1, Texas-based Amarillo National Bank is paying an extra 10% up to $500 to exchange coins for cash with no fees. “Many (league) members are taking steps like offering coin counting machines at no charge to help customers convert coin holdings to cash or deposits,” he said.
James Thurston, a spokesman for the Ohio Bankers League, says consumers can take advantage of the shortage and make some money. Others want the change loose, as it will be fed it into coin counting machines. Some want the coins wrapped or rolled like Pittsburgh-based PNC Bank, where customers with wrapped coins can make appointments to bring them into a branch. To help boost coin supply, several banks have been waiving fees and going as far as offering extra cash back. These days, instead of being charged fees, you might find a bonus at your local bank. Over the years, many big banks and even some credit unions have phased out services that would count coins and others have charged fees to customers and non-customers alike. Yet while some coin slots have been swapped out for card readers –such as on soda and snack machines, parking meters and even slot machines – coins are still king at many locally owned smaller businesses, such as laundromats. The finance culture has been discounting the importance of coins for years, even as they have continued to play a role in many aspects of day-to-day life. Kroger also is loading change onto a customer's loyalty card so the shopper can use that extra change on the card during their next trip. Other stores, such as Kroger and Stop & Shop, are suggesting that customers paying with cash should round up their total, with the difference donated to a charitable cause. Stimulus checks for kids?: Country Time launches bailout fund for lemonade stands closed due to COVID-19Īt select Target stores, shoppers are being asked to use "exact change or alternative payment, if they’re able," spokeswoman Danielle Schumann said. "We’re asking customers to pay with card or use correct change when possible if they need to pay with cash," Walmart spokeswoman Molly Blakeman said in a statement to USA TODAY, noting cash is still welcome. Several retailers, including Walmart, have converted some self-checkout registers to card-only. Stimulus checks for kids? Country Time launches bailout fund for lemonade stands closed due to COVID-19 Masks required: McDonald's Aldi, Target among retailers adding face masks requirements due to COVID-19. Since March, many businesses and experts have encouraged consumers to use contactless payment systems because of concerns about the potential spread of the viral infection via cash and credit cards changing hands. In 2019, it produced an average of 1 billion coins per month. The Mint says it has been operating at "full production capacity since mid-June, minting almost 1.6 billion coins during the month of June" and expects to produce 1.65 billion coins per month for the rest of the year. "For millions of Americans, cash is the only form of payment and cash transactions rely on coins to make change." "Until coin circulation patterns return to normal, it may be more difficult for retailers and small businesses to accept cash payments," the Mint said in a statement Thursday. Save better, spend better: Money tips and advice delivered right to your inbox. Now, the Mint, which manufactures the nation's coin supply, is encouraging consumers to "start spending their coins, depositing them, or exchanging them for currency at financial institutions or taking them to a coin redemption kiosk." The COVID-19 shortage of pennies, nickels, dimes and quarters led the Federal Reserve to start rationing coins in June, and banks have been begging customers to break out their piggy banks to pump more coins into circulation.īecause of the currency deficit, more retailers and restaurants are urging consumers to pay with cards or exact change, and some temporarily are either not giving change or, instead, offering the difference on loyalty cards. Mint is asking for help solve the nationwide coin shortage caused by the coronavirus pandemic.
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