“Is there a coin machine near me?” You may have asked.
A 2015 report by Coinstar estimated $7.7 billion worth of coins spread across the United States. 2005 experienced the single largest coin deposit of pennies which ran into $13,084.59.
The 1,308,459 pennies that made up that figure weighed over 9,000 pounds and filled up four 55 gallons and three 20-gallons of oil drums!
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Coins are heavy and consume huge space!
They can also be very annoying for bank tellers. If at all you find coin counting machines available for use near you, they may turn out expensive.
As kids, we found coins fascinating with their shiny appearance and shape, and pleasing as a metallic object to be used in playing around. But as time went by, we gradually drifted from using them.
There is however a shortage of coins spiralled from the recent challenges around the world. Hence, many people and companies are a bit more desperate for it.
But then, whether you’ll want to count your coins for deposit or crisp bills, there are a good number of banks providing the service, but that may require a small fee. There are also ways you can convert your coins without a fee.
So, where exactly can I get a coin machine near me?
1. Store Centers
Before we consider the banks, major store spots in the United States often have coin counting machines. If you have a grocery store near you, you are very likely going to find machines for counting coins at the storefront.
Coinstar is a popular name in the coin counting industry. And you’ll most likely see their machines in the front of the nearest store to you.
With Coinstar machines, you can count up to $3000 worth of coins. Coinstar charges a processing fee of 10.9% to convert the coins. And you’ll be able to receive a voucher for cash from the store’s register.
This measure saves you loads of work required to transport your huge coins. And to even think that these coins are most of the time just lying around, gathering dust. Paying such a negligible amount is worth your convenience.
You may even want to convert the coins into gift cards that can be used for outlets like Starbucks, Amazon, Best Buy, Lowe’s, and Gamestop. You’ll be able to do this for free.
However, ensure to keep the printed receipt from the machine properly. And you may also want to take down the card number on the receipt just in case you misplace the receipt. Else, if it goes missing, that’s the end!
How To Use Coinstar
a. Your coins do not need to be wrapped or sorted to use Coinstar.
b. Ensure that your coins are dirt-free and are also free of other items that could hinder smooth processing in the machine.
c. Pick your preferred exchange option.
d. If you are changing to cash, you’ll receive a paper voucher which you can present to the cashier. And if it is for gift cards, you’ll receive a gift code printed on your receipt. For donations, a receipt of whatever you are donating will be made available for tax purposes.
Stores with Coin Counter Machines
The possibility is high that you’ll find coin counting machines when you walk into a major supermarket or grocery store.
It is however advised that you put a call through to the store first before visiting. But since transactions take place almost all the time there, it is predictable that they would have coin machines available at the stores.
You’ll find coin machines in any of these stores near you:
Even though some of these banks also charge a small fee for the service, there are a few you’d be glad to consider. Some of the banks you’ll find with coin counters do not include, PNC Bank, Citibank, BB&T, Chase, Capital One, TD Bank, Bank of America, and many of the other major national banks.
They have come out to say that maintaining these machines cost them a lot more than the value that the customers are offered.
However, you will still find credit unions and local community banks offering this service to the public. But most of these banks will charge you a small fee if you have no account with them.
Banks that permit free use of coin counters to customers but do not render the service to non-customers include:
Banks with free coin counting machines for their customers and a small fee to non-customers include:
Home State Bank – free to their customers and 10% fee for non-customers.
TCF National Bank – free to their customers and 8.9% fee for non-customers.
People’s United Bank – free to their customers and 8% fee (to possibly increase to 11%) to non-customers.
JBT – free to customers and 5% fee to non-customers
Banks with free coin counting machines to both customers and non-customers include:
Some banks will make you go through the massive time-consuming process of having to roll your coins yourself. But before considering that, ensure to find out with your bank first if you can get paper rolls for free.
Be very clear on whether the coins should be rolled. You do not want to spend several hours rolling coins, and then have the teller turn out the rolls into a huge coin counter right before your watch.
The Citibank will require coin rolls, and may also charge small fees in some states. Chase often requires coin rolls. The U.S. Bank requires no rolls but offers coin counting to customers alone. Bank of America requires coin rolls.
Where To Get Coin Wrappers
You can get coin wrappers from all banks regardless of whether you have an account with them or not. Coin wrappers are produced with different color-codes in paper wrappers for different available coin denominations.
Every coin wrapper can be used in rolling between 40 to 50 coins of denominations up to 25 cents. There are also wrappers for more than 25 cents, such as 50 cents and one-dollar coins.
If you have so many coins to wrap, that could be time-consuming. But once you are able to roll the coins, you can take them to the bank for a free exchange or deposit if you have an account with them.
Other Ways To Manage Coins
Here are some more creative and useful ways to manage your heap of coins.
1. Categorize And Put To Use
Coins can be considerably put to use in diverse ways. And if you have so many of them, you can consider putting the coins into different categories of your expenditures that can be easy to use.
For instance, you can put some of them up for a coffee fund or create savings for an item on your wish list. The method you use in organizing these coins should give you a category of pennies that are very useful and others that aren’t all that useful but then are counted and exchanged also.
You should also consider making use of your coin jar and taking it into a grocery store with a self-checkout machine, and purchase a huge grocery batch.
Shop as much as you want and take your time at the self-checkout line with your coins. It is however advised that you visit the groceries early in the morning or better still, wait till later in the evening.
This is because of the high traffic that may occur in many grocery stores. You do not want to be the one holding up the line.
2. Consider Donating Your Coins
Turn the lives of people who may have fallen on hard times around by donating those coins that have piled up in your box in a long while. And there are several charities to harness to get this done.
Visit a Salvation Army center, a religious center, local charity, or a community center to drop off a jar of your coins or fill up any of the donation boxes you find at a grocery store checkout line.
You are also likely to be able to donate coins from your international travels that have become useless in your hands – they will be cherished at the donation centers.
Coinstar also permits donations through their coin machines. you’ll very likely find a Coinstar machine at a superstore around you. Set the machine to donate, pick a nonprofit or charity, input your coins, and feel better with your kind heart.
You’ll be able to make donations to partnered charities like The Humane Society, WWF, the American Red Cross, Leukemia and Lymphoma Society, Children’s Miracle Network Hospitals, UNICEF, World Wildlife Fund, United Way, and some more!
When next you ask, “Is there a coin machine near me?” always ensure to factor in the possible length of time that would be required to roll those coins in relation to the charges required by your bank or other mediums to be considered.
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