Banterra Bank introduces coin-shortage program

Across the nation, retailers are experiencing a shortage in coin as a result of the COVID-19 pandemic.

Federal Reserve Chairman Jerome Powell said economic shutdowns caused a slowdown in cashflow at businesses, reducing the availability of coins, according to a June 23 article by the Associated Press.

Banterra Bank director of marketing Jennifer Spence said the bank has introduced a coin retake initiative to combat the nationwide shortage. Both customers and other community members are invited to bring their coins to deposit or exchange for cash at Banterra Bank locations. Processing fees will be waived, and this service will be free of charge. The coins collected will help Banterra Bank provide customers with the coins they need, Spence said.

The program began July 7 and will run through Monday; individuals with extra pocket change are asked to visit one of the bank's locations to exchange the coins.

Since the program was introduced, Spence said it's been very popular and has since lessened the bank's concerns over coin shortage. In addition to providing a solution to the shortage, ten percent of the money raised in this program will be donated to local food banks, she said.

In his presentation before the House Congressional Committee, Powell said this coin shortage should be a temporary issue, according the Associated Press.