- Does Banks Give Coin Wrappers
- Do Banks Give Away Coin Wrappers
- Do Banks Give You Coin Wrappers
- Do Banks Give Coin Wrappers For Free
- Do Banks Give Coin Wrappers
- Coin Wrappers Free At Banks
Yes, most banks will accept rolled coins in paper wrappers. Nearly all banks will provide coin wrappers for free to both customers and non-customers. Color-coded wrappers exist for pennies, nickels, dimes, and quarters in their respective denominations.
Here is an example of generic coin wrappers for sale on Amazon. The cost comes out to a little over $.05 per wrapper. In this pack you get 250 wrappers, which include 100 quarters, 50 dimes, 50 nickels, and 50 pennies. This is a good mix because if you are collecting silver bullion, then you might not have as big of a need for the penny wrappers. The Coin Buyback Program is open to anyone who has spare change–not just customers of Community State Bank. And everyone can receive a maximum coin bonus of $500 provided they bring enough of. What do you know? I found 3 Canadian coins tucked in there. I showed them to the guy and he was surprised. He said an old lady just dropped them off not too long ago and reimbursed me for the mistake. Always try to get the 'bank rolled' coins, in the shrink wrapped plastic. And Lisa, go buy yourself a brain with those rolled coins. Posted: (3 days ago) Nearly all banks will provide coin wrappers for free to both customers and non-customers. Color-coded wrappers exist for pennies, nickels, dimes, and quarters in their respective.
Unless you manage to pay for absolutely everything with credit and debit, chances are you're going to gather loose change throughout your day. A penny here, a quarter there, and before you know it, you've got more coinage than Scrooge McDuck. If you're like most people, you'll want to get rid of those annoying things as soon as possible.
Because while we know it's money, we'd prefer it in a more convenient form than 'giant jar of shiny things.' The less likely it is that your money could suddenly crash down and scatter across the floor at 4 AM, the better.
So what's the easiest, most cost-effective way of ridding yourself of loose change?
There are three primary options to change coins to cash:
- Take your coins to the bank
- Roll the coins yourself
- Use a coin change service
In this post, we'll discuss a few tried-and-true methods to transform change to cash, including those mentioned above, along with the pros and cons of each because nothing in this world is polite enough to be perfect. In a rush to turn your coins into cash? Use the links below to skip ahead:
Take Your Coins to the Bank
Does Banks Give Coin Wrappers
As you might have guessed, one way you can have your silver coins swapped for crisp, paper Lincolns is by taking them to the bank. Sweet and simple.
However, counting and exchanging all of those coins comes at a cost. If you don't have an account with the bank, you might be charged a fee in order to have your coins changed out.
Another caveat: not all banks will exchange coins at all, so be sure to call ahead before you lug your giant jar of coins across town. One more thing to consider: some banks will only take coins that have been rolled—which we'll discuss in just a moment.
PROs: Having your coins exchanged at your bank is convenient, especially if you have other matters to take care of while you're there! What's more, if you're an account holder, you may be able to deposit the funds from your change jar right into your bank account.
CONs: Your bank may require you to roll your coins ahead of time and may charge you a fee in order to exchange them.
Roll Them Yourself
If your bank says that they only accept rolled coins, you might have your Sunday project cut out for you. The upside is, by the end of this task, you'll hopefully be able to turn a few pounds of loose change into a stack of cash you can slide right into your wallet.
Rolling your own coins may be a little bit tedious but this is typically the cheapest option you have to change your coins into cash. Here's how to do it:
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- Pick up some coin wrappers in the denominations that you need (quarters, dimes, nickels, pennies)
- Some banks will give them to you for free if you ask politely
- Or, you can buy them online or even at your local discount store
- Separate your coins according to the amount listed on the wrapper
- $10 quarters
- $5 dimes
- $2 nickels
- 50¢ pennies
- Change to cash or deposit the amount into your bank account
PROs: This is a low-cost way to turn your change into cash, perfect for the broke college student or savvy saver. Coin wrappers are typically inexpensive, if not free when you ask nicely at the bank. If you're an account holder, you can deposit the amount right into your bank account, making it easy to build your emergency fund, checking or savings account.
CONs: It all depends on how good you are with neatly organizing bits of metal into little paper tubes. In other words, the process of rolling your own coins can be a little tedious and if you have tons of coins and clumsy hands, this could end up being an all-day project, and an unfortunate waste of time.
Use a Coin Counting Machine
Chances are you've seen these things at your local grocery store or bank, usually of the brand 'Coinstar.'
This is probably the simplest and most accessible way to turn change to cash. Here's how.
- If you're not sure where there's a coin exchange service near you, you can do a quick search on Coinstar.com to find a kiosk service in your area
- Bring your change jar and drop your coins into the slot and wait for the machine to count them up for you
- Select a method to turn your change to cash:
- Get cash (8-10% fee)
- Exchange coins for an eGift Card (no fee)
Consider giving back by making a donation to your favorite charity (no fee)
Do Banks Give Away Coin Wrappers
PROs: The machine quickly counts up all your coins for you. Other than getting yourself to the store or bank, you don't have to do anything!
CONs: Unless you elect to put your money into a store-specific gift card, you will likely lose 8-10% of your fortune to fees.
Hire Someone to Roll Them
If your schedule is simply too tight to roll coins yourself or go to the store and have a machine do it, you can always pay a friend or neighbor to do it.
PROs: You literally don't have to do anything but collect the rolls afterwards.
CONs: Unless you elect to put your money into a store-specific gift card, you will likely lose 8-10% of your fortune to fees.
Hire Someone to Roll Them
If your schedule is simply too tight to roll coins yourself or go to the store and have a machine do it, you can always pay a friend or neighbor to do it.
PROs: You literally don't have to do anything but collect the rolls afterwards.
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CONs: Unless you can turn this into one of your child's chores, then you have to pay somebody to do this each and every time, which means you now have less money and that kind of defeats the purpose of this exercise.
Besides, there's always the sad-but-true possibility your hired help will quietly skim a little bit off the top for themselves.
Buy a Coin Separator
Since most stores would frown on you stealing their coin machine, why not buy a miniature version for your home? If you're diligent about collecting your coins and have turned this task into a kind of ritual, buying a coin separator might be the best way to cash in coins.
All you have to do is find a coin separator of your choice, pick up some rollers, place them in the appropriate slots, and the separator will automatically slide the coins right in. Depending on the model, it might even seal the roll for you! Once all of your coins have been distributed into the appropriate rollers, you can take them to the bank and you're good to go.
PROs: A coin separator quickly organizes everything and rolls it all for you, and charges no fees.
CONs: Unfortunately, you still have to buy the machine, and if you have a huge project involving jars upon jars of coins, a top-of-the-line separator could run you several hundred bucks. Luckily, if you only have a few coins and aren't constantly building up more, a basic machine will only run you about 15 bucks.
Buy Stuff with Them
Of course, you COULD just use the coins as money, which they technically still are. Simply bring what you need to the counter, pay the clerk, and enjoy all your new-found stuff. Plus, what's more satisfying than having exact change at the register? And if you have a coin-operated laundry machine, you know there's nothing more valuable than a stack of quarters.
PROs: There's no need to roll anything, and nobody's going to charge you extra for paying with coins instead of paper or plastic.
CONs: You have to constantly count your coins before using them, which gets old fast. And while you theoretically could dump all your change on the counter and make the clerk count out what they need, it's probably best not to do that.
Key Takeaways: Where Can I Cash in My Coins?
If you're wondering where to cash in change, just use the tips listed above to easily turn your heavy metal coins into cash, gift cards, or an added balance to your bank account. Before you choose a method, though, you may want to consider the pros and cons listed above so that you don't lose out on money because of transaction fees, or waste a bunch of time when there's a method that's more convenient for you.
To wrap up, here are six ways you can turn change into cash:
- Take Your Coins to the Bank
- Roll Them Yourself
- Use a Coin Counting Machine
- Hire Someone to Roll Them
- Buy a Coin Separator
- Buy Stuff with Them
Sources:
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If you've been trying to figure out where to get your coins counted, you're in luck: A lot of people will be more than happy to help you turn those pennies, nickels, dimes and quarters into dollar bills right now. As people have stayed home due to the COVID-19 pandemic and focused on paying for purchases without touching anything, the circulation of coins has slowed.
Popular Searches
'The coins are out there,' says Steve Kenneally, senior vice president of payments at the American Bankers Association, 'but instead of being used in face-to-face transactions, they are in piggy banks and cup holders all over the country.'
If your piggy bank has an overloaded stomach, here are four options for emptying it.
1. Check your local bank.
Call your bank or credit union to see if it offers free coin exchange.
'More banks are actively seeking coin deposits to help meet demand in their branches and among their retail customers that rely on coins to conduct transactions,' Kenneally says.
Think local. If you're lucky, you might even find a community bank that will actually pay you extra for those coins. Wisconsin-based Community State Bank ran a program in July that rewarded people with $5 for every $100 worth of coins they exchanged. They managed to collect a lot of coins, too. The bank reached its coin limit within one week.
Not every bank is as generous, though. Many national banks have largely phased out their coin-counting services in recent years, but it's still worth checking to see if they have revisited the practice in the midst of the circulation issues.
'Different banks have different coin acceptance policies,' Kenneally says. 'Some accept rolled coins and some accept loose coins to process through a coin-counting machine. If they have a machine, loose coins are usually preferred.'
2. Roll them up yourself, or better yet, have your kids do it.
While rolling coins may not be the most exciting activity, let's face it: You're probably spending more time at home in 2020. If you're looking for something to do, this tried-and-true method remains the most cost-effective way to easily turn your coins to cash. Many banks will give you coin wrappers for free, but you can also find cheap packs in various sizes at the dollar store.
If you have young children who are trying to learn math virtually, use the coin wrappers as a real classroom. Between all the pennies, nickels, dimes and quarters you've collected, they can practice counting and begin to understand basic money values.
If you're still wary of the chore or simply don't have the patience (time is money, after all), you could instead shell out for a coin sorter machine. Office supply stores, Walmart and Amazon sell inexpensive ($30 or less) machines that will sort your coins into rolls for you. Once they are rolled neatly into the coin wrappers, take them to your bank and exchange them at a teller.
3. Make your trip to the convenience store even more convenient.
If you live near a QuikTrip, you're in luck. The gas station and convenience store operator has been handling coin exchange duties for customers during the pandemic at more than 800 locations across 11 states. Aisha Jefferson-Smith, corporate communications manager for QuikTrip, says that some customers have redeemed as much as $3,000 in coins for cash.
Jefferson-Smith says that the company appreciates if coins are rolled and property sorted, but it's not a requirement. In some cases, customers have dropped off their piggy banks and QuikTrip employees have taken care of the counting duties.
4. Let a machine do all the work.
If you've been to the grocery store, you are likely familiar with coin-counting machines. They are often located near the lottery kiosk or just past the checkout register. The process is simple: Pour your loose coins into the machine, and receive a voucher to trade with a cashier in store.
The catch? Fees that translate to fewer dollar bills. Coinstar, the most popular and accessible brand of these machines, charges an 11.9 percent service fee. That fee varies by location, too. If you were one of those QuikTrip customers who discovered $3,000 of coins in your house, Coinstar's green machine would eat $357 of them.
If you don't need cold hard cash, though, Coinstar offers a few alternatives.
Gift cards
Coinstar waives their fee when you choose to trade coins for an e-gift card instead of cash. Depending on the individual machine, you can choose from a wide range of retail stores, restaurants and e-commerce outlets. You will receive a code loaded with the full value of your coins, redeemable instantly.
Do Banks Give You Coin Wrappers
There are some exceptions to the e-gift card program, though. Not all retailers on Coinstar's site are available at every grocery store location, so it's best to check your closest machine or shop around to find a gift card that will provide the most value for you. If you have a massive number of coins, you might exceed the maximum amount. For example, Krispy Kreme Doughnuts will only issue e-gift cards under $200. To be fair, that's still a lot of donuts.
Donations
If you don't want to turn those coins into cash for yourself, Coinstar will waive its fee. When you choose to donate to one of Coinstar's available organizations, every cent you put into the machine goes toward your donation. Coinstar's list of charities includes:
Do Banks Give Coin Wrappers For Free
- World Wildlife Fund
- United Way
- UNICEF
- The Humane Society of the United States
- Leukemia and Lymphoma Society
- Feeding America
- Children's Miracle Network Hospitals
- American Red Cross
Don't forget: Charitable donations are tax-deductible, even in the form of spare change, so if you choose this option, hold on to your receipts.
Spend them
Finally, there is one other option that can be easy to forget. Your coins are cash. They're just a bit more cumbersome to spend. The U.S. Mint issued a statement in July, advising consumers to look for merchants that are accepting cash.
'We are asking for your help in improving this coin supply issue,' the statement reads. 'You can do so by paying for things with exact change and by returning spare change to circulation.'
Do Banks Give Coin Wrappers
When you do, though, be sure to be safe.
Coin Wrappers Free At Banks
'As important as it is to get more coins circulating, safety is paramount,' the statement continues. 'Please be sure to follow all safety and health guidelines and rules when visiting retailers, small businesses, grocery stores, and financial institutions.'
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