Most banks will take pennies, but they may charge you to do it
Yes, banks accept pennies. But whether they will take yours for free depends on the bank, how many you have, and whether you're a customer. Some banks charge a fee to count and deposit coins if you're not rolling them yourself. Others waive the fee for account holders. A few have stopped accepting loose coins altogether and will only take them if they're already wrapped in paper rolls.
The key is to call your bank first. Ask whether they accept loose pennies, what the fee is (if any), and whether they offer free coin counting for customers. Some banks have coin-counting machines on-site that customers can use free of charge. Others send coins to a processing center and charge a percentage of the total value—typically 5 to 10 percent—to cover the cost.
Key Takeaways
- Banks accept pennies, but loose coins may trigger a fee ranging from a flat charge to a percentage of the total value.
- Rolled coins (in paper sleeves) are usually accepted free or at a lower cost than loose coins.
- Account holders often get free coin deposit services that non-customers do not.
- Some banks have stopped accepting coins entirely and refer customers to coin-counting kiosks instead.
- Coin-counting machines at grocery stores and laundromats charge a percentage fee but work faster than a bank visit.
Why banks charge fees for pennies and other coins
Coins cost banks money to process. A teller has to count them, verify the amount, and bag them for transport to a Federal Reserve processing center. For large quantities of loose coins, that labor adds up. A customer with 500 pennies is asking the bank to spend 10 or 15 minutes of staff time on a $5 deposit. A fee recovers that cost.
Banks also face risk when handling loose coins. Coins can be counterfeit, damaged, or foreign currency mixed in by mistake. A teller counting by hand has to spot these problems. Rolled coins reduce that risk because the customer has already sorted and counted them, and the bank can process them faster.
How to deposit pennies without paying a fee
The cheapest way is to roll your pennies yourself. Buy paper coin sleeves at a bank, office supply store, or online. A standard penny roll holds 50 coins and costs less than a dollar for a pack of 50 sleeves. Once rolled, most banks will deposit them free for account holders. Some banks will even accept them from non-customers without a fee because the coins are already sorted.
If you have a large quantity, call ahead and ask whether the bank will waive the fee if you bring them rolled. Some branches will make an exception for customers who are depositing a significant amount. Others have a strict policy and will charge regardless.
Another option is to use your bank's coin-counting machine if it has one. These machines are usually free for account holders and take only a few minutes. You dump the coins in, the machine counts them, and you get a receipt to take to the teller for deposit. No fee, no rolling required.
Banks that have stopped taking coins
A small number of banks have suspended coin deposits during high-volume periods or permanently. This is rare, but it happens. If your bank has stopped, they will usually refer you to a Federal Reserve location or a coin-counting service. Some will still accept rolled coins even if they won't take loose coins.
Before you make a trip to the bank with a jar of pennies, call and confirm their current policy. Bank policies can change, and a branch may have different rules than another branch of the same bank. A five-minute phone call saves a wasted trip.
Coin-counting kiosks as an alternative
If your bank charges a high fee or won't take coins at all, a coin-counting kiosk may be faster. These machines are common in grocery stores, laundromats, and some retail locations. You pour your coins in, the machine counts them, and you get cash or a voucher. The fee is typically 8 to 12 percent of the total value.
For small amounts, the fee is small in dollars. For example, a fee of 10 percent on $10 in coins costs you $1. But for $100 in coins, the fee is $10. At that point, rolling the coins and taking them to your bank free of charge makes more sense financially.
What to do with pennies if the bank won't take them
If your bank refuses coins and the fee is too high, you have other options. Some charities and nonprofits accept coin donations. Schools sometimes run penny drives. You can also spend the pennies gradually—use them at self-checkout machines, laundromats, or parking meters. It takes longer but costs nothing.
If you have a very large quantity and want to convert it to cash quickly, a coin-counting kiosk is the fastest route even with the fee. If you have time and the amount is small, rolling them and depositing them at your bank is free.
Frequently Asked Questions
Can I deposit pennies at any bank, or only my own bank?
Most banks will deposit coins only for account holders. Non-customers may be turned away or charged a higher fee. Call your bank first to confirm their policy for non-customers, or open an account if you plan to deposit coins regularly.
Do I have to roll pennies, or can I just bring them in a jar?
You can bring them loose, but you will likely pay a fee. Rolled coins are processed faster and most banks waive the fee for rolled coins. Rolling takes time upfront but saves money and hassle at the bank.
What if I have foreign coins or damaged pennies mixed in?
Tell the teller before they count the coins. Foreign coins and damaged U.S. coins cannot be deposited. The teller will set them aside. You can keep the foreign coins as souvenirs or try to exchange them at a currency exchange service.
How much does it cost to use a coin-counting machine?
Fees range from 8 to 12 percent of the total value. Some machines offer a lower fee if you take the payout as a store gift card instead of cash. Check the machine's posted fee before you use it.
Can I mail pennies to my bank?
Most banks do not accept coins by mail because of the weight, shipping cost, and risk of loss. Call your bank to ask. If they do accept mailed coins, they will give you specific instructions on how to package and send them safely.