- Supermarket chains are taking steps to minimize or eliminate coin distribution amid a currency shortage across the country.
- Some methods include summary of changes and charitable donations.
- The coronavirus pandemic has affected the circulation of coins and has affected smaller, coin-dependent businesses, such as laundries.
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Kroger, the largest supermarket chain in the US, and its Mariano’s stores are no longer returning customers as changeable coins as the United States faces a widespread coin shortage.
Kroger is temporarily asking customers at nearly 3,000 stores in 35 states to pay with the exact change. Additionally, customers can choose to load their cash onto a customer loyalty card that can be automatically applied to their next purchase.
“The Federal Reserve is experiencing a significant currency shortage that is affecting our store operations and the ability to provide change,” Kroger tweeted. “As a result, the company is implementing a new process to provide changes to customers.”
Other retailers are following similar paths. Retail giant Walmart, for example, still allows its customers to pay in cash, but asks them to pay with credit and debit cards whenever possible. Their self-pay records will only allow customers to pay with some type of card.
“Like most retailers, we are experiencing the effects of currency shortages across the country,” said Walmart spokesman Avani Dudhia. “We are asking customers to pay by card or use the correct exchange whenever possible if they need to pay in cash.”
Some stores are taking the coin shortage one step further by using the proceeds and additional change and donating the procedures to charities.
Wawa, an American chain of convenience stores and gas stations with nearly 50 stores across Delaware, is asking customers to round up cash purchases to the nearest dollar with the intention of donating the change to the Wawa Foundation, which supports the USO and other local charities, according to the Delaware News Journal.
HEB, a San Antonio, Texas-based supermarket chain with more than 340 stores across the state and Northeast Mexico, launched a Change for Clarity campaign where customers can donate their coins at the cash register to benefit to local nonprofits and Texas food banks, ABC 7 reported.
Similarly, smaller coin-dependent companies, such as laundries, are also trying to help improve currency circulation by resorting in some cases to asking customers to bring their own exchange leftovers or exchange coins from their piggy banks. for cash, the San Francisco Chronicle reported.
The coronavirus has affected the circulation of coins, according to the Federal Reserve. Lately, the slow pace of circulation has led to inadequate amounts of coins.
“While there is an adequate currency in the economy, the slow pace of circulation has meant that there are not enough amounts of currency available where it is needed,” the Federal Reserve said in a statement. “With establishments like retail stores, bank branches, transit authorities and laundries closed, the typical places where the currency enters our society have decreased or even stopped the normal circulation of the currency.”
Matt Finn, chief economist at the Old National Bank, told the 14News news network that there are about $ 48 billion in currencies in the United States. However, that could be difficult to achieve because the US Mint has slowed down the production of coins and fewer and fewer people use them in places like car washes and vending machines.
“What economists hope is that when the country opens up again and companies return to normal, the problem should be solved,” Finn said. “But until that happens, it could get worse.”
