WATERTOWN, New York (WWNY) – Local banks are seeing the effects of a coin shortage and asking you to cash in the coins you have stored in a jar at home.
The Federal Reserve is minting coins, but there is no circulation.
“We’re just back to that full circle coin where we just want to move the coins again, ask our customers to bring them in and just put them back into circulation,” said Janessa Sparacino, assistant vice president of services. bank, Watertown Savings Bank. .
When the COVID pandemic hit, fewer people were coming out. And fewer people were using banknotes and coins for fear of spreading the virus.
Meanwhile, the Federal Reserve has capped the amount of coins it distributes because a year later it still has not hit pre-pandemic levels.
The north of the country is already feeling the effect.
âLast week was the first week we really saw a substantial change in what we were able to receive,â said Sparacino.
With coins harder to find, some businesses have had to rethink how they collect their money.
At Colonial Laundromat in Watertown, the coin shortage has opened up a new opportunity.
âWe take credit, debit, Google, Apply Pay, you can pay over the phone – all cashless systems that we have, basically,â said
Tim O’Connell, Owner, Colonial Laundromat.
It was a decision the channel was already on the verge of making, but the shortage and the pandemic accelerated that process.
âAfter COVID, it seemed like everyone was debit and credit. They didn’t want to touch the money, or for whatever reason. We put it at the top of the to-do list, âsaid O’Connell.
Watertown Savings Bank prepared for the shortage by stocking up on parts.
As to how long this will last, no one knows. This is why the bank wants you to contribute to the Get Coin Moving Again operation.
âWe would be delighted to withdraw this coin from you,â Sparacino said.
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