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- Americans discard $62 million in coins annually, often overlooked as valuable cash.
- Coinstar charges an 11.9% fee for coin-to-cash exchanges, which varies by location.
- Gift card exchanges via Coinstar are fee-free and available for popular retailers.
- Coinstar allows fee-free charitable donations, but processing fees may apply for some organizations.
- Banks and credit unions often provide free coin-counting services for account holders.
- Rolling your coins at home is a cost-effective alternative to using coin-counting machines.
- Coinstar machines are user-friendly, but ensure coins are clean and U.S. currency only.
- Coinstar kiosks are accurate, but manual counting or rolling offers peace of mind.
- Locate Coinstar kiosks using their online kiosk finder tool.
- Regional banks and credit unions may still offer coin-counting services with low or no fees.
- Coinstar alternatives like banks or manual rolling maximize the value of your spare change.
Did you know Americans discard a staggering $62 million in coins annually? That’s a lot of loose change going to waste! Most of us have spare coins scattered around the house—be it pennies, dimes, or quarters. But what’s the best way to turn that change into cash?
Coinstar kiosks, often found in grocery stores, offer a convenient solution for coin counting. However, this convenience comes with a cost. Below, we’ll explore Coinstar fees, ways to sidestep them, and other methods to make the most out of your coins.
How Much Does Coinstar Charge?
Coinstar machines provide a simple way to turn coins into cash, but they charge a hefty fee for the service. Currently, the standard processing fee is 11.9% of your total coins. For instance, if you exchange $10 worth of coins, you’ll receive $8.81, with $1.19 deducted as fees.
Keep in mind that fees can vary depending on the location. Before using a Coinstar machine, it’s wise to check the specific fee at the kiosk. Additionally, alternatives like banks or credit unions may offer fee-free or lower-cost options for coin exchange.
How to Avoid Coinstar Fees
If you want to maximize your coin value without losing money to fees, here are some tips to consider:
1. Exchange for a Gift Card
Coinstar allows you to skip the processing fee by exchanging your coins for a gift card instead of cash. You can choose from over 20 popular retailers and restaurants, including Amazon, Starbucks, Home Depot, and more. However, gift card availability varies by kiosk, so check the options beforehand.
Once selected, the machine prints a voucher with a unique code that works like a traditional gift card, which you can use online or in stores. This is a great option if you frequently shop at these retailers.
2. Donate to Charity
Another fee-free alternative is donating your coins to charity. Coinstar supports several national and regional organizations, such as the American Red Cross and Feeding America.
While Coinstar does deduct a small processing fee from your donation (10% for national charities, 7.5% for regional charities), your contribution goes to a good cause—and it’s tax-deductible! Be sure to keep your receipt for tax purposes.
3. Visit Your Bank
Banks and credit unions are excellent alternatives to Coinstar machines. Many financial institutions offer coin-counting services for free to account holders. Some may even accept rolled coins for deposit or exchange without any fees.
However, not all banks have coin machines, so it’s best to check beforehand.
Here are a few banks known for offering free coin exchange to customers:
- Bank of America
- Chase
- PNC Bank
- TD Bank
- Truist
Non-members may need to pay a small fee, so call your bank for details.
4. Roll Your Coins at Home
Rolling your coins yourself can save you money if you don’t mind a bit of manual labor. Most banks provide free coin sleeves for their customers. Once your coins are rolled and labeled, you can exchange them for cash or deposit them into your account.
Sorting coins by denomination might seem tedious, but it’s an easy way to avoid fees. Plus, this can be a fun educational activity for kids, teaching them the value of money and counting.
How Does Coinstar Work?
Coinstar kiosks are user-friendly and designed for quick transactions. Here’s how they operate:
- Insert Coins: Pour your coins into the tray and guide them into the machine. Ensure your coins are clean and free of debris to prevent jams.
- Choose a Payment Option: Select whether you’d like cash, a gift card, or to donate to charity.
- Collect Your Receipt: The machine prints a voucher for your chosen option. If you’ve selected cash, take the voucher to the cashier to redeem it.
Remember to double-check the return tray for any rejected coins, as Coinstar machines only accept U.S. currency. Foreign coins or damaged coins will be returned to you.
How Accurate Are Coinstar Machines?
In the past, some coin-counting machines have faced scrutiny for shortchanging customers. However, Coinstar has worked to ensure its machines are highly accurate and reliable. They undergo regular maintenance and testing to provide consistent results.
If you’re concerned about accuracy, you can count your coins manually beforehand for peace of mind. Alternatively, rolling coins yourself eliminates the need to rely on a machine’s accuracy altogether.
Finding a Coinstar Near You
Locating a Coinstar kiosk is easy. Use the Coinstar kiosk finder to enter your zip code or city. The tool will display nearby stores with Coinstar machines, making it simple to find a convenient location.
Other Banks with Coin Machines
While large banks have largely phased out coin-counting machines, some regional banks and credit unions still offer this service. Here are a few examples:
- American Eagle Financial Credit Union: Free for members; 10% fee for non-members.
- First County Bank: Free for members; non-members pay a 10% fee.
- Shelby Savings Bank: Free for customers; available at select locations.
- Manasquan Bank: Free for members; non-members pay a 15% fee.
Check with your local bank to see whether coin-counting services are available and fees apply.
Frequently Asked Questions
Here are some of the related questions people also ask:
What percentage does Coinstar take from your coins?
Coinstar charges a standard fee of 11.9% for coin-to-cash exchanges, but this may vary depending on location.
How can I avoid Coinstar fees?
You can avoid Coinstar fees by exchanging a gift card, donating to charity, or using a bank or credit union to count coins.
Is Coinstar worth it for small amounts of change?
Coinstar is convenient for small amounts, but the 11.9% fee can be significant. For smaller sums, consider rolling coins or using fee-free bank services.
Do all Coinstar machines offer gift cards?
Not all Coinstar machines offer gift cards, and availability varies by location. Check the kiosk menu for gift card options before starting.
What charities can you donate to through Coinstar?
Coinstar partners with charities like the American Red Cross, Feeding America, and UNICEF. The donation menu at the kiosk will show available options.
Which banks have free coin-counting machines?
Banks like Chase, PNC, and Bank of America often offer free coin-counting services for members, though availability may vary by branch.
Is Coinstar accurate in counting coins?
Coinstar machines are highly accurate and regularly serviced, but manually counting your coins beforehand can provide extra peace of mind.
Can I cash in foreign coins at Coinstar?
No, Coinstar machines only accept U.S. coins. Foreign currency or damaged coins will be returned in the rejection tray.
How do I find a Coinstar machine near me?
Use the Coinstar kiosk finder on their website to locate a machine by entering your zip code or city.
The Bottom Line
Your loose change could be worth more than you think—if you know how to handle it. Coinstar machines are convenient but come with a processing fee that can eat into your cash. You can keep more of your money by opting for alternatives like gift cards, charity donations, or banking services.
Don’t let those coins gather dust. Turn them into something valuable today! Your spare change can make a big difference, whether it’s extra spending money, a gift card, or a charitable contribution.