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The E-Sylum: Volume 12, Number 5, February 1, 2009, Article 27

OHIO CREDIT UNION PROMOTION GENERATES AN AVALANCHE OF COIN DEPOSITS

An E-Sylum reader forwarded this article about a credit union in Ohio that garnered many new depositors with a campaign geared toward small change hoards. He asks: "If Akron residents have more than a quarter million dollars of change lying around, deposited through just one credit union, how much is really out there? And how many Wheat cents, silver coins and so on are there to be found?" -Editor
Akron CreditUnion Coin Drive I wrote last Sunday that the coming week was to be the Akron Saves campaign's Roll Your Change Week.

As a part of that, I pointed out that the folks at the Towpath Credit Union were part of the community effort and were offering a 10 percent match to anyone who would deposit the money into an account up to a maximum $100 bonus.

They had no idea what was about to hit them.

Towpath officials called Wednesday to say they had already opened 50 new accounts at their two offices and estimated they'd collect $100,000 in change by the end of the week.

They shattered that prediction.

By the close of business Friday a holiday-shortened week they had accepted 833 deposits, including into 188 new accounts, by collecting $266,000 in coins.

Linda Lance of Akron was one of those depositors and a big one at that.

She said her husband Wes had been saving change for probably more than 20 years. He'd fill coffee cans and stash them around the house. She'd yell at him to move his cans.

''I saw the story in the paper and thought, 'This is the perfect time.' '' she said.

So he bought her a red wagon, built a ramp and loaded everything into her SUV before he headed off to work.

It took her two wagon trips into Towpath's Akron branch.

Her husband thought perhaps he had $1,000 in change.

When the teller told Lance she was approaching $2,000, the anticipation began to grow.

Others marveled as the count continued.

''Most of them had one jar,'' Lance said. One woman decided to stay and watch. ''It was kind of like being in Vegas and playing the slot machine and having everyone watch you. It really was an adventure.''

Her final count: $4,120.18.

To read the complete article, see: Savers ring up bonanza with coins (http://www.ohio.com/business/38289474.html)



Wayne Homren, Editor

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