A Wisconsin bank has launched a Coin Buy Back Program to aid local businesses that have run out of change during the coronavirus pandemic.
"We knew we needed to figure something out. We hate the idea of telling our customers, 'No, we can't give you one of the services we're proud to provide,' so we came up with a creative way to get things done," Community State Bank Vice President Neil Buchanan told CNN. "Just because this hasn't been done before doesn't mean it isn't going to work — and it has already made a huge difference."
The program offers anyone, customer or not, a $5 bonus for every $100 worth of coins they turn in to any of its locations. The maximum bonus is $500, and the bank plans to continue the program until the nationwide coin shortage is over.
Already, hundreds of people have dropped off their change, making an "incredible impact," according to Buchanan. Some have not even requested the bonus.
Fewer cash transactions have impacted the flow of coins during the pandemic, causing the coin shortage, and that has made many businesses unable to make change for those who do want to pay in cash. Often, cash customers are turned away or are forced to forgo their change, donating it to a charity instead.
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