Deposit your zincs into your PayPal account through Coinstar

[Market Harmony]

http://www.pcworld.com/article/2029563/ ... iosks.html

On the surface it sounds great... but then you start to read the fine print and notice the 'F' word scattered throughout the details:

"PayPal accepts coins and paper currency at Coinstar kiosks
By John Ribeiro, IDG News Service

Feb 28, 2013 7:32 AM
print

A PayPal alliance with Coinstar is being expanded to some parts of the U.S., allowing customers to deposit, withdraw and transfer funds to PayPal accounts through Coinstar kiosks.

After a trial which started in 2011 in the Dallas metropolitan area, the program is being extended this month to Texas, Northern California, and Ohio, with more outlets to be added during the year. Customers can add coins and paper currency to their PayPal account through the kiosks, and also withdraw cash from their accounts, Coinstar said.

The rollout is part of PayPal’s bid to play a role in brick-and-mortar retail in addition to its significant presence in online payments. The payments processor said it had lined up 23 national retailers last year that would accept payments using PayPal in their stores. Customers can make payments using a PayPal payment card that is accepted at participating stores, or by using their mobile number and a PIN (personal identification number).

The PayPal enabled Coinstar kiosk is another example of how the payment processor is bringing convenience and security to consumers “not just online but everywhere in today’s multi-channel shopping environment,” wrote Dan Schatt, head of financial innovations at PayPal, in a blog post.

Coinstar runs a network of self-service coin-counting kiosks in the U.S., Canada, and some parts of Europe.

Customers can add up to $500 using coins and paper money to a PayPal account each calendar month, while withdrawals are limited to $500 in a calendar month and $200 per day, Coinstar said. Coinstar’s coin-counting fee of 9.8 percent applies when coins are added to a PayPal account. For adding paper money, a $3 fee applies for transactions up to $300 and a $6 fee for transactions over that amount. Each withdrawal incurs a $3 fee, and the user is issued a voucher to be redeemed in store.

Coinstar and PayPal have reported strong interest in the new service. The companies conducted a test of the new service in Dallas last year, and found that 40 percent of kiosk users who used the PayPal feature went back to use PayPal on a Coinstar kiosk an average of two times a month"

[Robarons]

Saw this, had a feeling it was coming.

But it seems these limits and the 9.8% fee, which I thought they would have lowered or subsidized for this offer (but really didnt have to knowing demand for this would be high anyways) makes difficult to utilize. Coin star machines are also slow as well.

This seems great for the small sorter or as another outlet to get rid of coins, but it goes in the 'meh' column for me.

And this seems like a popular way to get more coins for an alloy collecting program!

[cesariojpn]

No nationwide rollout fail. Fee payment fail.

Good idea, implemented poorly.

[cesariojpn]

Okay, that PR is fishy. Looking at the site, this is what I saw:



So.....not exactly a way to dump large excess coin in a hurry.....

[PolishPunisher]

The only way this is useful is if you want to use paypal and don't have a credit or debit card.

[cesariojpn]

The only way this is useful is if you want to use paypal and don't have a credit or debit card.

But for a fee? Hell no. Plus does Paypal take a cut when the money is deposited from Coinstar? Also, what if I wanna pay off my Paypal Credit Card? I get dinged for the counting fee just to pay my bill!!

[blackrabbit]

9.8 % No way, I will never use coinstar!

[cesariojpn]

Oh goody, they responded to my complaint.

Coinstar Info <CoinstarInfo@coinstar.com>

X:XX PM (X hours ago)

to me

Hello XXXXX,

Thank you for contacting Coinstar. I can certainly understand the annoyance about the way the PayPal is starting to be rolled out across the country at Coinstar kiosks as the service is being incremented little by little and not all at once. Please understand that our team is working as diligently as possible to make sure that every kiosk is updated with the PayPal software. Your feedback about the PayPal service offered by Coinstar is very much appreciated and I will be sure that it is passed along to the appropriate party here for review.

If you have any other feedback to pass along or if there is anything that I can assist you with please let me know and I will be more than happy to help.


Thank you,

Coinstar Customer Service

1.800.928.2274

REF# XXXXXX

Description: cid:image001.jpg@01CD65FE.78147E80

From: Coinstar [mailto:coinstar@emarketing.coinstar.com]
Sent: Thursday, February 28, 2013 X:XX PM
To: Coinstar Info
Subject: Customer Service Reference #XXXXXXXX



Subject: Customer Service
Name: XXXX
Email: XXXXXXXX@XXXX.com
Comment: The Paypal plan your rolling out is poorly implemented. Nationwide level rollout would've been better and the fact you have to pay to count coin is ridiculous. What if I want to pay a Paypal bill? So I get stung for paying a bill on Paypal? And when the money is deposited into the account, does Paypal also nick me for the transaction? Poor form. This program is a great idea, but is poorly implemented.

Store Address: xxxxxx

Transaction Amount: 0.00

Transaction Date: 02/28/2012

Transaction Type: Other

Transaction Id: xxxxxx Description: Image removed by sender.

[m83striker]

From the point of view of our hobby, this does absolutely nothing for us. I was truly hoping that they would waive the fee like they do for the other "non-fee" options. Even as a small sorter it is impossible to sacrifice 9.8% of your bottom line. Currently I have to roll all of my zinc to take back to the banks due to a huge lack of banks with lobby counters. The closest one is about a 45 minute drive away and with gas in Michigan hovering around $4.00 a gallon I might as well use the coinstar!!! I was really optimistic about this coinstar to paypal deal, but in the end it really doesn't help.

[scyther]

I've said it before, but I'll say it again- I just don't get coin star. How much change does the average person get? I know not all banks have coin counting machines, and some get annoyed when you use them too much, but I have to think that if I can dump thousands of coins every week at my bank, and some people here can do many times more than that, the average person should have no trouble cashing in their coins at a bank every few months. But instead, they pay almost 10% to use a slower counter. And apparently enough people do this for coinstar to be profitable. It's just weird...

[DuckTales253]

At our local grocery store, I almost always see someone standing at the CoinStar machine with bags and buckets of coins. I wish I could take a quick look through the coins for any obvious silver or rarities, because I know these are hoards that have been amassed at home over many years. But I know that asking would probably just get the creeper look!

[cesariojpn]

I've said it before, but I'll say it again- I just don't get coin star. How much change does the average person get? I know not all banks have coin counting machines, and some get annoyed when you use them too much, but I have to think that if I can dump thousands of coins every week at my bank, and some people here can do many times more than that, the average person should have no trouble cashing in their coins at a bank every few months. But instead, they pay almost 10% to use a slower counter. And apparently enough people do this for coinstar to be profitable. It's just weird...

Not all banks have in location coin counters. For example, all the banks near me have no coin counters in their locations. I inquired to one of them via their corporate offices, and I was rebuffed with the argument that it wouldn't fit into their business plans. I can see their point in some cases: you need to buy/rent the machine, install it in the existing location and locate it so that it doesn't hinder normal business transactions, deal with the noise, pull out/replace the bags, and store them till pickup.

In many cases, it's just better/cheaper to leave the service to someone else than do it in house.

[plus1hdcp]

I was hopeful to find another option for dumping zincs. I use Coinstar when I have a known purchase a Lowes or to get a Amazon gift card. It gives me a chance to give the credit union a brake from taking my zincs. Oh well. I refuse to pay the fee.

[Silver Runner]

With very limited access to coin counters in the area I often use the local grocery store coinstar. It is a slow machine, but I am able to complete the transaction while my wife is shopping. I then pass her the no fee grocery store gift card and we buy our groceries with it.

[weezerfan]

I think if they didn't have the fee it would be a great way for paypal to get potential future customers. That's just my opinion.