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Convert Your Coins Into Gift Cards for Free The good news is that there are some alternatives for cutting down on the fee or sidestepping it all together when you've got a big chunk of change to cash in.
It's kind of like paying $10,000 for a car that's only worth $9,000 - the numbers just don't add up. Still, there's no denying that what Coinstar charges is pretty outrageous when you consider that they're basically just switching out money you already have. (Some banks ship coins off-site to be counted, which means part of the cost gets passed on to the customer.)įor another, not everyone has the time or patience to sit around and fumble with those paper wrappers for hours on end. That's a pretty big bite taken out right off the top, so why do people use these machines in the first place?įor one thing, they're convenient since fewer banks are accepting coin deposits these days.Įven if your bank is willing to take your coins off your hands, they may charge you a fee for processing them. If you think you have $500, for example, you'd need to hand over $55, leaving you with $445. You'd have to guess how much change you have accumulated to calculate the Coinstar fee. That's nearly $12 for every $100 in coins you feed to the machine.
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