What should a loose coin policy entail?

After the last Utility Information Pipeline issue dealing with a customer paying her entire $493 water bill in pennies as a “peaceful protest”, where I advocated for having a loose coin policy, a few readers inquired as to what a loose coin policy should entail.

Loose coin policy

At the very least, any loose coin policy should require that coins exceeding the amount required for a coin roll of that denomination be rolled. Standard coin roll denominations are:

  • pennies – $0.50
  • nickels – $2.00
  • dimes – $5.00
  • quarters – $10.00
  • half dollars – $10.00

It is also advisable to require your customer to write their name and phone number on each roll of coins in case there is a discrepancy in the amount of coins in the wrapper.

Obviously, you can use some discretion in enforcing the policy. If a customer showed up with 52 pennies to pay the exact change portion of their bill, it doesn’t make sense to require them to roll 50 of the pennies.

Benefits of a policy

With a loose coin policy in place, your office would be able to refuse to accept a wagon load of coins from an irate customer, such as the protest in the above story, unless the customer first wrapped the loose coins. This would save considerable time in counting the coins when they are presented for payment.

Have you completed the Utility Staffing Survey?

Just a reminder, if you haven’t yet participated in the 2018 Utility Staffing Survey, please click here to complete the survey. This should take less than five minutes to complete. The results will be published in a future Utility Information Pipeline.

Please feel free to share this survey with your peers at other utilities.

Thank you in advance for taking the time to complete the survey and for sharing it with other utilities.

Are your policies up-to-date?

If you don’t have a policy regarding loose coins, or feel like other policies may not be up-to-date, please give me a call at 919-232-2320 or e-mail me at gsanders@logicssolutions.com to learn how a business review could help your utility.

Click here to subscribe to my free, bi-weekly email newsletter...

© 2018 Gary Sanders

Could your office avoid a protest like this?

Could your office avoid a protest such as the one in the news last week at the Deltona, Florida water department? A customer, upset by what she claims were extraordinarily high bills, chose to pay her $493 water bill in pennies as a “peaceful protest.”

Are you like most utilities?

If your utility is like most that responded to a short poll regarding accepting loose coins in a previous Utility Information Pipeline, you don’t have a policy in place to prevent a malicious protest like this one.

According to the article, it took the staff more than three hours to count the 49,300 pennies. That, most likely, doesn’t include the additional time required to roll the 986 rolls of pennies before they could be deposited at the bank.

What is your policy for loose coins?

Some utilities have policies requiring coins presented for payment to be rolled, if they exceed the number needed for a roll. Such a policy would have required the frustrated customer in the news story to have rolled all the pennies before presenting them for deposit. This would have saved the office staff the time involved in counting all 49,300 pennies and kept them from having to roll the coins before depositing them.

If you don’t have such a policy, I recommend you implement one before you have a customer decide to wage a “peaceful protest” of a high bill.

Complete the Utility Staffing Survey

Just a reminder, if you haven’t yet participated in the 2018 Utility Staffing Survey, please click here to complete the survey. This should take less than five minutes to complete. The results will be published in a future Utility Information Pipeline.

Please feel free to share this survey with your peers at other utilities.

Thank you in advance for taking the time to complete the survey and for sharing it with other utilities.

Are your policies up-to-date?

If you don’t have a policy regarding loose coins, or feel like other policies may not be up-to-date, please give me a call at 919-232-2320 or e-mail me at gsanders@logicssolutions.com to learn how a business review could help your utility.-

Click here to subscribe to my free, bi-weekly email newsletter...

© 2018 Gary Sanders