‘We’ve finally reached the day that even banks won’t take cash.’
When is money not money? According to some big banks, it’s when it comes in the form of loose change. While policy varies from institution to institution, many of America’s largest banks don’t accept “pocket change.” They only accept pennies, nickels, dimes, and quarters if properly rolled in paper wrappers.
That’s what real estate agent Ryan McBay found out a few days ago when he attempted to deposit his loose change at Chase Bank. In a video posted to TikTok on Saturday, McBay revealed that he was denied by the teller when he asked if Chase would deposit his four dollars in loose dimes into his account.
In the video, which has 1.7 million views as of publication, McBay displays a baggie full of coins to his viewers while relating his frustrations. The caption reads, “Chase Bank denied my deposit of dimes. They don’t take loose change?”
McBay was aware that he would have to wrap up a portion of his dimes in paper rolls but was told by a teller that the bank could not take the remaining four dollars in unwrapped dimes. (Dime paper rolls are only available in $5 amounts).
“Chase Bank, she said is … the policy is to not take loose change at all,” he tells his viewers. “They will give you loose change, but they won’t take any loose change.”
“I said, ‘What if it was only twenty cents?’ She said no, they will not take loose change. I don’t know why but what the f*ck? Somebody explain that to me,” he asked. “Why won’t they take it?”
“We’ve finally reached the day that even banks won’t take cash,” Bret Brian (@bretbrian) wrote in the comments section, echoing McBay’s irritation.
“Don’t take legal tender of my money to put in my account? then I’m closing [the] account before walking out,” another viewer added.
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.
According to Bitkan.com, Chase’s current policy is to accept only rolled coins. The Daily Dot has contacted Chase via email for a statement.
In a follow-up video, McBay revealed he rolled the coins and presented them to another branch of Chase Bank, where they were accepted. However, the teller told him that if the branch had been busy, he would not have accepted the loose change.
Bankrate.com advises seeking out smaller institutions to cash out your change, stating, “Many big banks have phased out their coin-counting services in recent years, but theregional banksorcredit unionsthat 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.”
Many of the commenters on McBay’s original video agreed.
“Shoot my credit union has taken CONTAINERS of change from us threw it in their counter machine and gave us cash back,” Dawn (@narfariously_sassy) wrote.
Another added, “Credit Union is the way to go!”
The Daily Dot has reached out to McBay via TikTok for further comment.
FAQs
For example, Chase Bank accepts coins at every branch nationwide and will exchange them for cash. The bank's policy requires all coins to be wrapped in paper rolls for exchange and does not charge customers for this service.
Can a bank refuse to take your coins? ›
According to the Office of the Comptroller of the Currency, banks set their own internal policies regarding whether they accept unrolled coins for currency — and some of them will just say no.
Why won't banks accept loose change? ›
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.
Can a bank refuse to make a change? ›
A. They can do it. You're correct that it's not a very consumer-friendly policy. In general, most banks will provide change to customers regardless of whether or not they have an account with that bank, said Bill Connington of Connington Wealth Management in Paramus.
Why are banks no longer accepting cash deposits? ›
Prohibiting cash deposits can help prevent money laundering and fraud from a bank's perspective. However, it's also expensive for the bank to process cash. Though you might feel inconvenienced, there are alternatives — some of which are quicker than depositing cash into someone else's account at a branch.
Can you go to the bank with loose change? ›
You can turn loose change into cash by taking your coins to the bank, rolling them yourself, using a coin counting machine, buying a coin separator or spending your coins to purchase items you need.
Does Chase have a coin machine? ›
The majority of large banks, such as Bank of America, Chase and Capital One, do not have coin-counting machines for their customers anymore, though you can still receive coin wrappers.
Do you legally have to accept coins? ›
There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services.
Is picking up loose change illegal? ›
If a person picks up money or other property that does not belong to them, someone may allege theft. A state's theft laws may use the terms theft or larceny to describe the same actions: Taking money or property without the consent of the owner. Carrying the money or property away.
Do any banks take loose coins? ›
“Different banks have different coin acceptance policies,” Kenneally says. “Some accept rolled coins and some accept loose coins to process through a coin-counting machine. If they have a machine, loose coins are usually preferred.”
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.
Can you pay loose change into the bank? ›
Take it to your bank
Some banks now have coin machines that let you pay in your spare change without needing to sort it first. Not all banks offer these machines, and even those that do might not have one in your local branch. However, they should be able to take your coins if you sort them yourself.
Can banks refuse to give you your money? ›
Yes. Your bank may hold the funds according to its funds availability policy. Or it may have placed an exception hold on the deposit. If the bank has placed a hold on the deposit, the bank generally should provide you with […]
Can a bank refuse you as a customer? ›
Yes. There are a number of reasons why a bank or credit union may refuse to open a checking account. For example: A history of writing bad checks.
Do banks care if you change banks? ›
No, switching banks typically does not affect your credit score.
Does Chase have a loose change machine? ›
The majority of large banks, such as Bank of America, Chase and Capital One, do not have coin-counting machines for their customers anymore, though you can still receive coin wrappers.
Does Chase Bank accept unrolled coins? ›
Yes, Chase accepts coins, as most local banks and credit unions do, but a bucketful of coins is a “no-no,” only coins wrapped in those paper rollers. It is a chore, but the good news is, the paper rollers are free.
Can I deposit loose change? ›
“Different banks have different coin acceptance policies,” Kenneally says. “Some accept rolled coins and some accept loose coins to process through a coin-counting machine. If they have a machine, loose coins are usually preferred.”
Can I bank loose change? ›
Take it to your bank
Some banks now have coin machines that let you pay in your spare change without needing to sort it first. Not all banks offer these machines, and even those that do might not have one in your local branch. However, they should be able to take your coins if you sort them yourself.
