As the nationwide coin shortage continues to rage, a southeastern Wisconsin bank is offering above face value for coins.
Last week, the Community State Bank (CSB) launched a coin buy-back program to assist local businesses affected by the shortage. The bank is offering customers a $5 bonus for every $100 worth of coins turned in at any of its seven locations.
"The response has been tremendous," CSB President and CEO, Scott Huedepohl, said in a release.
"We've had people contacting us not only from our community but all over the United States. Our goal was to generate enough coin inventory to help our local businesses. We've met and far exceeded our goals," said Huedepohl.
The program is expected to end Tuesday (July 21), was initiated late last week, and quickly gained national attention.
CSB customers and non-bank customers were able to receive a maximum bonus of $500. That means if someone brought in $200 in coins, that customer would get a $10 bonus.
"We received an abundance of coin in a short amount of time," said AVP Retail Operations Director, Katie Stolp. "I've never seen anything like it. We're very fortunate that we have the tools and ability to process all of the coins. That coin is now being put to good use and helping local business owners all over Southeast Wisconsin."
Huedepohl thanked community members for stepping up to the plate when the local economy needed them the most.
"Thank you," said Huedepohl. "Thank you to everyone who came in and dropped off coin. Once again, our local communities delivered, and we're so grateful."
CSB said the program could restart in the future if virus-related lockdowns are seen again. The cause of the shortage was due primarily to business and bank closures during lockdowns, which disrupted the nation's coin supply chain and normal circulation patterns.
We also noted this could've been a trial run by elites to push a cashless society.