Banks will take pennies, but the process depends on the bank and how many you have

Most banks accept pennies as deposits, but they rarely take them the way you might expect. You cannot usually walk up to a teller and hand over a bag of loose pennies without some friction. Banks have different policies: some will count and deposit pennies for free if you're a customer, some charge a fee, some require the coins to be rolled, and some will not take them at all. The easiest path is to ask your bank directly what their policy is, because the answer changes by branch and by institution.

The reason banks are cautious about pennies is straightforward: they cost more to process than they're worth. A bank employee spending ten minutes counting and rolling your pennies is a real cost to the institution. Federal Reserve banks stopped distributing pennies to commercial banks in 2022 because demand had fallen so far, and many banks now treat penny deposits as a low-priority task or a service they charge for.

Key Takeaways

  • Most banks will deposit pennies for their own customers, but policies vary widely by institution and branch.
  • Loose pennies usually require rolling or bagging before a bank will accept them, or you will face a processing fee.
  • Coin counting machines at grocery stores and laundromats are often faster and cheaper than asking a bank to process large quantities of pennies.
  • Some banks have stopped accepting pennies entirely, so calling ahead saves you a wasted trip.

What happens when you bring pennies to your bank

If you are a customer at a major bank like Chase, Bank of America, Wells Fargo, or Citibank, you can usually deposit pennies into your account. The catch is the form they need to be in. Most banks require coins to be rolled in paper coin wrappers (the kind you can buy at any bank or office supply store) or placed in sealed bags. Loose coins dumped on a counter will be refused or sent back to you.

Some banks will count and deposit loose coins for free if you use their coin-counting machine, which many branches have on-site. Others will charge you a fee—typically between $5 and $10—to have an employee hand-count large quantities of loose change. A few banks have eliminated the service entirely and will only accept coins that are already rolled.

If you are not a customer at the bank, you will almost certainly be turned away. Banks do not process coin deposits for non-customers, and some branches will not even let you in the door with a bag of coins.

Coin-counting machines and other faster options

If your bank charges a fee or does not have a coin-counting machine, a grocery store or pharmacy is often your faster option. Coinstar machines are installed in most supermarkets and many pharmacies. You pour your pennies in, the machine counts them, and you get a receipt. The catch: Coinstar takes a percentage—usually between 10 and 12 percent—of the total value. So a bag of $10 in pennies will net you roughly $8.80 to $9.

If you want to keep the full value of your pennies, rolling them yourself and depositing them at your bank is the only free option. A standard coin wrapper holds 50 pennies and is worth $0.50. It takes roughly two to three minutes to roll 50 pennies by hand, so a large bag can be time-consuming but costs nothing.

Some credit unions have more lenient policies than banks and may accept loose pennies without requiring rolls or charging fees. If you belong to a credit union, it is worth asking before you roll anything.

Why banks stopped wanting pennies

The penny has become a liability for banks. The U.S. Mint spends more than one cent to produce each penny, and banks lose money handling them. In 2022, the Federal Reserve stopped distributing new pennies to banks because demand had dropped so sharply. Fewer people use cash, and those who do often leave pennies behind or throw them away rather than spend them.

This shift has created a practical problem: banks have less incentive to process pennies, and some have decided the cost is not worth it. Larger institutions can absorb the loss more easily than smaller banks or credit unions, which is why policies vary so much by institution.

What to do with a large quantity of pennies

If you have accumulated a large bag of pennies—say, more than $5 worth—your best options are these: First, call your bank and ask their specific policy. Some branches will make exceptions for customers with large quantities. Second, if your bank charges a fee or refuses, use a Coinstar machine and accept the percentage loss as a convenience fee. Third, if you have time and patience, roll them yourself and deposit them at your bank for free.

Do not assume all branches of the same bank have the same policy. Call the specific branch where you plan to go, because policies can differ even within the same institution. Some branches have coin-counting machines and some do not. Some managers are more flexible about loose coins than others.

Banks that are more likely to accept pennies

Credit unions tend to be more flexible about coin deposits than large national banks. Local and regional banks are also more likely to accept pennies without fees, because they have fewer customers and more time to process them. If you are a long-standing customer at a smaller institution, you have a better chance of getting pennies accepted without rolling or fees.

Large national banks like Chase and Bank of America have standardized policies that are stricter. They are more likely to require rolls or charge fees. However, these banks also have coin-counting machines in many branches, which can make the process faster even if you have to pay a small fee.

Frequently Asked Questions

Can I deposit pennies at an ATM?

No. ATMs only accept bills, not coins of any kind. You must go inside the bank and speak to a teller or use a coin-counting machine if your branch has one.

Do I have to roll pennies before depositing them?

It depends on the bank. Some require rolls or bags; others will count loose coins for free using a machine. Call your branch first to find out their specific requirement before you roll anything.

What if my bank refuses to take my pennies?

Ask if they have a coin-counting machine you can use. If they do not, use a Coinstar machine at a grocery store (you will lose 10 to 12 percent) or roll the pennies yourself and try a different bank or credit union.

Is it worth rolling pennies to deposit them?

Only if you value your time at less than the percentage Coinstar charges. Rolling 50 pennies takes about two to three minutes. If you earn more than $0.06 per minute at your job, using Coinstar is cheaper than rolling them yourself.

Can I mail pennies to my bank?

No. Banks do not accept coin deposits by mail. You must bring them in person or use a coin-counting machine at a retail location.