Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#1069482 - 10/23/08 05:38 PM Self Serve Coin Counter
Patsy Cline Offline
Diamond Poster
Patsy Cline
Joined: Sep 2002
Posts: 1,117
On the road...
I am researching the possibility of purchasing a self-serve coin counter for one of our branch locations.

Does anyone have one and like to offer an opinion? Pros? Cons?

I approached management a year ago and it went no where. We've recently seen a huge increase in the request to count coin. Our current counter is ancient and creates more work. I think with the current economic conditions - folks will be getting into their piggy banks more.
_________________________
Michelle CRCM

"What would you attempt to do if you knew you could not fail?" ~ unknown


Return to Top
Operations Compliance
#1069491 - 10/23/08 05:47 PM Re: Self Serve Coin Counter Patsy Cline
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
We have one in our main office. I think it's a good customer service. Non-customers are charged a certain percentage. There may be a small charge for customers...there was not any charge for customers at first, but I think it changed at some point.

I will say it is noisy tho! I wouldn't want to work real close to it.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#1069505 - 10/23/08 06:00 PM Re: Self Serve Coin Counter RR Joker
Patsy Cline Offline
Diamond Poster
Patsy Cline
Joined: Sep 2002
Posts: 1,117
On the road...
How long have you had it? The sales rep is telling me they've modified them to reduce noise plus they are really fast so what noise you do hear is quick.

Sales rep telling me this... I must remember. That is why I am seeking opinions. He told us that he'd deliver one for us to try for 30 days - no obligation.
_________________________
Michelle CRCM

"What would you attempt to do if you knew you could not fail?" ~ unknown


Return to Top
#1069611 - 10/23/08 07:23 PM Re: Self Serve Coin Counter Patsy Cline
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
hahaha! yes, they are fast...we've had ours a few years, so it may be considered a "dinosaur" by today's standards!

Hey! 30 days no ob...how can you resist!
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#1070173 - 10/24/08 03:10 PM Re: Self Serve Coin Counter RR Joker
edAudit Offline
Power Poster
edAudit
Joined: Jul 2008
Posts: 4,796
You are here
We had them a a previous bank many years ago we reoved them due to the cost of maintenance.
_________________________
Opinions can be considered as coming from anywhere but my employer.

CAMS


Return to Top
#1070280 - 10/24/08 04:07 PM Re: Self Serve Coin Counter edAudit
TrngMgr Offline
Member
Joined: May 2005
Posts: 91
NJ
We have them in 4 offices. The newest one is somewhat quieter than the oldest, which is about 2 years old, but still a pretty noisy thing. Customers love them. We do not charge anyone to use it. We consider it not only good customer service, but also brings (non-customer) traffic into the branches, and saves teller processing time.

The 30-days no obligation is a huge come-on. Do you honestly think you could remove it after 30 days without some outcry from the customers who use it?

Return to Top
#1087712 - 11/25/08 05:55 PM Re: Self Serve Coin Counter TrngMgr
DD Regs Offline
Power Poster
DD Regs
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
Yes, LOVE'EM. I have one in each of my offices. CoinStream CDS726. A little noisy, but you are dealing with coin. The Tellers love them also, we no longer order coin wrappers, no longer accept coin at the cointer, customers are advised to take it to the machine (they don't have to wrap anymore). Small fees (customers 1%, 3% non-customers). Real bargain for the customer.

No more wasted time by tellers "busting down" coin, no more short coin rolls, no risk of passing out another customers info written on a roll. I know I sound like a vendor, but I promise I am not. I wish we had these when I was a teller.

Little pricey, ours were demo's and cost $12k each. I think they would of been $14 new. When the word gets out that you have them, volume, foot traffic and deposits picks up greatly. We would bring in about $15k a week.
_________________________
I'm only responsible for what I say, not for what you understand.

Return to Top
#1087844 - 11/25/08 07:42 PM Re: Self Serve Coin Counter DD Regs
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
They are just a real pain when it comes to cash aggregation reporting for CTR purposes.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1089220 - 11/28/08 07:55 PM Re: Self Serve Coin Counter rlcarey
Bobw Offline
Gold Star
Bobw
Joined: Nov 2006
Posts: 336
New England
They are a pain in the butt and while they say the do not have jams that is not true, even with the newer ones. I causes more pain than worth...GET IT OUT!!!
_________________________
just my opinion, based on my 30+ years

GO RED SOX!!!

Return to Top
#1092590 - 12/05/08 04:44 PM Re: Self Serve Coin Counter rlcarey
A_G Offline
10K Club
Joined: Jul 2004
Posts: 18,989
Originally Posted By: rlcarey
They are just a real pain when it comes to cash aggregation reporting for CTR purposes.


I've been trying to think why and really can't.

I am guessing you are referring to the 'exchange' factor. Do you really think it's that common that people come in with 10k in coin? crazy
_________________________
With the lights out, it's less dangerous.

Return to Top
#1092626 - 12/05/08 05:10 PM Re: Self Serve Coin Counter A_G
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
No, but if they also transaction other business at the teller line that involves cash of $10,000 or close there too, it presents an issue.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1142260 - 03/09/09 06:06 PM Re: Self Serve Coin Counter rlcarey
Night Train Offline
Diamond Poster
Night Train
Joined: Sep 2006
Posts: 1,189
Down South
We have coin counters in the lobby and love them for the most part. Question: We have always had the customers use the lobby machines but we are seeing an increase of coin activity. We have never charged but now we are having to look at accepting rolled coin from some larger customers and wonder what type of charge is average for that service. I know several years ago, I worked for a FI that charged 2% for non-customers and .50% to 1% for customers. Is that still around the standard or am I way out of touch?
Last edited by By Train; 03/09/09 09:29 PM.
Return to Top
#1149328 - 03/21/09 01:01 AM Re: Self Serve Coin Counter Night Train
Code3Banker Offline
Junior Member
Joined: Oct 2005
Posts: 49
A little late to chime in, but I wanted to give a security perspective based on a few happenings around our FI. As a customer, I love a bank with a coin counter.

The pain comes in when you have to deal with the big, heavy bags of coin. Hauling, lifting, moving in work clothes is not much fun and somehow a few of our branches had issues with finding people who COULD lift the bags.

One other aspect you may want to visit is that you want to make sure that even though it's coin, that it IS cash. Also, where the coins must be vault-like (ie: good locks and alarm or monitoring of some sort.) ... don't hide in a corner where you can't keep and eye on it.

Oh the stories I could tell .... but that's enough for tonight smile

Return to Top

Moderator:  Andy_Z, John Burnett