Coinstar: Friend or Foe

The first time I used a coin star machine I was under the impression I could still get a no fee gift certifcate. No dice. Just a voucher less almost 10% of my haul. I was left none too pleased. I vowed never to use coinstar again. They were worse then the Empire in Starwars.

So the other day, I had over $20 of zinc pennies staring back at me. Roll searched with all copper and other goodies removed. It just kept growing. It started to remind me of the gulf oil spill as it kept getting bigger and out of control. Sure, I could take it to a bank I don't have account at and let them deal with it.

Then I figured, eh, I'll part with a couple bucks to coin star to rid myself of this mess. My hoard of bad pennies could then be used to towards paint for my bathroom I was picking up.

I hate taking a hit on money like anybody else. But hey, this time it beat giving a headache to some tellers at a bank. You can say, hey it's the tellers job. Which is true but it doesn't mean they want to deal with 2,500 pennies being throw at them.

Coinstar, you're not so bad afterall, for now.

 

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Trump Would Never Use CoinStar!

CoinStar is just a very convenient and super-stupid-quick method of losing a huge part of you money. I've watched the percentage grow from 6 to nearly 10 now, and no way is the convenience equal to the hit. I've "invested" in a mid-range coin sorter and get 100% of my money upon redemption...and my sorter was paid for very quickly when considering the CoinStar take.

 

Be careful, some are off and don't count right. Some banks have coinstar machines free for customers with an account.

 

I've never used a coinstar machine, but if you ask me its a rip off just like the banks that wanna charge for counting change. My bank wanted to charge me for bringing in 5 rolls of dimes, I said sure and now I'll close my accounts. That got their attention and to this day I never get questioned about bringing rolls in...

 

Rather than lost 10% I take mine to the bank. Branch banks want them rolled and marked w/your name and address (LOL) but I take them to the main branch (which has a counting machine and and charges nothing, although you must have an account.

Coinstar is really nice for the people who own the coinstar machine or the stock CSTR, which also owns Redbox.

Lack

 

How did the world come to this anyway? You pay a 10% premium to cash in coins. But, if you need coins for your cash register, you get hit with another premium to get those coins back again. I'm obviously in the wrong business!!!

 

Guys, some of you are taking the post way to seriously. My story was tongue in cheek. Gulf oil spill, comon guys, lighten up. But yes I do agree, the fee is a rip off.

 

I now use CoinStar a couple of times a year -- after I found out that you could choose the no-fee certificates. If you choose Amazon, JC Penney, or any of the other no-fee options, there is actually NO FEE. However, you have to find a machine that offers these options. I use the ones in my local Kroger supermarkets. I always choose Amazon because I normally order regularly from them anyway. Never had a problem.

I'm not sure why the OP was charged a fee even when he used the certificates. That is not the situation in any machine I've ever used.

As for mis-counting, I have had situations in which some dimes were counted as pennies, and vice-versa, but not enough to be a big problem.

These machines are a rip-off if you choose the cash option. But if you choose the merchant certificate option, the merchant pays the fees, not us.

 

So what i,m hearing is that you guys are sitting around rolling your pennies drinking a $1.45 diet pepsi and eating a $1.00 snickers bar. I am just not that tight yet so I will continue to feed the machines as my time is worth more than 10%. On second though how many dang rolls are you guys searching a week?:goofer:

 

Forget Coinstar - Use TD Bank's Penny Arcade

Coinstar take s percentage for itself. The solution is the "Penny Arcade" machine at your local TD Bank It's a coinstar that does not take a fee, not even 1 penny. It's a convenience they add to draw customers, and you DONT even need to have an account to use it. That's how I get rid of my change.

 

Hahahaha, I'm wondering the same thing myself. It look me long time to reach 2,500 cents. I'm ok with sparing two bucks to save me rolling up $25 in pennys and tote them around. Given the fee, I'm not going to go drop every piece of change I have but for getting rid of a horde of zinc pennies, it's worth the fee.

 

Coinstar = Foe

Why loose 10%...the bank takes them all fine from me.

 

I just dump all of my searched change at TD Bank for free.

The only downside is the annoying talking child animation instructing you how to proceed, which assumes you are three years old and cannot read. This gets grating after awhile and they should have a switch to turn off her voice. Or a child/adult mode. Or earplugs. :hammer:

But it's free.

PS - Foe.

 

On the "friend" side of the argument, the coinstar machines have been the source of a lot of older coins, especially in the cents and nickels, getting back into circulation and rolls for us to find. Not to mention the occasional pieces of silver or other "treasures" that get left behind in the reject bins.

Great idea, problem is the closest "local" TD Bank is over 400 miles away, and none of the banks around here have counting machines for customers. Free or otherwise.

 

I have a big pile of Lincoln cents in a bucket at the house. I will go through them and pick out a few of the Wheaties I come across and then search for all of the 1982 and prior cents and put them in another pile.

My former bank use to have a coin counting machine which was free to customers. Like everyone else it seems, they started charging their customers. That is why this bank is my former bank , just did not not sit right for me. This bank was kind of inconvenient anyhow.

I know coin star is convenient but it is just hard for me to give away any money. I will let my buckets of cents grow. Who knows, later on I may need ever cent I can get my hands on.

Sometimes I think I lead a much to complicated life.:smile

 

losing 8.9% of my hard collected cash is not in the equation for me. I'll count it by hand and take it into the bank for a double check and they never, ever charge me.

 

I've never used Coinstar, but I can see why some people might in my community, as the main bank here won't take loose chance. If it's not rolled they won't accept it. I figure for $1.50 at Walmart I can buy 500 paper coin rolls and roll it myself and come out ahead, so why not.
Guy~

 

Why not spend them?

I don't understand why people don't just spend their coins instead of hoarding them and then having to deal with the cost and/or inconvenience of turning them in at the bank or (gulp) paying Coinstar.

Paul

 

That's nothing. Some banks now charge you a fee if you want coinage. One fee for non customers, one for normal customers and the smallest fee for buisnesses that require coins. So if you walk into one of these places with no account you could be charged as much as 10% to get change for dollar. Now you change your mind and try returning that $.90 but to get a dollar, you have to add a dime? Of course not. They have a policy that requires them to place your coins in a plastic bag, send out for counting and if no account, you get a check in the mail someday for $0.90

 

Good point. I used to save coins too. Then one day I said to myself, SELF, WHY? So now I use change almost anywhere I can. I really don't use money to much since almost everything is (plasticable). My new word for a credit card. However, tips at a restaurant, buckets for the Salvation Army, kids selling candy for their schools and an occational bum, and lots of them by me.