News

Cummins Allison sees sizable uptick in CU demand for self-service coin counters

May 21, 2019

Cummins Allison, a provider of ATMs and coin, currency and check processing solutions, has experienced a 31% increase in sales to CUs of its Money Machine 2 self-service coin machines within the past five years, according to a press release.

As some larger financial institutions have discontinued self-service coin redemption in their branches, many credit unions have seized upon the service as a way to serve and grow their membership, the company said. 

"Our Money Machine 2 self-service coin counter is designed so members can easily redeem coins themselves and deposit the coins directly into their checking or savings account," Bob Gibson, Cummins Allison vice president of branch operations, said in the release. "This allows staff to focus on high-value services that retain and grow membership."

Ogdensburg, New York-based St. Lawrence Federal Credit Union has used technologies such as self-service coin redemption from Cummins Allison to differentiate itself from competitors and increase visits to its branches, providing an opportunity for branch personnel to discuss other value-added services with members. 

"We strive to make the member experience the center of everything we do and we do everything we can for our members," Tim Felt, chief operations officer for St. Lawrence, said in the release. "With the installation of a new branch and new products and services, we've seen significant growth, topping 250 members last year, and we expect to top that growth again this year."

Cummins Allison offers credit unions a variety of options for adding self-service coin redemption to their branches — including a rental program, which was the choice of Langley Federal Credit Union. 

"Renting the machine is a great option for us because it means worry-free operation," senior branch manager Teresa Jackson said in the release. "Cummins Allison picks up the coin, monitors the machine's performance and services the machine for us. And, in the future, when technology advances happen, we won't have to reinvest in a new machine. We can simply swap out to an upgraded model instead of buying a new one."