change
b...@coolgroups.com
dimes, nickels).
What is the smartest way to deal with it quickly?
clams casino
Logan Shaw
In my opinion, the smartest long-term way to deal with change is to find
easy ways to spend it. I put extra change in the self-checkout machines
at the grocery store, and this allows me to get rid of most of it.
However, you were more specific and said you want to deal with it quickly.
I think that changes the question a lot. Since transportation (specifically
gasoline) costs a lot of money, unless you have a lot of change (more than
$50 or something), it's probably not financially worth it to make an extra
trip to the bank even if they would deposit it for free.
So I'm thinking something like Coinstar is probably the best overall
compromise. In some cases, you can get them to convert it without a fee
if you apply the money toward a purchase, and you're probably already
going to the grocery store eventually, so that may be an option. Even if
you can't get it for free and you're paying 8.9%, it still may be worth
that to avoid spending extra gas money to go to the bank.
In fact, what if we do the math? Let's start by assuming your car gets
25 mpg, that your bank is 5 miles from your house, and that gas costs
$3.25/gallon. That means it costs $1.30 in gas for a round trip to the
bank (plus wear and tear on the car and the extra time, but we'll ignore
those). 8.9% of $14.60 is $1.30, so that's the break-even point given
those assumptions, and assuming the bank does it for free.
However, if you have, say, $100 or more in change, I think the answer
is probably a lot different.
- Logan
b...@coolgroups.com
Do banks typically have machines that process large quantities of
change automatically? Or, are they going to act like you're being a
jerk if you try to deposit a lot of change?
catalpa
<b...@coolgroups.com> wrote in message
news:442d68e8-1549-4858...@a35g2000prf.googlegroups.com...
Commerce Bank branches provides free coin counting machine access to anyone
who walks into the bank.
Donna
@s19g2000prg.googlegroups.com:
> Let's say you have amassed a large collection of change (pennies,
> dimes, nickels).
>
> What is the smartest way to deal with it quickly?
>
A lot of banks will roll it for you for free. Call ahead. If not, all banks
will give you coin rolls and you can spend an evening rolling change like
we do. We collect all change that isn't paper and take a couple evenings a
few times a year to roll it up and deposit it in the bank. It gives us
something to do as a family and ends up being a profitable affair. Over
time, we've put downpayments on cars with our change and taken care of a
couple emergency funding situations with our change. Never discount the
value of that nickle or penny.
--
~Donna
http://www.frugalsewing.com
Reduce, reuse, recycle, re-create.
Mac Cool
> A lot of banks will roll it for you for free.
A lot? Where do you live that any bank will roll your change? I've yet to
find a bank that will and most have stopped giving away free paper rolls,
well they might give you a few but not too many. Now most cities have at
least one business that counts paper money and sometimes change for a
percentage.
--
Mac Cool
Shawn Hirn
Donna <do...@exitstageleftcroakerwoods.com> wrote:
If your bank has a change counting machine, take it there to be counted
and converted into cash. Not many banks count change any more, but if
you live in the PA/NJ/DE area, Commerce Bank has a self-service coin
counting machine at each branch.
Donna
news:Xns9A019BDC...@130.133.1.4:
I'm in VA. One local bank ran a campaign last year that they'd roll your
change for free just for stopping by. I didn't have an account there and
yet, they counted over $800 and gave me paper cash for it. No charge. They
didn't even try to talk me into opening an account.
I don't use a big name bank. Perhaps that's why I have pretty decent luck
with this kind of thing.