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Coin counters help banks encourage more saving

Coin counters help banks encourage more saving

Having a coin counter in the branch lobby is one way banks can help customers foster valuable saving habits. According to a recent U.S. Consumer Sentiment Survey by McKinsey and Company, Americans continue to save heavily despite improvements to the overall economy. One of the oldest strategies for saving money is to collect loose change in a jar or a tin and then exchange the coins for dollar bills once the receptacle is completely full. When a bank has a coin counter on hand, it can play an active role in helping patrons improve their efforts to save. Banks can be the go-to source for people who want to get their coins exchanged, which may ultimately have a positive impact on customer retention. It also allows the bank to be a friendly and welcoming institution, since customers are able to access these machines free of charge.

"Coin counters can encourage people to save more money."

Coin counters can encourage people to save more money. Those who bring in coins to have them sorted might enjoy the feeling of seeing their patience rewarded with a stack of bills. Bankers could use this as an opportunity to talk about the benefits of saving money over the long term.

Good coin counters are fast and easy to use, so the turnaround when someone comes into the bank and gets his or her cash in exchange for coins is quick.

According to Bank Rate, people are becoming more frugal every day. When there is a method for encouraging customers to save money, managers should be ready to jump at the chance. Even a few dollars added to someone's account will help to generate interest for the bank as a whole. It's one more way to ensure everyone gets a great deal.

January 22, 2015