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PHOENIX: Amid a shortage of national coronavirus-related currencies, Arizona banks are seeking your help.
“If you have an additional change, we encourage Arizonans to check with their local bank to see if they accept rolled coins, use exact amounts when purchasing items, or deposit them in currency exchange machines,” Paul Hickman, CEO and President of the Association of Arizona bankers said Friday in a press release.
Currency circulation has plummeted due to a combination of factors, causing banks and businesses across the country to run out of cash.
Shoppers prefer credit or debit cards more than before, either for convenience or concerns about the spread of COVID-19 through cash handling.
There is no real lack of coins, Hickman said, it’s just that there are more changes to the piggy banks, jars and drawers than usual.
“In early 2020, more than 4 billion coins were deposited, or recirculated, each month,” said Hickman. “Those numbers fell to less than 2 billion as of April.”
As for the cause and effect of currency shortages, more companies are encouraging cashless transactions.
Retail giant Walmart and other stores have been asking customers to pay with cards or exact change, according to creditcards.com.
Kroger, the parent company of Fry’s Food Stores, has a program to upload changes to customer loyalty cards instead of returning coins, according to NPR.
Federal Reserve Chairman Jerome Powell discussed the issue when asked about it during a congressional hearing in June.
“With the partial closure of the economy, the flow of funds through the economy has stopped,” he said.
“We are working with Mint and the reserve banks and, as the economy reopens, we are beginning to see money move again.”
Associated Press contributed to this report.
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