Your big bank just got too big for small change. If you’ve been tossing your coins into a jar to build a stash of fun money or to start a savings account for your kids, you’d better hurry on in to Wells Fargo, or you’ll have to roll the quarters, dimes, nickels and pennies yourself.
The change counting machines in Wells Fargo lobbies in Minnesota are going the way of paper statements. Most will be gone from lobbies companywide within a few months, a Wells Fargo official said Wednesday.
Wells Fargo certainly isn’t alone in the decision to eschew the machines that swirl coins around and cough out a receipt. Chase removed its counters from its banks in July 2015. So did Capital One, TD Bank and PNC Bank.
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“Our contract with our coin-counting service recently ended, and we anticipate that the removal of coin-counting machines will occur in Minnesota branches in the coming months,” Wells Fargo spokesman John Hobot told the Minneapolis Star Tribune.
The bank’s branches will provide coin wrappers, Hobot said, apologizing for “any inconvenience.” Businesses that receive a high volume of coins can “enroll in our large coin-deposit service,” he said.
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But don’t start rolling quarters just yet.
Two other big Minnesota banks — U.S. Bank and TFC — told the Star Tribune they have no plans to remove the coin counters.
“Our customers tell us they like the convenience of having coin sorting machines,” TCF spokesman Mark Goldman said. “One of the challenges of accumulating coins is finding a way to quickly and easily turn that money into savings. ... Unlike some fee-for-service coin machines you see in retail locations, our customers know they can walk into one of our branches and not incur a fee for this service.”
One of the reasons banks are getting rid of the coin sorters is that they’re notorious for shorting people, according to an NBC “Today” investigation in April 2016. At one TD Bank location, the machine spit out a receipt for $256.90, nearly 15 percent less than the $300 fed into it. At other TD Bank locations tested in the Rossman Reports investigation, amounts were off by less than $1 at two locations, and by $3.73 at another.
The bank was named in a class action lawsuit filed in Manhattan the same month the “Today” investigation aired. In it, lead plaintiff Jeffrey Feinman said the bank represented its Penny Arcade machines as 100 percent accurate and cited the Rossman Reports findings as supportive evidence.
TD Bank said it was removing its Penny Arcade machines for maintenance, then made the decision to remove them altogether, according to bankrate.com.
“After much consideration, we determined that it is difficult to ensure a consistently great experience for our customers,” a spokeswoman for the bank said. “In addition, the use of coin-counting machines has declined steadily over the past few years. As a result, we have made the decision to retire Penny and provide alternative coin-counting solutions for our customers.”
Pittsburgh, Pennsylvania-based PNC bank quickly followed suit.
Spokeswoman Marcey Zwiebel told the Pittsburgh Globe-Gazette in an emailed statement last spring that demand for the service is declining, but also that “we have taken recent media reports calling into question the accuracy of coin counters in the industry very seriously.”
A spokeswoman for Chase framed the decision to remove the coin sorters as customer service. In a statement to the Chicago Tribune, Christine Holevas said “counting the coins, whether manually or via a machine, slows service to our customers.”
As an expert in banking operations and financial services, I can provide insights into the recent article discussing the removal of coin-counting machines in Wells Fargo branches and other big banks. My extensive knowledge in this field allows me to shed light on the context and implications of such decisions.
The article highlights that Wells Fargo is discontinuing its coin-counting machines in Minnesota, with the trend not being exclusive to this bank. Other major banks, including Chase, Capital One, TD Bank, and PNC Bank, have also eliminated these machines. The decision is attributed to the end of Wells Fargo's contract with its coin-counting service.
It's crucial to note that the removal of coin-counting machines is not unique to Wells Fargo and is part of a broader industry trend. The article mentions that Chase removed its machines in 2015, and other banks, such as U.S. Bank and TCF, have not followed suit, indicating that not all banks are adopting the same approach.
One notable reason mentioned in the article for eliminating coin counters is the potential for inaccuracies. The NBC "Today" investigation in April 2016 revealed instances where coin-counting machines, particularly those of TD Bank, were reportedly shortchanging customers. The investigation cited cases where the machine provided significantly less money than the amount deposited.
In response to concerns about accuracy, TD Bank faced a class action lawsuit and decided to remove its Penny Arcade machines for maintenance, eventually discontinuing them altogether. PNC Bank also expressed concerns about declining demand for the service and took media reports questioning the accuracy of coin counters seriously, contributing to its decision to remove the machines.
It's essential to recognize that customer preferences and the evolving nature of banking services play a role in these decisions. Some banks, like TCF, have chosen to retain coin counters, emphasizing the convenience they offer to customers who want to quickly convert coins into savings without incurring fees.
In summary, the removal of coin-counting machines in banks, as discussed in the article, is a multifaceted decision influenced by contractual considerations, customer preferences, and concerns about accuracy. This trend reflects broader changes in the banking industry's approach to service offerings and customer satisfaction.
A currency-counting machine is a machine that counts money—either stacks of banknotes or loose collections of coins. Counters may be purely mechanical or use electronic components. The machines typically provide a total count of all money, or count off specific batch sizes for wrapping and storage.
https://en.wikipedia.org › wiki › Currency-counting_machine
has declined steadily over the past few years. As a result, we have made the decision to retire Penny and provide alternative coin-counting solutions for our customers.”
In the United States, the trend towards digital banking has led to a noticeable decline in the demand for traditional coin counting services in banks. As more customers pivot towards online transactions, the need for physical coin counting has diminished.
Some banks, such as Wells Fargo, will exchange rolled coins for customers without a fee. Wells Fargo says it also offers free coin wrappers. Check your bank's policy. Certain credit unions and community banks still have coin-counting machines.
You can cash in coins for free at several banks, credit unions, and some stores. Banks like Bank of America, Wells Fargo, and U.S. Bank are known to have this service. Additionally, some credit unions (like American Eagle Federal Credit Union and Westerra Credit Union) and QuikTrip stores also have free coin exchanges.
Cashing in your loose change at Coinstar is easy. Just pour your coins into the kiosk and let us do the work. Choose one of our three convenient options: get cash, which has a service fee up to 12.5% + $0.59 transaction (fees may vary by location), select an eGift Card, or make a donation to your favorite charity.
Coinstar machines are generally very accurate when it comes to counting coins. They use sophisticated technology to sort and count the coins and calculate their value. According to Coinstar, the machines are accurate to within one cent.
The fees associated with using Coinstar's cash option help cover the costs of counting and sorting the coins, as well as maintaining the kiosks. If you're looking to avoid these fees, opting for an eGift Card is your best bet. You bypass the service charge and get funds to use at specific retailers and restaurants.
Q: What do I have to write on rolled coins? A: Nowadays, you usually don't have to write anything. But there are some banks that might ask you to label rolls with your name or account number on the outside of the roll. Check with your bank or other conversion location to see if they have specific requirements.
The RBI has not set any restrictions on the quantity of coins that can be deposited at once. Therefore, individuals have the freedom to deposit any amount of coins into their bank accounts. In accordance with the RBI's guidelines, all banks in India are obligated to accept coin deposits from their customers.
Many big banks have phased out their coin-counting services in recent years, but the regional banks or credit unions that do offer coin exchange likely do so at no cost to customers. There may be a small fee for noncustomers to use the bank's coin-counting services.
Your bank or credit union. Many banks and credit unions offer coin exchange services, including national banks such as Chase, Bank of America, Wells Fargo, Citibank, U.S. Bank and more. ...
A coin counting machine at Walmart, like the Coinstar machines you often see, operates in a surprisingly straightforward yet fascinating way. You pour your loose change into the machine, and it begins sorting the coins by their size and weight.
There's an eGift Card for everyone at Coinstar. Cash in your coins for an eGift Card to any one of our store and restaurant partners. Fees vary by retailer, with many NO FEE options available. Our paper eGift Cards have a unique code printed on them.
While banks cannot refuse to accept forms of legal tender as payment, there is no regulation that prevents them from refusing a form of tender for deposit. Automated coin-counting machines can be costly, and even with automation, the process is time-consuming, so many national banks no longer offer the service.
You can swap your coins for cash by taking them to the bank. This may be a simple and convenient option if you already have a checking or savings account with your local bank. But the bank might charge a fee to change your coins if you don't have an account.
Some banks and credit unions offer free coin-counting services. Most limit this service to customers, and you'll find some variations in how the services work. Some have self-service coin counters on site. Others restrict the amount of change you can convert in a single visit.
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