Coinstar-PayPal Coin-Counting Kiosks Expanding

CommanderFrank

CommanderFrank

Cat Can't Scratch It
Joined
May 9, 2000
Messages
75,399
Paypal has announced the partnership between the company and Coinstar is continuing to grow and expand into several new states. The Kiosks are usually found in large complexes containing grocery stores and discount super stores, taking your saved coins and turning them into currency or deposit into your PayPal account. The Kiosks are beginning to turn into the poor-man’s ATM. :cool:

The partnership with Coinstar was first announced last spring, as one of PayPal’s earlier forays into establishing a presence for itself outside our mobile phones and PCs, by integrating with technology found out in the real world.
Click to expand...
 
Not once have I used one, yet I see them used by poor folks at grocery stores all the time. Manipulated by 10% of their coin value last I recall.
 
I remember when the Coinstar machines first started appearing in grocery stores where I grew up. One time I took every bit of change I had in my room (and some my Mom had thrown in) and ended up with like $200+....thought I was rich lol. I wonder what the fee is these days. Back then I didn't care. Now that I'm married and trying to save for a house every bit counts.
 
No edit button....

Just checked their webpage, and apparently they charge 9.8 cents per dollar. I'd be willing to do a 5% fee in order to save the hastle of counting a million coins, but 9.8% is way too much.
 
yeah, i only use them for pennys. ill put the nickles, dimes, and quarters in rolls
 
bpizzle1 said:
No edit button....

Just checked their webpage, and apparently they charge 9.8 cents per dollar. I'd be willing to do a 5% fee in order to save the hastle of counting a million coins, but 9.8% is way too much.
Click to expand...

Where I am I don't know where else to convert change easily. My bank wants it rolled. 10% is a lot but it's the price of laziness. Every year or so I make a trip down and cash in my change and it takes 10 minutes, unfortunately Cyraxx has ruined that for me, I don't want to look like some poor person at the Stop and Shop.
 
I bought one of the machines that sorts and dumps the coins into the rolls. So far, worth it.
 
The fee is 0.0% if you take your payment in the form of a gift card from a choice of vendors.

Amazon.com is one of them and since I spend more at Amazon in a year than I generate in spare change for the same period of time, it works out well. I keep all my money.
 
Like someone else mentioned the bank I use has a machine in their lobby and it counts it and then spits out a "receipt" which you take to the teller and then they credit your account accordingly.
 
JimA said:
The fee is 0.0% if you take your payment in the form of a gift card from a choice of vendors.

Amazon.com is one of them and since I spend more at Amazon in a year than I generate in spare change for the same period of time, it works out well. I keep all my money.
Click to expand...

That's what I keep meaning to do. There's one in the CVS near us, and you can get zero-fee store credit. Heck, I'm shopping there already, so it seems like a really good option. :)

https://coinstar.com/FreeCoinCounting
 
Not only do they take a fee, but tests have shown that their counting is pretty inaccurate, and the inaccuracies are not in your favor. What's wrong with rolling your own coins?
 
bpizzle1 said:
but 9.8% is way too much.
Click to expand...

That depends on who you ask. They could charge me .25 per dollar and I'd be in. I carry a 5 pound coffee can to mine every 2 years or so and get back, on average, about $300 at 9.8 cents. It takes about 7 or 8 minutes. My life is worth more to me then trying to roll all of that.

RiZnO said:
unfortunately Cyraxx has ruined that for me, I don't want to look like some poor person at the Stop and Shop.
Click to expand...

Couldn't care less. :p I'm making out with almost $300. Who cares!
 
My credit union has a machine like that. No fees and it goes straight into your account.
 
Also, if you go to the coinstars that offer gift cards, then there are no fees taken out, last time I saw one.
You could choose apple store gift cards and other department store gift cards, probably varies by region since not all stores are in all regions.
 
one swell foop said:
What's wrong with rolling your own coins?
Click to expand...

It's a waste of time?

FYI, I never had a problem with coins littering my house until I came to the USA with your worthless little pennies that you can't even use in a vending machine. I never had this problem back home because when I had accumulated a pocket full of coins I'd just either use them to buy a random drink or such or else used them in a vending machine. Doesn't really work with pennies because vending machines don't take them and no one wants to be given 23 cents in pennies (or bother counting out 23 cents in pennies for that matter).
 
Pro-financial-tip: pay for things with exact change.

You only accumulate all those coins if every time you go to the store you give them a $20 and get the change. That's lazy, and is how you end up with hundreds of dollars of unusable money.

For small purchases, just pay in exact change. My wife had a giant bag full of coins when we moved in together, and in the course of a year i got rid of all of it (except for quarters), by using it whenever i bought lunch. I literally got exited every time a total came up that required 4 pennies...."Whoooap hold on there lady, i've got some change for you". And then the quiet smug of giving the cashier 4 pennies on a $$.79 bill and them being confused about what the hell they're supposed to return to you :cool:

Basic math is hard
 
mastaBlasta said:
Pro-financial-tip: pay for things with exact change.

You only accumulate all those coins if every time you go to the store you give them a $20 and get the change. That's lazy, and is how you end up with hundreds of dollars of unusable money.

For small purchases, just pay in exact change. My wife had a giant bag full of coins when we moved in together, and in the course of a year i got rid of all of it (except for quarters), by using it whenever i bought lunch. I literally got exited every time a total came up that required 4 pennies...."Whoooap hold on there lady, i've got some change for you". And then the quiet smug of giving the cashier 4 pennies on a $$.79 bill and them being confused about what the hell they're supposed to return to you :cool:

Basic math is hard
Click to expand...

Don't be stupid. A sock full of nickels can be used for home defense.
 
bpizzle1 said:
No edit button....

Just checked their webpage, and apparently they charge 9.8 cents per dollar. I'd be willing to do a 5% fee in order to save the hastle of counting a million coins, but 9.8% is way too much.
Click to expand...

Let's not forget the 2.9% + $0.30 if you want to use that money on something in FS/FT. Oh, and getting your Paypal account locked by some asshat cause of a chargeback... PRICELESS!
 
Usually you can get fee free gift cards. I ended up getting an Amazon card last I used one.
 
Also I agree with some others, coins dont build up unless you never pay change, just think about it, on average it has to even out. I take my change and put it in my pocket every day, when I pay for something I pull it out and see if I can break it down at all / reduce the bills / change I get back. In the end I always have a little change in my pocket but not alot. Probably never more than $2 worth of change. The side effect is it can help keep you in some basic practice for math as well.

The only way you build up money is if you have some habbit where you bring change home and set it in random places and never use it.
 
the-one1 said:
I remember when banks used to do it for free. That was maybe back in 1995.
Click to expand...

All the banks in my area do it for free if you're a customer. Saves a lot of time and trouble and saves a few bucks.
 
rudy said:
Also I agree with some others, coins dont build up unless you never pay change, just think about it, on average it has to even out. I take my change and put it in my pocket every day, when I pay for something I pull it out and see if I can break it down at all / reduce the bills / change I get back. In the end I always have a little change in my pocket but not alot. Probably never more than $2 worth of change. The side effect is it can help keep you in some basic practice for math as well.

The only way you build up money is if you have some habbit where you bring change home and set it in random places and never use it.
Click to expand...

The only ones that annoy me are the pennies, but then they're worth so little that even emptying them from my pockets when I get home, in 6 months I've probably only got myself a dollar or two worth of them, hardly worth the effort of bothering to try and get them changed to larger denominations other than to have the fuzzy feeling inside when I empty a jar :D
 
mastaBlasta said:
Pro-financial-tip: pay for things with exact change.
Click to expand...

Other Pro-Tip, save your change in a change jar for a vacation fund. $200+ in four months of living with my girlfriend. I got used to living in Oregon with no sales tax and can't stand having change jingling around in my pocket.
 
It doesn't matter if you have sales tax or not, unless everyone only charges in even dollars in Oregon.
 
one swell foop said:
Other Pro-Tip, save your change in a change jar for a vacation fund. $200+ in four months of living with my girlfriend. I got used to living in Oregon with no sales tax and can't stand having change jingling around in my pocket.
Click to expand...
I've never understood this. Maybe when you're living with someone who spends your money too freely it makes a difference, but what I spend is what I spend and what's left over is what's left over, it doesn't make a huge difference if it's in a jar or if it's in my bank account. The only psychological thing I do with my money is I avoid using cards and instead take cash out to pay for things as I can mentally track how many batches of cash I've gone through rather than how many individual purchases I've gone through.
rudy said:
It doesn't matter if you have sales tax or not, unless everyone only charges in even dollars in Oregon.
Click to expand...
It is a bit annoying when tax isn't listed in the price, so you either end up fumbling with change at the counter to try and pay exact change or just end up with a pocket full of change.
 
I honestly just pull my change out of my pocket and do a tiny bit of sorting, like grab 5 pennies then when they say how much it is I pick that much out of my hand.

I also used to save change when I was a kid, don't know why but people do that, I kinda thought about it later and was like, how is teaching people that if they spend a whole bunch of money and save a tiny fraction of that a good attribute? It's not like you really ever made any decision to save money. If you go to a store and say, I don't need that $5 item then go back home and put $5 in a piggy bank then that is more like saving money.
 
JimA said:
The fee is 0.0% if you take your payment in the form of a gift card from a choice of vendors.

Amazon.com is one of them and since I spend more at Amazon in a year than I generate in spare change for the same period of time, it works out well. I keep all my money.
Click to expand...

This, it's free if I spend the money at amazon, I'm going to already anyway, so no big deal.
 
You must log in or register to reply here.
Back
Top