Banks will take loose change, but the process and any fees depend on whether you have an account there and how much coin you're depositing
Most banks accept coin deposits from their own customers at no charge during normal business hours. You can bring loose change to a teller, and they'll count it, verify the amount, and deposit it into your account. Some banks have coin-counting machines in the lobby that customers can use for free. If you don't have an account at the bank, policies vary — some will still accept your coins for a fee (typically 5 to 10 percent of the total), while others will turn you away entirely.
The catch is volume and packaging. A handful of quarters is fine. A five-gallon bucket of pennies may require advance notice or a separate appointment. Some banks ask that you pre-sort coins by denomination or use coin wrappers (paper sleeves that hold a standard number of coins). Call ahead if you're bringing more than a few dollars' worth.
Key Takeaways
- Account holders can deposit loose change at their bank for free, either by handing it to a teller or using a lobby coin machine.
- Non-account holders may pay a fee of 5 to 10 percent, or the bank may refuse the deposit altogether.
- Banks may ask you to pre-sort coins or use coin wrappers if you're depositing a large amount.
- Credit unions often have the same policies as banks, though some are stricter about coin deposits.
- Coin-counting kiosks at grocery stores and laundromats charge a fee but don't require a bank account.
What happens when you bring coins to your bank
Walk up to a teller with your loose change and ask to deposit it. The teller will count it — either by hand or by running it through a coin counter — and add the total to your account. This takes a few minutes for small amounts. For larger deposits, the teller may ask you to wait while they process it, or they may ask you to come back later.
If your bank has a customer coin machine in the lobby, you can use it yourself. You pour the coins in, the machine counts them, and it prints a receipt. You take the receipt to a teller, who credits your account. These machines are free for account holders but may charge non-customers a percentage fee.
Some banks require that coins be wrapped before deposit. Coin wrappers are paper tubes designed to hold a specific number of coins — a penny wrapper holds 50 pennies, a nickel wrapper holds 40 nickels, and so on. You can buy wrappers at most banks for free or a small cost, or at office supply stores. If your bank requires wrapping and you show up with loose change, the teller will either wrap it for you (which may take time) or ask you to come back after wrapping it yourself.
Fees and policies for non-account holders
If you don't have an account at the bank, you're in a weaker position. Some banks will still take your coins but will charge a fee — usually 5 to 10 percent of the total value. A few will do it for free as a courtesy, but this is becoming less common. Many banks now refuse to accept coin deposits from non-customers at all.
Call the bank's main number or visit a branch in person to ask their policy before you show up with a bag of coins. Policies can vary by branch, so asking the specific location you plan to visit is more reliable than asking the general customer service line.
Credit unions typically follow similar rules to banks — free deposits for members, fees or refusal for non-members — though some credit unions are stricter and don't accept large coin deposits even from members without advance notice.
Coin-counting kiosks and other options
If you don't have a bank account or your bank won't take your coins, a coin-counting kiosk is a straightforward alternative. These machines are common in grocery stores, laundromats, and some retail locations. You pour your coins in, the machine counts them, and it dispenses cash or a voucher you can redeem at the store's customer service desk.
The fee is usually 8 to 12 percent of the total value. So if you have $10 in coins, you'll get $8.80 to $9.20 back. The fee is higher than a bank's, but you don't need an account, and the process is fast. Some grocery stores offer free coin counting as a perk for loyalty program members.
Laundromats and arcades sometimes have change machines that convert bills to coins, but they don't count loose coins. Coinstar and similar services operate kiosks in many locations — you can search their website to find one near you.
How to prepare a large coin deposit
If you're depositing more than $50 in coins, call your bank ahead of time. Let them know the amount and ask whether they want you to pre-sort or wrap the coins. Some banks will ask you to schedule an appointment so a teller has time to process it without holding up the line.
Sort coins by denomination if the bank asks. Pennies in one pile, nickels in another, dimes, quarters, and any other coins in their own piles. Use coin wrappers if required. Write the total value on each wrapper so the teller can verify it quickly.
Bring the coins in a bag or container that's easy to pour from. A ziplock bag works, but a small bucket or plastic container is better for large amounts. Don't bring coins in a heavy glass jar — it's hard to handle and poses a safety risk if it breaks.
What banks do with the coins you deposit
Once the bank counts and verifies your coins, they don't stay in the teller's drawer. Banks send coins to a Federal Reserve facility or a private coin processor, where they're sorted, counted again, and redistributed to banks that need them. This process takes a few days, but your account is credited immediately when you make the deposit.
Banks don't profit from coin deposits — they're a service to customers. The cost of processing coins is why some banks have stopped accepting them from non-customers and why fees exist for large deposits.
Damaged, foreign, or unusual coins
Banks will refuse coins that are damaged, bent, or heavily corroded. They'll also refuse foreign coins, tokens, or anything that isn't standard U.S. currency. If you have a mix of coins and some are damaged, the teller will separate them and only count the good ones.
Rare or collectible coins should not be deposited at a bank — their face value is much less than their collector value. Take those to a coin dealer or numismatist instead. A bank will count a 1943 copper penny as one cent, even though it may be worth far more to a collector.
Frequently Asked Questions
Can I deposit coins at an ATM?
Most ATMs do not accept coins — they only take bills and cards. A few newer machines at certain banks can process coins, but this is rare. Ask your bank whether any of their ATMs have coin-deposit capability. If not, you'll need to visit a teller or use a lobby coin machine.
What if the bank's coin counter breaks my coins?
Coin-counting machines are designed not to damage coins, but if damage does occur, report it to the teller immediately. The bank is responsible for any coins they break during the counting process and should compensate you. This is rare, but it's worth mentioning if you notice bent or scratched coins after the count.
Do I have to report a large coin deposit to the IRS?
Banks report deposits over $10,000 to the IRS as part of anti-money-laundering rules. This applies to all deposits — coins, cash, checks — not just coins. If you're depositing a large amount of coins legitimately (from a business, a collection, or savings), the report is routine and not a problem. The bank will file the report automatically.
Can I exchange coins for bills at a bank without depositing them?
Yes. If you just want to convert coins to bills without opening or adding to an account, most banks will do this for free if you're a customer. Non-customers may be charged a fee or refused. Ask the teller whether you can exchange coins for bills, and they'll tell you the bank's policy.
What's the fastest way to turn loose change into cash?
A coin-counting kiosk at a grocery store is the fastest — it takes five minutes and you walk out with cash or a voucher. A bank is nearly as fast if you have an account and the amount is small. Both options beat sorting and wrapping coins yourself, which can take an hour or more for large amounts.