MT. PROSPECT, Ill. New research found a trend toward more coin processing automation for mid- and large-size credit unions.
The study, by Cummins Allison, provider of currency, coin and check handling solutions, in partnership with independent research firm Branmark Strategy Group, was titled “Coin Counting Practices within the Credit Union Industry” and attempted to learn more about credit unions’ coin counting practices.
The two companies said survey results revealed “valuable insight” regarding the benefits self-service coin services provide to CUs. Highlights of the survey include:
Credit unions tend to have more coin counters in their lobbies than banks, possibly as much as 25% more.
Approximately 80% of the CUs surveyed purchase their coin machine, and 57% are satisfied with their current coin processing solution.
75% of credit unions offer free coin counting services to their members, while the remaining 25% charge a fee as a way to offset costs or to be competitive.
25% of CUs require their members to wrap their coins for redemption a practice Cummins Allison said should be discontinued given members dislike it and the increase in workload it adds for tellers.
Top benefits CUs cite from providing a coin processing service include: Adding a value-added service (89%), a competitive advantage (25%), improved efficiency (22%), improved lobby traffic (18%), revenue from fees (7%), while 10% selected “Other.”
