Banks will take pennies, but the process and limits depend on whether you're a customer, how many you have, and which bank you use

Most banks accept penny deposits from their own customers without restriction. You can walk in with a jar of pennies, ask a teller to count and deposit them, and the money goes into your account. The bank profits from the transaction because it can deposit those pennies at the Federal Reserve or use them in its own cash operations.

The catch: some banks charge a fee if you bring in a large volume of coins, especially if they're not rolled. A few banks have stopped accepting coins altogether during certain periods, though this is rare and usually temporary. Non-customers generally cannot deposit coins at a bank teller window.

Key Takeaways

  • Your own bank will almost always accept pennies you deposit into your account, whether loose or rolled.
  • Banks may charge a fee for coin deposits over a certain amount or if the coins are not rolled, so check your bank's policy first.
  • Coin-counting machines at grocery stores and laundromats charge a percentage fee (usually 8 to 10 percent) but work faster than bank tellers for large quantities.
  • The Federal Reserve accepts rolled coins from banks but not from individuals, so you cannot bypass your bank to deposit directly.
  • If your bank refuses coins, a credit union or a different bank branch may have a different policy.

What happens when you bring pennies to your bank

Walk up to a teller with your pennies and say you want to deposit them. The teller will count them (or weigh them if the volume is very large) and credit the amount to your account. This takes time—a teller counting loose pennies by hand can process roughly 100 to 150 per minute, so 1,000 pennies takes 7 to 10 minutes. If you have several thousand, the teller may ask you to come back or may count them after hours.

Rolling your pennies first speeds this up significantly. Fifty pennies fit in a standard coin roll, and a teller can verify a roll in seconds. If you have 5,000 pennies (100 rolls), the deposit takes minutes instead of an hour.

Some banks charge a fee for coin deposits. Chase, for example, charges customers $5 per deposit if the coins are not rolled, though the fee is waived if you roll them yourself. Bank of America does not charge a fee for coin deposits to account holders. Smaller regional banks and credit unions often have no fee at all. Call your bank's customer service line or visit a branch to confirm the policy before you show up with a large quantity.

When banks refuse coins or charge high fees

During the COVID-19 pandemic, many banks temporarily stopped accepting coins because of supply-chain disruptions and staffing shortages. Some branches still have restrictions on coin deposits, though most have lifted them. If your bank refuses, ask whether the restriction is temporary or permanent, and whether a different branch has a different policy.

Banks that charge fees typically do so because coin processing is labor-intensive and the bank has to transport the coins to a Federal Reserve branch for deposit. If your bank charges $5 to $10 per deposit and you have a large quantity, a coin-counting machine at a grocery store or laundromat may be cheaper, even after the machine's fee.

Coin-counting machines: speed versus cost

Coin-counting machines (also called coin sorters or change machines) are found in most grocery stores, laundromats, and some retail locations. You dump your coins in, the machine counts and sorts them, and you receive a receipt or cash. The machine charges a fee—typically 8 to 10 percent of the total value. So 1,000 pennies ($10) would cost you 80 cents to $1 in fees.

The trade-off is speed. A machine processes a large jar of mixed coins in under a minute. If you have 10,000 pennies and your bank charges $5 to count them and you'd spend an hour rolling them yourself, the machine's $10 fee (at 10 percent) might be worth it. If you have 500 pennies and your bank charges nothing, rolling them and depositing them is free.

Some machines also reject damaged or foreign coins, so you may not get credit for every penny you put in. Check the machine's display before you leave to see what was rejected.

Credit unions and alternative banks

Credit unions are often more flexible with coin deposits than large national banks. Many credit unions have no fee for coin deposits, even if they're not rolled, and some have coin-counting machines on-site for members. If your bank charges a high fee or refuses coins, calling a local credit union to ask about their policy takes five minutes and may save you money.

Online banks (like Ally or Charles Schwab) do not have physical branches, so you cannot deposit coins with them directly. You would need to use a coin-counting machine or deposit coins at a brick-and-mortar bank first, then transfer the money to your online account.

Rolling coins yourself versus using a machine

Coin rolls are sold at most banks for free or a small cost (usually 25 cents per roll). Fifty pennies fit in one roll. Rolling 1,000 pennies takes 20 to 30 minutes if you work steadily. Rolling 10,000 takes three to five hours.

If you have fewer than 2,000 pennies, rolling them yourself and depositing them free at your bank is usually the fastest and cheapest option. If you have more than 5,000 and your bank charges a fee, a coin-counting machine becomes competitive. If you have 20,000 or more, a machine saves you hours of labor even after the fee.

What the Federal Reserve does with coins

Banks deposit coins at their local Federal Reserve branch, which counts, sorts, and redistributes them to banks that need them. The Federal Reserve does not accept coins directly from individuals—only from banks and authorized financial institutions. So you cannot bypass your bank and deposit pennies at the Fed yourself.

The Federal Reserve has faced periodic coin shortages because fewer people use cash and more coins sit in jars at home. This has occasionally led banks to limit coin deposits or ask customers to bring in coins. These shortages are temporary and usually resolve within months.

Frequently Asked Questions

Can I deposit pennies at a bank where I don't have an account?

No. Banks only accept coin deposits from their own customers. If you don't have an account, you would need to open one first or use a coin-counting machine at a grocery store or laundromat instead.

Do I have to roll my pennies before I deposit them?

No, but rolling them saves time and may save you money. If your bank charges a fee for unrolled coins, rolling them first waives the fee. If your bank charges nothing, rolling is optional—the teller will count them either way.

What if my bank says it won't take pennies?

Ask whether the restriction is temporary or permanent. If permanent, try a different branch of the same bank, or call a local credit union to ask about their policy. A coin-counting machine is also an option, though it charges a fee.

How much does it cost to use a coin-counting machine?

Most machines charge 8 to 10 percent of the total value. Some machines offer a lower fee (around 5 percent) if you accept the payout as a gift card instead of cash. Check the machine's posted fee before you use it.

Can I deposit coins at an ATM?

No. ATMs accept only paper bills. You must use a teller or a coin-counting machine to deposit coins.