Banks accept pennies, but the rules vary by bank and by how many you bring
Yes, banks accept pennies. Federal law requires banks to accept U.S. currency, including pennies, with no limit on the number. However, most banks will not count loose pennies by hand — they expect you to bring them rolled in paper sleeves (40 pennies per roll) or sorted into coin wrappers. Some banks charge a fee if you bring unrolled coins, and a few have stopped accepting coins altogether during certain periods.
The real barrier is not whether banks accept pennies, but whether your specific bank will process them without charging you or requiring advance notice. Large national banks like Bank of America, Wells Fargo, and Chase generally accept rolled coins from account holders at no charge. Credit unions and smaller regional banks often have more flexible policies. The best approach is to call your bank's main branch or check their website before you show up with a bag of pennies.
Key Takeaways
- Banks must accept pennies under federal law, but they can require them to be rolled in paper sleeves or sorted into coin wrappers.
- Most banks do not charge account holders a fee to deposit rolled coins, but policies vary by institution and branch.
- Some banks have temporarily stopped accepting coins during high-volume periods, so calling ahead prevents a wasted trip.
- If your bank refuses pennies or charges a fee, coin-counting machines at grocery stores and laundromats offer an alternative, though they typically take a percentage.
How to prepare pennies for deposit at a bank
The standard way to prepare pennies is to roll them in paper coin wrappers. A single roll holds 40 pennies and costs about $0.50 for a box of 50 wrappers. You can buy wrappers at most banks for free or at a low cost, or order them online. To roll coins, stack 40 pennies in the wrapper, fold the ends, and write the total amount on the outside ($0.40 per roll).
If you do not want to roll them yourself, some banks offer coin-counting machines on-site. These machines are free for account holders at many institutions. You pour your loose pennies into the machine, it counts them, and you receive a receipt you can cash at the teller window or deposit directly into your account. The process takes a few minutes and requires no advance preparation.
Before you bring pennies to your bank, call the branch and ask whether they accept loose coins, whether they charge a fee, and whether you need to make an appointment. Some branches have limited coin-handling capacity and may ask you to bring coins during off-peak hours or to call ahead.
What happens if your bank refuses pennies
If your bank refuses to accept pennies or charges a fee you do not want to pay, you have several alternatives. Coin-counting machines at grocery stores, laundromats, and some retail locations accept pennies, though they typically charge a percentage of the total (usually 8 to 10 percent). A machine that counts $10 in pennies might keep $0.80 to $1.00 and give you the rest.
Another option is to spend the pennies directly. Many retailers accept pennies for purchases, and some will round down if you are short a few cents. You can also donate pennies to charity — many organizations accept coin donations, and some have collection jars at checkout counters.
If you have a very large quantity of pennies, you can contact your bank's main office or a Federal Reserve branch directly. The Federal Reserve accepts coins from banks and businesses, and some branches will help individual customers in unusual situations, though this is not a standard service.
Why some banks limit coin deposits
During the COVID-19 pandemic, many banks temporarily stopped accepting coins because coin-counting machines were not operating and staff were working remotely. Some branches kept these restrictions in place even after reopening because coin handling is labor-intensive and ties up teller time. A teller counting loose pennies by hand can spend 10 to 15 minutes on a single customer's deposit, which slows down the line for other customers.
Banks also face a practical problem: coins take up space and weight, and the cost to transport coins to a Federal Reserve branch for processing can exceed the face value of small denominations. For this reason, some banks have quietly discouraged coin deposits or imposed fees on large quantities.
The Federal Reserve has worked to increase the supply of coins in circulation by encouraging banks to accept them and by distributing coins more widely. However, individual branch policies still vary, and you should not assume your bank will accept pennies without asking first.
Federal law and your right to deposit pennies
31 U.S.C. § 5103 states that U.S. coins and currency are legal tender for all debts, public charges, taxes, and dues. This means a bank cannot refuse to accept pennies as payment or deposit. However, the law does not prevent a bank from requiring coins to be rolled, from charging a processing fee, or from asking you to make an appointment.
If a bank refuses to accept rolled pennies from an account holder without a fee, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state's banking regulator. Complaints are taken seriously, and banks have been required to change their policies after multiple complaints about coin refusal.
In practice, most banks honor the spirit of the law and accept coins from account holders without charging a fee, as long as the coins are rolled or sorted. Non-account holders may face stricter limits or fees, and banks can refuse to accept coins from people who do not have accounts.
Coin-counting machines and their costs
Coin-counting machines are available at many grocery stores, laundromats, and retail locations. They are fast and require no preparation — you simply pour your coins into the machine and it counts them. However, most machines charge a percentage fee, typically 8 to 10 percent. Some machines operated by banks for account holders charge no fee or a flat fee of $1 to $2.
Before using a coin-counting machine, check the fee structure. A machine that charges 10 percent will take $1 from every $10 you deposit. If you have $50 in pennies, the machine will keep $5 and give you $45. For small quantities, this may not be worth it, but for large quantities it can be faster than rolling coins by hand.
Some banks have removed their coin-counting machines in recent years to reduce maintenance costs and free up space. If your bank had a machine and it is no longer there, ask a teller whether they can recommend an alternative location nearby.
What to do if you have a large quantity of pennies
If you have accumulated hundreds or thousands of pennies, rolling them all by hand is time-consuming. Your best options are a bank coin-counting machine (if available and free), a retail coin-counting machine (if the fee is acceptable), or a coin roll machine you can buy or rent.
Some people buy a manual coin roller, which holds coins and rolls them automatically. These cost $10 to $30 and can save time if you have more than a few hundred coins. Electric coin sorters and counters are also available but cost more and are usually only worth buying if you regularly handle large quantities of coins.
If you decide to donate the pennies to charity, contact the organization first to ask how they prefer to receive them. Some charities will pick up large quantities, while others ask you to bring them in rolled form or to use a coin-counting machine first.
Frequently Asked Questions
Can I deposit pennies at an ATM?
Most ATMs do not accept coins of any kind — they only handle paper currency. Some banks have special coin deposit machines that work like ATMs, but these are less common than regular ATMs. Call your bank to ask whether they have a coin deposit machine at your branch.
Do I have to be an account holder to deposit pennies at a bank?
Banks are more likely to accept coins from account holders without a fee. Non-account holders may face higher fees or outright refusal. If you do not have an account, ask the bank whether they will accept your coins and what the fee is before you bring them in.
What if my bank says they do not accept pennies anymore?
You can file a complaint with the Consumer Financial Protection Bureau or your state banking regulator. You can also try a different bank or credit union, use a coin-counting machine, or spend the pennies directly. If the bank is refusing rolled coins from an account holder, that may violate federal law.
How long does it take to deposit pennies at a bank?
If your coins are already rolled, the deposit takes a few minutes — the teller will count the rolls and add the amount to your account. If you use a coin-counting machine, it takes 5 to 10 minutes depending on the quantity. If the teller has to count loose coins by hand, it can take 15 to 30 minutes.
Can I mail pennies to my bank?
Banks do not recommend mailing coins because they can be lost or damaged in transit, and the bank may charge a fee to process them. If you want to deposit coins remotely, ask your bank whether they accept coins by mail and what their policy is on lost or damaged coins.