Yes, but most banks now charge a fee or require you to roll them first
You can still bring loose pennies to your bank and exchange them for cash or deposit them into your account. However, the process has changed. Many banks now charge a fee for counting loose coins — typically 10 cents per dollar's worth of coins, or a flat fee between $2 and $5. Some banks waive the fee if you're a customer in good standing or if the amount is small. A few banks have stopped accepting loose coins entirely and require you to use a coin-counting machine or roll them yourself.
The shift happened gradually over the past decade as banks reduced their physical infrastructure and moved away from services that cost them money to provide. Coin counting is labor-intensive: someone has to open the bag, count by hand or machine, verify the total, and process the deposit. For a bank processing thousands of transactions daily, that's expensive relative to the revenue it generates.
Your best option depends on what your bank charges and whether you have time to roll the coins yourself. Rolling takes about 15 minutes per $5 in pennies, but it costs nothing. If your bank charges a fee, rolling is usually worth it unless you have a very small amount.
Key Takeaways
- Most banks accept loose pennies but charge a fee ranging from 10 cents per dollar to a flat $2 to $5, though some waive fees for regular customers.
- Rolling coins yourself in paper sleeves (available free at most banks) takes time but costs nothing and is usually faster than waiting for bank staff to count.
- Some banks have stopped accepting loose coins and require you to use a coin-counting machine, roll them, or deposit them through a coinstar-type service.
- Credit unions often have more lenient policies than large banks and may count loose coins for free or for a smaller fee.
What happens when you bring loose pennies to the teller
When you walk in with a bag or jar of loose pennies, the teller will usually direct you to one of three options: use the bank's coin-counting machine if they have one, roll the coins yourself using paper sleeves, or pay the fee and have staff count them.
If you choose the fee route, the teller will either count the coins by hand or run them through a machine. The machine is faster but not always more accurate — it can occasionally miscount or jam. The teller will then give you cash or credit the amount to your account. This process typically takes 10 to 20 minutes, depending on the volume and whether the machine needs adjustment.
If the bank has a self-service coin-counting machine in the lobby, you can use it yourself for free. These machines accept loose coins and count them automatically. You feed the coins in, the machine counts and sorts them, and you receive a receipt. You then take the receipt to the teller to exchange it for cash or deposit it. Some machines dispense cash directly; others issue a voucher.
Rolling coins yourself as the cheapest option
Paper coin sleeves are the standard way to prepare coins for deposit without a fee. A penny sleeve holds 50 pennies and costs nothing — banks give them away at the teller window. You roll the coins into the sleeve, seal it, and bring it to the teller. The teller will accept it without counting (they may spot-check one or two rolls) and process the deposit when ready.
Rolling 50 pennies takes about two to three minutes once you develop a rhythm. If you have $10 in pennies, that's 1,000 coins and 20 rolls — roughly 40 to 60 minutes of work. For most people, this is worth avoiding if the fee is small, but if your bank charges $5 and you have a large amount, rolling becomes the rational choice.
You can request sleeves for all coin denominations: penny sleeves (50 coins), nickel sleeves (40 coins), dime sleeves (50 coins), and quarter sleeves (40 coins). Some banks limit how many sleeves they'll give you at once, but this is rare.
Coin-counting machines and third-party services
Coin Star machines are the most common alternative to bank coin counting. These are kiosks found in grocery stores, pharmacies, and some retail locations. You pour your coins into the machine, it counts them, and you receive a voucher. You can exchange the voucher for cash at the customer service desk, or some machines let you convert the value to a gift card or donate it to charity.
Coin Star charges a fee — typically 11.9 percent of the total value. So $10 in coins becomes $8.81 in cash. This is higher than most bank fees, but the convenience matters if you don't have time to roll coins or your bank has stopped accepting loose coins. Some Coin Star locations offer a no-fee option if you choose a gift card instead of cash.
A few banks have partnered with Coin Star or similar services and allow customers to deposit counted coins directly into their accounts through the machine. Check with your bank to see if this option is available.
Differences between bank types and institutions
Large national banks (Chase, Bank of America, Wells Fargo) typically charge fees for loose coin counting, ranging from $2 to $5 per transaction. They may waive the fee for customers with certain account types or balances, but you have to ask.
Regional and community banks vary widely. Some still count loose coins for free as a customer service. Others charge a small fee or require rolling. The best approach is to call your branch and ask their specific policy before you show up with a bag of pennies.
Credit unions often have more flexible policies. Many count loose coins for free or charge a nominal fee. If you're a member of a credit union, it's worth checking with them first — they may be cheaper than your primary bank.
Online banks do not accept coin deposits at all, since they have no physical branches. If you bank exclusively online, you'll need to use a Coin Star machine or deposit coins at a local bank or credit union that accepts them.
What banks do with pennies after you deposit them
Once the bank accepts your pennies, they don't keep them. Banks send coins to the Federal Reserve in bulk shipments, usually when they accumulate enough to make the logistics worthwhile. The Federal Reserve counts, sorts, and redistributes coins to banks based on demand.
Pennies are the least valuable coin in circulation, so banks have little incentive to hold them. Many branches actually have a shortage of pennies because customers deposit them but few people want to withdraw them. This creates an imbalance that the Federal Reserve has to manage.
The U.S. Mint still produces pennies, though production has declined in recent years. There's ongoing debate about whether pennies should be discontinued entirely, but that decision rests with Congress, not individual banks.
Frequently Asked Questions
Do I have to be a customer of the bank to exchange pennies?
Most banks only exchange coins for account holders. If you don't have an account at the bank, you'll need to use a Coin Star machine or another third-party service. Some credit unions are more flexible and may exchange coins for non-members, but this varies by institution.
What if my bank charges a fee but I don't want to roll the coins?
You have three options: pay the fee, use a Coin Star machine (which charges a higher fee but is faster), or ask your bank if they'll waive the fee for a small amount. Some banks will count up to $5 or $10 in loose coins for free as a courtesy.
Can I deposit rolled coins into my account without the teller opening them?
Yes. Properly rolled coins in paper sleeves are accepted as-is. The teller may spot-check one or two rolls to verify the count, but they won't open every roll. Make sure the coins are tightly rolled and the sleeve is sealed.
Is it faster to use a Coin Star machine or go to the bank?
Coin Star is usually faster — the machine counts automatically in a few minutes. A bank teller counting loose coins by hand can take 15 to 30 minutes depending on the volume. However, Coin Star charges a higher fee, so the time savings come at a cost.
What should I do if my bank stopped accepting loose coins?
Roll the coins yourself using paper sleeves (free from the bank), use a Coin Star machine, or switch to a credit union or community bank with a more lenient policy. Rolling takes time but costs nothing and is usually the cheapest option.