Arkeyo Looks at Why Your Local Bank's Coin Machine Is Miscounting Your Kids Change
Why some coin machines miscount and what to do about it.
Philadelphia, PA, May 23, 2016 (Newswire.com) - NBC’s Today Show and other National News organizations have covered the story of TD Bank’s Penny Arcade miscounting coins, but no one is asking “how did it miscount?” The easy answer is that the TD machines used small bags to collect the coins inside the machine, and bag machines won't work for self-service coin machines.
Imagine driving a car at 60 miles an hour and you have to slam on the breaks. Your car wheels might slow down or stop moving, but the horizontal energy is still there and the car and you and everything in your car keeps moving forward until the energy is dispersed and you stop. The same thing happens with bag coin machines. Inside the machine the coins are spinning around on a horizontal disk similar to a cars wheels, but when the disk stops spinning the coins inside do not stop, and the coins move into the small coin bags and are not counted.
TD’s Penny Arcade used coin bag machines.
Many banks use small coin bags under each machine that collect the coins according to each coins denomination. There’s a nickel bag, a dime bag, a half dollar bag, a dollar bag, two penny bags and two quarter bags. The small coin bags fill quickly, often several times during a single customers visit. Each time a bag gets filled the disk stops spinning, but the coins keep moving and drop into the small bags and are not counted.
Here at Arkeyo we’ve known about the weakness of bag based self-service coin machines for years. Instead of bags, our machine collects the coins in a large locked safe under the machine. Our safe is so large that it never fills during a customer’s transaction; our spinning coin surface doesn’t stop and coins aren’t miscounted. Our clients in the USA and the UK use our machine and all of them have a 99.9999% accuracy count. Our clients simply do not see the problems TD Bank and others have undergone.
Be careful. You should be asking your bank if they are using coin bags in their machines, because it makes a big difference.
Source: Arkeyo