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If you want to convert your coins into cash for free, you may wonder where to go. While many establishments such as banks, credit unions, and supermarkets charge a fee for this service, a few options are available to you that don’t charge any fees.
When considering where to cash in your coins, it’s important to know any percentage or fee the company may take. Some financial institutions charge a percentage of the total amount, while others charge a flat fee. Supermarkets typically offer coin-counting services without fees, but they may require you to purchase a gift card or store credit instead of providing cash.
To find the best option for you, it’s recommended that you research different options and compare their fees and policies. Additionally, you can check with your local community banks or credit unions to see if they offer free coin-counting services to their customers. By taking the time to research your options, you can save money and get the most value out of your coins.
5 Best places to cash coins for free
Below are five places where to access free coin counting and exchange services:
1. QuikTrip
QuikTrip is a popular chain of gas stations that operates across 14 states in the US and has over 900 locations. If you are looking for a reliable place to exchange your coins, QuikTrip stores in your local area should be your go-to option.
QuikTrip has waived any service fees for coin exchanges in response to the national coin shortage. This means you can get 100% value of your coins without putting in any extra effort, except for physically visiting the gas station. This is a great opportunity to get rid of your spare change and get cash in hand while saving on service fees.
2. Wells Fargo
Wells Fargo is a well-known banking institution that provides a free service for customers who need to deposit their coins. This service is available at all Wells Fargo branches across the United States. To use this service, customers with bank accounts are required to use coin rolls, which can be obtained from the bank.
With this service, customers can easily and conveniently deposit their coins without worrying about any additional fees or charges.
3. Bank of America
Bank of America is one of the largest banks in the US and offers its customers a range of financial services. Among the services provided is the ability for customers to cash in their coins, but it’s important to be aware of the bank’s policies when doing so.
One important thing to note is that Bank of America does not charge a fee for customers to cash in their coins. This can be a convenient way to get rid of loose change and turn it into cash that can be used for other purposes.
However, it’s also important to know that the bank requires customers to submit coins via coin rolls when cashing them in. You can’t simply dump a pile of coins on the desk and wait for the teller to sort them manually.
Instead, you’ll need to take the time to sort your coins into the appropriate coin rolls before bringing them into the bank. This can be done using coin wrappers at many stores or online retailers.
Once your coins are sorted and wrapped, you can bring them to your local Bank of America branch to have them cashed in. The bank will count the coins and provide cash that you can use for other purposes, such as paying bills or making purchases.
4. US Bank
If you’re a customer of US Bank and have been saving up your loose change, you’ll be glad to know that you can deposit those coins for free. Unlike many other banks, US Bank doesn’t require you to roll your coins or put them into paper holders. You can simply bring in your loose change, and the bank will count it for you and deposit it into your account free of charge.
In addition to US Bank, several other banks offer similar services without fees or the need to roll coins. These include TD Bank, Chase, Capital One, and Citibank. So if you’re looking for a hassle-free way to deposit your change, be sure to check out these options.
5. Credit union
If you have a pile of loose change that you’d like to convert into cash, you might be interested in learning about coin exchange services offered by credit unions. While some banks charge a fee for this service, many credit unions provide free coin exchanges as a perk for their customers. In fact, some credit unions even extend this service to non-customers to attract new business.
One such credit union that offers free coin exchanges to all consumers is American Eagle Federal Credit Union. They accept coins in denominations of one cent up to $5 and will even count and sort the coins for you. Westerra Credit Union is another organization that provides coin exchange services but is exclusive to members. Members can exchange their coins without any fees, but non-members will be charged a fee of 5% of the total coins exchanged.
In summary, if you have a lot of coins cluttering up your house, consider utilizing the free coin exchange services offered by credit unions. It’s an easy way to turn your loose change into cash without paying any additional fees.
How to wrap coins
If you have spare coins lying around, you may wonder how to convert them into cash. Unfortunately, most companies that accept coins require you to roll them up before cashing them in. This can be an extremely frustrating and time-consuming process, especially if you have a large number of coins in multiple buckets.
There are a couple of ways to tackle this problem. One option is to buy a coin sorting machine, such as the Royal Sovereign model, which you can purchase on Amazon for around $33. However, remember that this may not be the most cost-effective solution, especially if you don’t have enough coins to justify the purchase.
Alternatively, you can take your coins to a Coinstar kiosk, which can be found in various locations across the country. Although you will lose a small percentage of your coins, this self-service machine lets you quickly and easily convert your coins to cash. Plus, you’ll be able to avoid the hassle of manually sorting and rolling up your coins, which can take months to complete.
What is Coinstar?
Coinstar is a self-service coin-counting kiosk allowing individuals to convert loose change into cash or e-gift cards. The kiosk is designed to make counting coins and receiving payment as effortless as possible. You can pour your coins into the machine, and it will count them automatically. The machine accepts coins of different denominations, including pennies, nickels, dimes, and quarters.
It is important to note that Coinstar charges a fee for its services. The fee is 11.9% of the total amount of coins you deposit. For instance, if you deposit $100 worth of coins into the machine, you will only receive $88.10 in cash or an e-gift card. This fee may seem steep, but it is worth it for people who do not want to spend hours counting and rolling their coins.
Moreover, Coinstar offers a convenient way to get rid of the coins accumulating in your home. It saves you from the hassle of carrying your coins to a bank or a store that could convert them for you. Additionally, you can donate your coins to a charity of your choice, as Coinstar offers an option to donate to various charitable organizations.
In conclusion, Coinstar is a fast, reliable, and hassle-free way to convert your coins into cash or e-gift cards. While it charges a fee for its services, it is a small price to pay for the convenience of avoiding the manual process of counting and rolling coins.
Avoid Coinstar’s fee with eGift cards
If you’re looking to avoid Coinstar’s 11.9% fee, there’s a pro tip that you might want to consider. Instead of opting for cash, you can choose to cash out using eGift Cards. This strategy lets you keep every penny you’ve put into the machine. When you opt for eGift Cards, you’ll receive a debit card with a unique code instead of cash from the Coinstar machine. This plastic card can be used as a voucher when shopping online or in stores.
The best part about using eGift Cards is that they work just like cash in various places, such as AMC, Amazon, the Apple Store, Steam, GameStop, Lowe’s, Starbucks, and Home Depot, to name a few. In other words, you can use the Amazon or Apple gift cards you receive to purchase items from these stores. Also, using eGift Cards can be fun and rewarding, especially when looking for a quick and easy way to earn extra rewards or save money. So, the next time you consider using a Coinstar machine, consider going for eGift Cards instead.
Where to find Coinstar kiosks
If you’re looking for a Coinstar kiosk to cash in your coins, there are several major retailers where you can find them conveniently located.
- With over 11,000 stores throughout the United States, Walmart is a prime place to find a Coinstar machine near you.
- Additionally, ShopRite, a smaller grocery store chain, has Coinstar kiosks for customer use.
- CVS is another popular retailer offering access to Coinstar machines, but it’s always a good idea to double-check if your local CVS has a Coinstar kiosk before you make a trip.
- Lastly, Target is another retailer that provides Coinstar machines for customers looking to convert their coins into cash or gift cards.
With these options available, you’ll be able to find a Coinstar kiosk quickly and easily.
Tips for maximizing your coin
Consider these tips to get the most out of your loose change:
Cut down on cash
Many people have a lot of coins lying around in their homes, stored in old coffee cans and bags. Cashing in these coins can be a real hassle, and it can be quite expensive to do so. That’s why it’s advisable to cut down on cash and use other payment methods like mobile banking or credit/debit cards. By reducing your cash usage, you will enjoy several benefits.
One significant advantage of using less cash is that it gives you more visibility into your spending. Using cards or mobile banking apps lets you easily track your transactions and monitor your budget. This can help you to make more informed financial decisions and avoid overspending.
Another reason to use less cash is that it’s safer than carrying a lot of cash. Cash is prone to theft, and it’s much easier for someone to steal a jar of coins than to hack your bank account. Reducing your cash usage reduces the risk of theft and keeps your money safer.
Using less cash can also be beneficial for your finances. When you keep your money in the bank, it can collect interest, which can help it grow over time. In contrast, cash sitting around the house can lose value due to inflation and other factors.
Finally, cutting down on cash is more sanitary, especially in times of pandemics. Money passes from person to person, and every transaction can gather germs and bacteria. Using other payment methods, you can reduce exposure to these germs and protect your health.
Roll as you spend
You might accumulate many loose coins over time if you prefer to use cash for your daily transactions. To avoid dealing with a heavy jar full of coins, try a simple yet effective method called “Roll as You Spend”. This method involves rolling up your coins into paper rolls at the end of each day or week, depending on how frequently you use cash.
By doing so, you can keep your coins organized and make it easier to cash them in at a later time. This approach is convenient and cost-effective since you can avoid some businesses’ fees for coin counting and exchange services. So, if you want to manage your loose change more efficiently, give “Roll as You Spend” a try.
Use your coins
Coins are often overlooked and underused for being bulky, dirty, and heavy. But the truth is, they are just as valuable as paper money. You might be surprised to learn that coins are more durable and long-lasting than paper bills.
If you have a surplus of coins sitting around, consider using them for everyday purchases like food, drinks, and transportation instead of letting them pile up. Sure, counting and carrying them around may seem inconvenient, but it’s a great way to put those coins to good use. You might even save money when you use coins since some businesses offer discounts or incentives for customers who pay with coins.
Moreover, using coins helps to reduce cash circulation and save resources as they are cheaper to produce than paper money. So, don’t let those coins go to waste. Next time you make a purchase, don’t hesitate to use those valuable little pieces of metal.
Use the money to pay down debt
If you find yourself with spare change, one of the most effective ways to utilize it is to pay down any outstanding credit card balances or student loans that you may have. This will help you reduce your principal balance, resulting in lower interest charges over time. By making extra payments towards your loans or credit card bills, you can pay off your debts faster and save on interest fees.
However, if you’re fortunate not to have any outstanding debt, there are other options for you to consider. For instance, you could put your spare change into a savings account or investment portfolio. Savings accounts are a great way to build an emergency fund, which can be useful in case of unexpected expenses.
Meanwhile, investing your money can help you grow your wealth over time if you’re willing to take on some risk. Ultimately, the key is to make the most of your spare change by putting it towards a worthwhile financial goal rather than letting it go to waste.
What is a coin counter?
Coin counters are machines that are designed to count coins accurately and quickly. They are a convenient way of counting and sorting coins, and they make it easy to put the coins into paper wrappers for depositing them at banks. Whether you are a business owner who deals with a lot of cash transactions or someone who likes to save their spare change in a piggy bank, a coin counter can be a useful tool.
However, it’s important to note that coin counters can be expensive, and this cost can eat into your profits if you’re trying to cash out. Therefore, it’s recommended to look for a cheap model that you can use over time to minimize the cost. Alternatively, you could visit a Coinstar machine occasionally if you don’t have a large amount of spare change to count.
Ultimately, deciding whether to invest in a coin counter largely depends on how often you accumulate spare change. If you collect many coins regularly, a coin counter can save you time and hassle. On the other hand, if you only have a small amount of change to count occasionally, it may make more sense to use a Coinstar machine or count the coins manually.
What is the maximum amount I can put in a Coinstar machine?
Coinstar machines are a popular way to convert loose change into cash or electronic gift cards. However, it’s important to note that these machines have a maximum limit of $2,000 per transaction.
If you have over $2,000 worth of coins, you’ll need to make multiple transactions from the same machine to cash them all in. It’s worth mentioning that it’s unlikely for most people to have such a large amount of coins to convert at once, but it’s good to remember if you’re planning to use a Coinstar machine for a larger amount.
Do local banks provide coin exchange services?
Many local banks offer coin exchange services as part of their regular banking services. However, it is important to note that some banks may charge a fee for depositing coins, so it is always best to check with your bank in advance to determine if there are any fees or restrictions.
Additionally, some banks may limit the amount of coins you can deposit at one time, so it is important to be aware of any restrictions before you visit the bank. Overall, it is a good idea to call ahead and confirm the specific coin exchange services and policies of your local bank to ensure a smooth and hassle-free experience.
The bottom line
At some point, you are bound to accumulate a significant amount of loose change, whether from breaking bills or receiving it as a change from purchases. Eventually, you’ll need to figure out what to do with all that spare change.
You could cash it in by breaking open a piggy bank or emptying a change jar. However, if you have saved up a considerable amount of coins over months or even years, you must have a proper plan for what to do with the money. Luckily, you have several options available to you. You can use the above tips to convert your coins into cash or spend the change.
Depending on your preference and the amount of change you have saved up, the most straightforward and convenient option may be to pay the Coinstar fee for them to convert your coins into cash. Ultimately, the decision of what to do with your spare change is yours to make.