Innovation

Bank offers bonus for coins

Photo provided by iStock

July 20, 2020

Wisconsin's Community State Bank has launched a Coin Buy Back program offering a $5 bonus for every $100 worth of coins turned in to any of its seven branches, according to a CNN report.

Anyone, whether a Community State Bank customer or not, who brings in coins can receive up to a maximum coin bonus of $500. The program was initiated to help meet the nationwide shortage of coins due to the coronavirus pandemic.

Already hundreds have dropped off change, which is helping local businesses in need of change.

"We knew we needed to figure something out. We hate the idea of telling our customers, 'No, we can't give you [change] one of the services we're proud to provide,' so we came up with a creative way to get things done," Neil Buchanan, Community State Bank vice president told CNN.

Customers are not charged for coin counting services, and can either receive money in cash or a direct deposit if they are a customer. In several cases bank personnel noted customers refused the $5 bonus.

During the height of the pandemic, the flow of coins halted once banks and businesses were shuttered. As the pandemic restrictions lifted, many banks began to quickly run out of coins, which affected local businesses that rely on the bank for cash and coins for its transactions.

As the coin shortage continues, banks nationwide are only receiving a portion of its weekly coin order.

The Coin Buy Back program will remain in effect until the coin shortage has ended.