What happened to free coin counting machines?
Most national banks no longer have free coin counting machines. Many don’t even have coin counting machines for a fee! The reason was that it cost the banks more to service the machines than it was worth to them, so now, if you want to take your coins to a bank like Bank of America (as an example), they will send out your coins for counting and you will be credited the amount later. Not an ideal situation for sure.
Other banks do have coin counting machines, but they cost a fee, even if you’re a customer.
What banks have free coin counting machines?
The list of banks that have free coin counting machines is always changing. Many of these banks also don’t have free coin counting machines for non-customers. Right now, the only national bank that currently offers free coin counting is Fifth-Third Bank, and they don’t have branches nationally.
Credit unions are more likely to have free coin counting machines, so check into your local credit unions.
Other banks that have free coin counting machines are:
- American Eagle Financial Credit Union
- NASA Federal Credit Union
- Eastern Bank
- First Community Bank
- Navy Federal Credit Union
- JBT Bank
What about Coinstar?
Coinstar charges almost 12% for coin counting if you want cash back, which is not insignificant. However, if you opt to get a gift card for a store like Amazon or Apple, you don’t pay a fee. It’s not quite the same as cash, but if you’re already planning a purchase at one of those stores, this can be an easy way to use a free coin counting machine.
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Megan is a 40-something government employee in the Washington, DC area. She got interested in Personal Finance when she got out of college and realized that her paycheck wasn’t going to go as far as she had hoped. Since starting this blog, she has managed to buy a house and make a solid start on her retirement goals, and hopes to help others do the same. Here is her story:
In 2007, I was a gainfully employed 20-something with no debt but not a lot of knowledge about personal finance. It was a co-worker’s comment about Roth IRAs that sent me to the internet, searching for information. It was then that I realized that I really didn’t know a whole lot about personal finance and that my current financial situation was due a lot to inherent frugal tendencies, generous family members, a fear of debt, and good luck. While that was working for me, clearly I needed a better plan.
While I had no debt, I was also pretty much living paycheck to paycheck and not worrying about going over budget (I say this as if I had a real budget) because I had an emergency fund set aside to cover any overages.
Except that’s not what an emergency fund is for.
So I did a lot of research, read a lot of blogs, and decided that I needed a plan. I needed to budget. I needed to know what I was spending my money on. I needed to prepare for the future.
I decided to create a blog not only to make myself accountable to others but also to share the knowledge that I gained along the way. I’ve learned so much from my fellow bloggers, and I hope that my readers can find something useful in what I have to share as well.