Is Coin Wrapping THAT difficult?

[Saphire]

I love coinstar! Rolling coins is a dirty job, sometimes the wrappers come apart, it is time consuming, and the last time I did it the bank wanted me to write me name and address on each roll! Forget about that. I think it is great, especially for those with limited time.

 

[Chuck S]

Our bank has a coin counter machine in the lobby for customer use. I still prefer counting and wrapping my own, but the bank will not accept them unless they are counted by the machine. The bank also does not provide coin wrappers. Until recently, I had a friend than ran a retail buisness, and he was always happy to take my wrapped coins and give me bills, as the banks charge businesses for change.

But he no longer operates that business, and most businesses will not take wrapped change unless they know you personally, because folks could easily "leave out" a coin or two per wrapper. So I have to use the machine if I get a lot of coins. To bad if the machine miscounts, I guess.

 

[JB111107]

I returned Diet Coke cans to Stop and Shop yesterday, and there was a line....at the Coin Star machine. This is the machine that you dump your coins into and it gives you back bills. The cost of this, just glancing at the machine seems to be 10%. Dump a $100 worth of coins into it, it keeps $10. I thought that was the point of saving coins; to save money. I always wrap my own coins. A quart at a time, rarely takes more than 30 minutes and can be done watching tv, etc. The wrappers are free from the bank. Why do people 'pay' for this? Do you?

Dawn, just curious....since you use USAA, what do you do with all your wrapped coins?

 

[Crystal0608]

We usually only save pennies & spend the silver. I really don't like rolling pennies b/c you have to go in the bank, plus I'm a lil lazy. We have a coinstar at our local grocery store, so I just bring the piggy bank in, shake the contents in the holder, get the cash, then we grocery shop.

 

[Chuck S]

Coins are a cash cow for some banks. They charge you , the customer to accept them, and they charge the business owners to get them for change for their businesses. A charge for incoming coins and outgoing coins.

 

[tasha99]

I rarely have lots of coins since I'm constantly paying for parking, but if I did use Coinstar, I'd get in on the gift cards. They often add to the money you put in--$40 worth of coins can get you a $50 gift card. Seems like it would be worth it to me.

 

[Liberty Belle]

We use one for free at our credit union. I would guess people use them for the same reason they use anything of convenience.

 

[cteddiesgirl]

I wrap all mine. I have a plastic cup that gets all my change (minus quarters for the bus) dumped in. When it's full, I wrap my coins.

I have no problems taking wrapped coins to my bank. They don't even have my write anything on them. In fact, just a week ago last friday, I took $61 in pennies, nickels and dimes and deposited it into my account. No charge, no bother, no problems.

 

[bookgirl]

Well it was always a big thrill when my mom would let us "play" with her coin jar. We had games we did and sometimes mom just wanted us to count it. This makes me totally wiling to wrap my own coins...which I do....as my bank accepts rolled coins, or they will give me a big plastic bag I dump my jar in it thow in a deposit slip and they send it to the main branch for counting and they automatically deposit it. My mom's bank (a mid sized local) which I am a signer on her account will accept coins at the counter and put them through a machine immediatly...that came in handy when we took in her Ozarka water Jar of pennies.....half an hour later we had three hundred dollars with out counting or rolling.

 

[beckmrk04]

I didn't realize banks charged fees for so much of this stuff.

I work at a bank, we have a coin machine and customers may use it for free, and non-customers are charged 7.5% of the total. Why? The coin machine wasn't free, the wrappers we order come out of our supply money (and we go through a ton of them), people have been known to bring in "rolled coin" which then you open up and it has weights in it but you've already given away the cash, and we get SO much coin that we couldn't possibly use it all, so we have to PAY to have it shipped back to the Federal Reserve. SO, the fees for us help offset the cost of keeping the darn machine (which breaks down constantly because people have the filthiest coin- yuck!).

I work for a small community bank in a rural area, and people are constantly bringing in jars of coin that I swear they had buried in the back yard.

But, we don't charge customers for depositing coin, or getting change, or anything like that.

 

[OK!]

I only use Coinstar for pennies and then only if I've got an absolute boatload of 'em. I did that right before leaving for WDW a few weeks ago and ended up getting something like $7.75 back, so it was worth it to me to not have to roll all the coins, drive to the bank, deal with the hassle, etc., since I was going to the grocery store anyway.

 

[PattnFmly]

Our bank doesn't accept coins either. No matter wrapped or unwrapped. They say they don't have room to store them ..? We just donate them to church and let them deal with it.

 

[DawnCt1]

I'm too cheap to use the Coinstar machine. I wrap our coins myself, and then I take them to the bank. The whole point of saving pennies is to save pennies.

My thinking exactly. Our bank accepts rolled coins. I save them for the "next big vacation" and use them for a special excursion. The last big coin wrap bought a sunset dinner cruise along the north shore of Kauai.

 

[bavaria]

Why do people 'pay' for this? Do you?

Because my hands are in pain and the money goes to charity. Or I choose the gift card option.

But as someone else said, to each their own. Their money, their choice.

 

[hrh_disney_queen]

I don't pay. I opened a free checking account with a small balance (vacation account) at a bank that offers a free coin counter to account holders. Yes, it is a huge pain in the butt to roll change in quantity. I save all my change, and I have saved enough to fill one of those giant plastic Pepsi bottle Banks-about 3 feet tall. It took weeks of finding spare time and sitting around watching TV while I rolled. I had saved about $800 so you can imagine. But there is no way I would let a machine keep 10% or whatever the rate is..so I am very happy that I found this bank, otherwise I would be doing it by hand...

 

[chager]

The bank I work at has a coin machine for customers so we do not accept rolled coins. Most places stopped accepting them becuase of the losses incurred. Over the years I have seen people stuff fillers in the wrappers to make them appear full until they are opened. One guy put in coins he had found that were covered in gross matter that he felt bad about handing to store cashiers. I guess it was ok fo rus to handle it though! Another put washers in the middle of the coin roll. There were about 5 coins on each end and the rest was washers. He had brought in several "rolls" of quarters!
It is unfortunate that a few people have made it bad for everyone.

 

[DawnCt1]

I don't pay. I opened a free checking account with a small balance (vacation account) at a bank that offers a free coin counter to account holders. Yes, it is a huge pain in the butt to roll change in quantity. I save all my change, and I have saved enough to fill one of those giant plastic Pepsi bottle Banks-about 3 feet tall. It took weeks of finding spare time and sitting around watching TV while I rolled. I had saved about $800 so you can imagine. But there is no way I would let a machine keep 10% or whatever the rate is..so I am very happy that I found this bank, otherwise I would be doing it by hand...

 

[hrh_disney_queen]

I WISH I had this bank way back then! I even bought one of those rolling machines for about $10..what a joke. So I DID waste $10 out of it..lesson learned.

 

[KAMLEM]

Why do people 'pay' for this?

Because it is a convenience. People pay premiums for conveniences all the time, this is just another example.

 

[JR6ooo4]

I certainly hope my bank does not accept rolled coins. How do they verify what is inside the rolls? Do they pay someone to unroll them?

We have cashed in our coin jar to the tune of nearly $600!!! We just dump the coins into a plastic box and put that on a little dolly, then wheeled it into the bank.

No charge - no hassle, Much less than hauling them into a food store and dumping them in slowly. And we converted it to traveler's checks while we were there. The only thing is, our banks do not have a counting machine at every location.
Mikeeee