Rumor is the FED is having a difficult time processing change; making a shortage in some markets. I was at the Dollar Tree yesterday and noticed a sign that they are doing debit or credit cards only; no cash due to a cash back shortage.
Has anyone started limiting how many rolls of coin a customer can have? I had a personal customer request 10 rolls of each denomination. We gave them to them, but are now wondering if we need to start limiting, or perhaps just limiting to business customers?
Personally I think hoarding coins (as an individual or business person) would be stupid. One dollar bills and five dollar bills, on the other hand - I think it would be prudent to have $100 worth of each, being that I live in a rural area where many businesses (especially those in the agricultural sector) don't take credit or debit cards. If you find a small business charging you $4.50 for something, it would not be the end of days if you had to pay with a fiver and walk away without your two quarters. Coin production will be back to normal very soon and it would be beyond stupid for people to try to hoard a bunch of rolls of quarters.
People hoarded toilet paper and then businesses put up signs saying they won't take returns or make refunds for toilet paper. Maybe banks should do the same thing, for consumers who want to get $500 in coins. Provide it or some of it, but assure them that you won't accept it for deposit if they keep it for longer than week, something like that...
Valley girl
Gold Star
Joined: Aug 2014
Posts: 394
TX
We have coin counters. Average for the main office to remit was 13 to 18 bags per week before Covid. This week picked up - we submitted 10 bags, but since mid-March, we have been down to less than 5 bags per week. The local grocery chain has also posted signs asking that customers pay with debit/credit due to the change shortage.
Also noticing that the Fed is sending us new bills as they are really driving our ATMs crazy.
And hoarding is real. When their mom passed away, two middle age sons brought her coin to our counter. They filled 31 penny bags in a 2 hour period.
I don't think it is as much hoarding, it is people just don't want to touch them much and carry them around with them. If I pay cash, I let the cashier "keep the change".
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
One of the local casinos is firing up their coin counters again and asking players to bring in their change for dollars.
We have decided to wave any fees associated with coin exchange and extend this service to non-customers. Hopefully that will get coin running through the system again.
It really is time for the U.S. to get rid of the penny and round all transactions to the nearest nickel. I understand not wanting to drop the $1 bill in favor of a $1 coin, but the penny is really a waste of resources.
_________________________
John S. Burnett BankersOnline.com Fighting for Compliance since 1976 Bankers' Threads User #8