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- Coin machines provide an easy way to convert loose change into cash.
- Many banks have phased out coin machines due to high maintenance costs.
- TD Bank, PNC Bank, and Huntington Bank still offer coin machines at select branches.
- Local credit unions may also provide coin-counting services for their members.
- Fees may apply for non-customers, typically between 5% and 10%.
- Some banks offer free or discounted coin-counting services for account holders.
- Coinstar machines are a popular alternative with fees of around 11.9%.
- Manually rolling coins and taking them to a bank is another fee-free option.
- Always check availability and terms before visiting a bank to count coins.
What Banks Have Coin Machines
In today’s digital age, physical cash is slowly replaced by contactless payments, mobile wallets, and online banking. Yet, many of us still have a place in our lives for coins. These small denominations can add up, whether it’s a change from a grocery run or a collection of spare coins accumulated over time. But the real challenge comes when you have jars or bags filled with coins and are unsure how to turn them into usable cash. This is where coin machines come in handy.
Coin counting machines offer an easy and efficient way to convert loose change into cash, allowing customers to avoid the hassle of counting coins manually. Banks have traditionally been one of the most popular places to access coin machines, providing a valuable service for customers who prefer to deposit or exchange their coins. However, with the decline in coin circulation and the high cost of maintaining coin machines, fewer banks now offer these services.
This blog post will explore what banks have coin machines, discuss alternatives, and provide insights into how you can still use your spare coins without too much hassle. We’ll guide you through the banks that still offer this service, give tips on using the machines effectively, and point out any costs that might be associated with coin counting.
The Evolution of Coin Counting Services in Banks
Before delving into what banks have coin machines, it’s essential to understand how coin counting in banks has evolved. In the past, finding coin machines in bank branches was quite common. Banks viewed this service as a customer convenience that helped build goodwill and loyalty. Customers could bring in their loose change, have it counted automatically, and then either deposit it into their accounts or receive cash.
However, maintaining these machines comes at a cost. They are expensive to service and maintain, and in some cases, they may miscount or become clogged. As a result, many banks have started to phase them out, particularly as the use of coins in transactions has diminished.
Still, for customers who accumulate many coins—from personal savings, small business cash registers, or hobbies like coin collecting—coin counting machines remain valuable. If you’re wondering what banks have coin machines today, the answer is that some still do, but options have become limited over time. Understanding where to find these services can save you time and money.
Which Banks Still Have Coin Machines?
While many banks have stopped offering coin-counting machines, a few still provide this service. If you are searching for what banks have coin machines, here are some notable ones:
1. TD Bank
One of the most well-known banks for coin-counting services is TD Bank. They used to have their popular “Penny Arcade” machines, which allowed customers and non-customers to use the coin counting service for free or at a small fee. Although they temporarily removed these machines in 2016 due to accuracy issues, TD Bank has reintroduced them in some branches. However, they are now primarily available to account holders.
The coin machines are a convenient option for depositing coins into an account for TD Bank customers. Non-customers may still be able to access the machines, but they might face a fee or limited access.
2. PNC Bank
PNC Bank is another option for those asking what banks have coin machines. Some PNC Bank branches still maintain coin-counting machines, but their availability varies widely depending on the location. Like TD Bank, PNC may charge non-customers for using the coin-counting services, but customers can often use them for free or at a reduced fee.
Before heading to your local PNC Bank, it’s a good idea to check online or call ahead to confirm that coin machines are available in your area, as they are not present in every branch.
3. Huntington Bank
Huntington Bank also offers coin machines in select branches. This bank has been more consistent than others in keeping their coin counters available for customers, and they provide this service for free to account holders. For non-customers, there may be a small fee associated with the service.
Similar to other banks, availability varies by branch, so it’s worth contacting your local Huntington Bank to ensure they offer coin-counting services before making the trip.
4. Local Credit Unions
Don’t overlook local credit unions if you’re still wondering what banks have coin machines. Many credit unions continue to offer coin-counting machines to benefit their members. Credit unions often emphasize customer service and convenience, making them more likely to maintain these services for those who need them.
As with traditional banks, however, non-members may be subject to fees for using these machines. Always check the credit union’s terms and conditions to understand any potential charges before using their coin counters.
Coin Counting Fees and Limitations
While some banks and credit unions offer coin counting for free, especially to their account holders, others charge fees. If you’re trying to determine what banks have coin machines and whether it’s worth using them, it’s essential to factor in potential costs.
1. Fees for Non-Customers
If you don’t have an account with a bank, expect that many institutions will charge a fee for using their coin-counting machines. These fees usually range from 5% to 10% of the total value of the coins you’re depositing. This can add up quickly, so if you are dealing with many coins, you might want to explore alternatives or consider opening an account with the bank to avoid these fees.
2. Customer-Specific Benefits
Banks typically offer free or reduced-fee coin counting to customers with checking or savings accounts. This makes it more economical for frequent users or those with significant change. For example, some banks allow customers to deposit their counted coins into their accounts directly, simplifying the process.
3. Coin Limits and Restrictions
In addition to fees, it’s essential to be aware of limits and restrictions when using bank coin machines. Some banks cap the number of coins you can deposit at one time, while others may only allow you to deposit a certain amount of money in coins each month. Make sure to clarify these limits with your bank beforehand.
Alternatives to Bank Coin Machines
If you find that the banks in your area no longer offer coin machines or the fees are too high, there are several alternatives to consider:
1. Coinstar Machines
Coinstar machines are popular for those looking to exchange coins for cash. These machines can be found in many grocery stores, retail locations, and even some pharmacies. Coinstar charges a fee of around 11.9% for converting coins to cash, but if you opt for a gift card from popular retailers like Amazon or Starbucks, you can avoid the fee entirely.
2. Rolling Coins Manually
Another alternative to using a coin machine is to roll your coins manually and take them to your bank. Most banks accept rolled coins for deposit or exchange without charging a fee. This option requires more effort, but it can save you from paying a coin-counting fee.
3. Local Businesses
Some small businesses or laundromats may be willing to take your coins, mainly if they operate with a high need for change. While not as convenient as using a bank or machine, this can be a practical way to offload many coins without any fees.
Frequently Asked Questions
Here are some of the related questions people also ask:
What banks have free coin-counting machines?
Some banks, like TD Bank, Huntington Bank, and certain credit unions, offer free coin counting machines for their account holders. Non-customers may be charged a fee.
Does Wells Fargo have coin counting machines?
Wells Fargo no longer provides coin-counting machines in its branches. Customers can still deposit rolled coins, but they must roll them manually.
Can I use a coin machine at a bank without an account?
Yes, non-customers can use coin machines at some banks like TD Bank and PNC Bank, but they may be charged a fee, typically between 5% to 10% of the coin value.
Do credit unions have coin counting machines?
Many credit unions still offer coin counting machines as a benefit to their members. However, non-members may face fees for using this service.
Is Coinstar cheaper than using a bank coin machine?
Coinstar charges around 11.9% for converting coins into cash, which may be higher than fees charged by some banks for non-customers. However, opting for a gift card at Coinstar allows you to avoid the fee.
How much does TD Bank charge for coin counting?
TD Bank typically offers free coin counting services for their customers. Non-customers may be charged a fee, but the exact fee can vary by branch.
Are there limits to how many coins I can deposit at a bank?
Some banks place limits on how many coins you can deposit at one time or within a certain period. Always check with your bank for specific rules regarding coin deposits.
What is the best way to cash in coins without fees?
The best way to avoid fees is to use a bank or credit union where you hold an account, manually roll coins and deposit them, or choose a Coinstar gift card option to bypass fees.
Why did many banks remove their coin counting machines?
Many banks removed coin counting machines due to high maintenance costs, frequent malfunctions, and declining use as fewer people rely on coins in everyday transactions.
The Bottom Line
While the availability of coin-counting machines at banks has diminished, there are still a few options for those looking to cash in their spare change. When asked what banks have coin machines, TD Bank, PNC Bank, Huntington Bank, and many local credit unions come to mind. However, it’s essential to verify the availability of these machines at your local branch and any associated fees or limits.
Coin counting services are still a valuable convenience for those dealing with a significant amount of coins, whether you’re a small business owner or someone who saves loose change. While some banks still provide these services to their customers, non-customers may find the fees high—alternatives like Coinstar machines and manual coin rolling offer additional ways to convert your coins into cash.
In today’s changing financial landscape, finding convenient services like coin counting is becoming more challenging. Yet, with some research and effort, you can still find effective ways to use your coins without breaking the bank. Whether you choose to visit one of the few banks that still offer coin machines, explore alternative services, or manually roll your coins, there are always options for getting the most out of your spare change.