ALL NEWS

A bank is paying people to bring in their spare change amid the coin shortage

Jul 19, 2020, 2:44 PM
coin shortage...
The US is facing a coin shortage because of the pandemic. (Photo: Shutterstock)
(Photo: Shutterstock)

(CNN) — A Wisconsin bank is bringing change to their community by helping local businesses struggling because of the nationwide coin shortage caused by the coronavirus pandemic.

On Wednesday, the Community State Bank launched a Coin Buy Back Program which offers a $5 bonus for every $100 worth of coins turned in to any of its seven locations. Anyone who brings by coins, whether they’re a bank customer or not, can receive up to a maximum coin bonus of $500.

“We knew we needed to figure something out. We hate the idea of telling our customers, ‘No, we can’t give you one of the services we’re proud to provide,’ so we came up with a creative way to get things done,” Community State Bank Vice President Neil Buchanan told CNN. “Just because this hasn’t been done before doesn’t mean it isn’t going to work — and it has already made a huge difference.”

Just days after launching the program, hundreds of people have dropped off their spare change, already resulting in an “incredible impact” on local businesses that were struggling because of the shortage, according to Buchanan.

Customers are not being charged for any coin counting transactions and will receive their money in cash or as direct deposits. Many have also dropped off spare coins without asking for anything back.

The coin shortage is one of the many consequences of the partial closure of the economy, which halted the flow of coins. As banks and businesses shuttered or changed the way they operate, there are now fewer coins reaching the public. Some national retailers — including Wawa and CVS — are asking customers to pay with exact change or offering programs through which customers can donate their change to charity.

Banks across the country are only receiving a small portion of their weekly coin order — and many are quickly running out. This affects local businesses as it can turn away customers who need change back.

“Our businesses have reached out just voicing their appreciation for their local bank coming up with a creative way to help them eliminate a challenge that many businesses across the country are facing,” Buchanan said.

The bank will continue their Coin Buy Back Program until there is no longer a demand.

Today’s Top Stories

All News

At least 127 people are dead and hundreds more injured, police say, after chaos and violence erup...
Heather Chen, Raja Razek and Kareem El Damanhoury, CNN

Indonesia stadium riot: At least 127 people reported dead following soccer match, police say

At least 127 people are dead and hundreds more injured, police say, after chaos and violence erupted late on Saturday following an Indonesian league soccer match between two of the nation's biggest teams.
1 day ago
The National Archives has told the House Oversight Committee that certain presidential records from...
Whitney Wild and Katelyn Polantz, CNN

National Archives says it still doesn’t have all Trump White House records

The National Archives has told the House Oversight Committee that certain presidential records from the Trump administration remain outstanding, citing information that some White House staff used non-official electronic systems to conduct official business.
1 day ago
Sister Tracy Y. Browning, second counselor in the Primary general presidency, speaks during the Sat...
Waverly Golden

Saturday morning conference session makes history

During the Saturday morning session of the 192nd Semiannual General Conference of The Church of Jesus Christ of Latter-day Saints, Sister Tracy Y. Browning became the first Black woman to ever speak at a general conference.
1 day ago
u of u student arrested...
Waverly Golden

Other paths to consider when thinking about attending college

Following the student loan forgiveness announcement, college is on everyone's mind. Dave Noriega takes an in-depth look at the alternatives.
1 day ago
Around 1:02 p.m. this afternoon, a pickup truck with two occupants ended up in a ditch filled with ...
Waverly Golden

Pickup truck crash leaves two dead

The Utah Department of Public Safety says the occupants, a male driver and passenger sustained fatal injuries. 
1 day ago
Firefighter Fred Woods assesses damages at Tragedy Springs (Jonathan Pierce Calfire)...
Dan Bammes

The sad history of Tragedy Spring

The Mormon Battalion historic site, high in the Sierras is in sad shape after windstorms and wildfires.
1 day ago

Sponsored Articles

Young woman receiving laser treatment...
Form Derm Spa

How facial plastic surgery and skincare are joining forces

Facial plastic surgery is not only about looking good but about feeling good too. The medical team at Form Spa are trained to help you reach your aesthetic outcomes through surgery and through skincare and dermatology, too.
large group of friends tohether in a park having fun...
BYU MBA at the Marriott School of Business

What differentiates BYU’s MBA program from other MBA programs

Commitment to service is at the heart of BYU’s MBA program, which makes it stand out among other MBA programs across the country.
a worker with a drill in an orange helmet installs a door in the house...
Price's Guaranteed Doors

Home improvement tip: Increase the value of your home by weatherproofing doors

Make sure your home is comfortable before the winter! Seasonal maintenance keeps your home up to date. Read our tips on weatherproofing doors.
Curb Appeal...
Price's Guaranteed Doors

How to have the best of both worlds for your house | Home security and curb appeal

Protect your home and improve its curb appeal with the latest security solutions like beautiful garage doors and increased security systems.
A paper reading IRS, internal revenue service is pictured...
Jordan Wilcox

The best strategies for dealing with IRS tax harassment | You have options!

Learn how to deal with IRS tax harassment. This guide will teach you how to stop IRS phone calls and letters, and how to handle an IRS audit.
spend a day at Bear Lake...
Bear Lake Convention and Visitors Bureau

You’ll love spending the day at Bear Lake | How to spend a day at Bear Lake

Bear Lake is a place that needs to be experienced. Spend a day at Bear Lake.
A bank is paying people to bring in their spare change amid the coin shortage