Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Loose change turns to savings at Towpath CU
FAIRLAWN, Ohio (2/10/09)--Towpath CU and five other financial institutions urged Akron, Ohio-area residents to turn their loose change into savings by bringing it in for deposit. The campaign netted $266,000 in coins at Towpath. The recent campaign, conducted by the $63.8 million asset Fairlawn, Ohio-based credit union, took the initiative a step further by placing coin-sorting machines at its two locations for members’ convenience (eLumination Newsletter Feb. 4). Towpath also made a 10% matching deposit on up to $1,000 in coin deposits. The added bonus required that deposits be placed in new or existing accounts and remain for 30 days. The member who made the largest deposit of change received a $100 three-month certificate. During the week of the campaign, Towpath accepted 833 deposits, opened 188 new accounts and collected $266,000 in coins. One area resident deposited more than $4,120 in loose change that her husband had accumulated over several years. Another resident--striving to win the $100 certificate-- deposited $4,279 in coins collected over 10 years, with pennies alone accounting for $1,300. The credit union told the Ohio Credit Union League that it was overwhelmed by the community’s participation in the program. “It was way more than we expected,” said Towpath CEO Alan McArthur. He assisted a member who brought in a five-gallon jug filled with coins, which was too heavy to put in the coin-counting machine. McArthur solved the problem by using a hammer and screw driver to punch a hole in the jug’s bottom so the coins could slide out. The credit union said it received significant media attention for the savings program.
Other Resources

RSS print
News Now LiveWire
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
11 hours ago
The 1st vid shows how consumer can become victim and, advice to those who think they've been targeted. http://t.co/hr9VHpzEze
15 hours ago
.@TheNCUA has released two videos designed to raise awareness of elder financial abuse. http://t.co/iddSxr7H40
15 hours ago
Celebrate #100MM with @MDDCCUA1 at Orioles v Blue Jays tonight at Camden Yards
16 hours ago
The At Home In Lawrence mortgage program from @MetroCU is designed to help revitalize Lawrence, Mass.
16 hours ago