National coin shortage hits Valley banks, businesses
HUNTSVILLE, Ala. (WAFF) - You may have noticed signs on store doors asking you to pay with a credit or debit card. That’s because the COVID-19 pandemic is causing a coin shortage impacting everything from banks to businesses. This could short change your coin purse too.
Coins are something you likely don’t think about until there’s a shortage. The Federal Reserve is blaming the COVID pandemic on a disruption to supply. That’s impacting financial institutions like Redstone Federal Credit Union.
“On a weekly basis our allotment of pennies is only $50. Our allotment of nickles is only $200,” said Patricia Lloyd, public relations coordinator for Redstone Federal Credit Union.
“We constantly do get coins in from our members if those are coming to us rolled we can use those immediately,” said Lloyd.
LaRoda says she went cashless in April to avoid contact with money that could be tainted with coronavirus. Her customers now use debit or credit card only to pay for donuts and menu items. That’s helpful to LaRoda’s business - especially in a time of uncertainty.
“It was very clear to us if we could find a way to eliminate that and just go debit that way there’s one transaction being made from your card to the machine,” said LaRoda.
As more and more businesses open back up and return to normal work hours, coin orders are starting to increase. The Federal Reserve says that could do away with the shortage soon. Until then, banks and businesses are doing the best they can to meet consumer demand.
Banking customers can bring their spare change to the bank. You can use one of the coin sorters set up at your financial institution to get cash for your coins.