Accumulated change can seem practically worthless, especially when it is collected in various spots throughout the home. Gathering that change together may offer a surprise. Those small quantities of change can end up being a small fortune.
How to Exchange Change for Cash
Start by gathering all of your change together. Empty piggy banks, pockets, consoles and cushions to get all coins in one place. If you have a significant amount of change, you might want to wait to count and separate the coins until after you have spoken with your bank. Some banks will count and roll your coins for you. If this is the case with your bank, the only job you have left is to get your mountain of coins to the bank. However, in most cases, banks require that you count and roll the coins yourself.
Should you need to roll your own coins, ask the bank if they provide sleeves. Some will offer them for free. Others will request you get your own. Luckily, these sleeves are so inexpensive that you could use some of that spare change to buy them at your local dollar store. Unluckily, counting and rolling coins is a monotonous task. Make sure you set aside some time prior to rolling your coins. You can make the task more pleasant and much faster if you convince some friends or family members to help you out.
Your next step is to take your rolled coins to the bank. When you are there, you will need to decide whether you want to deposit the coins into your account or accept cash.
What if I Don’t Have a Bank Account?
You can still change coins into cash at a bank even if you don’t have an account. However, the process may be a bit different. First, call the bank of your choosing to ask about their policies regarding accepting change. Some will not accept coins from non-customers. Most do, but they will possibly charge a fee. Do not settle for the first bank you call. Talk with multiple banks to find the one that is the most convenient and charges the lowest (or no) fee.
Be prepared to be offered the chance to open an account when you enter the bank. If you have a considerable number of coins, it might be a good idea to get a bank account started with your new nest egg. However, before opening any account, you should make yourself aware of any requirements that may exist. Most require a minimum amount be kept in the account and/or a certain number of transactions each month.
What About Coinstar Machines?
A third option for loose change is to use Coinstar machines. These are often found in retail stores and supermarkets. These change sorters will offer you a voucher for all of your coins. These vouchers usually have to be used in the store. While this is not cold, hard cash that can be spent anywhere, it is a good option if done at a store you frequent.