or Connect
Mothering › Mothering Forums › Natural Living › The Mindful Home › Frugality & Finances › cashing in coins
New Posts  All Forums:Forum Nav:

cashing in coins

post #1 of 11
Thread Starter 

We are moving - and found various jars of coins around the house.  I'm guessing a few hundred bucks worth.  So yay.

 

How do I turn this into cash?  I know back in the day we just rolled the coins and took them to the bank.  But someone told me that they don't take coins anymore.  Is this true?  If so, how do we cash in?  I'm willing to spend the time rolling the coins.  But it seems like a bank probably has a machine to roll in?

I posted on another forum and everyone said to use Coinstar.  Um, no way.  Those machines charge 10% and that's like giving money away.  

post #2 of 11

I bring them to my bank right in the jar. They dump it into a big machine that sorts them in less than a minute and they don't charge me for it. I just fill out a slip to put it in my account or get the funds in cash. I've heard that some banks charge you a fee if it's over a hundred dollars but I don't know which ones or if that's even true. I'd imagine it would still be much less than coinstar at 10% .. eek!

 

post #3 of 11
Quote:
Originally Posted by ilovemygirl View Post

I bring them to my bank right in the jar. They dump it into a big machine that sorts them in less than a minute and they don't charge me for it. I just fill out a slip to put it in my account or get the funds in cash. I've heard that some banks charge you a fee if it's over a hundred dollars but I don't know which ones or if that's even true. I'd imagine it would still be much less than coinstar at 10% .. eek!

 



This is what Ive done in the past. Never has over a hundred, but never a fee
post #4 of 11

My bank also pours them into a coin machine and just applies the amount to my account.  I've never had a fee.

post #5 of 11

Me, I would roll them.It has been a while,but I assume the banks will take them rolled up. Hmmm I will have to try. My mom used her weekly change of around 30-40 to pay on the house principal loan.She was able to pay the loan off 6 years early.

post #6 of 11

Yes I would go to your bank or a local bank and ask.  It really depends.  When I was a teller we didn't really like prebunded coins and it was much easier and auditable to put it in the sorting machine.  Just make sure they are all clean, I can't tell you how many old coin jars we got with buttons and fingernail clippings in them.  <shudder>

post #7 of 11

My Credit Union offers the coin machine as a free service in all of its branches. I let my kids each have a small bag of coins. Then we go to the credit union, and they get to operate the sorter and deposit the money into their accounts. They LOVE doing this! And the change almost always adds up to more than we expect! I would not waste my time rolling coins. 

post #8 of 11

My bank also counts coins at no charge--only one of the branches in the area has the machine. Don't waste time rolling coins--my friend works at a bank and if someone brings in rolled coin, the bank marks it with the account number and sends it off to a central location for verification, then the money is credited to your account days or a week later. Too many people put slugs in the middle of rolled coins. : (

 

This website has an awesome coin value estimator: http://www.coincalc.com/

 

We've used it a few times and it is amazingly accurate.

post #9 of 11
Quote:
Originally Posted by its_betty View Post

My bank also counts coins at no charge--only one of the branches in the area has the machine. Don't waste time rolling coins--my friend works at a bank and if someone brings in rolled coin, the bank marks it with the account number and sends it off to a central location for verification, then the money is credited to your account days or a week later. Too many people put slugs in the middle of rolled coins. : (

 

 

I worked at a bank and this was my experience.  The bank would accept coins to be counted but would not do it on demand because only one branch had a machine.  People would drop cans or jars off at their branch with a deposit slip and it took about a week to see the deposit show in your account.   Rolled coins were treated as described above. 

 

The bank we use for our business accounts has a machine on site but they will not do it "on demand" as only one or two people run it.   I need to drop off the coins and they turn it around in a day or two.

 

The Coin Star machine at our local grocery store gives gift certificates for free, no charge, put a $100 of coins in, get a $100 gift certificate in return.  I like to get Amazon gift certificates for Amazon because there are certain items that I can get for great prices (and free shipping) on the site. 

post #10 of 11

Our bank has a coin machine - I haven't brought coins in for a while, but it's usually over $100, and I have never paid a fee. They've always done it on the spot - but maybe I've always been lucky that they weren't that busy at the time.

 

We save coins in an ice-cream pail with a slot cut in the cover - we used to use a gallon apple cider jug, but it was a pain to get them out again (the bank didn't like that). When I cash it in, I use it for charitable stuff - last year it Haiti disaster relief; the year before that it was a Habitat for Humanity house.

post #11 of 11
Thread Starter 

This is helpful - thanks all

 

there is a Coinstar right near me - I did not realize I could just get amazon gift certificate.  I get a lot of stuff from them so it would be like cash (yep - free ship and no tax)

New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: Frugality & Finances
Mothering › Mothering Forums › Natural Living › The Mindful Home › Frugality & Finances › cashing in coins