Banks will take pennies, but the process depends on the bank and how many you have
Most banks accept pennies as deposits without question. You can walk in with a handful of pennies, a jar full, or a rolled coin wrapper, and deposit them into your account. The bank counts them, credits your account, and you're done. However, some banks charge a fee if you deposit coins without rolling them first, and a few smaller banks or credit unions may turn away large quantities of loose coins.
The real friction comes when you have a lot of pennies — say, more than a few dollars' worth in loose form. Some banks have coin-counting machines on-site that handle the work for free. Others require you to roll the coins yourself before depositing. A few will refuse loose coins altogether and direct you to a coin-counting service or a Coinstar machine instead.
Key Takeaways
- Most banks accept pennies as deposits, but policies vary by institution — call your bank before bringing in large quantities of loose coins.
- Banks often charge a fee for loose coin deposits (typically 5 to 10 cents per dollar's worth), but waive the fee if coins are rolled.
- Rolling coins yourself before depositing is the fastest way to avoid fees and delays at most banks.
- If your bank refuses coins, Coinstar machines, credit unions, or grocery store customer service desks often count coins for free or a small fee.
What happens when you deposit pennies at a bank
When you bring pennies to a bank, the teller will either count them by hand, run them through a coin counter, or ask you to use a self-service machine. If the coins are already rolled in paper wrappers (which you can buy at the bank or get free from some banks), the process is faster — the teller simply verifies the wrapper count and deposits them without opening.
Loose pennies take longer. The bank has to count them, which ties up teller time. To discourage this, many banks charge a coin-handling fee. The fee is usually small — between 5 and 10 cents per dollar's worth of coins — but it adds up if you're depositing $20 or more in loose change. Some banks waive the fee for customers with certain account types or if you're a long-standing customer.
The deposit itself posts to your account the same day or the next business day, just like any other deposit. There's no waiting period or special handling required once the bank has counted the coins.
Banks that have coin-counting machines
Large national banks like Bank of America, Wells Fargo, and Chase often have coin-counting machines in their branches. These machines are usually free for account holders. You pour your loose coins into the hopper, the machine counts them, and you get a receipt to take to the teller. The teller then deposits the amount into your account.
Credit unions are more likely to have coin counters than banks, and they almost always offer the service free to members. If you're a credit union member and have a lot of loose coins, this is often your best option.
Smaller regional banks and some community banks may not have machines. Call your branch before you go, or ask the teller when you arrive. If they don't have a machine, they'll tell you whether they'll count loose coins by hand, charge a fee, or ask you to roll them first.
How to roll coins before depositing
Rolling coins yourself takes time but eliminates fees and speeds up the deposit. You'll need coin wrappers — paper sleeves designed to hold a specific number of coins. Penny wrappers hold 50 pennies (worth $0.50). You can buy wrappers at most banks for free or a small cost, or order them online.
To roll pennies: stack them in a wrapper until it's full, fold the ends, and set it aside. Repeat until all your pennies are wrapped. Then take the wrapped rolls to the bank and deposit them. The teller will verify the count (usually by weighing the rolls or spot-checking a few) and deposit them without a fee.
If you have hundreds of pennies, rolling them by hand is tedious. Some banks will let you use their coin-rolling machine in the back office, or you can buy a manual coin roller (a plastic device that rolls coins for you) online for $10 to $20.
When banks refuse loose coins
A small number of banks and credit unions have policies against accepting loose coins from customers. This is rare, but it happens at some very small institutions or banks that have had problems with high-volume coin deposits disrupting operations.
If your bank refuses loose coins, you have options. You can roll them yourself and try again. You can use a Coinstar machine (found in most grocery stores and pharmacies), which charges a fee of about 10 percent of the coin value but gives you cash or a gift card immediately. You can also take coins to a grocery store customer service desk — many will count them for free if you're a regular customer, or charge a small fee.
Some banks will accept coins only from their own customers, not from the general public. If you're not a customer, you may need to open an account first or use an alternative method.
Coinstar and other coin-counting alternatives
Coinstar machines are the most common alternative to bank coin counting. They're located in grocery stores, pharmacies, and some retail locations. You pour your coins into the machine, it counts them, and you receive a receipt. You can then take the receipt to the customer service desk and get cash, or choose a gift card option (which typically gives you the full value without a fee).
The cash option charges a fee — usually around 10 percent of the total value. So $10 in coins becomes $9 in cash. The gift card option avoids the fee but limits you to the retailers available (Amazon, Target, Starbucks, and others). If you have a bank with a free coin counter, that's always better than Coinstar, but Coinstar is faster if you're in a hurry.
Some credit unions also offer coin-counting services to non-members for a small fee, and a few local banks do the same. Call around if you don't have a bank account or your bank refuses coins.
What to do with large quantities of pennies
If you have several hundred dollars in pennies — from a business, a collection, or years of saving — depositing them all at once may trigger extra scrutiny. Banks are required to report large cash deposits (over $10,000) to the federal government, and this includes coins. The report is routine and legal; it doesn't mean anything is wrong. But it does mean the deposit may take longer to process.
For very large quantities, call your bank ahead of time and let them know you're coming. Ask whether they prefer you to roll the coins, use a coin counter, or bring them loose. Some banks will ask you to deposit large coin quantities over multiple days to avoid the reporting requirement, though this is not required by law.
If you're depositing coins from a business (a register, a laundromat, a vending machine), the bank will expect the coins to be counted and documented before you arrive. Bring a record of the count and the source of the coins.
Frequently Asked Questions
Can I deposit pennies at an ATM?
No. ATMs only accept paper bills, not coins of any kind. You must go inside the bank and speak to a teller or use a coin-counting machine if your branch has one.
Will a bank take damaged or foreign pennies?
Banks will take damaged U.S. pennies as long as they're still recognizable. Foreign coins (pennies from other countries) cannot be deposited at a bank — they'll ask you to remove them. If you have a mix of U.S. and foreign coins, separate them first.
Do I need to be a customer to deposit coins?
Most banks require you to have an account to deposit coins. If you don't have an account, use a Coinstar machine, ask a credit union about their non-member policy, or open a basic checking account at the bank first.
How long does it take to deposit a large jar of pennies?
If the coins are rolled, 5 to 10 minutes. If they're loose and the bank has a coin counter, 10 to 15 minutes. If the bank has to count them by hand, 20 to 30 minutes or longer. Call ahead if you have more than $5 in loose coins.
What if my bank charges a fee for coin deposits?
Roll the coins yourself before depositing — most banks waive the fee for rolled coins. If rolling is not an option, use a Coinstar machine or a credit union instead. The fee is usually small (5 to 10 cents per dollar), but it's worth avoiding if you can.