The Community State Bank located in Wisconsin is offering a bonus for turning over change. The bank is taking this step as there is a national coin shortage. Major retailers are unable to pay exact change to the customers. According to the bank officials, the coronavirus pandemic has disrupted the supply chain of coins.
The Community State Bank is offering $5 for every $100 in coins. However, the coin buyback program is for those who do not have an account in the bank. Katie Stolp is the assistant vice-president and director of retail operations of the Community State Bank in Wisconsin. Stolp said, “We are certainly encountering crazy times.”
The local business owners require funds and tools to operate their businesses properly. The coin buyback program is initiated by the bank to provide funds and tools to local businesses. Stolp said, “Many other financial institutions charge up to 10% of the value for coin counting.” The Community State Bank is not only waiving that charge but paying community members to bring their coins to the bank.
According to the report of the Federal Reserve, the COVID-19 pandemic has dropped the circulation of coins at the national level. The supply of coins has been disrupted by the pandemic. The Federal Reserve is taking steps to ensure fair distribution of the coins under the current circumstances. According to the Federal Reserve, it has implemented a cap on the orders banks place for coins.
The shortage of coins created change issues for major retailers in the US. In Wisconsin, major retailers are unable to pay exact change to their customers due to the shortage. The Community State Bank is playing a role to deal with the shortage. The community members are urged by the bank to bring their coins and take a bonus. The bank is paying a bonus of $5 for every $100 in coins. According to the financial experts, the coin shortage occurred due to the disruption of the coin supply during the lockdown.