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Customers of Coop Pank deposited over one million euros using cash registers in stores

In May of this year the cash deposit service has been launched by Coop Pank. During the first three months of operation of the service customers of Coop Pank deposited one million euros in cash registers of Coop stores. The cash deposit service is most actively used in larger stores with a higher flow of customer. At the end of August, the one-million-euro milestone was reached in the cash register of Põlva Maksimarket in Põlvamaa.

Head of daily banking at Coop Pank, Teet Kerem, said that the amount of the cash deposited using this service is increasing every month and the service has proven its worth – especially in rural areas outside major cities where people and businesses no longer need to drive dozens of kilometers to the nearest ATM or bank. “On average, 120 euros are deposited at a time. So far, the most popular store for cash deposits has been Lasnamäe Maksimarket. Cash depositing is most often used by smaller retail and service businesses, which have to regularly deposit their accumulated cash. There are also many private customers who use the opportunity to conveniently deposit cash to their current accounts while shopping,” said Kerem.

Customers have also welcomed cash withdrawals from the cash registers in Coop stores, launched a year ago, but already since the first weeks, Coop Sula deposits have outstripped cash withdrawals. “According to statistics of Coop stores, despite the popularity of card payments, nearly half of all purchases in Estonia are still paid for in cash, and the share is even higher outside big cities. At the same time, fewer and fewer bank branches that allow for cash operations and ATMs remain each year. So far, options available for depositing cash to current accounts has been limited,” Kerem explained. Today, there are only 211 ATMs with the cash deposit option in Estonia and most of them are concentrated in larger cities.

Currently, cash deposits can be made in ca. 240 Coop stores. Gradually more stores will be added to the system. A more detailed list of stores with the cash deposit option can be found here.

Cash depositing at the cash register is similar to that at a regular ATM, except that the cash is taken by the cashier. The service is only available to private and business customers of Coop Pank, since the cash is transferred to the customer’s current account in Coop Pank. Coop Pank’s private customers are able to deposit up to 1000 euros in one day and up to 2000 euros per month. Coop Pank’s business customers are able to deposit up to 1000 euros in one day and up to 10,000 per month to their account.  The money will reach the account and can be used immediately, and there is an option of depositing coins.
The service is free for holders of Rahn and Rändrahn banking plans of Coop Pank. Customers of other banks wishing to use the service should open an account with Coop Pank and order a bank card.