GoTyme Bank Introduces Coin Deposit Machine Collaboration with Bangko Sentral ng Pilipinas
Going against the norm, GoTyme Bank has teamed up with the Bangko Sentral ng Pilipinas (BSP) to make it easy for customers to put spare change and turn it into high-interest savings. Now that GoTyme Bank is part of the BSP's Coin Deposit Machines (CoDMs), it gives customers another easy way to deposit money. This thoughtful move gives Filipinos a great chance to save the coins they've been collecting easily.
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| GoTyme Bank Introduces Coin Deposit Machine Collaboration with Bangko Sentral ng Pilipinas |
Customers are asked to go to a CoDM in a nearby shopping mall to use this service. There are clear directions on how to add coins to a GoTyme account on the machine. After following the normal payment-withdrawal steps on the GoTyme Bank app, a secure barcode is created. This barcode can be scanned to add the payment to the customer's account. If there are any problems with reading, you can enter the code by hand.
Putting idle coins to work as high-yield deposits
In order to fix the fake coin shortage in some parts of the country, the BSP started the CoDM program on June 20, 2023. In addition to encouraging people to reuse coins, this project helps the public by letting people turn spare coins into e-wallet credits, shopping coupons, and now bank deposits. It's especially helpful for people who don't want to take coins or don't have time to go to a bank to change their money.
GoTyme Bank is here to provide Filipinos with better financial solutions
As the first bank to work with the CoDMs, GoTyme Bank is the only one that can turn coins into direct deposits that earn 4% interest per year. This is 60 times more than a normal payroll account and much more than coins would earn in a piggybank at home. The method makes a unique barcode instead of asking for a phone number to protect your privacy and safety.
Robina Gokongwei, President and CEO of Robinsons Retail, has called for strong support for the BSP's CoDM plan, recognizing that it helps to boost the economy and keep our money systems balanced. These machines have now been put in some Robinsons supermarkets across the country.
Visit a CoDM near you or look around the GoTyme Bank app to learn more.