Wednesday, May 21, 2014

Roll Searchers - what to do with the leftovers?

If you search coin rolls, you will obviously have the problem of returning your left over, unwanted coins.  It's possible that you may have a good relationship with your bank and that they don't mind your trading your searched rolls for unsearched, but many people don't have that as an option.  Your bank may not appreciate your coin dumps and if they do allow it, you may find yourself getting the same coins back a week from now.

My bank has a coin counting machine at a branch we are near when food shopping.  There's no fee for customers and I obtain new rolls at my regular branch.  However, I don't do large volumes of rolls and I did notice that the manager seemed a bit put off when I dumped a measly $60.00 worth last week.

Building the next dump

It's problems like this that cause people to go to kiosks like CoinStar.  CoinStar kiosks are easy to find - many supermarkets have them and they certainly are easier to use. However, they charge a hefty 10.8% fee and it can be more at some locations.

Truly, that's not such a terrible price to pay for the convenience. You could also look at it as your acquisition cost over and above face for whatever you pulled from the rolls. If you found anything of value at all, that fee might look fairly insignificant.

You can exchange your coins for giftcards with no fee.  If you were planning to buy something at Amazon or at one of the other stores offering cards through CoinStar, that's great, but you may have other plans for the money. If my bank starts giving me grief, I will go the gift card route because we do buy enough at Amazon to consume my small dumps.

Some CoinStar machines now offer a PayPal option - you dump the coins and the money goes to your PayPal account. I expected that to be free, but it isn't: you get nicked 9.8%.  That's better than the cash option, though.

To use the PayPal option (assuming there's a CoinStar nearby that can do that) you have to enroll first  and PayPal will request more positive identification like a driver's license and a utility bill before they will sign you up.

When they first started this, you could withdraw cash from your PayPal account at equipped CoinStar. That's no longer possible as I write this (May 2014). PayPal says it is "suspended", probably because they got ripped off a few times and are trying to figure out how to increase security.

After I dumped that last $60, I picked up a few penny rolls the next day. As I said, I don't search much, but I do enjoy it even though I have found nothing of value so far.

Note:  All my coins are in a safe deposit box.  I keep nothing in my home. 

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