>>> 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