Penny for your thoughts: Where you can convert loose change into cash

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The likeness of George Washington is seen on a U.S. quarter dollar coin, Monday, March 13, 2023, in Marple Township, Pa. (AP Photo/Matt Slocum) Matt Slocum/AP

Penny for your thoughts: Where you can convert loose change into cash

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Anyone with a jar of coins on a shelf in their home can take their coins and convert them to cash if they are willing to make a short visit to the bank or local grocery store.

The money from this jar can help pay for everyday items, surprise car repairs one might not have the cash for, or even treat oneself to a vacation. With inflation affecting most living in the United States, taking that jar and cashing it out may provide some necessary financial relief, according to CNET.

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Check your bank or credit union

While many coin-to-cash machines at grocery stores have a processing fee applied to anyone using them, these types of machines in banks or credit unions usually do not have processing fees. However, one should still call their bank before visiting to see if they have any such machine available for public use.

“A lot of banks have gotten rid of their coin-sorting machines, or consolidated them, so maybe one out of every five branches has one,” Steve Kenneally, senior vice president of payments at the American Bankers Association, said. “It’s definitely worth calling ahead before you walk in with a big bag of change.”

If a coin machine is not available at one’s bank or credit union, one can still deposit their coins for cash, though, usually, one will need to do so by putting their coins in paper rolls. These can be picked up at the bank, usually for free, or at one’s local Staples or Office Depot.

Use a Coinstar kiosk

Coinstar is the most popular coin-to-cash machine, populating many outlets and grocery stores such as Walmart, CVS, and Target. One simply needs to pour their coins into the machine, wait for a paper receipt to print out, then take their receipt to a register to receive their cash payment.

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However, people should be aware that Coinstar can charge a hefty processing fee, with 11.9% of their coin total getting deducted for their cash payment.

Visit a Publix retailer

The grocery retailer Publix, with more than 1,200 locations across the Southeast U.S., has its own coin sorters near the entrance of all of its locations. Like Coinstar, these machines have a processing fee, though it is lower than Coinstar at 10%.

© 2023 Washington Examiner

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