If you're looking to use a bank coin counting machine near you, it's essential to understand the fees and services involved. Many banks offer these machines for free, but some may charge a small fee for each transaction.
Some banks also offer additional services, such as counting large quantities of coins or providing change for bills. For example, Bank of America's coin counting machines can handle up to 500 coins at a time.
Before using a coin counting machine, it's a good idea to check with your bank to see if they have any specific requirements or restrictions. Some banks may require you to have an account with them to use their machines.
Banks like Wells Fargo and Chase also offer coin counting services, but their machines may have different capacity limits.
Availability of Coin Counters
Coin counters are widely available at banks, with over 90% of banks in the US offering coin counting services.
You can also find coin counters at many grocery stores, pharmacies, and retail locations.
Some banks offer coin counting machines that can be used 24/7, while others may have limited hours of operation.
Many banks also offer mobile banking apps that allow you to count your coins remotely.
Managing Coin Counting Fees
Some banks do offer free coin counting services for their customers, and it's worth taking advantage of if you're a local bank customer. These services are typically free for customers, but may charge a fee for noncustomers.
To find a bank with a coin counter, you can check out the list of banks that offer this service, which includes American Eagle Financial Credit Union, Apple River State Bank, and Hancock County Savings Bank, among others.
If you don't have an account at the bank, you may still be able to use their coin counter, but be prepared to pay a fee, which in some cases can be as low as 5%.
Here are some banks that offer free or low-fee coin counting services:
By taking advantage of these free or low-fee services, you can save money and make managing your change a whole lot easier.
Avoiding Fees
If you have a lot of change to count, Coinstar fees can add up quickly.
Choosing to get an e-gift card at the kiosk instead of a cash voucher can help you avoid fees.
You may need to search a bit to find a fee-free coin machine near you, but it's worth the effort.
Checking with your local credit unions or community banks is a good place to start.
They may offer coin counters, and even if you don't have an account, it could be cheaper than using a Coinstar kiosk.
Fees Associated with Coin Counting
Some banks charge fees for non-customers who use their coin counting services. For example, American Eagle Financial Credit Union charges 10% for noncustomers, while JBT also charges a fee for noncustomers.
If you're a customer at one of these banks, you can enjoy free coin counting services. Apple River State Bank, Hancock County Savings Bank, Hyperion Bank, and State Bank of Dekalb all offer free coin counting for their customers.
However, not all banks offer free services for large amounts of coins. Suncoast Credit Union, for instance, charges 5% on coin totals over $100 for their customers, and 10% for noncustomers.
Here's a breakdown of the fees associated with coin counting at some of the banks mentioned earlier:
- American Eagle Financial Credit Union: 10% for noncustomers
- JBT: Fee for noncustomers (amount not specified)
- Suncoast Credit Union: 5% on coin totals over $100 for customers, 10% for noncustomers
Frequently Asked Questions
Do any banks have free coin counting machines?
Yes, some banks offer free coin counting services, including Bank of America, Wells Fargo, and U.S. Bank. Check with your local bank or credit union to see if they have this service available.
Can I bring loose change to the bank?
Bank policies vary, but some prefer loose coins for processing through a coin-counting machine. Check with your bank to see if they accept loose change
Featured Images: pexels.com
