Source: TD Canada Trust
The majority of Canadians (69%) actively avoid paying with change and likely have jars of it at home.
For consumers keen to cash in their coins, without the hassle of sorting and rolling, TD Canada Trust offers 300 solutions. The bank is installing more than 300 automatic coin counter machines in branches across Canada this year, building the biggest coin counter network across any financial institution in the country.
"Our commitment to comfortable banking means we constantly look for opportunities to raise the bar in customer service," said Diana Morrone , Vice President, Retail Solutions, TD Canada Trust. "From longer hours to Sunday banking, this national network of coin counters is our latest way to deliver on this promise."
With so many available payment options beyond cash, customers are using coins very differently than they were 25 years ago, making it more common to have piles of change at home. TD Canada Trust's research shows that today's consumers avoid using change because they prefer to pay with debit or credit (40%), they don't like to carry change (23%) and it takes too long to count out at the cashier (17%). Even if they aren't paying with it, almost all Canadians (96%) have an idea of how much change they have at home, and a quarter (27%) admitted to having at least $50 in change.
Along with an easy way to deposit that spare change, TD Canada Trust also offers advice on how to get the most of that extra cash:
Pay down that credit card: If financial goals include tackling credit card debt, apply it to the balance. Even small amounts can make a big difference over time
Open an RESP: Put those pennies to good use and start saving for a child's education. Every little bit counts, especially when taking advantage of compound interest
Start that vacation fund: Open a high interest savings account and commit to depositing a set amount monthly. Those small amounts will quickly add up
Make an extra annual mortgage payment: Small change can make a big difference applied to a mortgage. An extra $50 from the couch cushions each year couyear could save hundreds in interest over a mortgage's lifetime
The new coin counters will be available to personal banking customers at no fee, and to business customers and the general public at a competitive rate. The state of the art machines sort change and print a receipt, which can be cashed or deposited into a TD Canada Trust account at the teller.
A leader in responding to its customers' evolving needs, TD Canada Trust is committed to bringing superior convenience to its customers. Coin counters are the latest initiative in the bank's long history of being at the forefront of customer service, with the first full-service ATM, national Saturday and Sunday banking and now the largest coin counter network.