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Credit unions can serve residents affected by bank closures with self-service coin counters

Credit unions can serve residents affected by bank closures with self-service coin counters

Self-service coin counters in credit unions allow members to serve themselves at their convenience. Being able to efficiently utilize the services offered by their trusted financial institution is a basic desire for bank customers and credit union members alike. But recently, many banks have been closing branches in rural Saskatchewan, leaving affected residents without the local financial services they were accustomed to. Credit unions in those regions are now in a position to help meet the needs of these underserved populations.

Self-service coin counters can further aid in satisfying potential new credit union members

According to CBC News, there have been 20 rural bank closings so far this year in Saskatchewan. Many of these communities affected still have credit unions.

These closures are happening largely because of a rise in customers doing their banking online as opposed to doing it in person.

"The heart of the matter is clients are choosing to bank different and choosing to connect with us differently than they had in the past, both inside their community and outside their community," Ed Kaulbach, regional vice president for Royal Bank of Canada for South Saskatchewan, told the Regina Leader-Post.

According to the CBC News, in-person banking has been on a steady decline since 2012 and as a result, there has been less foot traffic within physical branch locations, especially in rural areas.

Rural residents see less attention to their financial needs

But not everyone in these rural areas has easy access to the internet, as speeds in Saskatchewan are slow. And there are services that still require visiting a branch location, like withdrawing and depositing large amounts of cash.

"I need cash in my store," Shannon Houff, owner of an interior design and furniture store in Wawota, vented to the Regina Leader-Post. Houff is also president of the Wawota Business Enhancement Group and intends to move her business to a credit union.

The closing of banks has forced consumers to travel to a larger city or switch to another institution. Credit unions in closer proximity to residents could see an increase in member enrollment.

Credit unions offer many of the same services as banks and rural residents may find it easier to become a credit union member than face the inconveniences of long travel distances or slow internet speeds in dealing with their previous bank. Additional services like self-service coin counters can further satisfy the displaced citizens.

July 18, 2017