X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Janet Bridges, director of treasury at Atlanta-based restaurant chain Chick-fil-A, is about to become a pioneer in one of the last frontiers in cash management automation–the mundane world of coins and bills. Sitting in back offices at two of her company’s restaurants are two small, innocuously plain safes, except for the currency-counting equipment on top. While today they may in fact be ordinary safes, within weeks they will become official bank vaults provided by Bank of America. Called BofA recyclers, money being deposited into the vaults goes automatically and immediately into Chick-fil-A’s account at the bank, credited as a deposit–just as if someone had counted, strapped, rolled and bagged it all and hauled it to a bank branch for deposit.

“We were looking into an armored carrier service to get cash to the bank when our BofA account rep told us about this opportunity. We quickly signed up to be the initial pilot customer,” Bridges says. “We liked the way several services are packaged, and we liked being involved early, so we could influence the way the product is shaped.”Until recently, there has been no slick way to handle bills and coins, and consequently cash management that involved hard currency was costly and inefficient–for both the bank and the customer. The real challenge: how to get the cash working as fast as possible.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

 

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.