Coin Counting Machines And Depositing Coins

I go to other branches and even set up a savings account with a different bank altogether. The new bank has a self service coin counter in the lobby, so the only time they have to bother is when I fill up the machine. I take the deposits back in smaller batches so that it stays under the radar and doesn't require alot of help from a worker.

Around here, Commerce Banks are the way to go. They have what they call the "Penny Acade", which is basically their version of a Coinstar. Its free to everyone, customers and non-customers alike. The best part is that the machines don't take silver dimes/quarters. Everytime I fill a bag and a teller has to empty it, I buy all the coins that got rejected as "counterfeit"--basically, a handful of silver dimes/quarters and dozens of foreign coins for face value! The foreigns get sold by matching the coin's size to an American coin size and giving the foreign the American value...hard to explain I guess...but a 1 Swiss Franc only costs me $.25 cents!

And commerce are everywhere!
--gary

I roll them as I go and just take them to the bank and trade for more. Of cousre I don't do this on a large scale. I've been recirculating $60 for about 6 months now.

At my credit union, they will not take bulk change anymore. they said that it was getting too much to deal with the coinage. They installed a Coinstar machine in the lobby. It takes the customary 8%, or whatever amount it is, but if you take your receipt to the teller, you can deposit the full amount into your account.

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but they wanted what, in my mind, was an exorbitant amount - 8.9%.

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At least the Coinstars in the US give you the option of purchasing gift certificates with no surcharge. Even then, 8.9% is better than what we get hit with up here: 9.8% and no option of purchasing gift cards. That's why I have to re-roll all my coins.

When I was in grad school I had to purchase a lot of rolls of coins for some research I was doing (to pay people). The money to buy the rolls came from a research grant, so I was doing free roll hunting with no returning!! Unfortunately, the joke ended up being on me as someone was shortchanging the rolls, but using a different trick. They were putting about 10 pennies and nickels into the middle of a quarter roll, making me out several bucks per roll. Since I had to account for every penny of the grant money, I, the poor student, had to make up the difference quite a bit.

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Banks always want money. Besides it is there job to take it. Use the coins that you take in to open a new account.

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Yes banks do always want money, but no we do not enjoy as much getting coin. We like paper money in the form of a check being deposited into your account the most. And like said earlier it is not the banks job to take it. We take it, but we are a business out to make money just like other companies.


Opening an account with a large amount of coin is a really good way to upset the tellers and that only creates problems down the road. We had a customer open an account with over $1000 in coin. In the end they had so many rolls that were short it ended up being over $200 short.

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Your sort of wasting time rolling those. Maybe not where your at but many banks are requiring only loose coinage now. If rolled, you may be told you would have to wait a few days for any monitary payments. This is due to the ever growing habit of people bringing short rolls to banks. Meaning almost every roll has one coin missing. In order to prevent this continuing pratice many banks around me have told customers if you want cash back, come back the next day after all rolls are opened and counted. If deposited into an account, also it may take a few days for verification of the amount. Shorting of rolls is becoming a really big thing lately.
If you have more than one bank in your area I suggest you open an account at one or more banks and use that account to deposit your coins. Get an ATM card and you can always withdraw that amount later and they never see you doing it. Most banks have no charge for depositing coinage into an account. HOWEVER, in my area some banks do charge if over $100 in change but it is wavered if your a steady customer.

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The banks that generally do not want coin rolled is the banks that have a coin counter back by the vault, other wise most banks require it be rolled.

You are right thought yes rolls being shorted is really a big thing lately and the bank I work at if you open a roll and its short we have to take the hit for it and it goes on our record of having our drawer short. Only way to prevent that is to count the rolls to make sure that they are correct and if they arent to credit or debit the customers account to make them correct.

So if you bring all that loose coin in you will have to wait while we count all of that coin in front of you, since all coin rolled or unrolled at my bank has to be counted all by hand, which is what takes so long. Also if that is the case (and it is an amount that will take a long time to count) if there is another customer in line they will generally get helped first unless there is another teller there to help them. We cant just take your word that if you hand us a bag of coin that it is the amount that you say it is, if its loose we have to count it right there.

I really would not suggest you withdraw the funds at the ATM trying to be sneaky and thinking that the tellers wont know you did it. If the coin that you turned in is short and they have to withdraw funds out of your account to make the correction then you need to make sure you have enough money in that account to cover what ever the amount is that they may take back out of your account. You dont want to get charged for overdrawing your account. It would not be fun to end up getting charged for overdrawing your account by a dollar or less.

Also if there is a problem with the amount in the rolls and they have to do a correction, they will see you went to the ATM. When the bank tells you to not withdraw the money for so long, its a benefit to you. We are looking out for you as the customer, so that you dont get extra charges that may overdraw your account. The cash in your account is yours and we can't refuse to give it to you, but you could run the risk of getting charges if the correction if there is one overdraws the account.