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 Replies: 15 / Views: 1,984 |
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Pillar of the Community
978 Posts |
https://thehill.com/policy/finance/...oin-shortageThe director of the U.S. Mint on Monday asked Americans to help fight widespread coin shortages by using exact change for purchases and exchanging coins for cash at banks and kiosks. In a video posted Monday on Twitter, U.S. Mint Director David Ryder called for actions that would help improve a breakdown in coin circulation caused by the coronavirus pandemic. The sharp declines in economic activity and shift toward cashless payment options amid the pandemic has choked off the steady circulation of coins through the U.S. economy. Grocery stores and retailers across the U.S. have warned customers of shortages and have asked them to pay either in exact change or with credit cards to keep a meager supply of coins available. "I want to assure you that the men and women of the Mint workforce are working as hard as they possibly can to get newly produced coins into the economy," Ryder said. "Right now, coins aren't circulating through the economy as quickly as they were prior to the COVID-19 pandemic, which means sometimes coins are not readily available where needed. This is not a coin supply problem. This is a circulation problem and I am here to ask for your help." The national coin shortage may be merely a nuisance or novelty for Americans with access to credit cards and financial flexibility. But the coin shortages can pose serious challenges for those without noncash payment options and low-income individuals without the money to smooth over the differences. Nearly 7 percent of Americans do not have bank accounts, according to a 2017 survey conducted by the Federal Deposit Insurance Corp., and there are still roughly 12 million Americans who lost their jobs due to the pandemic who have not yet returned to work, according to the July jobs report released by the Labor Department earlier this month. Edited by ckrakowski
08/24/2020 4:24 pm
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Rest in Peace
United States
18456 Posts |
'' Banks want customers to cash in their change '' All sorts of coins in those piggy banks and 5 gallon water bottles being brought to banks . Unfortunately the banks might not let those coins be bought by CRH'ers .   |
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Bedrock of the Community
United States
17884 Posts |
Many banks still have restricted or no lobby hours so people CAN'T return their coins to the banks. Trying to turn in a 5 gal jug of coins at a drive up window is enough of a hassle that people won't do it.
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Moderator
 United States
187862 Posts |
Quote:
Trying to turn in a 5 gal jug of coins at a drive up window...  |
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Pillar of the Community
4628 Posts |
Again you guys are stuck in the past.
Yes its disrespectful, but true.
Here in New Zealand, my bank has a smart ATm which has a deposit facility, with a machine that takes coins up to several hundreds. It has a metal tray, you tip the coins in and it counts them and you bank them.
All banks share ATM's and other bank ATM fees were removed in 2017, but these cash machines will charge a $5 or 5% handling fee for non customers of the bank. Otherwise, the bank will recommend you taking your coins at a quiet time and will charge a cash handling fee.
Either way, the hoarding of coins is not recommended. Part of the reason your banks don't want 22.4 litre jugs of coins is because your coins are so worthless, 99% are quarters or lower. Most countries of the world, the highest coin is worth over $1.
I mean the bank could be handling wads of notes and then comes Madman Ziggadoo with a wheelbarrow of rusty pennies and nickels to bank - especially now during Covid, where most bank people think that coins are nothing more than plague pills.
Edited by Princetane
08/25/2020 8:42 pm
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Pillar of the Community
United States
5770 Posts |
Thanks Princetane. I like your perspective and humor. Coins are made for others to run through Coinstar machines so we can collect the rejects.  Words of encouragement are one of the major food groups.
We need to consume them regularly to thrive and grow.
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Pillar of the Community
United States
4333 Posts |
I stood in line once again and observed those using cash.
Zero for six.
Then it was my turn. I try to carry at least a buck and a half worth of coin in my pickup.
Rolled up about $250 worth in change the other day, but CU lobby/counter off limits.
I have dug at least one thousand coins this year but have yet to tumble them.
Sorry Mr. Mint director
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
Germany
992 Posts |
Okay, it's a big off-topic... Quote:
Here in New Zealand, my bank has a smart ATm which has a deposit facility, with a machine that takes coins up to several hundreds. It has a metal tray, you tip the coins in and it counts them and you bank them. Germany: My local bank (one out of five different banks having branches in the city) had such an ATM, too. Three local banks never had. I don't know about the fifth. Anyway, you could deposit your coins in the ATM only if you had an account. But it was without any charges. Five, perhaps seven years ago, (I can't recall the exact time) they got rid of this ATM citing too high maintenance cost. From then on, you can get a plastic bag -- a so-called ''safe bag'' -- put the coins in it. Then, you seal it and give the bag to the cashier. He puts some seals on it. The bag is then transported to the nearest Bundesbank (Germany's famous Central Bank) branch where the coins are counted. The amount is then put on your bank account. This process was free of charges until 19-April-2020. Since then, there's a general fee of €2,70 when giving the bag to the cashier, plus a fee of 0,5 Eurocent for every coin in the bag (denomination does not matter). So, for example, a bag of 100 coins will cost you €3,20 and a bag of 500 coins €5,20. Quote:
All banks share ATM's and other bank ATM fees were removed in 2017 You are a lucky guy. There are four major ATM networks here in Germany. Withdrawing (or depositing where possible) banknotes is only free when using the network your bank is part of. If you use an ATM from a bank not part of your bank's network charges per withdraw are in the four to five Euro range. Government tried to limit the fees which were up to €10 a few years ago. But the bank lobby managed to set the limit at €5. Of course, if you use a credit card (instead of a bank card or debit card) charges for withdrawing cash are even higher. |
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Bedrock of the Community
United States
20753 Posts |
By me several banks where I have accounts only take change in rolls. Why should I spend money on those rolls just so I can return coins to a bank? Ans than some banks say they don't want rolls either since so many people short rolls by a coin.
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Pillar of the Community
United States
4333 Posts |
Quote:
By me several banks where I have accounts only take change in rolls. Why should I spend money on those rolls just so I can return coins to a bank? Ans than some banks say they don't want rolls either since so many people short rolls by a coin. Those banks are stuck in the '80's. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
4333 Posts |
Competent financial institutions rent modern coin counters.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
814 Posts |
We resumed regular coin machine operations about a month ago. As long as it will fit through the drive thru drawer we will count it. Larger amounts can also be accommodated by appointment in the lobby, which is otherwise still closed to walkup traffic.
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Valued Member
United States
254 Posts |
Just Carl,chase bank makes you roll your own but at least they give you rolls for free
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Rest in Peace
United States
18456 Posts |
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I have dug at least one thousand coins this year but have yet to tumble them. So your the reason why the country is short on coins .  |
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Moderator
United States
187862 Posts |
Quote:
Competent financial institutions rent modern coin counters.  |
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Bedrock of the Community
United States
17884 Posts |
Most of those "competent financial institutions" have those coin counters in their lobbies. Which are closed to the public. Quote:
As long as it will fit through the drive thru drawer we will count it How long does it take you to handle someone who drives up with a couple gallon jars of coins? What happens with everyone else in the meantime? And of course the jar won't fit in the drawer, so they just dump the coins in. |
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Replies: 15 / Views: 1,984 |
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Posted 08/25/2020 3:44 pm
