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Did you know Coinstar charges a 11.9% fee to be able to deposit your coins and get cash back?Yep, that’s right, you have to pay them money to get cash from your coins.
If you don’t have enough coins to get a gift card, don’t use Coinstar. There are a wide variety of retailers which are available to get e-gift cards.When you drop your coins in their counter, it takes some time to count each coin. You can choose to get paid with cash, get a gift card to certain store (see below), or donate to a charity.It will even drop out a few in a little tray that it couldn’t figure out (sometimes those coins might not be accepted currency). If you select cash, that’s when the fee is taken out.I hate having to pay money for convenience products, especially when the coin deposit market seems undeserved by those who should be serving it most. If all we had were Coinstar machines, then the fee might be lower.Either way, who wants to give up 12% of their money just to have it counted and exchanged for bills? Coinstar does give you the ability to bypass their fee.Hell, I could deposit some coins right now and get the new Amazon Fire TV Stick.
Since I’m a Prime member, shopping at Amazon is easy for me and I don’t mind using e-gift cards from my coins, which are sitting around collecting dust. Here are the instructions from Coinstar about how to obtain an e-gift card from their kiosk.Well, after looking around, I was able to find a way to get them to process my coins for free and it’s not illegal. The caveat is you don’t get your coins back in cash, but in a different form.Read below to see how you can skip the Coinstar fee and save yourself some money in the long run.On our quest to get people to realize they need to stop paying bank fees, we also wanted to share that with people who use the popular Coinstar coin machines.I’ve used them many times in the past, but always hated paying them nearly 12% to process the coins.You can even watch as the fee comes out when your coins are counted.