Saving Coins Question

**dcompton** · 04-20-2006, 12:48 PM

On the current Stretcher.com page there is an article against saving coins -- The Money Jar Trap. It points out that banks are becoming more reluctant to deal with coins and may charge for handling them.

I don't deliberately save coins. As they accumulate I roll them and on the next bank trip exchange them for "real money."

About a year ago I needed some one's, so along with another transaction I asked the teller if I could exchange $10 worth of unrolled coin. It was $8 in quarters, the rest in dimes, so it wasn't like I dumped a coffee can of pennies on the counter. She looked at me like I had just emerged from a primeval slime pit, and grumbled and grinched and said it wasn't their policy (??), but she finally did it "because they weren't very busy." I was really annoyed as you may imagine. But other than that, I always have them rolled, and never more than a couple of rolls at a time, so the tellers always cheerfully make the exchange.

I know that banks have to make a living too (and are doing it better than you and I already!) and that coins are probably a real hassle for them, but I think it is outrageous that they would even be allowed to charge for handling money. Isn't that their job?

Some of you show pretty impressive change jar totals -- how do you cash them in when the time comes to use them? Do your banks charge? Just curious.

**AmyBoz** · 04-20-2006, 01:03 PM

I roll them at home, have my account number on each roll, and they are happy to turn them into paper money for me each summer. I use a credit union, not a bank, and they've never charged yet. Hopefully they won't start now!!!

**SMILESFRSD** · 04-20-2006, 01:08 PM

I go to a bank that has a coin machine, just like Coinstar. You dump your change their, get a receipt, take it to the teller & get your paper $$$. No charge. You don't even have to have a bank account with them.

**Laurie in Bradenton** · 04-20-2006, 01:10 PM

We roll them and take them to our local bank. Since my bank is a small home town one they are very happy to work with you. Many banks in our area have been gobbled up by the big mega banks and they are afraid of lossing what customers they do have. Also we've been with them for the last 20 years, we have a relationship!
It also doesn't hurt that my little branch serves about 10 different lunch wagons so change is a very needed item.

Laurie in Bradenton

**freedeal** · 04-20-2006, 01:12 PM

I also use a credit union. I take my money bags of change and they have a counter (sorta like the ones in the grocery store) and count and either put it in my account or give cash. The don't charge anything.

**bevjean** · 04-20-2006, 02:00 PM

I bank with Washington Mutual. I'm supposed to have free checking, so you would think they wouldn't charge me to deposit money. They do. If you deposit more than 10 rolls of change they charge you 10 cents for each roll over ten (plus they don't have an automated change counter, or at least not one available to customers). They said they charge because they don't have their own transport service, and whoever they contract out to charges them.

So..I usually just take my change to the CoinStar at Kroger and pay small %..

**babetteq** · 04-20-2006, 02:50 PM

THe article says to use 1$, but, our 1$ *is* a coin, as is our 2$ and it looks like our 5$ is going there too. So, I keep saving my coins, I've never been charged for cashing coins in, and I roll them up myself because no poor teller has time for that. with the 1 & 2 $ coins, the change jar adds up very very quickly to mucho moola!

babs

guest7 · 04-22-2006, 08:07 PM

I read the same article and wondered the same thing.

I would wholeheartedly argue the cause with the bank... that the coins in my hand are the very same coins given to me.... by the bank- everytime I cash my check there.

I'd tell them, I save up my coins from my paycheck until I have enough $$ worth the trip back to the bank. LOL!

They can't prove otherwise.

**dcompton** · 04-22-2006, 08:24 PM

I suppose should I ever have to do that again that I could give that argument a try! But I will watch the tellers first and see if any of them seem to be having a really grouchy morning.

**UPSyours2** · 04-22-2006, 11:49 PM

Originally Posted by bevjean

I bank with Washington Mutual. I'm supposed to have free checking, so you would think they wouldn't charge me to deposit money. They do. If you deposit more than 10 rolls of change they charge you 10 cents for each roll over ten (plus they don't have an automated change counter, or at least not one available to customers). They said they charge because they don't have their own transport service, and whoever they contract out to charges them.

So..I usually just take my change to the CoinStar at Kroger and pay small %..

Thanks!

This is good to know I was thinking about opening a checking account @ this bank since it's not that far from my house & close-by the mall (not that I shop @ the mall that much) but more of in my travel path & I'd stop @ the Drive-thru ATM since they always advertised they were FREE no fees until a certain date! I found out my bank charged me $4 or $5 Foreign bank fee & this was the only ATM I ever used besides my bank branches ones! I avoided 7-11 ATM machines since there was a fee but now the bank says they are fee free

& also the King Kullen supermarket I shop @!

I was also thinking of COMMERCE since they have late hours, etc. I saw the commercial w/Regis & Kelly!

I haven't rolled coins in quite a while now! Usually DH has a bunch of QUARTERS in his pockets so when I do laundry I dump them in a jar, etc. & we use them as part of tip money when ordering a pizza, etc.

I did wrap coins awhile back & bringing them to the bank was very heavy

I filled up the check box w/Quarters & Dimes & a few rolls of Pennies! Being short on cash for a mortgage payment a few years ago I rolled just about every coin I could find, searching through all my purses, etc. I found over $200 worth of coins & I needed about $75 more so having the lil bit extra was good!

I bought one of those coin counting wrapper machines @ the Thrift Shop for $2.00 I saw the same exact new one selling for around $30.

My friend Josh (UPS guy in MA) has one of those banks that looks like a traffic light & lots of his friends who come over to visit want to see it change colors so they dump there change into it & the light turns green!

The bank has one of those coinstar type machines they make everyone use now, except not all the branches have one just yet so they still allow the rolled coins but only a certain $$

amount!

I think they have GARFIELD on there VISA cards!

**Vannie** · 04-23-2006, 12:34 AM

Originally Posted by SMILESFRSD

I go to a bank that has a coin machine, just like Coinstar. You dump your change their, get a receipt, take it to the teller & get your paper $$$. No charge. You don't even have to have a bank account with them.

This is what I do. Very easy. No problems.

**Mojjo** · 04-23-2006, 09:57 AM

Commerce Bank has a machine and they don't charge. We don't even have an account with them. I haven't checked with my Credit Union since it's so small and they don't have a machine.

**Kelly0411** · 04-23-2006, 01:00 PM

I work at a credit union. We too have a coin machine that we do not charge the member to use. But I can understand why most financial institutions charge for this service. We have to pay someone to pick up all that coin. The credit union cant store that much coin on a daily basis. Plus, its HEAVY! LOL We used to have to roll ALL the coin that came in, let me tell you, thats alot of coin and alot of time wasted doing nothing but rolling it. The FED finally agreed to take it in loose in bags! But, to keep it in the vault, it still has to be rolled. I can't speak for all banks, but when someone brings in a roll, I can't tell you how many times its "short" by a quarter or couple of nickles etc. Each has to be weighed then the account number put on them and believe it or not, they all get opened and counted! Ugh, I hate coin! lol

**Sari** · 04-23-2006, 02:30 PM

I think it's ridiculous that some banks either charge for it or don't accept it. It is legal tender! I would not bank somewhere that would not take my coins.

**frugalnana** · 04-23-2006, 04:41 PM

Our bank doesn't charge us to cash the coins in for bills. Their concept is, its money even if its change. My son goes to the branch near us and he has never been charged a fee. But I do know that some banks do charge if you are not an account holder.
Krogers here is the only one that has the coin machine. I think there should be more, like at Walmart.