PORTSMOUTH, Ohio (WSAZ)-We have begun to see signs that companies around Tri-State have announced “only change”.
These are another unforeseen complication of the COVID-19 pandemic. During many orders left at home, few people spend money in their wallets.
The federal government says the coins are there, but because the corona virus shuts down many businesses, their circulation is not as needed by banks and businesses.
Lee Powell, President and CEO of Desco Federal Credit Union in Portsmouth, said: “We have to reject coin collectors because we now have more businesses that need such coins.”
Check your piggy bank, wallet, because the coins you have been peddling are in great demand now.
Powell said: “The coins are there.” “But they are in people’s ashtrays and sofas, but they are not recycled.”
Powell said that due to the closures associated with COVID-19, the changes that usually flow in the enterprise are drying up.
Powell said: “Several companies engaged in coin trading either have no business or have limited business hours, and the launderette is an interesting comment.”
According to Powell, this shortage is so severe that banks only receive some of the change they usually order from the Fed. This means that those same banks are restricted in providing businesses to you and you.
The impact of the shortage does not stop there. Signs were posted in Barboursville and South Charleston, asking customers who paid in cash to use change.
The next time you go to the store, if you don’t use the card or change, you may need to round it up.
The Fed said in a letter to financial institutions that the supply problem is temporary. When the bank closed for the first time due to COVID-19, the US mint, which makes US currency, slowed down production.
Powell said: “Usually people deposit coins on the teller counters of financial institutions.” “If you try to put them in a tube while driving, they are either too heavy to pass through the tube system, or in the worst case, it It will go through half of the pipe system and get stuck, we have to close the car and get the things out.”
Many companies and consumers say they are seeing more and more plastics being used to pay for goods, which is another reason for the reduction in coin circulation.
“I am a cardholder. When I buy things, I usually use banknotes, and I rarely use change.”
Debbie works in a local bakery and says they use dormitory most.
The Federal Reserve issued a statement to the bank, stating that the distribution of coins to banks, credit unions and other depository institutions will currently be reduced by 40%.
As the bank lobby reopened, they encouraged customers to exchange coins for cash.
If you want to go shopping, try to spend some loose coins on your wallet.
Powell said: “In this environment, you will not cause much interest, but at least you will earn a few cents, and it will help other consumers and businesses.”
The Fed said that they are now gathering industry leaders and establishing a limited-time US coin task force. They said that the organization will identify, implement and promote actions to help limit the interruption of normal coin circulation.
At the same time, Powell said that his credit union had stopped selling coins to the Fed to keep the change in the hands of customers.
Powell said: “Everything we get will be retained, and we have ensured that it is specifically allocated to those member companies.”
At least for now, this is a change you can rely on.
For now, it may be difficult to pay a penny for your ideas.
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