How Much Of Your Money Does Coinstar Take
While some first-class modernistic products offering cash back accept proliferated every bit a ways of saving, there will always be the depression-tech, tried and truthful method of dumping all of your loose change in a jar at the end of the day as a pretty easy style to relieve some dough. But what do you practise when you're gear up to deposit your mountain of coins?
Are you lot ready to sit there for hours, packing your modify into rollers, or would you rather feed it into a coin-counting machine, like Coinstar?
While Coinstar locations are user-friendly (located at 57,000 grocery and retail stores), there is a fee to count your change.
If you take a decent amount of change to unload, you lot demand to make certain that you lot get the about bang for your buck.
Calculate Coinstar'due south Fee
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 auto.
You'd have to guess how much change you have accumulated to calculate the Coinstar fee.
If you lot think you have $500, for example, you'd need to hand over $55, leaving you with $445.
That's a pretty big bite taken out right off the top, so why exercise people use these machines in the first place?
For one thing, they're convenient since fewer banks are accepting money deposits these days.
Even if your bank is willing to take your coins off your hands, they may charge you lot a fee for processing them. (Some banks ship coins off-site to be counted, which means part of the cost gets passed on to the customer.)
For another, non everyone has the fourth dimension or patience to sit effectually and fumble with those newspaper wrappers for hours on end.
Still, there's no denying that what Coinstar charges is pretty outrageous when you consider that they're basically but switching out money y'all already have.
It's kind of like paying $10,000 for a motorcar that's just worth $ix,000 -- the numbers just don't add up.
The expert news is that there are some alternatives for cutting down on the fee or sidestepping it all together when you've got a big clamper of change to cash in.
1. Convert Your Coins Into Gift Cards for Gratuitous
If you've uncovered a small-scale fortune in loose change under your couch cushions, Coinstar now gives you the option of exchanging your coins for electronic gift card vouchers for some of the well-nigh popular brands around.
You simply put your modify in, select the gift card y'all desire and the machine prints out a receipt with a unique code that yous can use the aforementioned way you would a physical souvenir bill of fare.
The best role:
At that place's no fee to catechumen your coins into electronic gift bill of fare vouchers.
Coinstar limits how much change y'all tin can swap out for a gift carte and then information technology pays to know what the limits are for each one.
We've highlighted five of the well-nigh pop picks, along with the minimum and maximum limits for each i:
Coinstar Souvenir cards Substitution Limits
| Blazon | Min. amount | Max. amount |
|---|---|---|
| Amazon.com | $5 | $1,000 |
| Applebee's | $5 | $500 |
| All-time Buy | $5 | $2,000 |
| GameStop | $5 | $500 |
| Home Depot | $5 | $2,000 |
| iTunes | $v | $500 |
| Southwest | $25 | $500 |
| Starbucks | $v | $500 |
| Steam | $10 | $100 |
2. Scope Out a Bank or Credit Union
Some banks offer free coin counter machines in their branches. If you're non a client, you might have to pay a fee to have your coins counted.
The fee is usually a pocket-size percentage of the coins counted.
Most banks will also ask you lot to roll the coins yourself. You tin request complimentary money wrappers from the teller.
After the coins are rolled, the bank will accept them for deposit.
Tip: The adjacent time you lot're at the grocery store or cruising the aisles of Walmart, for instance, head to the self-checkout expanse and use your alter to pay for your purchases.
If yous're lucky plenty to have a bank that offers a money counting machine in its branches, you need to expect at how the bank'due south fee compares to the one Coinstar is charging to run into which is the better deal.
iii. Make a Donation
Coinstar besides allows yous to donate your loose change to charity, which is a great way to give dorsum.
There is no fee to procedure coins that are donated to charities.
Plus, the donations are revenue enhancement deductible -- save the donation receipt for your tax records.
Partnered charities include:
- American Blood-red Cross
- Children's Miracle Network Hospitals
- Feeding America
- Leukemia & Lymphoma Lodge
- The Humane Society of the United States
- UNICEF
- United Way
- Globe Wildlife Fund
With Coinstar, the fact that it's convenient and you can write it off on your taxes are two pluses worth because.
4. Coil the Coins Yourself
Almost banks provide gratis coin rollers to customers who want to eolith large amounts of change.
Sure:
You'll still have to put in a little work to wrap the coins yourself, but it does eliminate the costly alternative of using Coinstar.
Or, you might have others do information technology for y'all for a small tip -- such equally your kids!
The Bottom Line
When it comes to figuring out what to practise with your alter, be certain to factor in how long y'all retrieve it would accept you to roll those coins against the fees that Coinstar or your bank would charge.
Subsequently all, time is money!
Frustrated with your bank? Bank check out these new height banks that people are talking about:
Source: https://www.mybanktracker.com/news/avoid-getting-shortchanged-coin-counter-machine-coinstar
Posted by: judemisaid.blogspot.com
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