Do you ever roll your change and deposit it into your bank account?
This is a habit I've been trying to start for awhile. We don't collect much change because we use our bank debit card for the majority of our transactions, but we do have to withdraw cash in order to purchase our cigarettes, and occassionally hubby will take a little extra out to buy himself some lunch or something. So basically we accumulate less than a dollar worth of change per week.
I collect all the change in a little dish that sits on my desk. Every so often I'll go through and count the change, and roll it if I have enough to.
Well last week I managed to roll $7 worth of change. My husband and I recently opened a new savings account at a Credit Union. So I took my $7 in rolled change to deposit there instead of into my usual checking account at a typical bank.
I get up to the teller and hand her my rolls of change, and she takes them into a back room and I can hear her emptying the change into a sorter. She comes back and says to me "We don't accept rolled change..."
The first thought going through my head is "What do you mean you don't accept rolled coins? I guess I have to continue going to my other bank with my change."
But then she says "Just bring your container or whatever full of loose coins... we put it into the sorter. No need to roll it or seperate it or anything."
Wow! Now isn't that convenient? So if I have just shy of 50 pennies, I can still deposit it into my account without having to hunt for another penny to make a full roll!
This is quite impressive.
Does your bank do that? Or do you have to roll your change?
[question posted by katsmeow1213]
responses and comments:
I tend to avoid rolling change as I get annoyed waiting for it to build up. Usually it just buys me a sandwich or bag of pasta every other week [Spook619]
My bank has had that machine since I first moved here in 1978. I thought it was just the coolest thing!! Not having to count out all those coins by hand was such a gift! [snowcat46]
I've never known of a bank to do that before, or if they did they never told me. The bank my checking account is drawn on is the one that usually gets my rolled coins, sometimes it's nothing more than 50 cents. I once even asked them for extra rollers to roll the coins in, and they didn't say anything about not rolling it. I'm really liking the fact that I don't have to roll the change anymore. [katsmeow1213]
Well we roll it but my husband has a habit of collecting it and never turning it in. We have over 600 bucks in change in our safe. We just save it in case we ever have an emergency. That is all we do with our change. So one day I will turn it in I guess. [baileycows]
It would be a good idea to put that change into a savings account or a short term CD and earn some interest off it. If you're going to let it sit around, at least let it accumulate interest while it sits around. [katsmeow1213]
I am not sure if my bank does that or not but it was nice of them. we save all of our change through out the house and when we are in need of money we will count it out. I have bought small amounts of fuel with coins, and the businesses around my house will buy change if they are not busy, it saves them a trip to town. [okkidokitokki]
We have one of those really tacky throwbacks to our college days waist high free standing beer bottle banks that we throw our change into. We also roll it ourselves, and our bank takes rolled coins. We use this fund for vacations. One year, we ended up with a couple hundred bucks and it was enough to pay for over half of our food while we were on Vacation! It's little things like this that allow us to indulge when we otherwise couldn't. [Raven7317]
That's a great idea. I never let my change accumulate for that long, as I'm always putting it into the bank when I have enough of it. [katsmeow1213]
My bank has always taken lose change. I just save all of my lose change in an container and whenever it gets too heavy I take it to the bank and ask them to sort it for me. Then, they'll hand the cash to me or I can deposit the cash into my account. I think rolling the coins is just more difficult for me. And, I think for the banks, they may be uncomfortable doing it just in case people are rolling different demoniations or something and cheating them out of money. Either way, not having to roll the money saves me time and the sorter only takes a few moments. [highflyingxangel]
my bank takes my rolled coins, plus we have a sorter at home. i like how coinstar started giving gift cards for no fee, if you use their machines, but we let them pile up for 6 months and then take them in for a vegas trip. it works out nicely. [dvschic]
I think most banks are doing that now. A lot of people try to not be honest and bring in rolls that do not have the right amount of money in them and the bank ends up being short. I like the just toss it in the jar way of doing it. [lilybug]
I was talking to one of the guys that works up the road at the Mobil station and he said he was taking them to his bank unrolled like that. He switched banks and he brought his change in like that and they told him they would not take it unless it was rolled. [lilybug]
I love saving coins. I empty my purse of coins daily but when I change them I usually ask a convenience store if they wantt he chnge as the baks give me so much hassle. You have to have a certain amount of each coin before they will change it. Hate this attitude. I always save coind for Christmas - i believe that I said this before in a discussion to you and it always buys my turkey and ham etc. I really get a kick out of this. I know that I didn't get it free but it seems like it. That pill has worked. Feel so calm - maybe for the first time in my life I am a little stoned? It was called Xan something. I don't know but if my boss came through the door right now, then I would be giggling.Blessings [cynthiann]
I don't know what it is but he came into my office about 20 minutes ago and started a rant. He then said that he wasn't blaming me and I replied "Well, that's a change". He looked so shocked at me and I wanted to giggle. I would never have made that reply if I hadn't taken the pill. You are right - maybe I will ask her for a couple to take on in emergencies. He can rant on and trust me It will not affect me today! am now waiting for accountant. Blessings [cynthiann]
The same thing happened to us. We used to take our change rolled up to our bank. Then we did it one time and they told us they didn't want it rolled. I think that makes things a lot easier. We save our change too but we end up giving a lot of our change to the kids. They hear the change in our pockets and come running with their hands out lol. [ravinskye]
When my kids have change it doesn't last long. They will lose it around the house, and when I find it it goes back into my dish. They at least know enough not to take it out of my dish without permission. [katsmeow1213]
I am so surprised to hear that they don't take rolled coins! I used to roll coins all the time to bring to the bank, but I haven't really done it in awhile. Now, it seems like I just use my debit card so much that I hardly ever have any change. Back when I used to always bring my change to the bank though, they always took the rolled coins and never said anything about it. I guess that could have changed by now though, since I haven't brought any coins there recently. That is so nice that you can just bring your whole container of coins and not take the time to put them into rolls! [elisa812]
Hi, I am from the UK and bank with Nationwide (don't think they exist in The States) - they let me take in coins unrolled or rolled and count them out by hand at the counter, however by far the most impressive feature which no other bank here in the UK offers- they let you deposit into the cash machine - you just slide an envelope into the cash machine (with the money in obviously) and they credit it ot yuor account. Is that the most incredible thing ever or am I just really simple and easily pleased ? Thanks, Ian [ianlockley]
Years ago our ATM's used to let you do that too. Unfortunatly they don't anymore. I think too many people would fake a deposit so their account showed more money than it had, then they'd withdraw it. I did that once by accident. I deposited a check through the ATM, then withdrew all the cash. Then the check bounced! Oops. [katsmeow1213]
Actually I have accumulated some changes in a Piggy bank.I have not yet deposited them in bank. They are very less in number. May be after it is full, I can buy something with it or deposit it. [subha12]
katsmeow1213, Where I come from, the local banks will charge for a large deposit (above $200) of loose change and we seldom deposit loose cash. Most of the time, we will be offering these loose change to the food centers or local minimarts to change them to dollars and where loose change is in demand. And, similar to your Credit Union bank, we do not need to roll up the loose change to make the deposit as there is a sorter. We just need to hold them in a bag and leave it with the teller to sort and deposit them. However, most of our banks at home accepts deposit over the ATMs and we do not need to be bothered by the queues and closing hours as these Automated locations are 24/7. Cheers. [skysuccess]
Hi, i too have this habit of collecting change in a bowl and it always come in handy. It is a good idea to deposit it in the bank. We have a scheme in our state which is meant for daily wagers , where the savings account personnel go around to their work place collecting small amounts of money from them and depositing it into their accounts - was started to teach them saving habit, which is very useful. I think the post office savings too does something similar.. [kiran8]
wow, I wish my bank had a coin sorter. They make me roll up my coins for them so I can get cash in bills. But they do provide the coin rolls in separate bags for me to count up the coins. Thanks. [chunijole]
I don't ever roll change. I usually save it in a glass then as I need a little money between paydays I will take it out a little at a time. Usually it is to buy something out of the vending machine at work for lunch. As far as my pennies go I separate them from the silver and put them in an plastic bottle with a wide mouth and lid. I now have two bottles filled with pennies that I am truly saving for a rainy day. Of course I will need many bottles of pennies for that day. LOL! [sjohnson628]
Yes my bank has a coin sorter and it is very convenient to use. No matter how much or how little you have you can deposit or exchange it for bills. I save our loose change for vacation time. It is my little way of saving. I don't count on that money and it is extra cash when we go on vacation. My husband and I both throw our change into this big jar all year and before we go on vacation we cash it in and it is always a nice surprise how much is there. One year I had $200 and some change. It has been harder lately as we are spending the change we have in our pockets due to financial situation but still manage to put some in there for a rainy day, not really sure if we will vacation this year or not. [ryzach]
That is really cool it makes things a lot easier. I do that with my change, but I have not banked mine for ages and have a tin full so I wish I could take all that into my bank without having to count it all out. We put all our change into money bags but it is such a pain having to sit and count it out first!!! [gemini_rose]
I didn't know that either but talk about convenient! The last time we took our change in we had over $100 - and half of it was pennies. We hardly ever take it in because it's such a royal pain to roll it. I think I'll call our bank and see if they do the same thing. I was always under the impression that it had to be rolled; I wonder if that's just a common misconception or if different banks just have different policies. [jesssp]
It could very well be just a misconception, but I don't know. I remember not too long ago asking my bank for rollers for the change, and they mentioned nothing about whether I could just bring it in loose. Granted I didn't ask either, but if they allowed you to bring it in loose, I'm sure that would have been mentioned when I asked for the rollers. [katsmeow1213]
I do not roll change anymore, I usually collect my change in an empty coffee container. I go to TD bank, which used to be Commerce bank, they have change sorter/counter there. That is not my regular bank, so I will then take the currency to my regular bank for deposit. I had over one hundred dollars the last time I went. [sudalunts]