FORT WAYNE, Ind. (WANE) – Several businesses across the city have made some adjustments in how they handle monetary transactions. The changes come after the Federal Reserve addressed a national coin shortage.
“The U.S. Federal Reserve has notified us that it’s currently experiencing a coin shortage,” Amy Thibault, a representative for CVS Health told WANE 15 Tuesday. “As a result, we are encouraging customers, if possible, to pay for their purchases using exact cash, credit/debit card or check. We’re working with our bank partners to minimize impact to our customers and are monitoring the situation closely.”
The pharmacy’s statement was made one day after Kroger’s corporate offices announced a change in how the grocer would do business. Cashiers will stop returning coins, but instead offer customers other options to collect their change.
Kroger is not the only chain to make adjustments. Signs have been posted at Meijer stores, telling customers that self-scanners have stopped taking cash. Dollar General stores have also encouraged customers to use correct change or another form of payment.
WANE 15 has reached out to representatives of several companies, asking how the coin shortage has affected their businesses.
While a representative from Chase Bank wouldn’t comment on how things have changed in the company’s locations, she did provide a statement from the Federal Reserve, sent out in June. It explained a drop both in coin deposits and production of new coins caused the shortage.
“The Federal Reserve is working on several fronts to mitigate the effects of low coin inventories. This includes managing the allocation of existing Fed inventories, working with the Mint, as issuing authority, to minimize coin supply constraints and maximize coin production capacity, and encouraging depository institutions to order only the coin they need to meet near‐term customer demand. Depository institutions also can help replenish inventories by removing barriers to consumer deposits of loose and rolled coins. Although the Federal Reserve is confident that the coin inventory issues will resolve once the economy opens more broadly and the coin supply chain returns to normal circulation patterns, we recognize that these measures alone will not be enough to resolve near‐term issues.”– Federal Reserve Bank
Earlier this month, WANE 15 learned the Fed believed the issue of short change could pass “in a couple of weeks” time.