Can the bank refuse to exchange my unrolled coins for currency? (2024)

FAQs

Can the bank refuse to exchange my unrolled coins for currency? ›

The bank will not accept my unrolled coins for exchange of currency. Is this legal? Yes. A bank can set its own internal policy as to whether it will accept or exchange unrolled coins for currency.

“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.”

There is no law that requires banks to make change. In fact, laws to guard against money laundering prohibit banks from making change for any old amount.

While certain credit unions and banks still have coin-counting machines, many banks don't offer them anymore and will require your coins to be rolled before accepting them. If you haven't already, group your change into separate piles of pennies, nickels, dimes and quarters.

While banks cannot refuse to accept forms of legal tender as payment, there is no regulation that prevents them from refusing a form of tender for deposit. Automated coin-counting machines can be costly, and even with automation, the process is time-consuming, so many national banks no longer offer the service.

Before you can exchange it into cash, however, you'll likely need to sort, count, and insert your coins into coin wrappers. You can then take all your rolls to your local bank and exchange them for cash or deposit them into your savings account, where the money can start earning interest.

Coinstar cannot accept Eisenhower silver dollars, 1943 steel pennies, pure silver, commemorative or foreign coinage. They may not be recognized by our kiosk or returned to you. Items such as keys, jewelry and other valuables should also not go into the kiosk.

Yes, bank tellers are allowed to ask why you are withdrawing a lot of cash from your account. This is because banks have a responsibility to "Know Your Customer" (KYC) as part of their anti-money laundering and fraud prevention measures [1].

File banking and credit complaints with the Consumer Financial Protection Bureau. If contacting your bank directly does not help, visit the Consumer Financial Protection Bureau (CFPB) complaint page to: See which specific banking and credit services and products you can complain about through the CFPB.

Banks typically have the right to deny or restrict access to an account under certain circ*mstances, such as suspicion of fraudulent activity or a court order. However, they generally cannot deny access without a valid reason.

How do I exchange coins for cash? ›

Does Walmart have free coin exchange services? Walmart doesn't have free coin exchange services themselves, but some locations have Coinstar coin counter machines. Keep in mind that Coinstar charges a fee, but you can avoid this by choosing a gift card option instead.

Take it to your bank

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.

In conclusion, banks may choose not to utilize coin counting machines due to costs, security concerns, and customer convenience.

Take your coins to the bank

You can swap your coins for cash by taking them to the bank. This may be a simple and convenient option if you already have a checking or savings account with your local bank. But the bank might charge a fee to change your coins if you don't have an account.

Some banks only make change for account holders. If you don't have an account with the nearest bank, call ahead and ask about their change policy to avoid wasting a trip. If you do go to a bank that only makes change for account holders, they might be nice and make a one-time exception for you.

You'll likely have to wrap your coins first; if you've accumulated a large amount of change, try wrapping a few rolls a week before visiting your branch.

Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."

Often times, even financial institutions won't accept cash if it's too damaged. This is because the Federal Reserve does not accept deposits of mutilated money from banks and credit unions.