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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
 Posted - 01/15/2009 : 23:00:04
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I am visiting here in Austin, TX and the Chase banks here say that none of their branches have coin machines anymore because they are too expensive to maintain. A texas thing? Certainly not nationwide.
Any others heard this?
Will more banks adopt this viewpoint as the economy/recession or just plain economics take their toll?
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"May your percentages ever increase!" |
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redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 01/16/2009 : 06:11:35
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quote:
Will more banks adopt this viewpoint as the economy/recession or just plain economics take their toll?
Hopefully not...
If people wouldn't put things like paper clips, safety pins, toe nail clippings, coins that have gum or something from the Black Lagoon on them, it would go a long way with cutting down repair calls to maintain the machines.
But wait...
What was I thinking...?
I should've known better...
That, that will never happen...
>
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 01/16/2009 : 07:42:35
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| There is a need for them, the machines may need better designs to eliminate trash before feeding into the inside, like a screen with holes that are smaller than the coins, that drops trash before entering. I keep waiting for my free coin machines to start charging, as my dump credit union (Forum Credit Union) is in serious financial shape. Too many bad mortgages, sub-prime and interest only. Right now my credit union charges 8% for non-members and nothing for members, but they said they get almost no non-members. I think CoinStar is 7%, so why would non-members go to my credit union? |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 01/16/2009 : 08:24:30
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| I believe that the machines gotta be a lot cheaper to maintain than it would be to employ people to handle the change manually. |
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 01/16/2009 : 10:40:25
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| The banks don't add people to handle coin transactions, they just make people wait in line. It's a fixed cost. There are bags and maintenance and initial cost for the financial institution. Some machines may even be leased, like a lot of copiers. |
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 01/16/2009 : 11:57:12
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| I went to this one particular coinstar for the first time 10 days ago to dump $50 in pennies and get a no-fee gift card,(just to spread my coin dumps around) but the gift card part of the machine was broken so it gave me a full value voucher instead to cash in. I went back every day for the next couple days dumping all the junk zinc I had accumlated over the past month and getting 100% of the value. It was great! |
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Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 01/16/2009 : 12:50:24
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But if they get people out of the banks and using the Soin Star machines in the Grocery stores the banks don't have to touch the money.
Anymore the banks don't like small transactions, you know those less than a billion dollars at a time. |
Awake, O kings of the earth! Come ye, O, come ye, with your gold and your silver, to the help of my people, to the house of the daughters of Zion, to the help of the people of the God of this Land even Jesus Christ. |
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goodcents
Penny Hoarding Member
USA
504 Posts |
Posted - 01/16/2009 : 13:28:34
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That made no sense at all...to me at least..lol.
Coin machines are the future. There will probably be a leased coinstar type of machine in every bank of the future. One more way to get peoples change out of the home and into the economy. Hey maybe they should have proposed that as a stimulus package....Government leased coinstars with free cash redemption.
Has there ever been a calculation done of all of the spare change hoarded in American homes?? I bet it's pretty big. |
Edited by - goodcents on 01/16/2009 13:32:06 |
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TXTim
Penny Hoarding Member
629 Posts |
Posted - 01/16/2009 : 17:21:59
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Might be a Chase- Austin thing.
No Chase in Houston has one but many other banks do.
Probably a branch specific decision. |
Beer is my currency. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 01/20/2009 : 05:28:28
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Coinstar had/has an estimation of all the spare change in people's homes. Some of us have a little more then average.
As for the first question - pretty much zero banks have coin machines here in BC. Also we don't have coinstar or anyone like them here. Too expensive I guess. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 01/20/2009 : 09:35:55
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| None of the banks in my local area have them but some of the grocery stores do. One in particular is far better than a coinstar machine. Much faster and doesn't reject Candian or slighly distorted or dirty coins. I forgot the name of the machine but I'll look next time I go in. I wouldn't mind owning one if I could place it in a good location. |
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Think positive. |
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gatzdon
Penny Sorter Member
39 Posts |
Posted - 01/22/2009 : 17:10:49
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quote:
Originally posted by Ardent Listener
None of the banks in my local area have them but some of the grocery stores do. One in particular is far better than a coinstar machine. Much faster and doesn't reject Candian or slighly distorted or dirty coins. I forgot the name of the machine but I'll look next time I go in. I wouldn't mind owning one if I could place it in a good location.
Cummins-Allison is a solid counter. De La Rue also has some good counters too. |
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Coin Machines - Too expensive for banks
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