Coinstar Complaint - Coinstar - Changing spare change into dollars

Posted by Soaring Consumer on 2010-02-14:

That is how they make money, their service charge. Coinstar is a for-profit organization. Depending on the machine, from what I've seen, it may or may not be posted, and also I've seen them claim that their service is free, so for that I vote this helpful.

It may be better to go to your bank/credit union next time and they would probably count and deposit it or change it into bills for free.

Posted by spiderman2 on 2010-02-14:

The processing fee is 8.9% in the US and 9.8% in Canada. A 5 second google search told me that. You should have done your research first. Many local banks have a coin counting service and it is free.

http://www.coinstar.com/us/html/A5-4

Posted by KenPopcorn on 2010-02-14:

I think OP's point is that they are missing 50% + of their money instead of the 9.8%, although admittedly it was a little tough to follow.

Posted by Mrs. V on 2010-02-14:

Ponie, a lot of banks/credit unions don't take rolled coin any more. The last time I brought in rolled coin to my CU I was asked to unroll it and place it in the coin counter (the service is free). When I asked why they don't take rolled coins I was told that to many people cheated the CU by short changing the rolls by a coin each roll.

Posted by Ponie on 2010-02-14:

Guess that's a difference in banks, Mrs.V. I've never had a problem with my bank(s) in all the years I've been a client. Once I was quite surprised when the teller asked me to write my account number on each roll. But she helped me do it so it was no biggie. It's amazing how those coins pile up when you get home after a day on the road and empty your pants and jacket pockets.

Posted by KenPopcorn on 2010-02-14:

Most banks don't take rolled coin anymore because they have no (practical) way of verifying that the count is accurate. It used to be that they had you put your account number on the wrappers, but they had to stop doing that because it compromises the security of your account number when they give the rolls out to someone else.

Posted by Nohandle on 2010-02-14:

Unrelated to the Coinstar complaint but banks in this area do still take rolled coins without them being verified at the bank. The depositor MUST have his account number clearly written on the outside of the rolled coins. They will not take them otherwise.

Posted by Soaring Consumer on 2010-02-14:

Let me clarify what I meant, I've seen their ads say that the service is free but then it talks about the gift card or Amazon credit or other perky stuff, but in fine print it mentions the service charge to change it to cash. If you don't look at the TV when the commercial airs you don't notice that part, you just think this machine is there to do things for free. Sorry I was not clear at all with my comment.

Posted by superbowl on 2010-02-14:

Spot on Ponie about the coins that pile up on us. Our credit union has a coin counter right in the lobby of every branch. It keeps nothing, you get 100% of what you pour into it. It's just another service of our credit union. Our credit union has a rather odd problem right now, no one is spending, everyone is saving. So they are getting very bloated with cash and are eager to lend it out. Every month we get flyers or emails asking us to go buy a car or open a new credit card or something. The bad part is the savings rates stink. As low as 1% on smaller CD's. But you can get a credit card with a $15,000.00 limit for 6.5% if you carry a balance. That's not a promo rate, the promo rate to tranfer from another card is something like 2%.

Posted by Ponie on 2010-02-14:

superbowl, wish my banks had a coin counter available. Then I could just keep tossing the things into baggies until I got the ambition to take them in.
Soaring, I've learned early on that there is no such thing as 'free.' Always look for that fine print. I admit I've been stung a time or two, but not very often because I don't fall for the 'free' offers! But I don't complain about it when it's my own fault.

Posted by superbowl on 2010-02-14:

I would say Coin Star is doing something right or they would not had 2009 Revenue that Tops $1.1 Billion, Increasing 50% Year Over 2008.

Not a bad business model for just counting loose change.

Posted by KenPopcorn on 2010-02-14:

I think they made a big chunk of that on Redbox, SB

Posted by superbowl on 2010-02-14:

True. Seems they can't do any wrong right now.

Posted by Cheeta on 2010-02-14:

I simply do not trust machines to count my change. I'd never use Coin Star. We just take the change to our bank, which accepts rolled coins. I agree with the OP, that CS needs a better way of handling such discrepancies. I can't imagine how to better handle it, but when they finally get around to the accounting for that machine, there will be no way to know how many others were shorted or otherwise. I was shorted $20 at an ATM once. The bank was able to verify that they had an extra $20 in the machine's till, and credited my account. But it still took at least one day. Of course, there's a difference in dispensing money than gathering it.

Posted by Starlord on 2010-02-14:

When I was in Hobbs, NM, in 1966, some con artist took the banks in Hobbs for over $4,000. He had watched tellers, who would flip open one end of the roll, then accept it. He prepared rolls with a coin in each end, and the rest of the roll consisted of washers. That is the reason many banks will no longer take rolls, or require that the person's account number be on it. Another case where honest customers suffer because of thieves and con men.

Posted by Mrs. V on 2010-02-14:

Our Credit Union's coin counter is free to members, otherwise it's 10% for non-members.

Posted by nicnews on 2011-09-06:

SHORT CHANGED by COINSTAR?
CBS News wants to hear from you if you live in SOUTHERN CALIFORNIA.
Please email Nicolette at nmedina@cbs.com
I'm a producer with the local CBS station.