FARGO, ND (Valley News Live) –
Chances are you’ve seen this sign at your favorite store or restaurant: exact card or change, please.
Retailers are pleading with customers.
Nickels, dimes, quarters, and pennies are the last items in short supply as a result of the coronavirus crisis.
The Federal Reserve says that when companies began to close, the flow of coins through the economy stopped.
Consumers have not been spending them, and US Mint is producing less.
“Part of that is the response to COVID, to protect its employees,” says Talley Borns, Starion’s senior general banker. “They’ve cut production, so that’s another thing. It’s just not so much getting into the economy right now. ”
With the increasing demand for coins, banks like Starion are taking precautions: stock up and roll your own coin.
Several places in town, like TJ Max and Family Fare, only accept exact cards or exchanges due to a shortage of coins.
Federal Reserve Chairman Jerome Powell recently told lawmakers that the shortage is temporary and that it will be fixed once things open.
“We offer services like prepaid visa cards,” says Borns. “If you want to get a prepaid visa card and operate with it, you can do so if you encounter cases where you don’t have the exact change.”
With COVID numbers on the rise again, experts say it could be a good option for now.
One more thing you can do is deposit an additional change in your bank to allow more money circulation.
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