“Different banks have different coin acceptance policies,” Kenneally says. “Some accept rolled coins and some accept loose coins to process through a coin-counting machine. If they have a machine, loose coins are usually preferred.”
Is it legal for banks to refuse to accept rolled coins as deposits, even though they are legal tender? Yes, but most will accommodate an account holder. Banks are private institutions, the relationship between you and the bank is governed by a contract— your deposit account agreement.
Take it to your bank
Some banks now have coin machines that let you pay in your spare change without needing to sort it first. Not all banks offer these machines, and even those that do might not have one in your local branch. However, they should be able to take your coins if you sort them yourself.
Yes, You Can Deposit Coins at Your Bank
Check your bank's policy. Certain credit unions and community banks still have coin-counting machines.
You'll typically find free coin-for-cash exchanges at banks and credit unions, but for a fee, you can cash in your change at places you visit every day. And if you're willing to accept a gift card instead of cash, you could do your exchange at Walmart and other retailers for free.
How many bags can you deposit? You can pay up to 5 full bags of coins into your account each day. If you have more than 5 full bags, you'll need to pay these in on different days.
Very simple… They weigh them ! They'll have a list of weights - including the wrapper… that each coin denomination & quantity should come to. If the weight of the roll is out by more than a fraction of a gramme, (or ounce) - they'll open the roll and physically count the coins.
Take your coins to a community bank or credit union
Many big banks have phased out their coin-counting services in recent years, but the regional banks or credit unions that do offer coin exchange likely do so at no cost to customers. There may be a small fee for noncustomers to use the bank's coin-counting services.
You can also turn to a local bank or credit union to exchange your coins for cash — or deposit the money into a bank account. Many of those financial institutions will ask you to roll the coins to turn them in.
This service can often be done at a local branch of your bank. You may also be able to get coins swapped for notes at branches of other banks or at Bank@Post offices, though fees may apply.
You can pay in both notes and coins at a Post Office® counter. Cash deposit limits vary. You should check the cash deposit limit at the Post Office® you intend to use.
What is the Change Giving service at Post Office? If you're a business banking customer and you regularly need to exchange cash for coins, you can do this at the Post Office with selected banks using our Change Giving and Change Giving “Lite” services.
A complaint can be made against a person or shopkeeper who refuses to accept the Rs. 10 coin, and the shopkeeper may be subjected to harsh legal punishment. The Indian Currency Act and Sections 489(A) to 489(E) of the IPC permit FIRs to be filed against it, according to NCIB (National Crime Investigation Bureau).
COVID coin shortage
The coronavirus disrupted consumers' buying habits and shifted purchases largely to plastic cards to such an extent that in the summer of 2020, the Federal Reserve restricted coin orders by financial institutions.
Coin counting machines can be slow and cumbersome to use, and some customers may not be comfortable using them. Additionally, since coins are physical objects, customers may find it difficult to trust that the machine is accurate and reliable.
Depositing a big amount of cash that is $10,000 or more means your bank or credit union will report it to the federal government. The $10,000 threshold was created as part of the Bank Secrecy Act, passed by Congress in 1970, and adjusted with the Patriot Act in 2002.
Deposit coins into a DBS/POSB Account instantly via our upgraded Coin Deposit Machines or; At any DBS/POSB Branches on Tuesdays and Thursdays from 8.30 am to 11.30 am only.
Royal Mint guidelines advise that, although the coins were approved as legal tender, they are considered limited edition collectables not intended for general circulation, and hence shops and banks are not obliged to accept them.
So, legal tender is just a payment that the court accepts. It doesn't mean that every transaction needs to use legal tender or only use legal tender within the amount denominated by law. You can use anything to pay for anything! As long as both parties agree to accept the payment, everything is fine.
This means that you can take your old 1c and 2c coins to the bank and exchange them for currency totalling the same face value.
Yes. A bank can set its own internal policy as to whether it will accept or exchange unrolled coins for currency.
Whenever you feel you have enough coins rolled, you can bring them to your local bank branch. Most banks will only accept change to deposit if it's already been rolled. The teller should have a special coin box to quickly count and sort your rolls before depositing the funds into your bank account.
The coin rolls are usually free at the bank but you may need to be a customer at that bank. Drop in and ask them for the rolls in the denominations you need.