Some Banks Are Paying Extra Cash For Exchanging Coins. Here’s What We Know.
Have you guys seen the national coin shortage pamphlets hanging outside of stores?
Many stores have been asking for exact change or letting you know that some self checkouts only take debit or credit cards.
Due to the pandemic, the United States Federal Reserve has issued an announcement for low coin inventories. 2020 is such a doozy.
Currently the Federal Reserve is strategically issuing out coins to banks across the country.
Why is there a coin shortage you might ask? Well, considering social distancing practices and safety precautions are in effect, less individuals have been able to spend cash creating the coin shortage.
Businesses are also being affected by the mass shortage of coins, which is why you’ve seen papers plastered in front of store doors. For example, gas stations such as Wawa or Sheetz, grocery stores, laundromats etc.
According to an expert who told Forbes, rather than a shortage of coins, it’s more of a circulation disruption at the moment.
An assistant Professor in the finance division of the Columbia Business School Yiming Ma stated,
“It’s reflecting the fact that, once circulation is resumed, these disruptions will ease out.”
Yiming Ma, assistant Professor in the finance division of the Columbia Business School
In fact, certain national banks and credit unions are willing to give you extra cash for your coins. Some are even giving out a percentage bonus for customers who bring in any change, such as the Gorham Savings Bank.
Even convenience stores such as Quick Trip, are providing free counting services for your money, according to the Dallas Morning News. Cha-Ching!
So while it’s still open for discussion, get the extra cash now for your coins while you can! Just make sure to call your local bank first to make sure they’re participating in doing so!
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