How To Cash In The Coins Sitting Around Your House

Chanelle Bessette   Sun, October 8, 2023

(NerdWallet) – Coins are rarely used to make purchases in the U.S., but you probably have a container somewhere in your house that’s slowly accumulating the pennies, nickels, dimes and quarters that you get in change.

In fact, there was an estimated $48.5 billion in coins sitting in American households — such as in a piggy bank or junk drawer — according to a report issued by the government-led U.S. Coin Task Force during the COVID-19 pandemic. These dormant coins led to a disruption in coin circulation that is still affecting the U.S. economy, though to a lesser extent today than during the peak of the pandemic.

The Federal Reserve is encouraging people to put their coins back into use by depositing or exchanging them for bills.

If you’re looking for a way to make those coins easier to spend, there are several options.

Where Can I Cash My Coins?

Your Bank Or Credit Union

Many banks and credit unions offer coin exchange services, including national banks such as Chase, Bank of America, Wells Fargo, Citibank, U.S. Bank and more.

“The first step is to call your local bank branch and ask about their coin acceptance policy,” says Steve Kenneally, senior vice president of payments at the American Bankers Association. “Some banks want the coins to be rolled, some banks have a big coin sorter and some will ask you to go to another branch because they might share one sorter for the region.”

Before you haul out your change, you might want to chat with your bank or credit union’s customer service department to see what coin exchange services are available. A bank may accept coin exchanges from noncustomers, but you may be charged a fee if you aren’t a customer of that bank.

A Local Coinstar Location

There are over 20,000 Coinstar kiosks worldwide, which means you likely have one nearby. Customers can exchange their coins for cash, e-gift cards, tax-deductible charity donations and cryptocurrency. There’s a caveat: Coinstar machines charge an 11.9% processing fee to change your coins into cash. The e-gift card option is fee-free, however, and customers can get e-gift cards for one of more than 20 retailers, including Amazon, Apple and DoorDash.

https://news.yahoo.com/cash-coins-sitting-around-house-180044816.html