Loose Change Natural Fit for CUs?

MADISON, Wis. – A recent white paper reveals the benefits to be found in loose change. According to Credit Union Coin Counting Services: Changing Attitudes About Change released by CUNA and strategic alliance partner DeLaRue, with only 25% of credit unions offering automated coin counting services the majority of credit unions are passing on an estimated $10 billion opportunity. “It is surprising that more credit unions don’t take advantage of this convenience service to attract deposits, build member relationships, and differentiate their financial institutions,” said John W. Smith, senior vice president of marketing for De La Rue, “This can result in lower-quality member service and lost opportunities.” The biggest competitor – Coinstar – offers more than 10,000 self-service coin counting machines at supermarkets and other stores, charges 8.9%, and has processed more than $8 billion coins since its inception. Wes Millar, vice president of strategic alliances for CUNA said, “Among the many benefits of offering this service, perhaps the most important is that it entices members to visit their credit union more often and see first-hand the top-notch service that comes with membership.” In addition to trends and statistics, the white paper examines the benefits of offering automated coin counting services, suggests ways to overcome obstacles to the service, includes a pro and con analysis of teller-based versus member self-service coin counting, features advice from credit unions on how to best provide the service, and looks at improvements among credit unions that currently offer the service. The study also includes surveys and case studies, as well as commentary by industry experts. A free copy of the white paper can be found by visiting alliances.cuna.org and clicking on “De La Rue Money Handling Equipment.”