Yes, banks still accept pennies, but the process has changed and many branches now charge fees or limit how many you can deposit

Every U.S. bank is legally required to accept pennies as currency. However, the practical reality has shifted. Most large banks now charge a fee to deposit rolled or loose pennies—typically $5 to $10 per deposit, or a percentage of the total. Some branches have stopped accepting them altogether, or they require you to roll them yourself before bringing them in. A few banks, like some credit unions and smaller regional banks, still accept pennies without fees, but you need to call ahead to confirm.

The reason for the change is simple: handling pennies costs banks money. Sorting, counting, and rolling pennies takes staff time and machine maintenance. The Federal Reserve stopped distributing new pennies to banks in 2022 due to low demand, which accelerated the shift away from penny acceptance at the retail level. Banks passed those costs to customers.

Key Takeaways

  • Large national banks like Bank of America, Chase, and Wells Fargo charge fees ranging from $5 to $10 to deposit loose pennies, though rolled pennies may be accepted without charge.
  • Credit unions and smaller regional banks are more likely to accept pennies without fees, but policies vary by location and branch.
  • You can roll pennies yourself using paper coin wrappers (available at most banks for free) to avoid or reduce fees.
  • Coin-counting machines at grocery stores and laundromats typically take a 10 to 15 percent cut of the total value, which is often cheaper than a bank fee for large quantities.
  • If a bank refuses to accept pennies entirely, you can exchange them for paper currency at any bank, though this may also incur a fee.

What the major banks charge for penny deposits

Bank of America charges $5 to deposit loose pennies at most branches. Rolled pennies in standard wrappers are usually accepted without a fee, but policies vary by location. Call your branch before you go.

Chase charges $5 to $10 for loose penny deposits depending on the branch and the amount. Some Chase branches will accept rolled pennies for free. Wells Fargo charges $5 for loose pennies and may refuse them entirely at some locations. Citibank charges $5 to $10. US Bank charges $5. These fees are not universal—some branches waive them or have different policies, so contact your specific branch before depositing.

The fee structure often depends on how many pennies you have. A deposit of 100 pennies (one dollar) might trigger a $5 fee, making the cost 500 percent of the deposit's face value. This is why most people with large quantities of pennies use alternative methods.

How to roll pennies yourself and avoid fees

Rolling pennies yourself is the most direct way to avoid bank fees. You will need paper coin wrappers, which most banks give away for free. A standard penny wrapper holds 50 pennies (50 cents). You can also buy wrappers at office supply stores for a few dollars per pack.

The process takes time—rolling 1,000 pennies takes roughly 30 to 45 minutes depending on your speed. Once rolled, take them to your bank and ask if they will accept rolled coins without a fee. Most banks will, though some still charge a smaller fee or require you to be a customer. Rolled coins are also easier for banks to process, so you are more likely to have them accepted without complaint.

If you have a very large quantity (several thousand pennies), consider splitting the deposit across multiple visits or multiple branches to stay under any informal limits the bank might have.

Coin-counting machines and grocery store options

Coin-counting machines at grocery stores, laundromats, and some retail locations will accept pennies without rolling them. Machines like Coinstar charge a percentage fee—typically 10 to 15 percent of the total value. For 1,000 pennies (ten dollars), you would pay $1 to $1.50.

This is often cheaper than a bank fee if you have a small to moderate amount of pennies. However, the percentage adds up quickly with larger quantities. Some grocery stores have partnered with Coinstar to offer fee-free exchanges if you convert your coins to a gift card instead of cash, so ask at your store.

The trade-off is convenience: coin machines are usually available during store hours, require no appointment, and take only a few minutes. You do not have to roll anything or deal with a bank teller.

Credit unions and smaller banks that still accept pennies

Credit unions are generally more flexible about penny deposits than large national banks. Many credit unions accept rolled or loose pennies without fees, especially if you are a member. However, policies vary widely by institution and location. Call your credit union before you go.

Smaller regional banks and community banks also tend to be more accommodating. Some still accept loose pennies without fees as a service to long-term customers. Again, call ahead—do not assume. If you do not have a credit union or community bank account, this might be a reason to consider opening one, particularly if you regularly deal with large quantities of coins.

What to do if a bank refuses pennies entirely

If a bank refuses to accept pennies as a deposit, you can still exchange them for paper currency. Walk up to the teller and ask to exchange your pennies for bills. This is a legal transaction—banks must exchange currency for customers. However, some banks charge a fee for this service too, typically $5 to $10.

If the fee is too high, your best option is a coin-counting machine or a different bank. You can also donate large quantities of pennies to schools, charities, or religious organizations, many of which have coin drives and will accept them without complaint.

Why banks stopped accepting pennies easily

The penny has become a liability for banks. It costs roughly 2 cents to produce a penny, and the metal value is minimal. Handling, sorting, and storing pennies requires staff time and machine maintenance. When millions of customers deposit pennies, the cumulative cost becomes significant.

The Federal Reserve's decision to stop distributing new pennies to banks in 2022 reflected this reality. Banks were already sitting on massive stockpiles of pennies that customers had deposited over decades. With no demand for new pennies and high handling costs, banks began charging fees to discourage deposits and recover costs.

Some economists and retailers have argued for eliminating the penny entirely, but that would require an act of Congress. Until then, banks will continue to accept pennies—just not for free.

Frequently Asked Questions

Can I deposit pennies at an ATM?

Most ATMs do not accept coin deposits of any kind, including pennies. You must go to a teller inside the bank. Some newer ATMs at credit unions can accept coins, but this is rare. Call your bank to ask if any of their ATMs have coin-deposit capability.

Do I have to roll pennies before depositing them at a bank?

No, but rolling them usually means no fee or a lower fee. Loose pennies trigger higher fees at most banks because they require more processing. Rolling them yourself takes time but saves money if you have more than a few hundred pennies.

What if I have thousands of pennies?

For very large quantities, use a coin-counting machine (10 to 15 percent fee) or split the deposit across multiple bank visits to avoid hitting informal limits. Rolling them yourself is also an option if you have the time. Do not try to deposit thousands of loose pennies at once—most tellers will refuse.

Can I mail pennies to my bank?

Banks do not accept coin deposits by mail due to weight, shipping cost, and the risk of loss or damage. You must deposit pennies in person at a branch.

Is it legal for banks to charge fees for penny deposits?

Yes. Banks set their own deposit policies and fees. There is no federal law requiring them to accept pennies without charge. However, they must accept pennies as legal tender if you are making a purchase or exchanging currency.