THE BIG SHORT(age)…Coins.
As the economy starts to reopen, there is a new shortage of an essential item and it’s not paper towels or hand sanitizer…its COINS, especially pennies. How did the pandemic create such a coin shortage? Like many parts of our workforce, the Federal Reserve had to put into place new safety measures for their employees that are manufacturing coins, which reduced output and supply.
As the Federal Reserve tries to replenish the supply of coin, they are limiting the number of coins they are giving to financial institutions. Which in turn reduces the supply retailers and merchants can get to support their businesses. This is why many retailers are putting up signs asking for exact change or that you use your debit card.
How can you help?
Bring us your spare change. Visit any Firstrust branch with a drive-thru and drop off your coins to us. We will count and deposit the money right into your account – there is no fee for counting coins ever. And best yet, you are helping the local economy. All coins you bring in will quickly go back into circulation at local retailers.
Go cashless and use your debit card for VISA purchases. Debit cards are essentially a modern version of a check. Your debit card is tied to your checking account, so when you make a purchase, the money comes directly out of your account. You can also link your debit card to your mobile wallet and pay for purchases from your phone- and go contact free!
The Fed is confident that the coin inventory issues will resolve once the economy opens more broadly and the coin supply chain returns to normal circulation patterns.