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One in seven cash deposits performed via Coop Sula

The cash deposit service launched by Coop Pank at registers in Coop stores on 21 May has proven very popular among clients: deposits easily outstripped withdrawals within a few weeks of the launch, and in less than two months the total amount of cash deposited has reached 500,000 euros.

Maintaining a network of ATMs is costly, and in the last 10 years the number of both ATMs and bank branches providing cash transactions has decreased significantly. Moreover, in the whole of Estonia cash can only be deposited in 211 ATMs, the majority of which are situated in larger towns and cities. As a result, cash transactions are inconvenient for many people and require planning. Payments can still be made via bank apps or Internet banks, but in order for cash that has accumulated or takings for the day to be deposited in a settlement account, people often have to travel to a bigger centre.

As part of the new service, twice as much is currently being deposited as withdrawn, confirming that Coop Pank and Coop resolved an existing shortcoming and that everyday transactions are no longer something that needs advance planning.

The average amount of cash deposits is 190 euros, which is almost four times as much as the average amount being withdrawn. According to statistics, clients are making use of the cash deposit service once a month in most cases. The majority of clients have a specific Coop store at which they deposit cash, but there are those who use the service at a number of regional stores or in both towns and rural areas alike. The highest numbers of transactions have taken place in Harju, Võru and Viljandi counties, with the most popular store for cash deposits being Maksimarket in Lasnamäe. “We’re seeing how popular the cash deposit service has already become among Coop Pank’s clients,” said Head of Everyday Banking Teet Kerem. “In the last month alone the number of deposits has gone up by 25%. Two-thirds of the country is currently covered by the service, and our plan is to be offering it in more than 300 Coop stores by the end of summer. One key region we haven’t yet covered is being added to the network next week.”

Cash deposits are as easy to make at registers as they are at ATMs. The client simply hands the cash to the register operator, slots their bank card into the payment terminal and confirms the amount by entering their PIN. The register operator then provides the client with a receipt confirming that the cash has been deposited.

The service can only be used by private and business clients of Coop Pank, since the cash is transferred to settlement accounts in the bank. Private clients can deposit up to 1000 euros per day and 2000 euros per month, while business clients can deposit up to 1000 euros per day and 10,000 euros per month. The amount deposited reaches the account instantaneously and can be used straight away. Coins can also be deposited.

The service is free of charge for clients who have Rahn or Rändrahn settlement packages with Coop Pank. Other clients pay a service fee of 2 euros + 0.5% of the amount deposited. Clients of other banks who wish to use the service must open a settlement account in Coop Pank and order a bank card.