Why do so many credit unions employ self-service coin counters at their branches? For starters, it's a great driver of traffic to the branches, as people are always looking for a place to cash in their coins for currency. Secondly, customers get a chance to look at all the services the CU has to offer and perhaps increase membership tallies. A recent report in the Boston Business Journal said the draw factor in attracting customers is really the primary reason that so many CU's are employing the coin counting machines.
Fees for non-CU members
The BBJ report showed that most CU's provide free coin-counting services to their customers while charging fees - some as much as 10 percent - for non-customers in the attempt to attract them to become members and open an account. Mass Live, in quoting the BBJ story, noted that children are often coming in to clear their change jars, and CU employees and members alike love to see them. Joe LaHair, of Digital Federal Credit Union, said his organization employs 10 coin counters in the Greater Lowell area, which are great draws.
"Members love them, especially kids. They come in very handy for children that are not only saving money, but also schools that have collected funds for different charitable purposes. We also see many professionals who receive tips stop in to cash in their change on a very regular basis," LaHair said.
Top-of-the-line machines use advanced technology to handle large volumes of currency. Cummins Allison's self-service coin counters process 4,100 coins per minute, the fastest in the industry.
Credit unions are using consumer curiosity to attract more business and provide great customer service to their members and future depositors. Self-service coin counters play an integral role in realizing these efforts.
November 3, 2014