Getting Coins Counted

[terry1156]

I was at the store the other day watching person after person drop their change jars into a CoinStar machine and loosing 8.9% in the process. Never get your coins changed at one of those machines. They are such a rip-off.

Take them to your bank where most still count coins for free. If you bank doesn't, then do what I often do. Go to your post office and dump the change into their stamp machines. There is no charge and you get the exact same amount back in stamps as you put in.

[henrybemis]

Re: Getting Coins Counted

The banks in Chicago won't do it. So the only place that will is a coinstar. I guess I'll have to take the loss. It's crazy when banks discourate the penny jar.

[terry1156]

Re: Getting Coins Counted

Then when you empty your coin jar, pay yourself in bills, deposit those in the bank and buy your groceries with coins. I don't mean all at once, but over time. It's crazy to pay 8.9% when you can use those coins at 100% of their value.

Think about it...you mentioned you were thinking of depositing the money in an ING account at 2.35%. That means if you turn them into bills at coinstar and then deposit the money in ING, after 4 year of interest, you will have broken even.

You can send them to me and I'll exchange them for you at only a 5% gain

[DivaJen]

Re: Getting Coins Counted

Call me crazy, but I actually like to roll coins. Seeing those neat stacks of coins waiting to be rolled, then counting up all those rolls...very gratifying.

I'd never thought about using them in the stamp machine.

[PennyPincher]

Re: Getting Coins Counted

I'm with you, DivaJen. It is a tangible reinforcement of what saving amounts to. I can't imagine using the machine! I would rather USE my change than save it in that case since you're only saving 91% of it.

And if I had kids, I'd rather pay them 10 cents per roll for their time. I know it's not much, but some kids could get a kick out of it. And...it's a big percentage of your penny rolls, but for the equivalent of a roll of quarters ~ people are paying CoinStar 89 CENTS!!!!

I'll wrap for anyone that needs...and only charge 6%.

[smmasi]

Re: Getting Coins Counted

I separate my pennies from my silver coins when I save them. I don't mind rolling the silver ones but I do coinstar the pennies.

[Momtwo]

Re: Getting Coins Counted

I save and roll all my change myself. It is so easy and really adds up.
I can't imagine paying someone to do it for me!

[akaivyleaf]

Re: Getting Coins Counted

Theraputic is what it is for me, to sit and roll the coins. Every time I go to the bank I ask for wrappers and I start in December with my yearly jar full and wrap. Then I take the coins at the first of the year to the bank. To pay someone for what I can do is unbelievable. I hadn't thought to take the jar to the bank, but I can't imagine the bank refusing my cash deposit, whether rolled or unrolled. They don't want my money?

[dealsaver]

Re: Getting Coins Counted

I never trust those darn coin counters!

[sweeps]

Re: Getting Coins Counted

I've never used Coinstar, but I see that they now let you turn your change into gift card or e-certificates for no fee. If you have to use Coinstar and you were planning on spending money at one of the merchants anyway, it seems worth it.

http://www.coinstar.com/us/WebDocs/A1-0-3-1

[CRFSaver]

Re: Getting Coins Counted

In the DC area Chevy Chase bank will count your coin for you even if you arent a customer.

[ender513]

Re: Getting Coins Counted

Theraputic is what it is for me, to sit and roll the coins ./ ./ ./ I hadn't thought to take the jar to the bank, but I can't imagine the bank refusing my cash deposit, whether rolled or unrolled. They don't want my money?

I do the same thing. It's such an accomplishment after finishing that last roll!

On another note, I think most banks will take rolls of coin for free, but either won't accept or will charge you for unrolled coin (in my area anyway). Kind of makes sense to me, at least if it's a busy branch. The tellers could be helping other customers rather than rolling coins. Of course, in my area I've never seen a bank with a machine to roll coins (either for customers to use for a fee or the tellers themselves to use) . . . and I've worked in a couple of different banks myself Maybe it depends on your area of the country . . . .

[cercis]

Re: Getting Coins Counted

I haven't asked my current credit union. But my last credit union had a machine you could use for free up to a certain amount ($100? I can't remember) and after that there was a 2% fee. So the idea was to do a little bit every day (or would have been if we had stayed in that town).

[gakline]

Re: Getting Coins Counted

I was just reading Everyday Cheapskate's Greatest Tips and she suggested going to a casino to cash in your change. Jokingly she added, if you make it to your vehicle without any stops, you ahead.

p.s. That book is ok.

[PRICEPLUS]

Re: Getting Coins Counted

I have a sort and save bank that I picked up for a song. You just put your change in and it get sorted. I put my change in every day. I simply insert a wrapper into the tube the coins are in and push the wrapper over the coins. The coins are wrapped and their value is instantly known! I wait till I have 30 or more dollars in wrapped coins and then I head to the bankl