Yes, you can deposit coins at most banks, but the process and fees vary widely
Most banks accept coin deposits from their own customers, but they do not treat coins the same way they treat cash or checks. Some banks will count and deposit coins for free if you bring them in a standard deposit envelope or bag. Others charge a fee per roll or per pound of coins. A few banks have stopped accepting coins altogether, or accept them only from business customers. Before you show up with a bag of quarters, call your bank and ask: do they take coins, do they charge for it, and what form do they need the coins in.
The reason banks are cautious about coins is straightforward: coins are expensive to process. A teller has to count them by hand or run them through a machine, verify the weight and count, and then transport them to a vault or back to the Federal Reserve. That takes time and labor. Some banks have decided the cost is not worth it for retail customers, so they either refuse coins or charge you to cover the work.
Key Takeaways
- Call your bank before depositing coins to confirm they accept them and whether there is a fee.
- Banks that do accept coins often require them to be rolled in paper coin wrappers or placed in a clear bag so they can be counted quickly.
- Some banks charge a percentage fee (usually 5 to 10 percent) or a flat fee per roll, while others waive the fee for account holders.
- If your bank refuses coins or charges too much, a coin-counting machine at a grocery store or laundromat is usually cheaper, though it takes a percentage of the total.
What your bank will ask you to do before accepting coins
If your bank accepts coins, they will almost always ask you to sort and roll them yourself or place them in a clear bag. This is not because they are being difficult—it is because a teller can verify the count and weight much faster if the coins are already organized by denomination. A standard roll of quarters holds 40 coins and should weigh about 10 ounces. A roll of dimes holds 50 coins and weighs about 5 ounces. If you show up with a bucket of mixed coins, the bank will either turn you away or charge you extra to sort them.
You can buy coin wrappers at most banks for free or a few cents each, or at office supply stores and grocery stores. Some banks will let you use a clear plastic bag instead, as long as the coins are sorted by type. Ask your bank which method they prefer before you start rolling.
Fees and when banks charge them
Fee structures vary by bank and by account type. Large national banks like Chase, Bank of America, and Wells Fargo generally do not charge account holders to deposit rolled coins, though some branches may have different policies. Credit unions often waive coin fees for members. Smaller regional banks and online banks are more likely to charge, usually between 5 and 10 percent of the coin value, or a flat fee of $1 to $3 per deposit.
Business accounts sometimes get better terms than personal accounts. If you run a small business and deposit coins regularly, ask your bank whether they offer a business checking account with free coin deposits. Some banks will also waive fees if you deposit coins as part of a larger transaction, like a check and cash deposit on the same day.
The fee structure also depends on whether you are depositing coins at a teller window or using a coin-counting machine on the bank's premises. Some banks have installed coin-counting machines that are free for customers to use. If your bank has one, you can count and bag your coins yourself and then deposit them with no fee.
What to do if your bank will not take your coins
If your bank refuses coins or charges a fee that feels too high, you have other options. Coin-counting machines at grocery stores, laundromats, and some retail stores will count your coins and give you cash or a gift card in return. These machines typically take 8 to 12 percent of the total value, so if you have $100 in coins, you might walk away with $88 to $92. That is more expensive than a bank fee, but it is faster and you do not have to roll anything.
Another option is to ask a friend or family member who banks at a different institution to deposit the coins for you. Some people also sell coins to coin dealers or collectors, though that only makes sense if the coins have numismatic value beyond their face amount.
If you have a very large amount of coins—more than a few hundred dollars—contact your bank's main office or customer service line before showing up. They may be able to arrange a special deposit or direct you to a location that handles bulk coin deposits.
Why some banks have stopped taking coins
During the COVID-19 pandemic, several major banks temporarily stopped accepting coin deposits because coins were not circulating as much and the processing backlog was severe. Some banks, including Coinstar partnerships and certain regional institutions, have kept those restrictions in place. If your bank is one of them, you will need to use a coin-counting machine or find a different bank.
The Federal Reserve has also faced coin shortages in recent years, which has made banks more selective about which customers they accept coins from. If you are a long-standing account holder with a good relationship with your bank, you are more likely to have coins accepted than if you are a new customer.
How to prepare coins for deposit
Sort your coins by denomination: pennies, nickels, dimes, and quarters in separate piles. Count each pile and verify the total. Wrap each denomination in the appropriate paper wrapper (penny rolls hold 50 coins, nickel rolls hold 40, dime rolls hold 50, quarter rolls hold 40). Seal the wrappers tightly so coins do not spill out. Place all the rolls in a clear bag or envelope and write your account number on the outside.
If your bank prefers a clear bag instead of paper wrappers, place the sorted coins in a gallon-sized ziplock bag or a clear plastic deposit bag. Make sure the coins are visible and the bag is sealed. Bring your deposit slip and your account number or debit card so the teller can process the deposit quickly.
Frequently Asked Questions
Can I deposit coins at an ATM?
No. ATMs accept only paper bills and checks. You must deposit coins at a teller window or use a coin-counting machine. Some banks have coin-counting machines on-site that feed directly into your account, but these are not standard at all locations.
Do I have to roll coins myself, or can the bank do it?
Most banks require you to roll coins yourself or place them in a clear bag sorted by denomination. If you ask a teller to sort and roll coins for you, they will likely charge a fee or refuse. Some banks offer free coin wrappers to customers, so ask at the counter.
What if I have coins from another country?
U.S. banks do not accept foreign coins. You would need to exchange them at a currency exchange service or a coin dealer. Some travel agencies also exchange foreign coins, though fees vary.
Can I deposit coins if I do not have an account at that bank?
No. Banks only accept coin deposits from their own account holders. If you do not have an account, use a coin-counting machine at a grocery store or retail location instead.
How long does it take for coins to show up in my account?
Coin deposits made at a teller window usually post to your account the same day or the next business day, just like cash deposits. The timeline depends on when you deposit and your bank's processing schedule.