If you want to deposit coins at the bank then first you have to sort all the coins according to their values and then bring those coins to the nearest bank branch. Some banks have dedicated counters for coins and they will deposit the amount into your checking account. If you don’t have a bank account and want to exchange your coins with cash then some banks will charge you a fee. If the bank doesn’t have a coin counter, then you have to roll the coins and deposit them into your bank account.
- If you want to deposit coins at a bank then you have to short the coins according to their value
- If you have sorted and wrapped the coins then the next step is to fill out the deposit slip
- You should keep in mind that banks and credit unions don’t accept coin deposits via the drive-thru
- You can use a coin-counting machine because it will save lots of your time
Steps To Deposit Coins At Bank
Depositing coins are similar to depositing cash but the problem with coins is they are huge in numbers and it takes lots of time to process those coins. Therefore, you should follow some steps to make the coin deposit convenient.
Sort The Coins By Value
The first step of depositing coins at a bank is to sort the coins by value. For example, you should keep all the pennies in one spot and nickels in another. You should also separate your dimes and one for quarters. Once you sort all the coins by value then you have to place the coins in Rolls.
Roll The Coins
If the bank asks you to roll the coins, then you have to count out each denomination by roll amount. For example, a roll of pennies contains 50 cents, nickels are $2 to a roll, dimes are $5 per roll, and quarters have $10 in each roll. Then insert all the coins into the appropriate coin sleeve. Here’s how you can roll the coins –
1. First, pick up some coin wrappers like quarters, dimes, nickels, pennies
2. You can get the coin wrappers for free from the bank if you ask politely or,
3. You can buy them online or even from the discount shops
4. Then separate the coins according to the amount listed on the coin wrappers:
5. $10 quarters
6. $5 dimes
7. $2 nickels
8. 50¢ pennies
Fill Out The Deposit Slip
If you have sorted and wrapped the coins then the next step is to fill out the deposit slip. If you have a checking and savings account then you will be able to deposit cash by check, cash, and coin. Now fill out the deposit slip accordingly and submit the slip to the bank teller.
Turn The Coins In
After submitting the deposit slip, give the rolled coins to the teller to count. Usually, the banks and credit unions don’t accept coin deposits via the drive-thru, therefore you have to go inside of the bank to complete the transaction.
Check Your Receipt
After giving the coins away, the bank teller will confirm the deposit amount, and then he/she will print and hand you a receipt for your deposit. Then check the receipt and confirm that the deposit amount is correct.
Use A Coin Counting Machine
If there is a coin counting machine in the bank then you will be able to save lots of time by counting the coins using the machine. Using the machine is very simple. Just dump the coins into the machine. Then the machine will count the coins and give you a ticket with the total coin amount listed on it. Now give the ticket to the bank teller with the deposit slip. Some banks charge a fee for the coin counting machine while other banks don’t charge any fees.
How To Convert Coins Into Cash?
Depositing the coins into the bank is a convenient way to convert your coins into cash. However, there are other ways available you can convert your coins into cash. Let’s check them out.
Convert The Coins From A Convenient Store
If there is a gas station or convenience store near your house then you are in a luck. Gas stations or convenient stores need lots of coins. Therefore, if you have a huge number of coins then you can easily exchange those coins and convert them into coins. Aisha Jefferson-Smith, corporate communications manager of QuikTrip said that some customers have redeemed as much as $3,000 in coins for cash.
If you don’t want to turn your coins into cash then you can donate the coins to various charitable organizations. Some charitable organizations are –
1. World Wildlife Fund
2. United Way
4. The Humane Society of the United States
5. Leukemia and Lymphoma Society
6. Feeding America
7. Children’s Miracle Network Hospitals
8. American Red Cross
Buy Stuff With The Coins
Coins are like money so you can use the coins to buy anything you want. Simply pick the items that you want to buy and then bring them to the counter and pay the total amount with your coins. This way you can easily buy your stuff with the coins.
Buy eGift Card Using Coinstar
Recently Coinstar has reinstated various e-cards back into the mix. This is the updated list.
|Retailer||Gift Card Limits|
|Amazon.com||Minimum amount: $5.00Maximum amount: $1,000.00|
|AMC Theatres||Minimum amount: $5.00Maximum amount: $100|
|Applebee’s||Minimum amount: $5.00Maximum amount: $500.00|
|Cabela’s||Minimum amount: $5.00Maximum amount: $500|
|Chili’s Grill & Bar||Minimum amount: $5.00Maximum amount: $100.00|
|Domino’s||Minimum amount: $10.00Maximum amount: $100|
|Home Depot||Minimum amount: $5.00Maximum amount: $2000|
|GameStop||Minimum amount: $15.00Maximum amount: $500.00|
|Gap(Gap, Banana Republic, Old Navy, Piperlime, Athleta)||Minimum amount: $10.00Maximum amount: $500.00|
|Hotels.com||Minimum amount: $10Maximum amount: $500|
|IHOP||Minimum amount: $5.00Maximum amount: $200|
|iTunes||Minimum amount: $5.00Maximum amount: $500.00|
|Lowe’s||Minimum amount: $5.00Maximum amount: $1,000.00|
|Nike||Minimum amount: $5.00Maximum amount: $500.00|
|Regal Entertainment Group||Minimum amount: $5.00Maximum amount: $100|
|Showtime||Minimum amount: $25.00Maximum amount: $200.00|
|Sephora||Minimum amount: $10.00Maximum amount: $500|
|Southwest Airlines||Minimum amount: $25.00Maximum amount: $500.00|
|Starbucks||Minimum amount: $5.00Maximum amount: $500.00|
|Steam||Minimum amount: $10.00Maximum amount: $100.00|
FAQs About How To Deposit Coins At Bank
Do banks accept coins for deposits?
Yes, most banks accept coins for deposits. Some banks might charge fees for depositing coins therefore, you should ask the bank teller about the fees.
What bank has a coin-counting machine?
Lots of banks have coin-counting machines. For example –
2. Manasquan Bank
3. Home State Bank
4. First County Bank
5. Shelby Savings Bank
6. TCF National Bank
7. Cape Bank
8. Hancock County Savings
9. Republic Bank (NJ/PA)
10. People’s United Bank
11. American Eagle Federal Credit Union
12. Westerra Credit Union
15. Bank of America
16. Capital One
17. TD Bank
18. PNC Bank
Can A Bank Refuse To Deposit Coins?
No, banks can’t refuse to deposit coins. But banks might ask you to sort the coins according to their value before depositing them.
How Many Coins Can I Deposit In The Bank?
There are no limitations on the number of coins that you can deposit in a bank. As a customer, you can deposit as many coins as you want.
Can You Deposit Coins Into An ATM?
No, you can’t deposit coins into an ATM. You have to visit the nearest bank branch and deposit all your coins by yourself.
Last Updated on October 27, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.