A company that makes self-service coin counters is touting their machines as a great perk for credit union members. Could they be on to something?
According to cash handling specialist Cummins Allison, self-service coin counters are in synch with traditional the credit union mission of providing personalized financial services to members.
Offering a self-service coin option in a branch lobby, the company explains, saves members from having to count and wrap their coins. Members just dump their loose change into the machine, and get a coin redemption receipt.
Cummins Allison is currently promoting their machines to Canadian CUs, but there’s no reason why U.S. CUs can’t take part.
But is this really the sort of thing that members would embrace? After all, the CU would have to pay for the installation and servicing of the machines. Nothing is free, and CU money is the money of all members.
Many Americans are familiar with the coin counters found in supermarkets in the U.S. These machines are indeed convenient, but users do pay a small fee for using them. Presumably, that would be an option for CUs as well – allowing CUs to offer the convenience of the machines without spending member resources excessively.
So, maybe Cummins Allison is onto something, and their promotion will result in CUs becoming a new source of easy change redemption for members and potential members alike. Change is sometimes a good thing.