MT. PROSPECT, Ill.--(BUSINESS WIRE)--Cummins Allison, the leading innovator and provider of coin, currency and check processing technology as well as ATMs, today announced that Langley Federal Credit Union solved its coin processing challenge by adding a self-service coin machine from Cummins Allison.
Demand for coin redemption services is very high at the Coliseum branch. In a single month, the branch takes in $73,000 in coins. On an annual basis, it processes more than $850,000,000 in coin alone.
Replacing an undependable machine
As coin redemption volume increased, it quickly became obvious that the existing coin machine simply wouldn’t be able to keep pace. “Because of the sheer amount of coin the machine was processing, it was breaking down too often,” says Teresa Jackson, senior branch manager. “Our tellers were spending too many hours maintaining the machine instead of doing all the things we need to do for our members,” says Jackson.
LFCU chose to rent the machine, because that option enables them to add a coin-counting machine for a fixed monthly payment that is guaranteed not to increase during the term of the agreement. They are also in control of how the machine is branded as well as set the fee structure, retaining all profits.
“Renting the machine is a great option for us because it means worry-free operation. Cummins Allison picks up the coin, monitors the machine’s performance and services the machine for us,” says Jackson. “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,” she adds.
A new coin machine changes the branch
Since installation of the Money Machine® 2, the branch has seen significant improvements in productivity. “It takes the burden off our head tellers, so they can spend more time coaching and training staff,” says Jackson. “In fact, we’ve been able to rethink our staffing. When people have left recently, we actually haven’t had to replace one or two people, because we’re not spending so many man-hours dealing with the coin machine.” Members love the new machine, too. “They love how fast and easy it is to use,” says Jackson.
In the not too distant future, Langley is upgrading their core platform which will give members the ability to directly deposit the coin amounts into their accounts.
“While credit unions realize the value of self-service coin redemption, it’s not always possible to purchase a coin counting machine,” says Bob Gibson, vice president, branch operations, Cummins Allison. “Our self-service coin programs offer multiple alternatives for credit unions who wish to continue to offer coin-counting services in their branches, but may not have the capital to purchase the equipment.”
For more information on Cummins Allison’s full suite of branch automation solutions visit: www.cumminsallison.com/go/automation.
About Langley Federal Credit Union
Langley Federal Credit Union serves over 240,000 members and has more than $2.4 billion in assets, ranking the financial cooperative as one of the 100 largest credit unions in the country. Located in Hampton Roads, Virginia, Langley has 18 branches and has served the community for more than 81 years. For more information about Langley visit www.langleyfcu.org.
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.