Coinstar Lets You Add Coins To Your PayPal Account

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Need to put a little money in your PayPal account? Well, it looks like you can take your piggy bank down to your local Coinstar kiosk and deposit the money directly into your PayPal account for a 9.8% fee. Yikes! For damn near 10%, you'll be better off just using your bank. :eek:

Say hello to your money. You can load, withdraw, and send money right from the kiosk. Better yet, you can add coins and paper money. If you’re a current PayPal user, you’ll love having quick access to your money. Especially being able to withdraw cash on the spot. If you’re new to PayPal, you’ll love being able to shop online without a credit card.
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The company started this in limited test areas back in February, today is the full scale roll out.
 
is that on top of the 8% fee they already charge? OUCH!!!
 
I have never fully understood the use of these machines when many banks offer the same and don't charge a fee.
 
bbenz33 said:
I have never fully understood the use of these machines when many banks offer the same and don't charge a fee.
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because if you bring a water jug filled with coins to the bank at best they'll hand you a bunch of coin wrappers and tell you to come back when you've sorted them yourselves.
 
bbenz33 said:
I have never fully understood the use of these machines when many banks offer the same and don't charge a fee.
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Some grocery stores that do this will also let you use the voucher for goods within the store, fee free.
 
sfsuphysics said:
because if you bring a water jug filled with coins to the bank at best they'll hand you a bunch of coin wrappers and tell you to come back when you've sorted them yourselves.
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Most banks have machines just like the coinstar in the bank, you go pour your money in, it counts it and gives you a ticket that says how much and you take it to the counter and its deposited in your bank account.

I agree with others these machines are stupid, yet I see people using them all the time so there must be a market. 1 you should never have coins building up, leave them in your pocket and spend them as you go which is what I do and you should not ever have more than $2 in change in your pocket. It all evens out in the end unless you have some weird situation like you happen to own and arcade or coin op laundry.

If you are too lazy to do that then just use debit / credit cards. Hoarding coins is a purposeful habbit and if that's the case why would you take an 8% hit on your choice to do that.
 
I used these (in our bank) when my kids were like 4 - 9 years old. My son used to LOVE to pour his money in the machine, get his ticket and haul ass up to the teller and scream "MY MONEY PLEASE!" :D
 
My bank does the counting for free. They have the machine, just bring in my bags of change and have them count it for me then deposit it into my account. I can move it to PayPal with no fee.

It's nice having a jar set up at home for a 'vacation' fund. Put in change from the store or where ever. Every year, go cash it in and have a good 600-700 bucks extra for a vacation. Not bad for just dropping the extra change in a jar. Almost 10%? $60-70.... No thanks. Bank is just fine.
 
sfsuphysics said:
because if you bring a water jug filled with coins to the bank at best they'll hand you a bunch of coin wrappers and tell you to come back when you've sorted them yourselves.
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And then when you come back, they break the rolls open and count them in front of you.
 
Ur_Mom said:
It's nice having a jar set up at home for a 'vacation' fund. Put in change from the store or where ever. Every year, go cash it in and have a good 600-700 bucks extra for a vacation. Not bad for just dropping the extra change in a jar. Almost 10%? $60-70.... No thanks. Bank is just fine.
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Or stop using cash, and you can add that $700 to your investments and get a easy 3% return. If you use a no-fees rewards credit card to make the payments, you can add another 2% on average, plus you have buyer and warranty protection.

Cash is for suckers.
 
Since when could you invest w/ a credit card? And how exactly do they give me protection on the investment?

:confused:
 
They are offering that because there are enough sneaky bastards out there to use this method of hiding money they spend that they don't want their spouses seeing on the credit card. That 10% is a Sin Tax :)
 
sfsuphysics said:
because if you bring a water jug filled with coins to the bank at best they'll hand you a bunch of coin wrappers and tell you to come back when you've sorted them yourselves.
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I've brought in tons of coinage to my bank before. Never an issue. They just take the container, dump it out in their machine and it sorts and counts it for them. It even filtered out a marble and a thumbscrew I didn't know had wound up in the container. No fee either.
 
SamuraiInBlack said:
I've brought in tons of coinage to my bank before. Never an issue. They just take the container, dump it out in their machine and it sorts and counts it for them. It even filtered out a marble and a thumbscrew I didn't know had wound up in the container. No fee either.
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Ditto my credit union does coins for free for me! Not that I use cash much anymore. Though I probably should start transitioning back to cash and organized crime coins like Bitcoin, with how things are going lately.
 
Ducman69 said:
Or stop using cash, and you can add that $700 to your investments and get a easy 3% return. If you use a no-fees rewards credit card to make the payments, you can add another 2% on average, plus you have buyer and warranty protection.
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Nah. Investments are for other things.

Change jar is just a simple, fun thing that we do. It's fun when we turn it in and guess how much is in there (it doesn't look like a lot, but it is!). I use debit card most of the time, but some places I still use cash (taco wagon's around here haven't updated yet, neither have yard sales - although one did have a Square device....).
 
rudy said:
Most banks have machines just like the coinstar in the bank, you go pour your money in, it counts it and gives you a ticket that says how much and you take it to the counter and its deposited in your bank account.

I agree with others these machines are stupid, yet I see people using them all the time so there must be a market. 1 you should never have coins building up, leave them in your pocket and spend them as you go which is what I do and you should not ever have more than $2 in change in your pocket. It all evens out in the end unless you have some weird situation like you happen to own and arcade or coin op laundry.

If you are too lazy to do that then just use debit / credit cards. Hoarding coins is a purposeful habbit and if that's the case why would you take an 8% hit on your choice to do that.
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maybe in your area, I've never seen one in a bank before
 
yeah, lucky you who have banks which have a machine which does this "most banks" might be a bit of a stretch though. Granted the last time I brought in coins was quite a long time ago and they gave me rolls (my wife as well which wasn't too long ago), and no they didn't cut them open in front of me to count them.
 
I need to find a Coinstar-type service for arcade tokens. I have a giant can or them and have no idea what the hell I'm supposed to do with them, since all arcades are dead.
 
sfsuphysics said:
yeah, lucky you who have banks which have a machine which does this "most banks" might be a bit of a stretch though. Granted the last time I brought in coins was quite a long time ago and they gave me rolls (my wife as well which wasn't too long ago), and no they didn't cut them open in front of me to count them.
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Change banks, they will probably give you like $50 too.
 
I take mine to local grocery store and get Amazon gift codes, 0% fee.
 
Damn lack of edit! Mean to say the Coinstar machine at my local grocery store. It's closer than my bank and good for the small change, pennies/nickels/dimes.
 
rudy said:
... 1 you should never have coins building up, leave them in your pocket and spend them as you go which is what I do and you should not ever have more than $2 in change in your pocket. ...

If you are too lazy to do that then just use debit / credit cards.
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I have better advice. Carrying change is for chumps. There are certain things in life that women can do, but men look stupid when they try, such as: asking for directions, dancing, counting out change. Coins jingling in your pocket is also annoying and lame. I hardly ever shop and when I must, I mostly use a credit card. It's kinda nice to have several hundred dollars in gift cards from credit card reward points at the end of the year. When cash is unavoidable, I let the cashier keep the change or give it to my kids.

~my .02
 
So you are restarting what I said in paragraph 3 to me?
 
sfsuphysics said:
because if you bring a water jug filled with coins to the bank at best they'll hand you a bunch of coin wrappers and tell you to come back when you've sorted them yourselves.
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I don't know what bank you use, but sounds like they are not very customer-centric.

At least around here, the banks I use flat out refuse to take change if rolled in any shape or form.
They will accept change only if loose in a large container.

Believe me, I was VERY pissed after spending hours counting and rolling close to 1k in change, go to the bank the next day, and they refused it. Telling me to break it all up and come back.
Asked them why, and it made perfect sense. Rolled, there's no proof of what's inside the roll. Could be a quarter on top, quarter on bottom, and slugs throughout. Just common sense that no smart bank would take rolled change.

And obviously I had no common sense rolling 1k in change needlessly. Man, I felt stupid.
 
My bank has a coinstar that members don't get fees for. Win for me. Screw those charges for PayPal deposit.
 
jpm100 said:
Well at one time banks didn't have these and coinstar charged something like 3% or 5%.

The other reason is that banks have cameras and keep records.
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It's always been 9.8 or 11.9 in Canada. If you saw cheaper it's because the store or the bank was subsidizing it.

I was hoping that this would be similar to their Amazon and Itunes option where you could convert it to a gift card and they wouldn't charge a fee, oh well.
 
Coinstar is so stupid...same with the reverse vending machines for cans and bottles that also charge a fee.

I save all my coins to add to my annual vacation fund. I am one of those that picks up every coin in a parking lot and checks the change returns in vending machines. When I go through them all, I usually end up with at least a few coins that are worth more than face value, so I profit in that manner before hauling the mass of metal to the bank to be sorted, counted, and deposited into my account...for free.

$550-750 in coins every year is enough to get me and the wife flights and a hotel in Vegas for a 3-4 night stay.
 
I gotta roll by my bank and ask them to count it or give me coin wrappers. I was under the impression if they didnt have the machine on the floor they dont do it.
 
my bank has a machine i can dump all my change into, and it get added to my account that paypal has access to.

what is the point of this?
 
Ocean said:
my bank has a machine i can dump all my change into, and it get added to my account that paypal has access to.

what is the point of this?
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You see, not everyone has access to the things that you do. Hope this helps.
 
The one in my credit union direct deposits to my account.
The one in the grocery store charged 6% around 10 years ago not sure what it is now, but last time I used it you could get iTunes, amazon, and other store cards for no fee.
 
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