above, if you convert those coins into branded gift cards through Coinstar, it is completely free (see other ways to avoid Coinstar’s fee).

How it works

  1. You can bring your coins without having to have them sorted or wrapped. They simply have to be free of dirt, debris, and other obstructions that could block the machine from accepting the coins.
  2. Select the exchange option that you prefer.
  3. For cash, you’ll get a paper voucher that you bring to the cashier. For the electronic gift code, it will be printed on your receipt. For donations, you’ll receive a receipt of your donation for tax purposes.

Gift Cards & Participating Charities Through Coinstar

Branded eGift cardsParticipating charities
AmazonAmerican Red Cross
AMC TheatresChildren’s Miracle Network Hospitals
Applebee’sFeeding America
Apple iTunesThe Humane Society of the United States
Best BuyLeukemia & Lymphona Society
Build-a-Bear WorkshopUNICEF
Lowe’sWorld Wildlife Foundation
Forever 21
The Home Depot
Old Navy
Sears
Sephora
Starbucks
Toys R’ Us/Babies R’ Us

The best cash out option to avoid losing a significant of money to fees is the electronic gift code or charitable donations.

Coin exchange optionFeeHow it works
Cash voucher10.9%Turn in the cash voucher to a cashier
eGift CardNoneGift code is printed on the receipt
Charitable donationNoneDonation is automatically made -- with a receipt for tax purposes

Stores with Coin Counter Machines

Rather than going to the bank, you might run into a coin-counting machine at one of the places to visit the most: a grocery store or supermarket.

With cash transactions happening all the time, it makes sense that these machines are readily available at these stores.

Note: Every single store, even if it’s under the same chain, may not have a machine. If you’re thinking about making the trip, we suggest calling the store first.

Stores
Wal-Mart
Winn Dixie
Food 4 Less
Vons
Ralphs
ShopRite
The Food Emporium
Safeway
Acme
Kroger
Jewel

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Simon Zhen

Simon Zhen is a research analyst for MyBankTracker. He is an expert on consumer banking products, bank innovations, and financial technology.

Simon has contributed and/or been quoted in major publications and outlets including Consumer Reports, American Banker, Yahoo Finance, U.S. News – World Report, The Huffington Post, Business Insider, Lifehacker, and AOL.com.

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