Are bank coin counters accurate?

Are bank coin counters accurate?

Though the Coinstar machines delivered accurate counts, several bank machines shortchanged the Rossen team by various amounts. In many cases you’re charged a fee for using a coin-counting machine — anywhere from 8 to 10 percent — so if the machine isn’t accurate, you’re losing even more.

Is TD Bank looking for coins?

Which Banks Have Coin Counters? Chase, Bank of America, Citibank, Capital One, PNC Bank, TD Bank, BB and other major national banks no longer provide coin-counting machines to customers or to non-customers.

What percentage do coin counters take?

11.9 percent
Coinstar’s fee is currently set at 11.9 percent of the value of the coins you’re exchanging. Basically: That’s nearly $12 for every $100 in coins you feed to the machine. You’d have to guess how much change you have accumulated to calculate the Coinstar fee.

Where can I cash in my coins without paying a fee?


  • Local bank or credit union. Your local bank or credit union branch may let you exchange coins for cash via coin-counting machines, letting you to roll your own coins, or take coins in another way.
  • QuikTrip.
  • Safeway.
  • Walmart.
  • Target.
  • Lowe’s.
  • Home Depot.
  • CVS.

Do Coinstar machines rip you off?

There’s a fee. For every $100 you deposit into a Coinstar machine, you’ll lose nearly $12. That’s a high charge just for counting coins!

Are banks paying extra for coins?

Due to the pandemic, the United States Federal Reserve has issued an announcement for low coin inventories. 2020 is such a doozy. Currently the Federal Reserve is strategically issuing out coins to banks across the country.

Does TD Bank still take pennies?

So if you bank with any of the big guys, such as Scotiabank, RBC, TD, BMO or CIBC, you can be sure they’ll accept your pennies – but remember to roll them. Quick Note #1 – As pennies are still a legal currency in Canada, you can actually pay your bills at the bank using pennies.

Do money counters detect fake money?

The money counter has a counterfeit bill detection rate of 1/100000, which gives you greater accuracy and a reliable final count. The machine stops when it reaches a counterfeit bill, so those bills aren’t included in the total.

How does a coin counter work?

How do coin counters sort coins? All coins in each currency have their own unique diameter and thickness. And just like a human can tell them apart without looking, mixed coin counters use automated sensors and rotating discs to identify coins based on their size, and then funnel them into separate receiving cups.

How much does Coinstar charge for $10?

It’s so easy, but they don’t do it for free. Coinstar’s fee is 11.9% of your total deposit.

Where can I cash in coins for free?

15 Places to Get Cash for Coins for Free (or Cheap)

  • Your Local Bank.
  • QuikTrip. Coin Counting Machines.
  • Walmart.
  • Kroger.
  • CVS.
  • ShopRite.
  • Hy-Vee.
  • Meijer.

Why did TD Bank remove the coin counting machines?

TD removed the coin-counting machines from all branches in May 2016 because customers were complaining that they were being shortchanged. Allegedly, the machines counted coins inaccurately. Customers counted the coins before putting them through the machine and discovered that it was consistently recognizing less money than it should.

Why is TD Bank getting rid of penny arcade machines?

TD Bank ( TD) is getting rid of its Penny Arcade coin counting machines following questions about their accuracy and apparent waning interest by customers.

Where can you still find coin counting machines?

Where You Can Still Find Coin Counters. Although TD Bank doesn’t offer coin-counting machines, other banks may provide them. However, you’ll most likely have to pay a fee (a small percentage of the amount counted) if you’re a non-customer. Some banks won’t even let you use the machines as a non-customer.

How much money was short changed at TD Bank?

The bank was the subject of both a New York lawsuit and a report on NBC, which found the machines short changed multiple deposits of $300 worth of coins by as little as 5 cents and as much as $43.10. “Offering free coin-counting to our customers has been a long-standing service at TD,” said Michael Rhodes, the head of TD’s consumer banking.