>>> TAKE NOTICE, THE DAYS OF THE
PIGGY BANK MAY BE NUMBERED.
STARTING TODAY CHASE BANK IS NO
LONGER TAKING MORE THAN A FEW
COINS IN LOOSE CHANGE FROM
CUSTOMERS.
IT IS REMOVING COIN COUNTING
MACHINES FROM ITS BRANCHES.
AND SOME CUSTOMERS ARE OUTRAGED
INCLUDING ROBERT REED WHO WROTE
A GUEST COLUMN FOR TODAY'S
CRAIN'S CHICAGO BUSINESS.
HE IS DIRECTOR OF PROGRAMS AT
THE BETTER GOVERNMENT
ASSOCIATION, FORMERLY THE ED ARE
FOR OF CRAIN'S CHICAGO BUSINESS.
WELCOME BACK, AND FIRST OF ALL,
WHAT EXACTLY IS CHASE DOING AS
OF TODAY?
WHAT CAN YOU DO, AND WHAT CAN
YOU NOT DO?
>> YOU CAN'T BRING LOOSE COINS
IN TO THE BANK AND HAVE THIS
COUNTED BY THE MACHINE AND USE
THAT MONEY, ANYWAY YOU WANT, I
WOULD USE TO IT MAKE A DEPOSIT
AT CHASE.
AND I THOUGHT THAT WAS A NICE
SYMMETRY TO THOUGHT BUT THEY
DIDN'T AGREE.
THEY WILL TAKE COINS IF YOU WRAP
THEM YOURSELF.
THEY ARE GIVING PEOPLE WRAPPERS
INSTEAD OF PUTTING THEM THROUGH
THE EXOTIC COIN MACHINES THAT WE
HAVE SEEN.
A QUESTION TO THE WRAPPERS, HOW
DO THEY KNOW YOU ARE NOT FILLING
THEM UP WITH SAND?
>> IT WOULD SEEM TO ME YOU HAVE
TO OPEN THEM AND COUNT THEM, SO
IT SEEMS THAT IS SOMETHING YOU
WILL BE DOING THINK WAY, SO WHY
DISCONTINUE THE PRACTICE.
>> WHAT IS THEIR RATIONALE?
>> THEY SAID PROVIDING THIS
CUSTOMER SERVICE GOT IN THE WAY
OF PROVIDING CUSTOMER SERVICE.
I DIDN'T UNDERSTAND THAT BECAUSE
I HAVE NEVER SEEN HUGE LINES
BECAUSE PEOPLE ARE WAITING TO
GET COINS COUNTED.
AND THE OTHER THINKING IS, WHICH
IS PECULIAR, THEY VIEW THIS AS
SORT OF A UNIQUELY MIDWESTERN
CUSTOM PM PEOPLE BRINGING IN
ALASKA CHANGE AND HAVING IT
COUNTED AT THE BANK, I DON'T
KNOW IF THAT MEANS THERE IS NO
LOOSE CHANGE IN NEW YORK AND LOS
ANGELES, BUT THAT WAS SORT OF
THEIR THINKING ABOUT IT.
>> AND ONE OF THE THINGS ABOUT
DOING THAT, A REAL ELEMENT OF
SATISFACTION AND SORT OF MYSTERY
LIKE, HOW MUCH DO I HAVE IN
THERE?
AND THERE ARE OTHER REASONS, FOR
EXAMPLE, I THINK IT WAS YOU WHO
REPORTED IT, THERE WAS A GOOD
TEACHING TOOL FOR KIDS.
>> ABSOLUTELY.
AND THIS IS A VERY, I THINK
IMPORTANT PART OF THIS.
YOU KNOW, AS KIDS WE WOULD GO TO
FIRE STATIONS AND SEE HOW THEY
WORKED AND PARENT TOOK THEIR
KIDS TO THE BANKS WITH THE COINS
AND YOU HAD THE LESSON THAT YOU
SAVED A LITTLE BIT AND IT ENDS
UP BEING A LOT AND A VIOLENCE
LESSON IN THAT.
IT SEALS TO BE, IT SEEMS TO ME A
COMMUNITY BANK OR JUGGERNAUT
BANK SHOULDN'T BREAK THAT LINK
BECAUSE IT'S AN IMPORTANT ONE IN
TERMS OF GOOD WILL AND PASSES
OUT A LESSON TO YOUNG EMPEOPLE,
WHO WILL BE CUSTOMERS.
>> BACK AT THE TIME RATIONALE,
WHAT DID YOU MAKE OF THAT
EXPLANATION?
THAT THEY ARE IMPROVING CUSTOMER
SERVICE?
>> ANOTHER CASUALTY, ONE IS THE
WHOLE THING ABOUT COMMUNITY
BANKS AND THE FACT THAT THEY
REALLY ON BREAKING AWAY FROM THE
COMMUNITIES THAT THEY SERVE.
AND THAT IS HAPPENING BY THE
FACT THAT A LOT OF THESE
BRANCHES ARE ELECTRONIC, CAN'T
EVEN FIND A PERSON, MAYBE YOU
HAVE TO SKYPE WITH THEM.
AND SECONDLY YOU DON'T HAVE THE
RELATIONSHIP WITH THE
NEIGHBORHOODS THAT YOU USED TO
HAVE.
BECAUSE THE BANKS AREN'T THERE
FOR THEY ARE DOING DOING THIS
KIND OF OUTREACH.
MORE BROADLY A VICTIM OF THE
FACT THAT BANKS ARE BEEN
MERGINGAGE ACQUIRING EACH OTHER
FOR DECADES AND A HARD REALITY
IS IN IN MANY CASES CUSTOMER
SERVICE HAS LAGGED AND HAS BEEN
BEHIND THEM.
AND THE WAY THAT THEY MAKE MONEY
OFF MERGERS IS THROUGH COST
CUTTING, AND CUSTOMER SERVICE
COMES LAST, EVEN THOUGH EVERYONE
WILL TELL YOU IT'S OUR TOP
PRIORITY.
THE FACT OF THE MATTER IS GO ON
ANY INTERNET COMPLAINT BOARD AND
YOU WILL SEE THAT BANKS HAVE A
LOW STANDING AS FAR AS CUSTOMER
SERVICE.
>> WHAT RESPONSE HAVE YOU BEEN
GETTING FROM YOUR READERS?
>> IT HAS BEEN AMAZING I WROTE
THIS AS A GRIPE ON FACEBOOK AND
EDITORS OF CRAIN'S CHICAGO
BUSINESS SAID WHY DON'T YOU TURN
THAT INTO A COLUMN, WHICH WAS
VERY NICE OF THEM.
AND IT HAS TAKEN OFF.
IT HIT A NERVE.
AND I THINK IT IS BECAUSE PEOPLE
FEEL THAT ONE THIS IS SOMETHING
THAT IS TAKEN AWAY FROM THEM,
AND THEY DON'T UNDERSTAND IT.
AND THEY ARE DISSAPPOINTED.
BUT ALSO OUTAGE, ANOTHER LINK TO
A MAJOR INSTITUTION THAT IS
SNAPPED.
AND YOU KNOW, YOU DIDN'T WANT TO
MAKE IT OUT TO BE BIGGER THAN IT
IS.
BUT THERE IS SOMETHING ABOUT
THIS KIND OF TRANSACTION.
>> IT IS A FRIENDLY THING FOR
BANKS TO DO.
OUR ARE OTHER BANKS FOLLOWING
SUIT?
>> I THINK THEY HAVE STOPPED IT,
THERE ARE A SMATTERING OF BANKS
THAT WILL CONTINUE IT.
THE RUB IS THAT YOU HAVE TO BE A
CUSTOMER OF THAT BANK AND YOU
HAVE TO PUT THOSE DEPOSITS IN
THERE OR BE A CUSTOMER.
THERE ARE SOME OTHER PLACES THAT
WILL COUNT THE COINS FOR YOU BUT
THEY WILL TAKE 12% OFF THE TOP
IF YOU USE A MACHINE OR GIVE YOU
A GIFT CARD AND YOU HAVE TO USE
IT AT THE PLACE WHERE IT IS
LOCATED.
IT IS NOT THE SAME.
ANY RESPONSE FROM CHASE, THE
ONLY RESPONSE WE HAVE IS THE
FACT THAT IT STOOD BY ITS
STATEMENT AND FELT THIS WAS
SOMETHING IT HAD TO DO BECAUSE
IT WAS GETSING IN THE WAY OF
CUSTOMER SERVICE.
GO FIGURE.
>> DO YOU PICK UP.YS ON THE
STREET?
>> PROBABLY DON'T BUT I SAVE A
LOT.
>> IF YOU SEE A PENNY YOU WON'T
PICK IT UP?
I DID.
HOW ELSE DID YOU TAKE IN THE