As a result of the pandemic, there is a shortage of circulating coins in the United States because people are shifting away from paying with cash and toward card payments. The issue is that businesses won’t be able to make change for cash transactions, and that a coin scarcity may have a disproportionately negative impact on lower-income people that rely on cash payments rather than card payments. One method that you can lend a hand is to withdraw money from that stuffed piggy bank, and here is how to accomplish it.
Yes, You Are Able to Deposit Coins at Your Bank.
The majority of financial institutions, including banks and credit unions, will take rolled coins from consumers, though some of them may charge a fee for the process.
Customers of some banks, such as Wells Fargo, are not charged a fee when they exchange rolled coins at the teller counter. According to Wells Fargo, the company provides free coin wrappers as well.
Verify the bank’s terms and conditions. Coin-counting machines can still be seen in operation at some credit unions and community banks. Although you can still get coin wrappers, the vast majority of large banks, such as Bank of America, Chase, and Capital One, do not provide coin-counting machines for their customers anymore.
Amber Albrecht, who works in corporate communications in Oregon, stated that she complied with the requests of her son Cooper and daughter Rylee and donated one hundred dollars worth of coins. Although they did so, the children kept their respective portions of the profits in savings accounts with the Mission Federal Credit Union.
“They also wanted to see how much money they have online, which I thought was interesting,” she says. “This was also motivated by them wanting to see how much money they have online.”
A coin counting machine is available at the Philadelphia branch of Hyperion Bank. The machine counts coins for customers free of charge, however non-customers are charged a cost of 5%. The husband and wife decided to have a competition to see who could save the most money and then bring them to the bank; the total amount of the coins they brought in was $429.13.
What exactly is a digital check?
When payments are made online, there is no need for paper checks to be written.
A young woman is making a check deposit over the phone at the cafe.
According to Lee Green, vice president and chief retail officer at Hyperion Bank, “The husband came out on top because he had the most coins in his piggy bank.”
They did not have an account at the bank, so they decided to open one in order to avoid paying the coin-counting fee, which would have totaled $21.46 had they not done so.
The artificial intelligence-driven investment company Magnifi’s founder, Ian Rosen, had his children roll their coins and then take the rolls to a Chase location to deposit them. They cashed in approximately $120, and they gave $10 to each youngster. The objective was “to make them do something that was both tedious and requiring accuracy,” as he explains it. Everyone participated and had a nice time.
Where Can One Exchange Their Coins for Nothing?
Not only can you check with your own bank, but you can also check with the following places regarding changing your spare change into cash without having to pay any fees:
Credit unions. There are many that have machines that can swiftly count your coins and offer you with an accurate total in cash, and it’s possible that even non-members can use these machines for free.
Local banks serving the community. Coin counting machines are available for free use to customers of some financial institutions, including as JBT, Republic Bank, and Manasquan Bank.
What are Some Alternatives to Bringing Coins to a Bank to Be Exchanged for Money?
You can avoid the hassle of rolling coins and transporting them to the bank by using the coin counting machines that are available in grocery stores and other retailers for a fee. Coinstar, which has approximately 20,000 kiosks across the world, is the one that you have probably seen, but Publix, which is a grocery store chain in Florida, also has its own machines.
If you transform your coins into cash at a Coinstar store, you will be charged a processing fee of 11.9% of the total amount of cash you withdraw. If you choose to give someone an e-gift card to one of more than 20 different retailers and restaurants, such as Amazon, Starbucks, or Southwest Airlines, you won’t have to pay any additional fees. There is also the option to donate to charity without paying any fees; however, Coinstar will deduct a processing fee from the amount you gift.
Publix, which is a grocery store chain founded in Florida, has its own vending machines that will count your coins and offer you with a ticket that you can exchange for cash at the customer care counter. There may be a fee that ranges from 9 percent to 10 percent of the total amount of your transaction. Check with your local retailer for specifics.
It’s possible that you won’t believe how much money you have once you’ve cashed in all of your coins, regardless of how you did it.
Doug Chapin, an election researcher in Virginia, conducted a study in which he asked participants to place their spare change in a huge plastic tube for a period of two years. When there was a shortage of COVID-19 coins, he dragged it to his local grocery shop and threw the change into the coin counter there. The total came to $222.78 dollars.
“The most amazing thing is how quickly we managed to spend the Amazon gift certificate that we purchased with all of those coins,” he says. “The most amazing thing is how quickly we managed to spend the gift certificate.”