Bank Announces It Will Be Paying Americans To Bring in Spare Change
Amid reports of a coin shortage striking retailers and other businesses nationwide, one bank chain is now offering rewards for those who bring in their spare change.
On July 14, Community State Bank in Wisconsin announced a Coin Buy Back Program that offers a bonus of $5 for every $100 worth of coins brought to any one of its seven locations.
The maximum coin bonus a person can receive for their change is $500 and is not limited to bank customers.
While coin machines inside grocery stores, banks and big-box stores often charge a flat fee for counting your coins and paying you for them, a bank executive said Community State Bank wants people to know they will be paid a bonus for bringing in loose change.
“We are certainly encountering crazy times,” Assistant Vice President and Retail Operations Director Katie Stolp said in a statement.
“Our goal from this program is to provide local business owners with the funds and tools they need to run their business. Many other financial institutions charge up to 10% of the value for coin counting,” Stolp added.
“We’re not only waiving that charge, but paying community members to bring us their coin.”
Another bank executive, Neil Buchanan, told WITI-TV that the shortage of coins is unprecedented.
The bank says the program is temporary and will end when “supply needs have been met.”
A reported coin shortage has seen some retailers asking customers to use their credit or debit cards.
NPR reported Walmart and CVS are among companies asking customers to use debit or credit cards, checks or to pay with exact change.
“It has never happened before, it’s something new, and it’s interesting. … I really didn’t expect coin shortage to be something we have to deal with,” Buchanan said.
Calling all coin collectors, piggy bank professionals and car change connoisseurs! There’s a U.S. #coinshortage and we need your help! We’re looking to #stockthevault so we can help supply our #localbusinesses! Stop into one of our locations: https://t.co/808wvlg2GJ #banklocal pic.twitter.com/isJdpZWays
— Community State Bank (@CSBtweets) July 15, 2020
“Like most retailers, we’re experiencing the [effects] of the nationwide coin shortage,” a Walmart spokesperson told the outlet.
“We’re asking customers to pay with card or use correct change when possible if they need to pay with cash. Cash is welcome at all of our stores.”
Likewise, a representative for CVS said the company is “encouraging customers, if possible, to pay for their purchases using exact cash, credit/debit card or check.”
The reported coin shortage has led many people to speculate that the country might be headed toward an economy with no physical currency.
The New York Times warned in an article published earlier this month that the coronavirus is “propelling a shift toward a cashless society.”
Despite speculation, though, the Federal Reserve says the coin shortage is temporary.
Federal Reserve Chairman Jerome Powell said last month that a reported coin shortage is in response to the economic impact of the coronavirus pandemic, according to The Associated Press.
“With the partial closure of the economy, the flow of funds through the economy has stopped,” Powell said. “We are working with the Mint and the Reserve Banks and as the economy re-opens we are starting to see money move around again.”
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