The cash depositing service launched by Coop Pank in 140 Coop stores in the summer has been gradually expanded over the whole country, and now that Kilingi-Nõmme, Abja and Saaremaa have joined the network, the bank’s private and business clients can deposit cash to their accounts in any of 302 Coop stores.
Head of daily banking at Coop Pank, Teet Kerem, said that the bank has set a very clear goal of developing its services to primarily cater for the needs of people in Estonia. “We are building our bank for our people to be able to do handle daily financial matters with as much convenience as possible and, unlike major foreign banks, we can see that the availability of cash and cash depositing are some of the most important bank services,” Mr Kerem stated.
While there used to be approximately 250 locations in Estonia where cash could be deposited in ATMs or branch offices of various banks, the addition of Coop Pank’s service in 302 stores will more than double the number of cash depositing points all over the country.
Mr Kerem noted that the cash depositing service found the most extensive use in large stores where customer traffic is also higher. “On average, 250 euros at a time are deposited at the cash register. The cash depositing service at the cash register has been used the most often in the chain’s stores in Harju, Järva and Võru counties as well as Maksimarket supermarkets in Lasnamäe (Tallinn), Pärnu and Võru,” Teet Kerem elaborated.
In total, Coop Pank’s clients have already deposited more than 2 million euros to their accounts through the cash depositing service at the cash registers of Coop stores, which was launched in May. “The service has proven to be extremely popular. The deposits made through the stores of Harju County Consumer Association alone have amounted to nearly one million euros. We are running a campaign to make sure that as many people in Estonia as possible can try out the cash depositing service: those who use our web page to become the bank’s clients in October will be able to make transactions without paying fees until the end of the year,” Mr Kerem said.
Cash can be deposited at the cash register in the stores in the same way as through a standard ATM, but it is the cashier who receives the cash instead of the machine. The clients insert the card in the payment terminal and enter the PIN themselves, and the cashier never touches the card or sees the account statement. The service is only available to Coop Pank’s private and business clients because the cash is deposited on the client’s current account in Coop Pank. Coop Pank’s private clients can deposit up to 1000 euros in one day and up to 2000 euros per month. Coop Pank’s business clients can deposit up to 1000 euros in one day and up to 10,000 per month to their account. The money reaches the account and can be used immediately, and there is an option of depositing coins.
The service is free for the clients who have opted for Coop Pank’s banking plans Rahn and Rändrahn. Other banks’ clients who would like to start using the service will have to open an account in Coop Pank and order a bank card.
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. It has 15 branch offices and 28 banking points all over the country. The number of clients using Coop Pank for their daily banking has reached 56,300. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The main shareholder of the bank is the domestic retail chain Coop Eesti comprising 330 stores.