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Did you know that Americans throw away $62 million in coins yearly? It’s surprising, isn’t it?
Most of us have spare change in the form of pennies, dimes, and quarters lying around our homes.
While grocery stores have convenient coin-counting machines for counting these coins, Coinstar machines are another popular option. However, they can be expensive to use.
To help you make an informed decision, I’ve researched the fees associated with using Coinstar machines and ways to avoid those fees.
I’ll share all the details in the post below so that you can decide whether to use a Coinstar machine to count your coins.
How much does Coinstar charge?
Coinstar kiosks offer a convenient way to convert loose change into cash. However, the service comes at a cost.
When you exchange coins for cash at a Coinstar kiosk, the company charges a coin processing fee of 11.9%. If you exchange $10 worth of coins, you’ll receive $8.81 in cash and pay $1.19 in fees.
It’s worth noting that fees may vary by location, so it’s a good idea to check the fee schedule at the kiosk before using the service. It’s also worth considering that other options are available for converting your coins into cash, such as depositing them at your bank or using a credit union coin machine, which may offer lower fees or fee-free options.
How to avoid Coinstar fees
Are you looking for ways to avoid Coinstar fees while cashing in your coins? If yes, then you are not alone. Coin counting machines like Coinstar charge a fee for turning your coins into cash, which can be frustrating. After all, the whole point of cashing in your coins is to get some extra money, not to lose cash in the process, right?
Fortunately, there are a few ways to avoid paying fees at Coinstar and get the most out of your coins. These tips are pretty simple, so you can easily try them.
1. Get a gift card instead
If you like to save every penny and avoid paying extra fees, you might want to consider exchanging your coins for gift cards instead of cash through Coinstar. Doing so allows you to bypass the Coinstar fees and receive gift cards from various popular retailers.
Coinstar offers gift cards for over 20 stores and restaurants, including Amazon.com, AMC, Apple, Applebee’s, Cabela’s, Chili’s, Domino’s, DoorDash, GameStop, GAP, Home Depot, IHOP, Lowe’s, Nike, Outback Steakhouse, Roblox, Razer Gold, Red Robin, Southwest, Starbucks, Steam, Texas Roadhouse, and many more.
However, it’s important to note that not all eGift cards are available at every kiosk. Look at the selection to see what’s available at your local machine. Once you’ve selected, you’ll receive a paper eGift card voucher with a unique gift card code printed on the top. This voucher works the same way as a plastic gift card, and you can use it to make purchases at the retailer of your choice.
Additionally, you can check your gift card balance by visiting the retailer’s website, calling its customer service department, or visiting one of its stores.
2. Donate your coins to charity
Donating it to charity can be a great option if you have a pile of loose change lying around in your house and you’re looking to get rid of it. Coinstar, a popular coin-counting machine company, offers a donation program where you can donate your coins to various national and regional charities.
While there is no fee for donating coins, Coinstar does retain a processing fee from your donation amount. The processing fee is 10% for national charities and 7.5% for regional charities. You can donate to charities like the American Red Cross, UNICEF, and Feeding America, among others.
Donating to charity not only helps you declutter your home, but it also supports a good cause and positively impacts people’s lives. Additionally, charity donations are tax-deductible, so make sure to save the donation receipt for your records.
If you’re interested in donating your coins to charity through Coinstar, you can find more information about the charities you can donate to on their website.
3. Head on over to your bank
If you’ve accumulated a lot of coins and you’re wondering what to do with them, one of the best options to get cash for your coins without paying fees is to go to your bank. Many banks have coin-counting machines that make it easy to exchange your coins for cash. However, it’s important to note that not all banks have coin-counting machines. In such cases, you can still exchange rolled coins for cash.
One of the advantages of using banks to exchange your coins for cash is that members can exchange their coins for free. However, you might have to pay a fee if you’re not a member. That’s why it’s a good idea to check with your bank beforehand to see if you can cash in your coins there and what fees might be involved.
Here are some banks that offer coin exchange services for free if you’re a customer:
- Bank of America
- Cape Bank
- Capital One
- Chase
- Citibank
- First County Bank
- Hancock County Savings Bank
- Home State Bank
- JBT
- Manasquan Bank
- People’s United Bank
- PNC Bank
- Republic Bank (NJ/PA)
- Shelby Savings Bank
- TD Bank
- Truist
So, if you have a lot of coins lying around, consider taking them to your bank to get cash for them. It’s a simple and convenient way to get rid of your coins and get some extra cash in return.
4. Roll your own coins
Do you have a pile of loose change that you want to convert into cash? There are a few ways to go about it, but one of the most cost-effective methods is to sort and fill your own rolls of coins and take them to your bank to deposit or exchange for cash. While the process can be time-consuming, it can save you money compared to using a coin-counting machine or a service that takes a percentage of the total amount.
If you decide to roll your coins, you must gather a few supplies first. You can visit your local bank branch and ask them for the paper coin sleeves. Most banks will provide them for free, or you can buy them at an office supply store. These sleeves are labeled with the denomination of coins they hold and have a space to write your account number and the total value of the roll.
Once you have the sleeves, you can start sorting your coins by denomination. This will help you fill the sleeves more efficiently and accurately. You can use a coin sorter to speed up the process, but it’s unnecessary. Simply stack the coins in piles and count them manually. Once you have the right number of coins, place them in the corresponding sleeve and write down the total value.
Once you have filled all your sleeves, take them to your bank to deposit or exchange for cash. Some banks may charge a fee for this service, so it’s best to check with them beforehand. Alternatively, you can ask your kids or someone else to roll the coins for a small tip.
By rolling your own coins, you’ll not only save money but also feel accomplished. Plus, it’s a good way to involve your kids in a fun and educational activity while teaching them the value of money.
How does Coinstar work?
Coinstar is a convenient way to turn your spare change into cash, eGift cards, or charitable donations. To use this service, you can visit your nearest Coinstar kiosk and insert your coins into the machine. You just need to lift the handle and guide your coins into the slot. However, before you do that, it’s important to ensure that your coins are clean and dry and that there are no dirt, debris, or other objects that might jam the coin tray or interfere with the counting process.
Once you’ve inserted your coins, you can choose from three payment options: cash, eGift card, or charity donation. If you opt for the cash option, the machine will count your coins and give you a paper voucher for the total amount. You will then need to take this voucher to the cashier to redeem your cash. Remember that you must redeem the voucher on the same day it was issued.
If you choose the eGift card option, you will receive a voucher with a unique code printed at the top. You can then use this code to shop at the retail store, restaurant, or online. It’s important to note that the eGift card doesn’t expire, so you can use it anytime.
If you decide to donate your coins to charity, you will receive a receipt. This donation is tax deductible, so keep the receipt for your records.
In any case, checking the return tray for rejected coins is always a good idea. This will ensure that you get the maximum value for your coins.
When it comes to using Coinstar machines, the process is quite simple and hassle-free. However, there are a few things to remember to ensure the experience goes smoothly. Firstly, ensure you don’t have foreign currency coins in your collection, as Coinstar machines only accept US coins. In case any foreign coins are mistakenly inserted, the machine does have a return tray that gives you back any rejected coins. So, even if a few foreign currency coins get through, it’s not a big deal.
One of the best things about using Coinstar machines is that you don’t need to roll your coins. This is a great time-saver, as rolling coins can be a tedious task. All you need to do is put them all into the tray. Depending on the amount of coins you have, loading them into the machine may take some time. However, Coinstar machines count coins quickly, so the process doesn’t take too long.
How accurate is Coinstar?
Coin-counting machines have faced accuracy issues in the past, causing concern among customers and banks alike. The machines, which have shortchanged customers in the past, have led some banks like TD Bank to withdraw their coin machines. However, Coinstar machines have addressed these concerns and undergone rigorous testing to ensure they are highly accurate and reliable, as stated on the company’s website. Technicians also routinely service these machines to maintain their accuracy.
Despite this, some customers may still be worried about the accuracy of the coin counter. If you are one of them, you can consider manually rolling your change to deposit or cash it in at a bank. Alternatively, you can count your change manually to ensure that the Coinstar kiosk counts the coins accurately before taking them there. It is essential to ensure that the machine counts your coins accurately; manual counting is an excellent way.
How to find a Coinstar machine near you
If you’re wondering how to locate a Coinstar machine in your vicinity, it’s quite simple and straightforward!
You can head to the Coinstar kiosk finder, where you’ll be prompted to enter your zip code or city. Once you do that, the finder will display a list of stores near you that house a Coinstar kiosk. You can then easily locate the kiosk in your preferred store and exchange your coins for cash that can be used for your daily expenses.
This is an easy and convenient way to convert your loose change into usable cash, so don’t hesitate to utilize this service when the need arises!
What banks have coin-counting machines?
If you want to cash in your coins, you might find it difficult to locate a coin-counting machine at your local bank. Nowadays, coin machines are mostly available at smaller regional banks and credit unions. If you’re wondering which banks offer coin-counting machines, here’s a list that might help you:
- American Eagle Financial Credit Union: Customers can use the coin-counting machine for free. Non-customers must pay a 10% fee. The machines are not available at all locations.
- Apple River State Bank: Customers can use the coin-counting machines for free.
- First County Bank: Customers can use the coin-counting machines for free. However, non-customers must pay a 10% fee.
- Hancock County Savings Bank: Customers can use the coin-counting machines for free.
- JBT: Customers can use the coin-counting machine for free. Non-customers must pay a 5% fee.
- Manasquan Bank: Customers can use the coin-counting machines for free. However, non-customers must pay a 15% fee.
- Shelby Savings Bank: Customers can use the coin-counting machines for free. They are available at the Center and Hemphill branches only.
- State Bank of Dekalb: Customers can use the coin-counting machines for free. The machines are available at the Texarkana branch only.
The bottom line
Have you ever considered the loose change sitting around your home gathering dust? Well, that can actually be real cash that you could put towards something useful.
You may want to consider Coinstar machines a good option for exchanging coins into cash or gift cards because they are easy to use and can be found at many grocery stores. However, one issue with using Coinstar machines is the fees they charge. You can read the above information to understand how to avoid these fees.
It is also important to note that Coinstar machines are not the only option for cashing in your coins. You can also take your coins to your bank and exchange them for cash or deposit them into your account.
So, don’t let your coins collect dust. Cash them in and get money that you can actually use, or opt for a gift card and avoid those Coinstar fees altogether!