Self-service coin counting firm Coinstar has unveiled a new Coinstar Direct Coin Deposit service that will allow bank and credit union customers to electronically transfer coins into personal accounts.
Coinstar said that the new service complements its new Madison coin-counting kiosk, which has been designed specifically for retail financial institution branches.
Coinstar’s new product line has been developed to enhance customer acquisition and retention strategies for financial institutions while reducing the costs inherent with self-service coin counting, the company said.
Enabled through First Data’s Star Network, Coinstar’s Direct Coin Deposit service is expected to be available to banks and credit unions in the first half of 2007.
To use the service, customers pour their loose change into the Coinstar kiosk, swipe their bank-issued debit card, and enter their PIN number to have the value of the change deposited into their account. A voucher will be dispensed verifying the amount of the transaction.
The new Madison kiosk, meanwhile, has been designed specifically for the bank environment. It is Coinstar’s smallest and quietest kiosk and can be customized to complement the financial institution’s company branding and look and feel.
The Madison kiosk is expected to be available in December.