Yes, banks take loose change, but how they handle it depends on the bank and the amount
Most banks will accept loose coins as a deposit into your account. You can walk in with a handful of pennies, nickels, dimes, and quarters, and the teller will count them and add the total to your account. However, some banks charge a fee if you bring in a large amount of unrolled coins, and a few banks ask you to use a coin-counting machine first or to roll the coins yourself.
The reason banks sometimes push back on loose change is straightforward: it takes time to count by hand, and time costs money. A teller counting 500 pennies one by one is slower than processing a check. Some banks have decided that loose coins are not worth the teller labor, so they either charge you for the service or ask you to sort and roll them first.
The good news is that you have options. If your bank charges a fee or refuses loose change, you can roll the coins yourself at home, use a coin-counting machine, or move the coins to a bank that welcomes them without extra cost.
Key Takeaways
- Most banks accept loose coins as deposits, but some charge a fee for large amounts or require you to roll them first.
- The fee, when charged, usually applies only if you bring in more than a certain amount — often $50 or $100 in loose coins — so small handfuls are usually free.
- You can roll coins at home using paper coin wrappers, which most banks provide for free or sell for a few cents.
- Coin-counting machines at grocery stores and laundromats offer a faster alternative, though they typically take a small percentage of the total.
- If your bank charges for loose coins, switching to a bank with a no-fee policy or using a credit union may save you money over time.
How banks count and deposit loose change
When you bring loose coins to the teller, they will count them and record the total. Some banks have coin-counting machines behind the counter that do this automatically. Others count by hand or use a scale to weigh the coins and calculate the total. The amount is then added to your account just like any other deposit.
The process is straightforward, but it does take longer than depositing bills or checks. A teller can process a stack of bills in seconds. Counting 200 loose coins takes several minutes. This is why some banks have decided to charge for the service or ask customers to pre-sort the coins.
When banks charge fees for loose coins
Not all banks charge fees for loose change, but many do — especially for large amounts. The fee structure varies widely. Some banks charge nothing up to $50 in loose coins, then charge a small percentage (often 5 to 10 percent) for anything above that. Others charge a flat fee of $1 to $5 per deposit, regardless of the amount. A few banks charge nothing at all.
The best way to find out your bank's policy is to call the branch directly or ask a teller. If you bank online or at a bank without a physical branch, you may not be able to deposit loose coins at all — some online banks do not accept cash deposits of any kind.
If your bank charges a fee and you have a lot of loose change, it often makes sense to roll the coins yourself or use a coin-counting machine instead. A 10 percent fee on $100 in coins costs you $10, which is more than the cost of a coin-rolling kit.
Rolling coins yourself to avoid fees
Rolling coins is straightforward and takes about 15 to 30 minutes, depending on how much change you have. You will need paper coin wrappers, which come in different sizes for pennies, nickels, dimes, and quarters. Most banks give these away for free, or you can buy a pack of 100 wrappers for a dollar or two at any drugstore.
To roll a coin, place the wrapper on a flat surface, stack the coins inside to the line marked on the wrapper (usually 50 pennies, 40 nickels, 40 dimes, or 40 quarters), and fold the ends closed. Once all your coins are rolled, you can bring them to the bank. Most banks will accept pre-rolled coins without a fee, even if they charge for loose change.
Rolling coins takes time, but it is free and gives you control over the process. Some people find it meditative; others find it tedious. If you have a lot of change, you might decide that a coin-counting machine is worth the small fee.
Using coin-counting machines instead
Coin-counting machines are available at many grocery stores, laundromats, and some banks. You pour your loose coins into the machine, and it counts them and gives you a receipt or cash. The catch is that most machines take a percentage of the total — usually 5 to 10 percent — as a fee.
For example, if you have $50 in loose coins and the machine takes 8 percent, you will receive $46 in cash or a receipt for $46. You can then deposit that cash into your bank account without any additional fee. The machine does the counting for you, which saves time, but you lose a small amount of money in the process.
Coin-counting machines are most useful if you have a large amount of change and your bank charges a high fee for loose coins. If your bank charges nothing or a flat fee of $1 or less, rolling the coins yourself is usually cheaper.
What to do if your bank refuses loose coins
Some banks, especially online banks and smaller branches, do not accept loose coins at all. If this is your situation, you have three options: roll the coins and ask if the bank will accept them rolled, use a coin-counting machine and deposit the cash, or switch to a bank that accepts loose coins without a fee.
If you are considering switching banks, ask about their loose coin policy before you open an account. Many community banks and credit unions are more flexible about loose change than large national banks. A credit union, in particular, often has a more personal approach to customer service and may accept loose coins without a fee.
You can also ask the teller if there is a workaround. Some banks will accept loose coins if you bring them in a clear bag or container so the teller can see what you have. Others will accept them if you come during a slow time of day when the teller has more time to count.
Depositing large amounts of loose change
If you have collected a large amount of loose change — say, $200 or more — it is worth planning ahead. Call your bank and let them know you are coming in with a large coin deposit. Some banks will ask you to roll the coins first, others will count them but may charge a fee, and a few will ask you to come back at a specific time when a manager is available.
For very large amounts, a coin-counting machine may be your best option. You avoid the fee your bank might charge, and the machine does the work in minutes instead of hours. The percentage the machine takes is usually less than what a bank would charge for a large loose coin deposit.
Another option is to ask a friend or family member to help you roll the coins. Two people working together can roll a large amount of change in an hour or less, and then you can deposit the rolled coins without any fee.
Frequently Asked Questions
Can I deposit loose coins at an ATM?
No. ATMs accept only bills and checks, not coins. You must go to a teller inside the bank to deposit loose change. Some banks have coin-deposit machines in the lobby, but these are rare and usually only at larger branches.
What if I have a lot of pennies?
Pennies take up a lot of space and are heavy, so banks are sometimes less enthusiastic about large penny deposits. Rolling them first makes the deposit much easier and faster. If your bank charges a fee for loose coins, rolling the pennies will almost certainly save you money.
Do I need to sort the coins by type before I bring them in?
No. You can bring all your loose coins mixed together, and the bank will sort and count them. However, if you roll them yourself, you will need to sort them by type (pennies, nickels, dimes, quarters) because each wrapper holds only one type of coin.
Will the bank give me cash back if I deposit loose coins?
No. When you deposit coins, they are added to your account balance just like any other deposit. If you need cash, you can withdraw it from an ATM or ask the teller for cash back on a separate transaction.
What happens if I bring in counterfeit coins?
Banks check coins for counterfeits as part of the counting process. If a counterfeit coin is found, the bank will set it aside and may ask you about it, but this is rare. Counterfeit coins are uncommon in everyday circulation, so this is not something most people need to worry about.