Question: A penny for your thoughts about the penny? Most everyone has these not-very-valuable coins laying around in their homes, cars, purses, etc. I imagine the bank is a big dealer in 1-cent pieces and can provide information on how consumers can wisely manage their collections. Do you accept deposits of pennies from account holders and/or non-account holders?
Answer: Yes, we accept all coins from account holders and will soon be offering non-account holders a self-service machine in some of our branch locations as well.
Q: Is there a fee?
A: There’s no fee for First Hawaiian Bank customers.
Q: Consumers may be familiar with coin conversion machines like Coinstar that are in some local supermarkets and other stores. Coinstar typically charges a fee equal to 11 percent of the money exchanged, or 11 cents per $1. What will using First Hawaiian’s self-service machine cost non-account holders?
A: We plan to offer a coin conversion fee of 5 percent for noncustomers; however, it would be ideal if we could open an account for them that day, and then we could waive the fee. We look at this as an opportunity to provide additional convenience and value for our customers.
Q: In what form can bank customers bring in their stacks of pennies? Will a sack do, or must coins be put into paper rolls?
A: Customers can choose to bring their coins in a sack or in paper rolls. They receive immediate credit on their account if they bring it in paper rolls. We also offer a free sorting and counting service for customers who prefer not to roll their coins. We give them a receipt, and their account is credited in a few days.
Q: How does the bank count the coins?
A: We have specialized machines that sort and count all the coins.
Q: Do you know or can you estimate how many pennies the bank takes in annually?
A: We take in and process about $125,000 in pennies or about 12.5 million coins a year.
Q: What does the bank do with all the pennies it receives? Do business customers need them?
A: We recycle them and send them back out into circulation.
Q: Does the bank have to order pennies to provide to customers who want them? If, so from where?
A: All of our coins are ordered through the Federal Reserve Bank in California.
Q: There have been initiatives to get rid of the penny. Do you think that’s a good idea?
A: Possibly, as it could certainly lighten your pocket. Taking one coin out of circulation could also save the government a lot of money in terms of coin production and management.
Q: Where do you keep loose pennies personally, and what do you do with them?
A: Like everyone else, I fill up a jar. When my jar’s full, I bring it into the bank to have it counted and sorted.
