Changing fortunes for coin-counting machines
Clanking, flashing coin-counting machines, pioneered locally by Vernon Hill's old Commerce Bank when it worked to make money fun, have lately vanished from Commerce successor TD Bank and rival PNC Bank, the biggest lenders in New Jersey and Pennsylvania, respectively.
Clanking, flashing coin-counting machines, pioneered locally by Vernon Hill's old Commerce Bank when it worked to make money fun, have lately vanished from Commerce successor TD Bank and rival PNC Bank, the biggest lenders in New Jersey and Pennsylvania, respectively.
Daily News columnist Stu Bykofsky's 2010 exposé confirming that machines like TD's Penny Arcade aren't always to-the-cent accurate didn't kill them off.
But a spate of recent local newspaper and TV reviews from Boston to Pittsburgh - what passes for investigative journalism these days! - has finished the job, along with at least one lawsuit purporting to represent outraged coin-hoarders against penny-pinching bankers.
"Low customer use" fed PNC's decision to scrap the works, spokeswoman Marcey Zwiebel told me Friday. "Last month, we made the decision to take all remaining coin-counting machines out of service."
In a statement, TD's consumer-banking chief, Michael Rhodes, said, "It is difficult to ensure a consistently great experience for our customers" and "the usage of our coin-counting machines has declined steadily." Tellers will still wrap coins for account-holders at both banks.
But coin machines are still "a traffic driver for Republic Bank," where Hill, of Moorestown, is a leading investor, Republic told me in a statement.
That locally focused lender has a modest 18 "stores," from Center City to Plymouth Meeting and Media, with five more scheduled for South Jersey over the next year.
Hill has also installed coin counters at his newly public Metro Bank in England. Republic's directors are evaluating whether to raise more money for expansion or look for merger partners, Bluestone Capital analyst Jason O'Donnell told investors recently.
American Heritage Federal Credit Union is among the local credit unions that also have kept coin machines in the branches, says Kevin Diehl, owner of X Stream Media Group L.L.C., which sets up pay-TV systems.
"All branches of American Heritage have certified coin machines," said Diehl, who takes a professional interest in service schedules.
"If the machine throws an inaccurate count, they shut it down immediately and have it serviced. If a dime is thrown into the penny bag, their machine still picks it up as a dime, unlike other machines out there that will count it as a penny."
Credit unions like American Heritage are jostling to compete with the region's surviving local banks for family and small-business customers. For these lenders, change machines give a homey old-time touch that sets them apart from the multistate giants.
215-854-5194@PhillyJoeD