Yes, but most banks now charge a fee or require a minimum amount

You can still bring pennies to your bank and deposit them into your account. Most banks will accept them. However, the process has changed in the last decade. Many banks now charge a fee for coin deposits—typically $5 to $10 per deposit—or require you to roll the coins yourself in paper sleeves before bringing them in. Some banks have stopped accepting loose coins altogether and will only take coins that are already rolled or in a bag from a coin-counting machine.

The fee exists because handling coins costs the bank money. A teller has to count them, verify the amount, and run them through a coin counter or send them to a processing center. For a pile of pennies, that labor cost often exceeds the face value of what you're depositing. If you have $5 in pennies, a $5 fee means you break even or lose money.

Your best option depends on how many pennies you have and which bank you use. If you have a small amount, a coin-counting machine at a grocery store or laundromat may cost less than a bank fee. If you have a large amount and your bank charges a fee, rolling them yourself and depositing them as a single transaction might be worth the time.

Key Takeaways

  • Most banks still accept pennies, but many now charge $5 to $10 per coin deposit or require coins to be rolled in paper sleeves first.
  • Some banks have stopped accepting loose coins and will only take coins that are pre-rolled or processed through a coin machine.
  • Coin-counting machines at grocery stores and laundromats often charge 8 to 12 percent of the total value, which may be cheaper than a bank fee for small amounts.
  • If your bank charges a fee, rolling coins yourself in paper sleeves before depositing can sometimes waive the fee.
  • Calling your bank's customer service line before you go is the fastest way to find out their current coin deposit policy.

What your bank's coin deposit policy actually is

Bank policies on coin deposits vary widely and have changed in recent years. Some large national banks like Bank of America, Chase, and Wells Fargo still accept coin deposits but charge a fee unless you are a premium account holder or deposit a large amount. Other banks, including some credit unions, accept coins for free if you bring them in rolls. A few banks have stopped accepting coins from customers entirely and direct people to coin-counting machines instead.

The only way to know your bank's exact policy is to call the branch where you have your account or visit in person. Do not assume based on what you read online, because policies change and vary by branch. When you call, ask three things: whether they accept loose coins, whether they charge a fee, and whether the fee is waived if you roll the coins yourself. Write down the answer so you have it for reference.

How to roll coins if your bank requires it

If your bank requires coins to be rolled, you will need paper coin sleeves, which cost a few dollars for a pack of 50. You can buy them at most banks for free or at office supply stores. Each sleeve holds a standard amount: pennies go 50 per roll, nickels 40 per roll, dimes 50 per roll, and quarters 40 per roll.

To roll coins, stack them in the sleeve until it is full, fold the ends closed, and write the amount on the outside. A roll of 50 pennies is worth $0.50. A roll of 40 nickels is worth $2.00. Once rolled, bring them to the bank and deposit them as you would cash. Some banks will count them at the teller window; others will accept them without opening the rolls. Rolling coins yourself takes time but may save you the deposit fee.

Coin-counting machines as an alternative

Coin-counting machines are located in grocery stores, laundromats, arcades, and some retail stores. You pour your coins into the machine, it counts them, and it either gives you cash or a receipt you can take to customer service for cash. The machine charges a percentage of the total—usually 8 to 12 percent—as a fee. So if you have $10 in pennies, the machine might charge $0.80 to $1.20.

For small amounts of pennies, this fee can be cheaper than a bank deposit fee. If you have $5 in pennies and your bank charges a $5 deposit fee, using a coin machine that charges 10 percent ($0.50) saves you money. However, for large amounts, the percentage adds up quickly. If you have $100 in coins, a 10 percent fee is $10, which is more than most bank fees.

Some banks partner with coin-counting services and offer their customers free or discounted use of machines. Ask your bank whether they have a partnership with Coinstar or another coin-counting company. If they do, you may be able to use the machine for free or at a reduced rate.

What happens if your bank refuses coins

If your bank has stopped accepting coins and you do not want to use a coin-counting machine, you have a few options. You can exchange coins for cash at a retail store by making a small purchase and asking for cash back. You can also take coins to a different bank or credit union that still accepts them—you do not have to have an account there to ask. Some credit unions are more lenient about coin deposits than large national banks.

Another option is to donate coins to a charity or cause you support. Many nonprofits have coin collection jars, and some schools and community centers accept coin donations. This avoids the fee entirely, though you lose the money.

Why banks started charging for coin deposits

Banks charge for coin deposits because handling coins is expensive. A teller must count each coin by hand or feed it into a machine, verify the total, and often transport the coins to a processing center where they are counted again and wrapped for distribution to other banks or the Federal Reserve. For a deposit of $5 in pennies, this process costs the bank more than $5 in labor and processing fees.

As fewer people use cash and coins, banks have less incentive to maintain the infrastructure to handle them. Coin deposits have declined significantly over the past 15 years, so many banks have decided to pass the cost to customers rather than absorb it. This is why the fee exists and why it is unlikely to disappear.

Frequently Asked Questions

Do I need to roll coins if I deposit them at the bank?

It depends on your bank's policy. Some banks require rolled coins and waive the deposit fee if you roll them. Others accept loose coins but charge a fee regardless. Call your bank to ask whether rolling coins waives the fee at your branch.

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

Most banks will not let you deposit coins into an account you do not own. However, some banks and credit unions will exchange coins for cash or accept a coin deposit if you open an account. Call ahead to ask whether the bank offers this service.

What is the cheapest way to turn pennies into money?

If you have a small amount of pennies, a coin-counting machine at a grocery store or laundromat is usually cheaper than a bank fee. If you have a large amount, rolling the coins yourself and depositing them at a bank that waives the fee for rolled coins is typically the cheapest option.

Can I mail coins to my bank?

Most banks do not accept coins by mail because of the weight and shipping cost. Some online banks or credit unions may have a process for this, but it is rare. Contact your bank directly to ask whether they accept mailed coins.

What if I have a huge jar of pennies?

For a very large amount of coins, ask your bank whether they offer a bulk deposit service or can waive the fee for a large deposit. Some banks will make exceptions for deposits over a certain amount. You can also split the deposit across multiple visits to avoid paying the fee multiple times.