Can the bank refuse to exchange my unrolled coins for currency? (2024)

FAQs

Can the bank refuse to exchange my unrolled coins for currency? ›

Yes. A bank can set its own internal policy as to whether it will accept or exchange unrolled coins for currency.

“Different banks have different coin acceptance policies,” Kenneally says. “Some accept rolled coins and some accept loose coins to process through a coin-counting machine. If they have a machine, loose coins are usually preferred.”

There is no law that requires banks to make change.

You can exchange coins for cash at most credit unions and banks, but some may charge a small fee for this service. Some financial institutions provide coin-sorting machines for self-service exchanges, and others require you to work with a teller.

No. Please take rolled coins to your local financial center. Incomplete rolls or loose coins may not be accepted.

While banks cannot refuse to accept forms of legal tender as payment, there is no regulation that prevents them from refusing a form of tender for deposit. Automated coin-counting machines can be costly, and even with automation, the process is time-consuming, so many national banks no longer offer the service.

Items like food, screws, dirty or sticky coins and other objects will jam the machine. Click here for a list of unacceptable items. Coinstar cannot accept Eisenhower silver dollars, 1943 steel pennies, pure silver, commemorative or foreign coinage. They may not be recognized by our kiosk or returned to you.

The person from whom you take the money does not need to be nearby for it to be considered theft. They could have been gone for days, but the money is still theirs in the eyes of the law. So taking any money you find on the ground or at a checkout lane may be construed as theft.

ask me for additional information when I make a large deposit or withdrawal? Yes. The bank may be asking for additional information because federal law requires banks to complete forms for large and/or suspicious transactions as a way to flag possible money laundering.

You can swap your coins for cash by taking them to the bank. This may be a simple and convenient option if you already have a checking or savings account with your local bank. But the bank might charge a fee to change your coins if you don't have an account.

How can I exchange my coins for cash? ›

Take it to your bank

Not all banks offer these machines, and even those that do might not have one in your local branch. However, they should be able to take your coins if you sort them yourself.

The fees associated with using Coinstar's cash option help cover the costs of counting and sorting the coins, as well as maintaining the kiosks. If you're looking to avoid these fees, opting for an eGift Card is your best bet. You bypass the service charge and get funds to use at specific retailers and restaurants.

Most banks or credit unions will accept rolled coins from customers, but some may charge a fee for the service. Some banks, such as Wells Fargo, will exchange rolled coins for customers without a fee. Wells Fargo says it also offers free coin wrappers. Check your bank's policy.

Yes, Chase accepts coins, as most local banks and credit unions do, but a bucketful of coins is a “no-no,” only coins wrapped in those paper rollers. It is a chore, but the good news is, the paper rollers are free.

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.

You'll likely have to wrap your coins first; if you've accumulated a large amount of change, try wrapping a few rolls a week before visiting your branch. Alternatively, for a fee you can use a service like Coinstar^® to convert your spare change into dollars.

Bank of America, Wells Fargo, and Chase have each adopted such restrictions on cash deposits in an attempt to curb attempts at fraud and money laundering. This Bankrate article highlights alternative ways to deposit money into someone else's account.

Does Walmart have free coin exchange services? Walmart doesn't have free coin exchange services themselves, but some locations have Coinstar coin counter machines. Keep in mind that Coinstar charges a fee, but you can avoid this by choosing a gift card option instead.