Banks are not taking your pennies, but they are handling them differently than they used to
You may have noticed that banks no longer count pennies the way they did five or ten years ago. Some banks have stopped accepting loose pennies altogether. Others accept them but charge a fee to process them, or require you to roll them yourself before deposit. A few still take them free, but the practice is becoming less common. The shift is real, but it is not theft — it is a business decision based on the cost of handling low-value coins.
The reason is straightforward: processing a penny costs a bank more than a penny is worth. A bank employee's time to count, verify, and deposit loose coins runs between 30 seconds and two minutes per handful, depending on the volume and the bank's equipment. That labor cost, plus the cost of the coin-counting machine itself (which can run $3,000 to $15,000), means a bank loses money on every loose penny it accepts. Large banks with high transaction volumes can absorb this loss. Smaller banks and credit unions often cannot.
Key Takeaways
- Banks charge fees or refuse loose pennies because the labor and equipment cost to process them exceeds their face value.
- Rolled coins (in paper sleeves) are usually accepted free because they require no counting or verification by bank staff.
- Credit unions, community banks, and some national chains still take loose coins free, but policies vary by location and branch.
- If your bank refuses your pennies, you can exchange them at a coin-counting machine, donate them, or take them to a different bank.
Which banks still take loose pennies, and which ones charge
Major national banks have largely moved away from accepting loose coins. Chase, Bank of America, and Wells Fargo either charge a fee (typically $5 to $10 per deposit) or require coins to be rolled. Smaller regional banks and credit unions are more likely to accept loose pennies free, but this varies by branch and by the individual teller's discretion.
The safest approach is to call your branch directly and ask their policy before you bring in a bag of pennies. Ask specifically whether they accept loose coins, whether rolled coins are free, and whether there is a minimum or maximum amount they will take. Some branches have coin-counting machines on-site that members can use free; others do not. A five-minute phone call saves you a trip.
If your bank charges a fee or refuses pennies, you have other options. Many grocery stores with customer service desks will exchange coins for cash at no charge. Coinstar machines (found in grocery stores and pharmacies) will count your coins and give you cash, but they charge a percentage fee — usually 10 to 12 percent. If you do not mind the fee, this is the fastest route. If you want to keep all your money, rolling the coins yourself and taking them to a bank that accepts rolled coins free is the better choice.
How to roll coins so your bank will take them free
Rolled coins are almost always accepted free because the bank does not have to count or verify them — you have already done that work. You can buy coin-rolling paper sleeves at any bank, most office supply stores, and online. A box of 50 sleeves costs between $2 and $5.
To roll coins correctly, fill each sleeve to the line marked on the paper. For pennies, that is usually 50 coins per roll. For nickels, dimes, and quarters, the count is 40, 50, and 40 respectively, but check the sleeve — different manufacturers use slightly different amounts. Seal the end by folding the paper over, and stack the rolls neatly. When you bring them to the bank, tell the teller they are pre-rolled and ask if they need to be verified. Most banks will accept them as-is and credit your account immediately.
Coin-counting machines and what they cost
Coinstar and similar coin-counting machines are the fastest way to turn loose coins into cash if your bank will not take them. You dump your coins into the machine, it counts them, and you get a receipt you can cash at the register. The machine charges a percentage of the total — usually 10 to 12 percent, though some machines charge as little as 8 percent or as much as 15 percent. A $10 bag of coins will net you $8.80 to $9.20.
Some banks operate their own coin-counting machines for members only, and these are usually free. If your bank has one, ask a teller where it is located and whether you need to be a member to use it. Credit unions are more likely to have free machines than national banks.
The trade-off is simple: if you have a lot of coins and your time is worth more than the fee, use a machine. If you have time and want to keep all your money, roll the coins yourself.
What to do if your bank refuses your pennies
If your bank charges a fee or refuses loose coins outright, you have several paths forward. First, ask whether they will accept rolled coins free — most will, even if they refuse loose ones. If rolling is not an option for you, ask whether another branch in your area has a different policy. Policies can vary by location.
If no branch will take them free, consider switching to a bank or credit union that does. Many community banks and credit unions still accept loose coins at no charge, and this may be worth the switch if you regularly deal with coins. You can search for credit unions in your area at www.co-opsharedbranch.org, which lists branches that accept members from other credit unions.
If switching is not practical, donate the coins to a charity or cause you support. Many nonprofits have coin collection jars, and schools and libraries often accept coin donations. You get a tax deduction (if you itemize), and the money goes somewhere useful. Alternatively, use a coin-counting machine and accept the fee as a cost of convenience.
Why the penny is becoming less useful
The shift away from loose pennies is part of a larger trend. The penny costs more to produce than it is worth — the U.S. Mint spends about 2.4 cents to make each penny. Many countries have already eliminated their lowest-value coins. Canada stopped minting pennies in 2013. The European Union phased out 1-cent and 2-cent coins in most countries. The United States has not done this, but the practical effect is similar: pennies are becoming harder to use and less valuable to handle.
This does not mean pennies are disappearing entirely. They are still legal tender, and you can still deposit them at a bank — you just may have to pay for the service or do the work yourself. The change is gradual and varies by bank, but the direction is clear: loose pennies are becoming a cost center rather than a normal part of banking.
Frequently Asked Questions
Can I force my bank to take my loose pennies for free?
No. Banks are private businesses and can set their own policies on coin acceptance. They are not required to take loose coins, and they can charge a fee if they do. Your recourse is to use a different bank, roll the coins yourself, or use a coin-counting machine.
Do rolled coins cost anything to deposit?
Almost never. Rolled coins are accepted free at virtually all banks because you have already done the counting and verification work. The bank simply credits your account. Confirm with your teller, but this is the standard practice.
What if I have a large amount of coins — like $50 or more?
Call your bank in advance and ask whether they have a limit on coin deposits. Some banks will accept large amounts free if they are rolled, but may charge a fee for loose coins or may ask you to bring them in over multiple visits. A quick phone call prevents a wasted trip.
Can I deposit coins at an ATM?
No. ATMs do not accept coins — only bills. You must go to a teller or use a coin-counting machine.
Is there a bank that still takes loose pennies for free?
Some credit unions and community banks do, but it varies by location and branch. Call ahead to confirm. National chains like Chase and Bank of America generally do not, but smaller regional banks may. Your best bet is to ask your current bank or search for credit unions in your area.