Can small change make big impact at ATM?

While most efforts to re-engineer ATM deposits have focused on check imaging, a few fiscal institutions and vendors are experimenting with mint acceptance at the ATM. Lots of Americans have accumulated drawers and jars wide of coins, as evidenced by the success of Coinstar. The Bellevue, Wash.-based ship’s company has built a occupation on turning coins into cash at 10,000 kiosks at retail sites in North America and the UK. What ‘s more, it collects a 9 percentage fee for the serve. According to a Dow Jones report, Coinstar expects to beat analysts ‘ estimates for 2002 with revenues of about $ 150 million. ( actual results to be released on Feb. 6, per the report. ) even despite a new focus on the ATM as a depository — with a number of banks and vendors testing digital check scanners and bunch note acceptors to make the car more deposit-friendly — few fiscal institutions have expressed interest in moving the humble coin from teller lines to the ATM.

( curiously enough, an August 2002 Coinstar news program release mentions an 18-location pilot burner with Cleveland, Ohio-based Charter One Bank to test bank installations of its kiosks. Neither Coinstar nor Charter One responded to ATMmarketplace ‘s requests for more information. ) Golden opportunity Cummins-Allison Corporation, whose currency sorting equipment is used largely at teller stations, is working with Sacramento, Calif.-based Golden 1 Credit Union to roll out a new coin down payment ATM which it introduced at November ‘s retail Delivery show in Atlanta. Steve Stapp, Golden 1 ‘s senior frailty president, said his institution believes it can make a big stamp on customers by letting them get rid of their modest change at the ATM. Golden 1 already offers self-service coin-counting machines manufactured by Cummins-Allison at seven of its 65 branches. Some of them collect more than $ 30,000 a calendar month, Stapp said.

At those machines, customers deposit their coins, then receive a reception which they must take to a teller telephone line to exchange for bills or to make a deposit. “ We wanted to make it a more fully automated transaction for our members, ” Stapp said. Stapp said Golden 1, which offers coin count as a service to its members but collects a exploiter tip from non-members, expects to install up to 10 coin deposit ATMs in 2003 .

Coin acceptance is one of the applications possible on a Wincor-Nixdorf compactBANK, which is based on the manufacturer ‘s ProCash 2100 platform .

While Golden 1 provided the catalyst needed to develop the coin deposition ATM, Mark Munro, a product plan director for Cummins-Allison, said his company was already headed in that direction. “ We ‘ve been observing the marketplace moving toward self-service applications of our products for the last match of years. ” The machine ‘s current incarnation does not dispense cash or perform early ATM transactions, but Munro said Cummins-Allison intends to add more functionality to the product. An particularly handy sport : It sorts each coin denomination into separate bags containing amounts specified by the Federal Reserve Bank ( 4,000 quarters, for exercise ).

“ We just put a draw on the udder when it ‘s full, pull it off and deliver it to the Fed. They weigh it and give us credit, ” Stapp said. “ It ‘s then much quick and easier than having a teller interruption unfold rolls of coins turned in by our members and count them. ” Less labor Freeing up tellers for more important tasks was besides a incentive for Panama City, Fla.-based Tyndall Federal Credit Union, which has installed four Wincor Nixdorf compactBANKs at two of its branches. The compactBANKs, based on Wincor ‘s ProCash 2100 platform, are supplemented with sidecars for offering non-traditional ATM features — including coin acceptance. While the compactBANKs do not sort coins into separate bags, Janet Turner, Tyndall ‘s director of synergistic services, said the recognition union pays its service provider a small fee to incorporate coin collection into its regularly scheduled service runs. The provider sorts and counts coins at a cardinal facility, then issues a cash ticket for each bag collected from Tyndall. “ Considering how many members a narrator can serve in the time it would take to count and roll coins ( deposited via the narrator line ) and it ‘s only costing us a few dollars a bag to have it processed, I think we ‘re coming out ahead, ” Turner said. Like the Cummins-Allison machine, the compactBANK will count and validate coin ( up to a quart jar ‘s broad ) and resist ringers such as keys or tokens. The funds are credited to a customer ‘s account. It besides offers cash dispense, loanword payments, argument print and other transactions. arm managers at the two Tyndall locations with compactBANKs “ have been amazed at the customer interaction with the machines, ” Turner said. “ People are coming in just to deposit their coins. ” One of the compactBANKs is doing 3,500 transactions a month while the others hover around the 1,000 score, Turner said. While those numbers may not seem high for a branch ATM, consider that both branches besides have drive-up machines handling in overindulgence of 15,000 transactions a calendar month.

Turner said that Tyndall expects mint count to be an effective recruitment instrument among restaurant servers and others employed in the area ‘s thrive tourism industry, many of whom receive tips in coin form. besides of interest to Tyndall, which has a young bank plan called Tyndall Savers, is the coins being transported to branches in piglet banks. “ We want to make those children members for life, ” Turner said. Unlike Golden 1, Tyndall does not make coin adoption available to non-members and has no plans to do therefore, Turner said. “ We do n’t want a penis to have to wait in occupation behind person who is not a member – particularly behind person feeding jars of coins into a machine. ”

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Category : Finance