Banks can prevent wasted change with coin counting machines.
Coin counting machines are a hugely popular option for millions of Americans. Despite the vast number of dimes, nickels and quarters that go into these machines every year, we as a nation are only scratching the surface when it comes to making use of spare coins. As Bloomberg reported, Americans throw out about $62 million in loose change annually. That's a lot of money, funds which could be better used for a number of different purposes. To prevent such a loss, consumers need to be taught how to save more efficiently, and that's where bank branches come in.
Coin counting machines can offer perspective for customers
In a recent post, we discussed how coin counting machines at banks can teach children about proper finances. But it's clear from the Bloomberg report that adults suffer with many of these same issues of effective saving. In fact, a December 2015 Google Consumer Survey found 20 percent of American adults don't even have a savings account. Coin machines present the perfect opportunity for banks to step in and help remedy the situation.
People have a tendency to treat pocket change like it was inconsequential, not recognizing that it can really add up over even a short period of time. One financial expert with Stumble Forward found that in one calendar year, he was throwing out over $16 in pennies alone. Saving pocket change doesn't mean that anyone can retire any earlier, but it can cover a week's worth of gas or lunch out for a single day. Banks can use their coin counting machines to help demonstrate the real value of simple coins.
These devices are a fast and efficient way for people to make use of pocket change that many people might otherwise leave behind. Bank tellers should take steps to engage with customers to really make use of these coin counting machines. Tellers can explain what kind of savings await and reinforce the importance of keeping pocket change as a nice personal boost. Customers will not only appreciate the extra money, but it's an important way for banks to offer extra services and perform added outreach. It's that kind of education that not only makes for better consumers, but also adds to the value of the bank itself.