Coin Counting Machines: The Convenience is Real
Counting and wrapping coins to be exchanged for bills at a local bank can be a tedious and time-consuming task. Many people continue accumulating change in jars or in containers because they don’t have the time or the desire to roll up their spare change.
However, they do want to spend the money they’ve been saving but don’t want to be weighted down by coins while trying to shop. With the introduction of coin counting machines to grocery stores and some banks, turning coins into bills is fast and convenient.
These electronic machines work by counting loose change. Instead of rolling coins in coin wrappers, customers drop coins into the machine. The machine calculates the amount of change deposited. After the change is counted, a receipt is dispensed to the customer. Depending on the location of the machine, the receipt can be exchanged for cash, groceries, or a gift card.
A fee is charged to use many of the coin kiosks in grocery stores. The fee is deducted from the final total of the customer’s change. For example, a customer may have $50 worth of coins, but after the fee is accessed, she may receive $46.
Presently, the Coinstar service fee in the US is 8.9 %. They, however, do offer the option to receive a gift card. If the gift card option is selected, a service fee isn’t charged. The gift cards can be used at various popular local and online stores.
Some banks do offer the use of cash counting machines as a free service for customers and non-customers. However, some banks do have a maximum limit before accessing a flat service fee to non-customers. In some cases, after the flat service fee is accessed, as the non-customer exchanges more coins, a percentage fee is charged, too.
Using coin counting machines is a viable option for those who want cash for their coins without the hassle of separating and rolling them. Coin kiosks provide users with money that is less cumbersome to carry and spend. Consequently, many people find paying the service fee less important than having extra dollars to spend.
