“We knew we needed to solve something. We hated the idea of telling our customers, ‘No, we cannot provide you with one of the services that we are proud to provide,’ so we came up with a creative way to get things done,” he told CNN Vice President of Community State Bank Neil Buchanan. “The fact that this has not been done before does not mean that it will not work, and that it has already made a big difference.”
Just days after launching the show, hundreds of people dropped off their spare change, already resulting in an “incredible impact” on local businesses that were struggling due to shortages, according to Buchanan.
Customers are not charged for coin counting transactions and will receive their money in cash or as direct deposits. Many have also left spare coins without asking for anything in return.
Banks across the country only receive a small portion of their weekly coin order, and many are quickly running out. This affects local companies as it can reject customers who need a change.
“Our companies have communicated simply by expressing appreciation for their local bank, devising a creative way to help them eliminate a challenge that many companies across the country face,” Buchanan said.
The bank will continue its coin buyback program until there is no longer a demand.
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