Converting Those Coins to Cash

Most of have a jar or a dish that we drop our coins into at the end of the day. As it begins to fill, our desire grows to convert that change into bills. In the past you used to have to count out and roll up all of your coins and bring them to the bank. It was a little tedious and when it was all over your hands were filthy. 

Now all that hassle is in the past. With the arrival of coin counting machines, all of that headache has been reduced to another one of those “When I was your age…” stories that we tell to our children. 

At a growing number of supermarkets and bank locations, coin counting machines are popping up. You walk up with a bucket of change, pour it in, after a few seconds the machine totals up your coins and gives you a ticket that you can cash in. The only trouble with this convenient set up is the fees. Some coin machines can charge as much as 9% for this service. I won’t stand for that and neither should you.

As I have discussed in the past, with a little effort you can have the ease of coin counting machines without the loss of a service charge. Coins 818I discovered that my local credit union, of which I am a member offers such a service free of charge. 

A few days ago I carried in my tupperware container full of coins, notice the enticing number of quarters in the picture. I had deduced that I had crossed the $50 mark, thus making the trip worth it. I walked up to one of the two machines in my bank , lifted the lid and poured them in. The number on the screen began to climb, $20.17, $33.12, $37.89, I watched as more and more of my coins slipped through the grating. It cracked forty buck, then forty-five. 

I grew concerned when I noticed that all the coins were gone, until I realized that the machine was still counting. When the final number was tallied I had cashed in $51.55 worth of coins. I just made it. The machine printed my slip, I took 30 bucks in cash and put the rest in my checking account.

By finding a FREE machine instead of one that charges a 9% fee I saved myself almost five dollars. That’s enough for a nice lunch.

I would encourage you to call your bank and see if they offer such a service for free the next time you decide to cash in all of your coins. I’m small time compared to some people out there. I saw a guy at the bank dumping a water jug full of coins. How much is that? Two hundred dollars? Maybe three. If that was you would you want to give up 30 buck away in fees? Of course not. 

Call your bank or credit union and if they can help you here is a site that might do the trick. It allows you to search by state and caps the fee at 5%. A little tip to help you keep more of those coins in your pocket. Coins that you will take home and put in a jar or a bank and one day turn into cash. 

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