Coin shortage impacting businesses, financial institutions in North Alabama

Redstone Federal Credit Union explained why there is currently a shortage.

Posted: Jul 14, 2020 6:53 PM
Updated: Jul 14, 2020 8:50 PM

Across the country, the U.S. is dealing with a coin shortage because of coronavirus.

The US Mint says on top of decreased production, fewer people are depositing change at banks. 

Patricia Lloyd with Redstone Federal Credit Union said the coin shortage is one of the latest impacts of coronavirus..

"There are so many things that have come about as a result of this pandemic, things that people didn't expect," she said. "This was put into effect because once the country was sort of on quarantine because of the coronavirus people were not out shopping, moving those coins in the economy, so after awhile the numbers start dwindling," she explained.

Lloyd said the shortage forced branches to look at how they manage their change.

"Previously we could get whatever we needed, but now we can get only a certain amount for each of our 26 branches," she said.

Right now, each branch receives $50 in pennies, $200 in nickels and $1,000 each of dimes and quarters from the Federal Reserve each week.

Local businesses are starting to feel the impact as well.

"Now when you are at some businesses locally, you're going to see signs that say we have no coins or we can't provide the change and you'll have to look at other ways to handle that," she said.

She said hopefully in a few weeks the shortage will be over.

"The feds say they hope once businesses get moving again and people get out and using those coins again, that will take care of the shortage," Lloyd said.

LLoyd said so far they haven't had any issues getting their customers change, but that could change if the shortage doesn't end soon.

Some may have noticed the coin shortage while out shopping.

Kroger is one of the many stores in Huntsville dealing with the shortage.

A spokesperson with the grocery store chain said customers will get change if they pay with cash in self-check out lines. Those in a lane with a cashier will either have the coin change added to their loyalty card, or can round up to the nearest dollar to support Kroger's charity.

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