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Expanding credit unions benefit from self-service coin counters

Expanding credit unions benefit from self-service coin counters

Credit unions that are expanding their reach shouldn't forget their community roots, and self-service coin counters can help maintain that vision. By having such useful tools to help individuals better manage their cash, these financial institutions demonstrate that their primary interest is serving the neighborhood and its residents. There is a great sense of ease that comes from gathering loose change and turning it into cash. It also gives credit unions the sense that they're much more than a banking business and are willing to lend a friendly hand to the community at large.

Credit union expansions need to consider self-service coin counters

In Michigan, one credit union that is looking to raise its profile for years to come is Michigan First Credit Union, based in Lathrup Village outside Detroit. The credit union has coverage extending as far east as Detroit and as far west as Kalamazoo. Its standing rose significantly in the last six months thanks to its merger with the 5,000-member Grand Rapids Family Credit Union. That makes it the 11th largest credit union in the state.

However, as Michigan blog MLive reports, Michigan First is building out its western operations, though in an indirect manner. Instead of opening a new office, they're moving their main branch in Grand Rapids to a roomier location at the CWD Building. The place is a previously-vacant building that has only recently been renovated as part of a larger urban renewal effort downtown. More important to consumers is not just the location, but also the size: It's more than double the space of the current location, meaning that the credit union can operate a full-fledged branch that can serve as a hub for operations in the Grand Rapids area. The new offices are expected to open in the fall.

Even when it comes to revitalizing a downtown core, credit unions have to take into consideration that they're a community-based operation. There are a lot of different ways for businesses to greatly contribute to the institution, but it's the people that help keep it afloat. Providing them with unique services will help these banking businesses maintain that attachment to the community at large. Self-service coin counters do this by creating a unique and simple-to-use function that consumers can access on their own. Connecting the resulting cash to a credit union account can also make things easier for both the branch and the customer.

June 9, 2015