MILWAUKEE (FOX 6) – Do you have a jar of coins in your house? Perhaps you have been saving for a special occasion? Well, a local bank says they will pay you for what is in that jar, plus interest!
“It has never happened before, it is something new and it is interesting … I really did not expect the currency shortage to be something we have to deal with,” said Neil Buchanan of Community State Bank.
A literal shortage of coins has made it almost impossible for some local businesses to deal with hard currency.
“Families who would accumulate coins to go on vacation or something like that will not go on vacation. So they’re probably sitting there with their coin, “said Buchanan.
But let those with business experience find a way to get supply back on demand.
“So what do we do, and come up with ideas, and we say, ‘You know what? We are buying it from the Fed. We could also pay our local people and cut out the middle man, ” Buchanan said.
In layman’s terms, Community State Bank is willing to pay you for the bag of coins you forgot on the shelf – and they’ll pay interest, too!
“We will not charge you. In fact, we are going to give you more for your currency, ”said Buchanan. “It’s $ 5 for every $ 100 in coins brought. So, for example, my parents brought $ 218 in coins and gave them $ 228 back.”
This coin campaign started just over a week ago, and the coins are coming.
Bank executives say they cannot say for sure when this campaign will end. Click here to learn more.
