spare change (converting to paper $)

[an-art-worker.livejournal.com]

So my penny jar doth overflow. Last time I brought a bunch of pennies to my bank (Citizen's) I got a bunch of attitude from them (even though I had confirmed by phone that it was ok to bring pennies in for counting/deposit to my account).

I thought I saw something here about a machine at Shaw's that will take/convert pennies- but before I haul them over there I thought I would check with the knowledgeable folks here. So is there a machine? What's the charge?

Comments

[ron_newman]

They have a CoinStar machine. I think you can avoid the fee if you're willing to get your balance as a gift card for some store (not Shaw's, though).

[afty.livejournal.com]

You can in fact avoid the fee if you choose a gift card instead of cash. I've used Coinstar for Amazon GCs in the past.

[cemeterygates.livejournal.com]

You can do it free at a Coinstar machine if you turn the balance into a giftcard for the following:
Amazon
Starbucks
Citcuit City
Borders
iTunes
Pier One
Linens and Things
Eddie Bauer
Kabelas
KB Toys
Old Navy
Timerland
Hollywood Video
AMC Movies
Disney

[cemeterygates.livejournal.com]

Or you can do it direct to cash for 8.9 cents per dollar.

[kpht.livejournal.com]

I think that fee has increased to something like 10 or 11 cents per dollar now.

[buymeaclue.livejournal.com]

It was 8.9 at the Star Market on Beacon Street last week.

Gift cards

[glen-highland.livejournal.com]

We turn all of our spare change into Amazon gift cards using the Coinstar machine @ Shaws. Obviously it was the no-fee thing that swayed me. I thought I would menton, not all Coinstar machines give gift cards. Coinstar.com's online locator will show you which ones have the gift card option.

[grapefruiteater.livejournal.com]

The gift card option is such a scam. They make you think you're getting more value for your money by avoiding the fees, but when you're locked into spending it at a certain retailer, are you really getting a good deal? I'd rather roll my coins myself and deposit them at the bank. Then I can use the money however I please.

[ron_newman]

Depends. if you know you're going to spend a certain amount of money each year at Amazon or Borders or Starbucks or wherever, the gift card makes sense.

[grapefruiteater.livejournal.com]

It just seems like a racket, you know? Who's benefiting from that arrangement, me or Starbucks? I'd rather have the money in my bank account than on some gift card that I could end up losing.

[an-art-worker.livejournal.com]

well I guess it's just a matter of who pays for the coin machine - us or the 3rd party (which recoups it's $ through the sale of over-priced/burnt coffee.. ;-)

Me - I'm going to dump my bucket of coins at the bank. I can deal with a teller with a 'tude.

[ron_newman]

But nobody's forcing you to use that machine at all. If you don't want a gift card and don't want to pay a fee, then just be sure to carry a dollar or two of that change with you each day, and try to spend the change instead of getting more change when you buy something.

[grapefruiteater.livejournal.com]

Ron, I think you're missing the point of my comments. I roll my coins and take them to the bank, and I carry change with me. Since other posters were asking about different ways to get rid of change, I thought it was important to point out that Coinstar is a scam, whether you take the cash or not.

[teko.livejournal.com]

Well, Starbucks (or Apple, or Disney, or whoever) is definitely benefiting-- they're getting my money and I'm locked-in to using my change for their products if I don't want to pay CoinStar 9% of my money to count my change.

But since I know I'm going to be spending money at Amazon this holiday season anyhow, and I've got a jar of about $70 in coins here, and my bank is in Florida -- letting the big machine count 'em for me is a racket that works out well for everyone involved :)

[ron_newman]

I tagged your post "banking", and found this earlier post on the subject.

[fanw.livejournal.com]

You can pick up the paper for coin rolls for free at any bank. The reason they looked askance is because they don't do the rolling for you. If you bring rolled coins in, they won't blink and eye and will give it to you in cash (or you can put it straight in your bank account.)

[teratomarty.livejournal.com]

Coinstar's fees compare favourably to having your bank roll the coins for you- my bank charges 15 cents on the dollar, compared to Coinstar's eight or ten or whatever. I'm not sure how it stacks up to the cost of rolling your own; that would depend how long rolling the coins take, and what your time is worth to you.

I freelance at $20 an hour, so that's $10 if I spend half an hour sorting out and rolling up a batch of coins. Coinstar can do it in about ninety seconds, and it would have to be a damn big penny jar to equal $10 in fees. Therefore, Coinstar is cheaper in terms of my valuable time.

[fanw.livejournal.com]

Of course, that leaves out the entertainment value. I actually find it kind of fun to roll coins, but maybe I'm a mutant that way!

[teratomarty.livejournal.com]

I used to, but it was one of my menial jobs in the family business, so I don't really find it "fun" any more. It is easy enough to combine with other downtime activities, such as watching television, though.

Also, the most efficient method by far is to drop your coins into the paper sleeves as you empty your pocket change at the end of the day. I'm no longer that organised, and it's not really relevant advice for someone who's already got a bucket of pennies. However, my obsessive-compulsive cost-benefit analysis (or OCDCBA) insists that I mention it.

[schpahky.livejournal.com]

I second the rolling before you get to the bank. At Wainwright you have to write your account number on each roll, but there is no hassle.

[siderea]

Wainwright has never asked me to write an account number on each roll. Last rolled coin deposit I made was this summer.

[grapefruiteater.livejournal.com]

That's actually a standard thing at all banks--they want your account number in case you've miscounted the coins and they need to debit your account. I don't know why Wainwright hasn't asked you for an account number. It's not too much trouble to write it on the side of the roll of coins, so I just do that as I'm rolling.

[xuth.livejournal.com]

Something else to consider is rolling the quarters (and possibly the dimes) yourself and throwing the rest in the coinstar machine. That way you get the most money for your effort.

I really need to take my own advice and lose my change. Maybe get a CD at the bank with the quarters/dimes and a few cds at amazon with the pennies and nickles.

[etana.livejournal.com]

just go to cvs, buy some penny roll papers, and bring the rolled results to the bank. No, the teller doesn't want you to dump your jar of dirty-ass pennies on hir desk, that's just ridiculous and rude.

[magid.livejournal.com]

Banks generally give you free roll papers on request, for any/all different coins.

[etana.livejournal.com]

....then go get free ones and skip cvs? Who cares?

[magid.livejournal.com]

Just pointing out that one doesn't have to spend money on the process.

[an-art-worker.livejournal.com]

actually when I called Citizens main office that is *exactly* what they told me to do - that the teller would run it through their machine and credit my account.

Guess they hadn't told the teller..

[etana.livejournal.com]

The main number may say that but you should have called the branch that you wanted to go to. Or you had a cranky teller. Either way you obviously have to put in some elbow grease. There are also rolling machines that are less than $40 purchasable at most retail stores that sell safes/lock boxes/office supplies. Good luck.

[xuth.livejournal.com]

What about a box of dirty-ass $100 bills (bills just soak up filth in a way that coins can only dream of)? Is that also rediculous and rude? If not, then what's the difference?

[etana.livejournal.com]

What the hell does $100 worth of singles got to do with pennies? If you want to throw smokescreens around by all means do, but fuckin' be on point about it.
Smartass.

[xuth.livejournal.com]

Umm... I said nothing about singles. I was talking about a random box of one hundred dollar bills. My point is that there shouldn't be a difference in terms of service here and yet there clearly is.

[snowwand.livejournal.com]

Also, the tellers will generally give you wrappers for free if you ask. I like counting money, personally, and have been putting it into a special account for vacation funds :)

[mrboboto.livejournal.com]

I've heard that if you select a gift card option and unplug the machine from its internet connection (usually a telephone line), it will give you a voucher for full value of the coins. This is because without a connection, it can't confirm the creation of a new gift card. Haven't tried it myself.

Obviously, you will want to do this at a somewhat secluded machine, not right in the middle of Shaw's.

[ron_newman]

I generally avoid this problem by spending the change instead of socking it away -- for instance, if buying something that costs $3.27, give the clerk $10.27 instead of just a $10 bill. Do that consistently, and you won't accumulate buckets of coins.

[avjudge]

Yeah, that's what I keep telling husband - so every evening he dumps his change on my bureau so *I* can give the clerk $10.27 next time . . .

(For MONTHS after we got together, I bought the Globe each morning with 25 pennies from his jar. Eventually I emptied the jar.)

Anne

[ravenword.livejournal.com]

I just rolled a ton of change this weekend, myself... it's oddly relaxing.

[an-art-worker.livejournal.com]

I'll give you 8.9¢ per dollar to do mine... ;-)

[tolchocky.livejournal.com]

I know it's out of the way, but the BankNorth in Arlington Center has a change machine right in the lobby. I think it only took about $3.75 on ~$68 in change feewise. It's right on Mass Ave, too, so just hop on the 77.

[tolchocky.livejournal.com]

oh yeah and also I don't think you have to have an account there to use it.

[alphacygni]

We tried to use the Porter Shaw's Coinstar machine yesterday afternoon, and it was in the "machine full - coin service currently unavailable mode". This was annoying, as it meant lugging the pile of change all the way back home. I doubt there's any way to check the machine's state in advance, but do be aware that this might happen, if you're carrying a heavy load of coins.

[ron_newman]

It was working a few hours ago when I was in Shaw's -- I saw someone using it, and another person waiting in line.

Johnnies Foodmaster has 'em too.

[jokabri.livejournal.com]

Locations for Coinstar (http://locator.coinstar.com/map.aspx?language=EN&country=US&zip=02144)