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Sharetec customer, Members First Credit Union in Madison, WI, shares their story about Operating without Change

When I started at Members First 6 years ago, I will not lie I thought it was crazy that we did not have change in the teller drawers.  Nick Kessenich, President of Members First at the time, always responded, “what can I say we don’t have any cents!”. His joke has come to be a real lifesaver in these crazy times. 

The way it works is:

A member has a check for $20.20 and wants to cash it, we deposit the $.20 into their account and give them the $20.00. If a member is closing their account and asking for cash, we have a small amount of change in the vault that the teller does a GL posting to offset if they need to use it.

Most of our members are so used to it that it is second nature now. New members, we explain it to them when they open the account. We do accept change deposits and run it in our coin machine to deposit into their account.

It saves our tellers the time of balancing change, and dealing with small offages in their drawer, and the best part, we do not need to buy any change from the Fed.

Jenny Kutz, President of Members First Credit Union