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(Marketwatch)   Coinstar 4Q profit falls 27%, investors immediately deduct 6.3% off the stock price   (marketwatch.com) divider line 47
    More: Fail, Coinstar, Coinstar 4Q, wear and tear  
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690 clicks; posted to Business » on 08 Feb 2013 at 11:37 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-02-08 10:10:31 AM
Help me understand Coinstar. I see people pouring buckets of money into these things. For that sum of money you could just open a bank account and have your money converted for free. The sad thing is were I shop the Coinstar is less than 15 feet away from the bank's teller windows!

Are people just stupid or .....


I'm betting on stupid
 
2013-02-08 10:45:35 AM
Banks will only take coins if they are rolled.

Some people are too lazy to roll coins.

My wife rolls our coins - coins get deposited into our vacation account - usually about $300 a year.
 
2013-02-08 10:49:22 AM
I use Coinstar all of the time.

It's one of the greatest inventions in the last 20 years. If Coinstar goes away, then I'll just have a ton of change shiatting around going to waste.

/Too lazy to roll coins.
//Don't care if they take 9 percent.
 
2013-02-08 11:07:00 AM

Beerguy: Banks will only take coins if they are rolled.


I'm sure this is true for some banks, but I've never had a problem in my life (multiple banks, multiple states, etc.) bringing in a box/jar of coins and having them deposit it or convert it to paper cash.

They have a machine that does this automatically, its not really any work for them.  These machines have existed since I had my first bank account in 1991.
 
2013-02-08 11:19:36 AM

The Stealth Hippopotamus: Help me understand Coinstar. I see people pouring buckets of money into these things. For that sum of money you could just open a bank account and have your money converted for free.


It's free if you're converting your coins into an Amazon gift certificate or whatever. You get popped for the fee if you're just straight-up cashing out the coins.

I usually have about 250 bucks' worth of certificates come Christmas shopping season.
 
2013-02-08 11:45:51 AM

doczoidberg: /Too lazy to roll coins.
//Don't care if they take 9 percent.


91% is better than the 0% they get sitting in mason jars in my apartment.
 
2013-02-08 11:54:04 AM
Remember that Coinstar also owns Redbox - which is believe is how they get most of their corporate profits these days.
 
2013-02-08 12:05:32 PM

Beerguy: Banks will only take coins if they are rolled.



Get a better bank
 
2013-02-08 12:13:39 PM

Gulper Eel: The Stealth Hippopotamus: Help me understand Coinstar. I see people pouring buckets of money into these things. For that sum of money you could just open a bank account and have your money converted for free.

It's free if you're converting your coins into an Amazon gift certificate or whatever. You get popped for the fee if you're just straight-up cashing out the coins.

I usually have about 250 bucks' worth of certificates come Christmas shopping season.


This. The Amazon voucher option rocks!  The only downside is that I have to go into a Winn-Dixie to use Coinstar.
 
2013-02-08 12:13:48 PM

downstairs: Beerguy: Banks will only take coins if they are rolled.

I'm sure this is true for some banks, but I've never had a problem in my life (multiple banks, multiple states, etc.) bringing in a box/jar of coins and having them deposit it or convert it to paper cash.

They have a machine that does this automatically, its not really any work for them.  These machines have existed since I had my first bank account in 1991.


The Stealth Hippopotamus: Beerguy: Banks will only take coins if they are rolled.


Get a better bank


Well shiat, I am going to tell Wells Fargo to take a flying leap. They flat out refuse to take them loose.
 
2013-02-08 12:31:10 PM

Devolving_Spud: The only downside is that I have to go into a Winn-Dixie


So much this...
 
2013-02-08 12:33:08 PM
Coinstar was initially optimistic about the first quarter, only to see it convert to two dimes and a nickel for no net change.
 
2013-02-08 12:35:31 PM

Beerguy: Well shiat, I am going to tell Wells Fargo to take a flying leap. They flat out refuse to take them loose.


For whatever reason I have fond the smaller banks and especially credit unions are much more likely to offer things like loose change counting.  On the down side some of them have the most horrendous funds availability policies in the known world.

/10 day hold on out of state checks over $1000 WTF?
 
2013-02-08 12:41:27 PM

The Stealth Hippopotamus: Beerguy: Banks will only take coins if they are rolled.

Get a better bank


Speaking of better banks, my credit union has a free coin counting machine in the lobby for the use of members.
 
2013-02-08 12:46:20 PM

The Stealth Hippopotamus: Are people just stupid or .....


I get my coins sorted in a few minutes at the grocery store with almost no effort and get a Giant gift card in return for the full amount that I then promptly use to buy the groceries I came in to get in the first place.

But by all means, call me stupid for not driving out of my way to the bank first like you do, smart guy.
 
2013-02-08 12:55:20 PM

downstairs: Beerguy: Banks will only take coins if they are rolled.

I'm sure this is true for some banks, but I've never had a problem in my life (multiple banks, multiple states, etc.) bringing in a box/jar of coins and having them deposit it or convert it to paper cash.

They have a machine that does this automatically, its not really any work for them.  These machines have existed since I had my first bank account in 1991.


I once brought my coins in to my bank in a plastic grocery sack. The teller pushed the silent alarm because she thought I was concealing a weapon.

/csb
 
2013-02-08 01:00:25 PM
The recession already squeezed most of the change out of America's couches. Coinstar's profits now depend on people who take all the money from the tray.

/yes, from the crippled children too
 
2013-02-08 01:22:01 PM

mutterfark: The recession already squeezed most of the change out of America's couches. Coinstar's profits now depend on people who take all the money from the tray.

/yes, from the crippled children too


That may be, but at least they never slept with Lumbergh!
 
2013-02-08 01:35:58 PM
I lpve rolling coins (don't bother with pennies). But then I'm a little OCD like that.
 
2013-02-08 01:38:24 PM

I did my part to help prop them up. Cashed out my "pennies, nickles, dimes" jar since 1) pennies are now dead here and 2) 95% of my purchases are done electronically now. Walked away with $86 dollars. I loved the stats sheet. I had over 1200 pennies.


upload.wikimedia.org


/goodbye penny

 
2013-02-08 02:11:57 PM

Lost Thought 00: I lpve rolling coins (don't bother with pennies). But then I'm a little OCD like that.


But eww, you're TOUCHING them!!
 
2013-02-08 02:21:25 PM

GoldSpider: Lost Thought 00: I lpve rolling coins (don't bother with pennies). But then I'm a little OCD like that.

But eww, you're TOUCHING them!!


That's what the hand washing is for. And prior to rolling, they get stacked into orderly geometric shapes
 
2013-02-08 02:23:08 PM
i treasure hunt with a metal detector. before coinstar and such i had to clean the coins i found in a tumbler before using them as change. now i take the dirt caked coins and throw them in the coinstar and i'm done. 603,000 coins found. been doing it 20 or so years. it seems like alot of money but if you consider the gas i've spent going to sites and that 70% of the coins i find are pennies its nothing more then a break even hobby at best. i keep cheapo coin collector books and every 1000th coin goes in.
 
2013-02-08 02:40:33 PM
The Stealth Hippopotamus: Get a better bank

All banks suck in one or more areas.

Solution: use multiple financial institutions.

// BofA account for ATM access (their ATMs are everywhere).
// Credit union for loans and credit cards
// Etrade for employee stock
// Fidelity for 401k
// ING for mutual funds and CDs
 
2013-02-08 04:26:21 PM

The Stealth Hippopotamus: Help me understand Coinstar. I see people pouring buckets of money into these things. For that sum of money you could just open a bank account and have your money converted for free. The sad thing is were I shop the Coinstar is less than 15 feet away from the bank's teller windows!

Are people just stupid or .....


I'm betting on stupid


They don't charge you the counting fee if you get a gift certificate to a bunch of places they offer like amazon and lowes
 
2013-02-08 04:28:31 PM

doczoidberg: I use Coinstar all of the time.

It's one of the greatest inventions in the last 20 years. If Coinstar goes away, then I'll just have a ton of change shiatting around going to waste.

/Too lazy to roll coins.
//Don't care if they take 9 percent.


Get an amazon gift certificate no counting charge
 
2013-02-08 04:32:51 PM

starlost: i treasure hunt with a metal detector. before coinstar and such i had to clean the coins i found in a tumbler before using them as change. now i take the dirt caked coins and throw them in the coinstar and i'm done. 603,000 coins found. been doing it 20 or so years. it seems like alot of money but if you consider the gas i've spent going to sites and that 70% of the coins i find are pennies its nothing more then a break even hobby at best. i keep cheapo coin collector books and every 1000th coin goes in.


Not to threadjack but can you reccomend any beginers books or resources on metal detecting?
 
2013-02-08 04:47:36 PM

Beerguy: Banks will only take coins if they are rolled.


Get a bank that has its own coin counting machine. They will take loose coins and it is free if you have an account there. A lot of credit unions provide this (which is still another reason to bank at at credit union).
 
2013-02-08 05:04:05 PM

downstairs: Beerguy: Banks will only take coins if they are rolled.

I'm sure this is true for some banks, but I've never had a problem in my life (multiple banks, multiple states, etc.) bringing in a box/jar of coins and having them deposit it or convert it to paper cash.

They have a machine that does this automatically, its not really any work for them.  These machines have existed since I had my first bank account in 1991.


Same here. I've got a nice canvas bag I'll fill up with my extra large change jar and it's about $200-300 in a pinch when I need it -- no fees from my bank.
 
2013-02-08 05:15:53 PM

Devolving_Spud: Gulper Eel: The Stealth Hippopotamus: Help me understand Coinstar. I see people pouring buckets of money into these things. For that sum of money you could just open a bank account and have your money converted for free.

It's free if you're converting your coins into an Amazon gift certificate or whatever. You get popped for the fee if you're just straight-up cashing out the coins.

I usually have about 250 bucks' worth of certificates come Christmas shopping season.

This. The Amazon voucher option rocks!  The only downside is that I have to go into a Winn-Dixie to use Coinstar.


Not only this (it's free if you get it in gift certificate form, and gift certificates to Amazon are basically the equivalent of cash), but they used to run promos at thanksgiving where you'd get a $10 bonus for cashing more than X $ worth of coins (I feel like $50?) So basically they would pay you to turn your coins into Amazon credit.

That's a hell of a lot better than wrapping coin rolls, that's for sure.
 
2013-02-08 05:42:43 PM

Wellon Dowd: The Stealth Hippopotamus: Beerguy: Banks will only take coins if they are rolled.

Get a better bank

Speaking of better banks, my credit union has a free coin counting machine in the lobby for the use of members.


Same here. It spits out a slip you can just give to the teller.

However their Keurig selection is somewhat disappointing.
 
2013-02-08 05:47:07 PM
My Credit Union does it for free.

Also, <crackpot unlikely suggestion>CoinStar should get into the collectable coin business. I'm sure they get tons of moon dollars, buffalo nickels, mercury dimes, and steel pennies a year. They could turn around and resell those coins to collectors to increase margins.</crackpot unlikely suggestion>
 
2013-02-08 06:07:39 PM

germ78: Also, <crackpot unlikely suggestion>CoinStar should get into the collectable coin business. I'm sure they get tons of moon dollars, buffalo nickels, mercury dimes, and steel pennies a year. They could turn around and resell those coins to collectors to increase margins.</crackpot unlikely suggestion>


That's not a crackpot idea, it wouldn't surprise me if they DID do that.
 
2013-02-08 06:54:19 PM

starlost: i treasure hunt with a metal detector. before coinstar and such i had to clean the coins i found in a tumbler before using them as change. now i take the dirt caked coins and throw them in the coinstar and i'm done. 603,000 coins found. been doing it 20 or so years. it seems like alot of money but if you consider the gas i've spent going to sites and that 70% of the coins i find are pennies its nothing more then a break even hobby at best. i keep cheapo coin collector books and every 1000th coin goes in.


Does your wife love the weight you lost?
 
2013-02-08 08:40:18 PM
A great day at the coinstar is when there's several good coins in the rejection slot previous dumbasses didn't give a second try.
 
2013-02-08 09:11:18 PM

The Stealth Hippopotamus: Help me understand Coinstar. I see people pouring buckets of money into these things. For that sum of money you could just open a bank account and have your money converted for free. The sad thing is were I shop the Coinstar is less than 15 feet away from the bank's teller windows!

Are people just stupid or .....


I'm betting on stupid


At my bank, there's a coinstar-esque machine that you dump your coins into and get a receipt which you have to take to a teller to get cash or deposit.  There's no fee for members, but I have to go inside my bank, something I usually avoid doing.

There's a coinstar at my grocery store that gives me a fee-free amazon gift card code when I'm done.  It's simpler, not out of my way, and Amazon credit goes fast in my household.

Anybody getting the cash voucher from a Coinstar machine is a rube, but if you'll use the giftcard it's great.  Also, if the machine has an error and can't produce a giftcard, you get cash with no fee.
 
2013-02-08 09:54:48 PM

MugzyBrown: starlost: i treasure hunt with a metal detector. before coinstar and such i had to clean the coins i found in a tumbler before using them as change. now i take the dirt caked coins and throw them in the coinstar and i'm done. 603,000 coins found. been doing it 20 or so years. it seems like alot of money but if you consider the gas i've spent going to sites and that 70% of the coins i find are pennies its nothing more then a break even hobby at best. i keep cheapo coin collector books and every 1000th coin goes in.

Does your wife love the weight you lost?


I'm pretty sure the only reason to have a metal detector is to get away from the wife should one exist.
 
2013-02-08 10:27:09 PM
Gulper Eel:

It's free if you're converting your coins into an Amazon gift certificate or whatever.

This. just use the amazon option. im gonna buy something on amazon at some point anyway.

On top of that, once the machine told me that it could not process amazon at this time, so it gave me the cash option without the vig.
 
2013-02-08 11:14:55 PM
wombatsrus: Get a bank that has its own coin counting machine. They will take loose coins and it is free if you have an account there.

There's a phrase called "Bankers Hours", typically, banks close before people get off from work.

I can't remember the last time actually I set foot inside one of my banks.

// turned $800 in coins into an amazon credit once, now I try to take my coins in when they get to around $200.
 
2013-02-09 07:04:40 AM
You can take loose coins to any casino and get cash for no fee... if you have the willpower to leave without spending the cash there.
 
2013-02-09 08:11:28 AM

lordargent: wombatsrus: Get a bank that has its own coin counting machine. They will take loose coins and it is free if you have an account there.

There's a phrase called "Bankers Hours", typically, banks close before people get off from work.

I can't remember the last time actually I set foot inside one of my banks.

// turned $800 in coins into an amazon credit once, now I try to take my coins in when they get to around $200.


"Bankers Hours" is typically a thing of the past. Perhaps you live in a different part of the country where I do. Banks here are competing for customers, particularly the local ones. I can count about a half dozen banks/credit unions with multiple locations open as late as 8PM several days a week. In addition, Several have 24 hour lobbies with coin machines there. So I don't see any "typical" where I live.

I have no issue with the Amazon gift card option. I just prefer having a choice of where to spend or donate my money.
 
2013-02-09 11:49:00 AM

2and4: You can take loose coins to any casino and get cash for no fee... if you have the willpower to leave without spending the cash there.


Wouldn't work for me. I'm attracted to shiny things...
 
2013-02-09 02:47:53 PM

lordargent: The Stealth Hippopotamus: Get a better bank

All banks suck in one or more areas.

Solution: use multiple financial institutions.

// BofA account for ATM access (their ATMs are everywhere).
// Credit union for loans and credit cards
// Etrade for employee stock
// Fidelity for 401k
// ING for mutual funds and CDs


That's the only downside to USAA. No ATMs around to make a cash deposit.
 
2013-02-09 08:42:33 PM
Never heard of the coin counters in banks.  Only the coinstars.  I don't go to banks much, so maybe I have missed them.  Or they haven't reached the flyover states.  It is 1998 here, so maybe soon!
 
2013-02-09 08:57:00 PM

DarthBart: lordargent: The Stealth Hippopotamus: Get a better bank

All banks suck in one or more areas.

Solution: use multiple financial institutions.

// BofA account for ATM access (their ATMs are everywhere).
// Credit union for loans and credit cards
// Etrade for employee stock
// Fidelity for 401k
// ING for mutual funds and CDs

That's the only downside to USAA. No ATMs around to make a cash deposit.


But USAA does make it super-easy to transfer funds between your USAA accounts and other bank accounts from their website. Once you've confirmed the outside account, all you need to do is specify the amount and it's transferred withing a working day (ACH transfer: no fees).

I keep a local checking account with ATM card, but all my "real" money is with USAA.
 
2013-02-10 12:07:42 AM
ScreamingHangover: But USAA does make it super-easy to transfer funds between your USAA accounts and other bank accounts from their website.

Some of us don't want it to be super-easy to transfer funds between all of our bank accounts via the web.

// I spent part of my career thinking about code security and doing code reviews. Having my bank accounts all linked together makes me itch with nervousness.
 
2013-02-11 09:37:31 PM
Or you can just do what I do and use coins to pay for drive through purchases. Count while you wait!  One time sonic took 20 min to bring me food... They got all pennies.
 
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