Banks will take pennies, but the process depends on how many you have and which bank you use
Yes, banks accept pennies. They are legal tender and banks are required to handle them. But the practical answer is more complicated: most banks will take rolled or loose pennies from you, though some charge a fee if you bring in a large quantity, and a few have started to discourage penny deposits altogether. The key difference is whether you are a customer depositing your own pennies or someone walking in off the street with a bag of coins.
If you have pennies sitting in a jar at home, your bank will almost certainly take them. If you are a customer with an account, you can bring them in loose or rolled, and they will be deposited to your account at face value with no fee. Some banks will even provide coin wrappers so you can roll them yourself before you come in. The process takes longer than a cash deposit because the teller has to count them, but it costs you nothing.
The friction appears when you have a very large quantity — several hundred dollars' worth — or when you are not a customer. Some banks charge a processing fee for large coin deposits, typically between 5 and 10 cents per dollar of coins. A few banks, including some branches of larger chains, have stopped accepting loose coins altogether and will only take rolled coins. And a small number of banks have begun refusing penny deposits entirely, though this is still uncommon.
Key Takeaways
- Banks are legally required to accept pennies, and most will take them from account holders for free if you bring them in loose or rolled.
- Some banks charge a fee for large coin deposits — typically 5 to 10 cents per dollar — so ask your bank about its policy before you bring in hundreds of dollars in pennies.
- A few banks now accept only rolled coins or have stopped accepting pennies altogether, so call ahead if you have a significant quantity.
- Coin-counting machines at grocery stores and pharmacies offer an alternative, though they typically take a percentage of the total (usually 8 to 10 percent) in exchange for when ready cash or a gift card.
What happens when you bring pennies to your bank
If you are a customer with a checking or savings account, walk in during business hours with your pennies in any form — loose in a bag, in a jar, or rolled in paper wrappers. Tell the teller you want to deposit them. The teller will count them (or weigh them if the quantity is very large) and add the total to your account. This takes longer than a regular cash deposit because counting takes time, but there is no charge.
Some banks provide coin wrappers at the teller window or in the lobby. If you roll the coins yourself before you come in, the deposit goes faster because the teller can verify the count more quickly. A standard penny wrapper holds 50 pennies, which equals 50 cents. If you have 500 pennies, that is 10 rolls and $5.
The deposit posts to your account the same day. You do not need to do anything special — no separate form, no appointment. Just bring them in during regular hours.
Banks that charge fees or refuse pennies
Most large national banks — Chase, Bank of America, Wells Fargo, Citibank — accept penny deposits from account holders for free, with no quantity limit. But their policies vary by branch and by region, so it is worth calling your local branch before you show up with a large quantity.
Some regional banks and credit unions have begun charging a processing fee for coin deposits over a certain amount, typically $50 or $100. The fee is usually 5 to 10 cents per dollar of coins deposited. So if you bring in $200 in pennies, you might pay $10 to $20 to deposit them. A few banks charge a flat fee instead — for example, $5 per coin deposit regardless of the amount.
A smaller number of banks have stopped accepting loose coins and will only take coins that are rolled and verified by the customer. This is less common but does happen, particularly at branches in high-traffic areas where coin deposits create a bottleneck. And a very small number of banks have stopped accepting pennies entirely, though they remain required by law to do so if you insist.
Call your bank's customer service line or visit your local branch to ask about their specific policy before you bring in a large quantity. The policy may vary by branch, so the answer you get for one location may not explore to another.
Coin-counting machines as an alternative
If your bank charges a fee or refuses pennies, a coin-counting machine offers a faster alternative, though it costs you money. Most grocery stores, pharmacies, and laundromats have coin-counting machines in the lobby. You pour your coins in, the machine counts them, and you receive cash or a gift card for the total.
The catch is the fee. Most machines take 8 to 10 percent of the total value in exchange for the service. So if you have $50 in pennies, the machine will give you $45 to $46 in cash. Some machines offer a slightly lower fee if you take the payout as a gift card for that store instead of cash — for example, 5 to 7 percent instead of 10 percent.
The advantage is speed and convenience. You do not need a bank account, you do not need to roll the coins, and you get the money when ready. The disadvantage is the cost. If you have a bank account and your bank accepts pennies for free, depositing them at the bank saves you the fee.
Why some people think banks no longer take pennies
The confusion comes from a few real changes in how banks handle coins. During the COVID-19 pandemic, many banks temporarily stopped accepting coin deposits because of staffing shortages and concerns about handling physical currency. Some branches closed entirely, and others limited their services. This created the impression that banks had stopped taking coins altogether.
Additionally, the Federal Reserve has periodically warned about coin shortages in the banking system, which led to some banks asking customers not to deposit coins. These shortages were real but temporary, and they did not mean banks refused to take coins — only that they preferred customers not to deposit them during that specific period.
Finally, the rise of digital payments and the decline in cash use has made coin deposits less common. Fewer people carry coins, fewer businesses accept them, and fewer people think to deposit them at all. This has made coin deposits feel unusual, which may create the impression that banks no longer accept them.
What the law says about pennies
Pennies are legal tender in the United States. This means they have value and must be accepted as payment. Banks are required by law to accept them. However, the law does not specify how banks must handle them — whether they can charge a fee, whether they can require them to be rolled, or whether they can limit the quantity a customer deposits in a single transaction.
In practice, this means a bank cannot refuse to take your pennies entirely, but it can make the process inconvenient or expensive. If a bank refuses to accept pennies from you, you can escalate the complaint to the bank's customer service department or file a complaint with the Consumer Financial Protection Bureau (CFPB). But in most cases, the issue resolves with a phone call to ask about the bank's policy.
Frequently Asked Questions
Can I deposit pennies at any bank, or only at my own bank?
You can deposit pennies at your own bank for free. If you do not have an account at a bank, you cannot deposit coins there. Some banks will exchange coins for cash if you are not a customer, but they typically charge a fee or require you to open an account.
Do I have to roll pennies before I bring them to the bank?
No, but rolling them makes the process faster. Loose pennies take longer to count, so the teller may ask you to wait or may suggest you come back when it is less busy. Rolled coins can be verified more quickly, so the deposit takes less time.
What if my bank charges a fee for penny deposits?
Ask the bank if the fee applies to all coin deposits or only to deposits over a certain amount. If the fee is high, a coin-counting machine at a grocery store may cost less, though you will lose 8 to 10 percent of the value. Alternatively, you can ask if the bank will waive the fee for account holders or if you can roll the coins yourself to reduce the processing time.
Can I deposit pennies at an ATM?
No. ATMs accept only bills, not coins. You must go to a teller window inside the bank to deposit coins.
What should I do if a bank refuses to take my pennies?
Ask to speak with the branch manager and explain that pennies are legal tender and the bank is required to accept them. If the bank continues to refuse, you can file a complaint with the Consumer Financial Protection Bureau or switch to a bank that accepts coins without a fee.