Carolina Collegiate FCU recently installed a Hyosung MoniSafe 500 cash recycler, with the help of Quality Data Systems, and experienced immediate improvements in not only their teller line transactions, but also in the way they were able to process excess ATM cash.
Their ATM service is done by an outside provider and that provider delivers excess money from the ATMs in bags to the credit union. “The money is not organized or sorted and sometimes bills are folded in half,” explained Lori Outen, Compliance/Audit Specialist for Carolina Collegiate FCU. Some weeks 1 bag of excess cash is delivered, and other weeks the branch may receive 3 bags.
On a week with 3 bags it would take one and a half to two hours for two employees, to maintain dual control, to sort and count the cash and verify that the bag contents matched what was printed on the accompanying slip from the ATM service provider.
Now that they have the cash recycler, they are able to process one bag of excess cash in 2 minutes. The recycler does the counting, sorting and verifying for them, dramatically reducing the time required to process the excess cash.
“We are so excited to have this technology along with the training and support from QDS,” said Outen. “The recycler is so easy to use and is a welcome addition to our branch.”
“We look forward to seeing how the recycler will continue to impact branch operations and improve member service capabilities,” said QDS CEO, Sean Farrell. “It’s always good to work with credit unions who are willing to make the right investments in technology to improve the member experience.”