Monday, February 16, 2009

One Step Forward... Nine Steps Back!

Coin counting machines are popping up all over the place... providing a 'valuable service' to hard-working individuals who are so busy and so rich that they can't count their own money.  I walked into my local supermarket recently to find a line 3-deep at the green machine almost blocking the store's entrance.  I wondered if the line would still be that long if I posted a sign that more accurately describe what they were actually doing.  My sign would have stated, 

"For every dollar that you put in... You only will get 91 cents back!"...

because if they read the fine print, those people might realize they were happily paying a 9% service charge.  People who work the hardest... and have the least... are giving away 9 cents for every dollar they are saving.  Shame on those companies that prosper by preying on people who need help the most.

The next time that you are ready to break open your piggy bank, get some free coin wrappers from your bank... and have a coin counting 'party' with your kids so that you can teach them how to save money... instead of throw it away.

1 comment:

beidler said...

Hi Steve. I was shocked to find out the coin exchange machines charged 9%. I thought they were only scamming 5%. Your observations are spot on. Keep up the great blogs.
BTW, I really enjoyed your speech to the students.

Beidler