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A large number of banks have coin machines inside that will take unrolled coins and deposit them into your account for free. Coinstar unfortunately largely targ
by partiallypro 6y ago
A large number of banks have coin machines inside that will take unrolled coins and deposit them into your account for free. Coinstar unfortunately largely targets people that don't have bank accounts.
- pengaru 6y agoBanks I used back in the midwest growing up always had change machines and it was a routine to bring in our change whenever the container got full, they'd turn it into cash or deposit it free of charge. It seems way less common in CA, at least according to my experience.
- andrewf 6y agoI've deposited loose coins at a couple of Wells Fargo branches in San Francisco, they had counting machines behind the counter.
- tomschlick 6y agoPro tip: Coinstar wont take a cut if you get it as a gift card. The times I've used them I just opt for an Amazon Gift card or one for the local grocery chain that I'm already going to be spending money at.
- ilikepi 6y agoThat's great for Amazon, and for people who shop at Amazon...
- tomschlick 6y agoRight, so > 75% of online shoppers... https://www.cnbc.com/2017/12/19/more-than-75-percent-of-us-online-consumers-shop-on-amazon-most-of-the-time.html https://www.cnbc.com/2017/12/19/more-than-75-percent-of-us-o...
- pxx 6y agoThat's, uh, taking a cut, albeit a smaller one. You'll lose the cashback or other rewards that you would've gotten for using a credit card. Gift cards can also commonly be obtained for under face value.
- ljf 6y agoIf you don't have a bank account then it is a good deal to change for free. I doubt those without a bank account have credit cards with good cashback deals.
- bobbean 6y agoWhere does Coinstar's cut come from then? Wouldn't they be giving back the same amount you put in?
- forgotmypw17 6y agoThey probably get a referral fee from Amazon or whoever redeems the gift card.
- umeshunni 6y agoGiftcards are typically sold to retailers at a discount (i.e. Amazon sells $100 gift cards for $95 or something).
- AtomicOrbital 6y agono, the machine takes the cut by giving you back less than you put in
- loco5niner 6y agoBut spending coins doesn't give you cash back rewards either.
- LorenPechtel 6y agoYup. Last year I got rid of a whole bunch of coins that were lying around. I took it as a gift card for the local hardware, then went over to the hardware and spent the money.
- deleted 6y ago[deleted]
- cjones26 6y agoNot anymore since many got sued a few years ago for being inaccurate or simply costing too much to maintain. Your bank should provide coin sleeves for free, though rolling them manually can be a hassle. See here for more info: https://www.mybanktracker.com/news/coin-counting-machines-banks-where-find-them https://www.mybanktracker.com/news/coin-counting-machines-ba...
- patmorgan23 6y agoBanks can't take pre-rolled coins. They have to break them and recount.
- tzs 6y agoThis depends on the bank. I've had no trouble exchanging pre-rolled coins for bills at Bank of America.
- jakeasmith 6y agoYa know, that’s what I would’ve thought as well, but a year or two ago Chase Bank refused to take my loose change. They sent me away with the paper to roll the coins myself to bring back to them
- tingletech 6y agoonce upon a time, they would take them if you signed the roll and wrote your account number on it.
- aaronax 6y agoI had the opposite experience. Big Bank would not take my loose coins but happily gave me paper tubes and accepted the rolls a couple days later.
- cannaceo 6y agoThat was my experience as well. It’s all odd because coins can be accurately weighed if the denomination is separated.
- treeman79 6y agoThis is interesting. I have less then fond child hood memories of rolling pennies so we could take them to the bank. Insanely boring activity.