In an attempt to fight off the emerging coin deficit across the US, a community State Bank in Wisconsin introduced a new initiative offering a $5 bonus if you give them back coins worth of $100.

The Wisconsin Bank launched a Coin Buy Back program intending to bring the change in the community by helping small businesses affected by the coin shortage due to the coronavirus pandemic.

No matter if you are or not a bank customer, anyone who brings in coins is eligible to benefit from the program and receive up to $500 coin bonus maximum.

It is evident that we must figure out something. We don’t like telling customers that we cannot provide the service we are actually proud of. Thus, we had to come up with something creative to keep going. Even though it is a new initiative, we know it will work and it is already making an impact – says Neil Buchanan, Vice President of Community State Bank.

In just a few days after the program launched, people have been dropping off coins in abundance creating a significant impact on various local businesses that were striving due to the deficit, says Buchanan.

Consumers can receive their incentives in cash or direct deposit, and no transaction charges for coins counting will be charged. The program has been a success so far, as some people are giving out spare coins and not even asking for an exchange bonus.

Temporary lockdowns are the reasons for the nationwide coin shortage, which disrupted the circulation of coins across the country. People were receiving fewer numbers of coins since the businesses were shut down or have adopted new ways to operate.

Retailers such as CVS and Wawa are now asking people to give precise change or introducing various charitable programs involving the donation of change.

Coronavirus harmed coin circulation, according to the Federal Reserve. Recently, banks have also been receiving a much lesser portion when it comes to weekly order of coin, including some are simply running out. The slower pace of coin movement has resulted in an insufficient amount of coin, which has affected small, coin-dependent small businesses since the impact can dispose of customers willing to get back their change.

However, the Community bank continues to monitor its coin inventory and keep it functional until there is a decline in demand.