I’ve talked before here about keeping trying as hard as we can to keep fees low and had some feedback from a blogger (among others) that the coin-handling fee was something people were unhappy about.
We’ve just started trialling a new coin counting machine, which could potentially let us scrap our coin-handling fee. The machine looks quite impressive and is actually a bit of fun to use. All you need to do is pour your coins into the machine’s feeder and the machine counts and sorts your money.
After it has finished counting your coins, any foreign or damaged coins are rejected and you’re given a receipt to take to the teller to record the transaction.
I just went down to the branch to have a look at it with our Deputy CEO and he tipped in his big coin jar. One coin got rejected because it was barely-recognisable and everything else went off without a hitch.
Removing the manual handling of this saves us money because all of the bags are automatically counted when they’re picked up by our cash delivery company.
Like I said, we’re just trialling this new technology at the moment but if we think it’ll help our members and save them some money, we’ll certainly introduce more of the counters.
Here’s a picture of the new coin counter, which can be used in our Flinders St branch.