Supermarket change machines

geordie_joe

Queenriderbrekke wrote: »

The thing with the machines are that the companies that run them have to empty them (probably using some sort of security firm)and then pay them into the bank, which charges them a business rate for both paying in cash and coins so when you add factors like this in then they probably aren't making as much out of it as you think:)

But they are making enough to pay the security firm, the bank charges, their staff wages etc and a nice profit for their share holders.

Queenriderbrekke

geordie_joe wrote: »

But they are making enough to pay the security firm, the bank charges, their staff wages etc and a nice profit for their share holders.

Well yes, but on the other hand they are a business, so you would expect them to make a profit for the service they provide:D

Boa21

I tip all coins 5p and below into an old jar and very now and again the kids bag them up and pay them into their building society accounts as extra pocket money.

Rather defeats the object of moneysaving to hand over 7% for something you can do for free:D

nsimpson123

I save all my coins 10p and below - the kids love counting them up, then take it to the post office who will gladly change it for you, when it's holiday time we use it as our airport spending money

geordie_joe

Queenriderbrekke wrote: »

Well yes, but on the other hand they are a business, so you would expect them to make a profit for the service they provide:D

Yes but I think you missed my point. The people who use these machines don't care how much of the commission is taken up in expenses and how much is profit, they only care about how much is taken from them.

e.g. If of the 7% commission, 1% is profit and the other 6% expenses. or if it was the other way around, 6% profit and 1% expenses, it wouldn't make any difference to them. They still have had to pay 7%.

Stompa

nsimpson123 wrote: »

...then take it to the post office who will gladly change it for you...

That's certainly not the case with all post offices.

boliston

geordie_joe wrote: »

The trouble with money being electronic is it is much easier to lose it. With real money in your purse a mugger has to be "up close and personal" to get it, but with electronic money you can be "mugged" by someone on another continent.

At least you will normally see the stolen "electronic" money again once the bank refund the fraud. More than can be usually said for physical cash that is stolen.

Also not many people only use cash and have no bank account or cards, so there is still the risk of being mugged "electronically" if you use cash.

mjgreen60

vicki+1 wrote: »

they get a big coin £1 etc for the value of the cash, but it charges 10% commision ( i think), eg 110p to get a £1

Hate to be pernickity, but if you are taking 10% off, and you put 110p in, it would take 11p off, so you would only get 99p back!

ghanagirl

chelms38 wrote: »

Eventually we will all have microchips in our wrists so no need to carry cash or credit/bank cards around. :eek:

Until you walk past someone with a portable scanner and they steal all your cash with out you knowing.
A muggers dream come true.

boliston

ghanagirl wrote: »

Until you walk past someone with a portable scanner and they steal all your cash with out you knowing.
A muggers dream come true.

You would just request a chargeback if it was a fraudulent transfer that you did not authorise.