News

Virginia FCU goes 'worry-free' with new coin-counting machine

September 8, 2017

Langley Federal Credit Union, a Virginia-based financial institution with more than 240,000 members and $2.4 billion in assets, recently tapped Cummins Allison for a new self-service coin machine at the FI's Coliseum branch.

Demand for coin redemption services is high at the location, which takes in an average of $73,000 in coins monthly, and processes more than $850 million in coins on an annual basis, according to a press release.

"Because of the sheer amount of coin the [previous] machine was processing, it was breaking down too often," Senior Branch Manager Teresa Jackson said. "Our tellers were spending too many hours maintaining the machine instead of doing all the things we need to do for our members."

LFCU chose to rent a new machine, ensuring a fixed monthly cost through the term of the agreement. The FI controls how the rented machine is branded and sets the fee structure, retaining all profits, according to the release. 

"Renting the machine is a great option for us because it means worry-free operation," Jackson said. "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."

Since installation of its Money Machine 2, the branch has seen significant improvements in productivity, Jackson said.

"It takes the burden off our head tellers, so they can spend more time coaching and training staff … [and members] love how fast and easy it is to use."

With a planned upgrade to the FI's core platform in the near future, Langley will be able to offer members the additional  benefit of depositing coin totals directly into their account, the release said.