TD Bank makes a game out of coin counting. Guess within $1.99 how much your collected coins are worth and you will win a branded prize.
Chase Bank customers in Illinois have one more day to bust open the piggy banks. As of July 1, Chase will discontinue its coin counting service. This is “a national initiative,” Christine Holecas, media and community engagement for JPMorgan Chase, said in an email, adding that Illinois was one of the last states in which the service was being offered.
The machines, clogged with foreign objects or the odd foreign coin, tended to break down, slowing service to customers, she said. .
Chase branches will still take your coins, but they must be in wrappers (which Chase will provide for individuals) or in tamper-evident coin bags (for businesses).
There are still several of the big banks that offer coin-counting services, but only to those with accounts. TD Bank makes a game of it. When you use the bank’s coin-counting machine (the “Penny Arcade”), you could win a TD-branded prize such as a magnet if you guess the total value of the coins counted within $1.99.
TD Bank, along with PNC Bank and BB& T will count coins for non-customers for a fee (at 5 percent, PNC’s is the lowest). This beats Coinstar grocery store kiosks, which carry a charge of at least 10 percent for the service.
Community banks, seizing on a customer service opportunity, are more likely to offer coin counting for non-customers free of charge. At Highland Park Bank & Trust in Illinois, children participating in the bank’s age-appropriate savings program are given a piggy bank to collect their coins.
With the increasing preference for debit and credit cards, change is being exchanged less frequently.
Penny for your thoughts: Do you take your coins to the bank? What do you do with your change? A Spectrem Group survey last year of Affluent households found a majority (53 percent) would be in favor of getting rid of the penny. Of these, six-in-ten were men vs. 43 percent of women.
Conversely, only 14 percent of respondents want to see the dollar bill phased out in favor of a dollar coin.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.