coinstar...I don't get it!

[motometal]

has anyone else noticed all the hype (commercials etc.) for the new Coinstar machines? These are ATM-type units that take your loose change, and turn it into REAL CASH, minus 8.9%. Wait a minute, it already was real, spendable cash, just in the form of metal rather than paper. Am I the only one that just goes down to my bank once or twice a year to turn in loose change, free of charges or fees? Save the quarters, use them at the car wash!

Evidently the Coinstars' stock is going nuts right now. There is a short term offer that gives you credit towards certain stores in leu of the 8.9% fee.

Anyway, is this just another sign of the financial "dumbening" of America? There's a "payday loan" type place on about every corner...what a great deal, only 268% interest on a short term loan!

Anyway, neither the payday loan places nor the coinstar machines are hurting me any existing in my world, I'm just baffled by their popularity.

 

[YZ165]

Meth dealers do not take coins Moto......and meath addicts don't have bank accounts.....not for long anyway......

 

[junkjeeps]

Some banks have funny coin rules too. You have to drop it off and they count it in the next week or so and credit it to your checking acct. You can't just wait and get cash on the spot. 8.9% is the cost for "give it to me NOW!" I think it's kind of silly but, hey there's a sucker born every minute.

Mark

 

[oldguy]

We keep 2 large pretzel jars in the house (one in the kitchen and one in the bedroom) and every night everyone empties all their change into them. about every 6 months or so we take them to our bank (which still counts on the spot) and we walk out with about $500 in cash with no service fee deducted. It is really hard to believe how fast that silly little change adds up.

 

[Okiewan]

Yup. Christmas money ( I WISH all of it) comes from the coin jug... bank charges for conversion too. Not that much though, lol.

 

[Okiepikapp]

The grocery stored I worked at about 5 years ago now, use to have one. We saw people always using it. It is simply amazing to me that someone will pay 9% of their money for convenience. We mostly saw people come in with $50ish or less and seemed to be the kind of people that may not have bank accounts, if you get me.

But, I agree with the rest of the guys, I have an old 5 gallon water jug, the Culligan kind and every so often I take it to the bank and am amazed at the amount of money in that thing. Anyway, I think it is ridiculous to pay 9 cents on the dollar to make my coin in to bills, so I will stick with my bank!

Scott

 

[Okiewan]

Or, we could just carry our coin jugs around while shopping. I'm sure no one will mind waiting behind us while we count out 47.37 in pennies. We should be done with coins all together... just round it all off and stick with paper. Better yet, screw the paper, use a debit card.

Just as we might look down on someone "if you know what I mean" for paying 9%, we might look down on them for taking our precious time.

 

[Chili]

You guys think you collect cash by saving your coin. We don't have any One dollar bills up here so anything less than a fiver get's dumped in the change jar at the end of the day. I have to roll it to take it to the bank but they count it on the spot and exchange for bills at no charge.

 

[AssistSuper]

You guys can bust on me, I've used coinstar a couple times.

Back home, as far as I know, my bank only accepts change if you roll it yourself.

The last time I dumped 6 months of change into the Coinstar machine, it counted that I had over 1500 pennies.

I'm a cheap guy, but if you do the math the time spent rolling up all that change versus the 9 cents on the dollar, it makes sense.

If I could get the bank to do it, I'd be more than happy to take it there. Maybe I'll ask again.

 

[Green Horn]

These are ATM-type units that take your loose change, and turn it into REAL CASH, minus 8.9%. Wait a minute, it already was real, spendable cash, just in the form of metal rather than paper. Am I the only one that just goes down to my bank once or twice a year to turn in loose change, free of charges or fees?

That's just nuts! I've got around 300 in coins just sitting here at the house. It's going towards a "deck fund" for the house. When I'm ready, I'm going to take it down to my bank and get 100% of the worth. :cool:

 

[Sandjunky]

My bank charges a small fee to convert change. They say because coin counting machines wear out relatively quickly and need to be maintained/replaced. Nothing is free in today's world. Even if your bank doesn't charge you directly, I'll bet your paying somewhere. I rarely convert change (once per year maybe), but the last time I think I used a machine in a grocery store. No lines, quick service, and accurate count is worth the small fee to me for as little as I need the service. If their stock is going through the roof then I'm pissed that I didn't think of it.

 

[dklink2000]

I actually use my change on a daily basis.

Example:

On the way into work today I stoped off at the WAWA (for those of you not in south east pa, it a gas station/convenient store) for a cup of coffee. It cost $1.12. I paid with a one dollar bill, a dime and two pennies. No 9% charge here!! :nener:

 

[motometal]

I've got a little cup in my truck, great for car wash, fast food etc. I've been known to take a couple dollars worth into a store as part of payment for a purchase...they don't seem to mind too much.

Okie, you're right on that they should find a way to get rid of the clunky metal money. This is what people really want. I'm seeing "leave/take a penny" containers in stores with nickles and dimes in them now, this means that it's worth virtually nothing to most people. I hate that when there is no penny cup and the total is just over a dollar. Here comes ninety seven cents in change.

Years ago when I was in Spain, they had one coin that was worth about .02$ American. This coin still was valid, but you didn't really see anyone using it for change, they just rounded it off. And like I said, this was worth double our penny. Throw that idea by an accounting person, it drives them nuts, they are totally against rounding anything, it all has to come out exact (well, at least the ones I know).

I think Matt made a good point with the meth comment. Now if they can just make a machine that turns change into Sudafed they'll be all set.

Our banks here don't charge for change conversion, and they do it on the spot. With electronic/internet transferrs becoming more popular, I see changes coming at banks. Less lobby service, because there are fewer people going into the bank on a regular basis. The bank I used to go to quit having lobby service, it's just drive through and offices.

 

[oldguy]

That's just nuts! I've got around 300 in coins just sitting here at the house. It's going towards a "deck fund" for the house. When I'm ready, I'm going to take it down to my bank and get 100% of the worth. :cool:

that a lot of beer for the deck planning stages

 

[oldguy]

You guys think you collect cash by saving your coin. We don't have any One dollar bills up here so anything less than a fiver get's dumped in the change jar at the end of the day. I have to roll it to take it to the bank but they count it on the spot and exchange for bills at no charge.

Yea at the end of the year that $7296.54 Canadian equals what ?

Maybe $3.19 American:fft:

 

[biglou]

MM, you obsess about the craziest stuff. Let it go, man. It ain't worth it! You are not in control, no matter how hard you want it to be so...

 

[dirt bike dave]

I use the coin machines - I think they are great! 8.9% is not cheap, but it is enterainting to watch the machine, and it turns an il-liquid asset (a coffee can full of pennies) into money you can spend in a few minutes. For me to roll a coffee can full of change, I need to first get the rolls from my credit union, spend HOURS rolling them, drive them back, and sign my account # and name on each roll. But the real killer is credit union has a limit of 2 rolls of pennies per trip (bascially they don't want your stinking pennies - too much hassle).

Add in that the grocery store is about 1mile from my home - easy to get to, plus I'm going there anyways. My credit union is across town - so I rarely go there.

I tend to keep my quarters and spend them, but any other change gets set aside for coinstar.

 

[jaction125]

FYI-

My sister works at a store that has one of these machines, and she says that they are consistently wrong. Lots of people that use them count before they dump it in, and get shorted regularly. She says that the machine is ALWAYS paying less than it takes in, usually by a large margin.

 

[XRpredator]

. . . She says that the machine is ALWAYS paying less than it takes in, usually by a large margin.

about 8.9%?

 

[xsnrg]

It's not much worse than ATM machines. I can't believe how many people will take out $20, or $40 at a time and pay $1.50 to $2.50 in service charge every time. Especially now that many fastfood joints take debit cards, if I find myself out of cash, it is usually not a big deal, I can wait until the next time I'm near a free ATM in my bank network, or go to grocery store, Target, or Walmart and just get 'cash back' for free. I'd like to see how much some people spend annually just to pull cash out of their accounts.

 

[squeaky]

Better yet, screw the paper, use a debit card.

Agreed! I RARELY carry any more than $20 in cash with me at any given time. I used my debit card for EVERYTHING! It's so convenient.

Motometal, it's pretty amusing that you call these Coinstar machines new. They have been available here in RI for at least 6 or 7 years. I've used them once or twice, but that's when I was 16 and desperate for money NOW.

Whatever happened to rolling change? It's not that difficult, and it doesn't take that long. They even sell those little plastic machines that do it for you! If you take rolled change to the bank, they'll deposit it into your account right away, or give you cash, no fees involved!

 

[jaction125]

about 8.9%?

No, she said people always complain that the thing didn't give them their take correctly. As in the machine should have X amount in it but actually has Y amount. She says when they do complain, they have to call the people that service the machine and refund the customer, blah, blah,blah.

 

[Sandjunky]

It's not much worse than ATM machines. I can't believe how many people will take out $20, or $40 at a time and pay $1.50 to $2.50 in service charge every time. Especially now that many fastfood joints take debit cards, if I find myself out of cash, it is usually not a big deal, I can wait until the next time I'm near a free ATM in my bank network, or go to grocery store, Target, or Walmart and just get 'cash back' for free. I'd like to see how much some people spend annually just to pull cash out of their accounts.

No doubt, that has always erked me. I've only paid on a couple of occasions where I really had no choice, but I really feel like destroying the ATM afterwards. I figure that if they are going to charge me money unecessarily, then it should cost them something as well. :pissed:

 

[Treejumper]

I had to use one of those coinstar machines once. I took 2 pillow cases full of pennies to the bank and they told me to leave or roll them before they would except them. Guess they didnt want to count $186 worth of pennies. :laugh:

 

[KiwiBird]

Post Office coin machines take coins and give change in $1 coins - all you have to do is buy a 1 cent stamp and get those cool $1 coins back.

Best to do late at night and NOT when you are drunk.