Carry Some Change When Going Out

We took our new kittens to the vet yesterday to get their first shots and check ups.

We also stopped to get some gasoline for the mower and other gas powered tools.

Candy was hungry and wanted a burger. At the drive-thru window was a sign requesting exact change if possible due to a national coin shortage.

From > https://www.fastcompany.com/90525599

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Our currency system is based on circulation—the money must constantly move. “The flow of coin through the economy has gotten all . . . it’s kind of stopped,” Jerome Powell, chairman of the Federal Reserve, told the House Financial Services Committee last month. “The places where you go to give your coins and get credit, cash—those have not been working. Stores have been closed. So the whole system of flow has kind of come to a stop.” Coin deposits at banks are down 50% since the start of the pandemic, and customers are avoiding places like transit hubs and laundromats, which typically receive influxes of coins.

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Google will provide many other sources for this story.

The economy has been torn asunder by the corona virus pandemic. It is causing a major drop in coins circulating.

jtk

I'd heard about the coin shortage so took some time to sort and package spare change. It turns out I had $25 worth of change which I took to the bank. A few days later I stopped at a WaWa (like a regional 7-11) near Princeton NJ who had a sign on their counter. They were having trouble getting change and were offering $5 cash plus a free coffee/soft drink/something else for $5 worth of coins. My timing once again:mad:

The way things are, it is better to bring the change to local merchants instead of a bank.

jtk

The floor in my truck could probably solve the country's coin shortage. I never carry change in my pockets, and just throw it in the floor when I get back to the truck. It has Weatherbeater mats, so it doesn't get kicked out.

My brother's freind's uncle owned a wrecking yard. He started out with nothing and built it up into a good business. His trick was before crushing the cars he flipped them upside down and shook them with a forklift to get the spare change out.
Bil lD

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Originally Posted by Jim Koepke

Candy was hungry and wanted a burger. At the drive-thru window was a sign requesting exact change if possible due to a national coin shortage.


jtk

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We solved the change problem, by giving the drive through windows whole bills and then we tell them to keep the change. After all they are working for minimum wage or less since they are part time and risking exposure to the virus by sticking their head out the drive through window.

I know I'm in a different country, but around these here parts, the signs are everywhere that they ask you NOT to use cash, but contact-less touch credit or debit cards.

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Originally Posted by Aaron Rosenthal

I know I'm in a different country, but around these here parts, the signs are everywhere that they ask you NOT to use cash, but contact-less touch credit or debit cards.

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I have had the same experience. Even before the pandemic I rarely used cash these days, probably 90% of my transactions are credit card. Not sure I understand why the lack of circulation of coins or bills would be a problem, I thought we had become a mainly cashless society with most transactions by some form of electronic transfer of funds.

Around here we've had businesses preferring electronic payments well before the pandemic. Now even the previously neutral ones are requesting that.

But it is (was?) regional. I was caught off guard on a visit to NYC when I found many, most small, businesses were cash only. (To use a CC in Katz Deli, not that small, we were shuttled to a back corner to a single CC station.)

I mainly use Applepay now because most places you don't have to touch the pad to complete a transaction. A small thing, but one high-touch surface avoided.

Maybe we can use the occasion to finally ditch the penny? That would be a really positive outcome. I'd ditch the nickel as well, along with one and five dollar bills, getting serious about completely replacing them with $1 and $5 coins. The saving to the treasury would be a serious amount of money.

A lot of the businesses around here ask if you want to round up and they will donate your change to a charity. I finally realized it was because of the change shortage. You need appointments to go into banks here, so nobody can take their loose change in. ApplePay is great but seems to not work a lot of the time. Yeah they should ditch the small change, like Canada has done painlessly, but the last time they proposed ending pennies and nickels, the metal and mining companies persuaded their friendly congressmen to block that.

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Originally Posted by Bill Dufour

My brother's freind's uncle owned a wrecking yard. He started out with nothing and built it up into a good business. His trick was before crushing the cars he flipped them upside down and shook them with a forklift to get the spare change out.
Bil lD

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I’m sure a lot more than coins fell out when he did that.

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Originally Posted by Matt Day

I’m sure a lot more than coins fell out when he did that.

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Hopefully no bodies. :eek:

jtk

Our bank is busy begging for coins. I took the time to wrap up about $27 in rolled coins. Took them in. Teller said they can’t take them that way and to unwrap them and then there’s a fee to count it all to deposit it. I picked up the rolls and started to leave. They yelled we need those! I said then what the hell is with the attitude and fee? I still have my coins.

I haven't used cash since Covid & probably only once or twice in the last year before. I'll even use my CC for a $.25 purchase The $50 bill stashed in my wallet will probably wear down to plastic confetti before it gets spent.

It’s also because your donation goes on their tax filing as a charitable donation.

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Originally Posted by Stan Calow

A lot of the businesses around here ask if you want to round up and they will donate your change to a charity. I finally realized it was because of the change shortage. You need appointments to go into banks here, so nobody can take their loose change in. ApplePay is great but seems to not work a lot of the time. Yeah they should ditch the small change, like Canada has done painlessly, but the last time they proposed ending pennies and nickels, the metal and mining companies persuaded their friendly congressmen to block that.

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Originally Posted by Aaron Rosenthal

I know I'm in a different country, but around these here parts, the signs are everywhere that they ask you NOT to use cash, but contact-less touch credit or debit cards.

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Drive through windows at most burger joints don't have touch less that you can reach from your vehicle so you have to had your card to the person who then hands it back after ringing up the sale.

I carry almost no cash and the little that I do is for "emergency" use. I never have coins in my pocket...I either donate them other than quarters which get kept for Professor Dr. SMWBO to use for parking at the train station, although that's no longer a need. I use AMEX or VISA for pretty much all transactions.

That said, I do understand the concern.

Can't they just post the transaction for the exact amount directly from the brain implant they secreted into my body at my last medical, dental, pedicure, whatever, appointment? :D I foresee a re-emergence of the previously failed touch-less methods for retail transactions. Many locations have the tap-n-go or similar system in place. These are actually reasonably safe this time around IF you are the one using your card . . . Because no one is bothering to check.

It's good to know that the retailer is now not only NOT checking the ID of the person using my credit card, they don't even have to make eye contact. That's good. Now they won't be able to give a description should anyone try to follow up. I swear . . . :D:D . .. I'm not cynical or sarcastic . . . :D:D:D . . . reality is . . . :D:D:D:D

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Originally Posted by William Chain

Our bank is busy begging for coins. I took the time to wrap up about $27 in rolled coins. Took them in. Teller said they can’t take them that way and to unwrap them and then there’s a fee to count it all to deposit it. I picked up the rolls and started to leave. They yelled we need those! I said then what the hell is with the attitude and fee? I still have my coins.

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Sounds like it may be time to change banks if you have that luxury.

In my experience if a person has an account at a bank they have you write your name or account # on the rolls. If any come back, then they get you.

jtk

Wife still writes checks. Our credit union has a machine similar to a Coin Star that counts your change as you dump it in. Gives you a receipt that you take to teller for deposit, or bills and some coins back. NO FEES charged! Last week, lady was in feeding machine BUCKETS of coins that she and husband had been saving up to help with a luxuary vacation. She was up to over eight hundred dollars while I was there. She said she needed to make a couple more trips to their house for the rest of the coins. The MARTA in Atlanta, gives change back in "gold " dollars. Bring them back to NC, and every where you try to use one, they look at you like you should be on the most wanted list. For even more fun, try using a two dollar bill at McDonalds. Some of them will call the cops on you DAMHIK!

We quit taking cash at my work for two reasons

1) less to handle during covid
2) we were short staffed due to covid and the lady who does our daily till had to work from home.

You will not believe the amount of ... we have been subjected to over it. One guy had us custom make him a $80 item , then when we told him we're not during cash he said "this is a bunch of B.S ..." and then left the item. Which is now unsellable. (Yes we had signs posted (no cash)

I cannot Believe the amount of people who apparently don't own a debit or credit card. Or who are adamant about paying cash.

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Originally Posted by William Chain

It’s also because your donation goes on their tax filing as a charitable donation.

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Um, no, it is not.

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Originally Posted by Jim Koepke

The way things are, it is better to bring the change to local merchants instead of a bank.

jtk

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The merchants normally get coins for change from the banks so sending it to the bank should also work.

The credit union I use will take rolled or loose change. They have a machine that counts loose coins then they deposit the total into your account. Thanks for the reminder - I forgot I have containers of rolled and loose coins in the safe.

Bought some food at MacDonalds this morning at the drive thru, only drive thrus open now in California. Bill was 14.09 total, then they asked for 14.00 even. Most people would probably have paid 15.00 and it costs them more then 0.09 to make change in employee time and lost sales. At 10.00$ an hour it costs them 0.16$ per minute to make change.
Bill D

No cash may work for the masses, you overlook many that for work for cash, that are ONLY paid in cash. Many of these people are paid daily because that may be the duration of that assignment; many are temporary workers that put food in selfish mouths, that are helpers to the construction organizations, those that work in landscaping/yard work. Barbers, hair stylists, farm workers, the guy that cuts/splits/delivers wood for your fireplace, the list is endless that work, but work to live - day to day ....

Many can't believe the amount that don't live in a cashless society, and they never will ...

I remember reading a statistic that said 12-15% of Americans are "unbanked".

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Originally Posted by Stan Calow

I remember reading a statistic that said 12-15% of Americans are "unbanked".

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This was me half a century ago. It was kind of fun going to the bank which my employer used and them saying they couldn't cash my check because of no account. My reply was to tell them my employer would be informed that his bank said his check wasn't any good. They cashed my checks.

My landlord let me know she didn't like being paid in cash. Shortly after that a checking account was opened.

jtk

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Originally Posted by Jim Koepke

We took our new kittens to the vet yesterday to get their first shots and check ups.

We also stopped to get some gasoline for the mower and other gas powered tools.

Candy was hungry and wanted a burger. At the drive-thru window was a sign requesting exact change if possible due to a national coin shortage.

From > https://www.fastcompany.com/90525599



Google will provide many other sources for this story.

The economy has been torn asunder by the corona virus pandemic. It is causing a major drop in coins circulating.

jtk

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Where I live most businesses won't take cash due to Covid-19.....Rod.

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Originally Posted by Aaron Rosenthal

I know I'm in a different country, but around these here parts, the signs are everywhere that they ask you NOT to use cash, but contact-less touch credit or debit cards.

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Same here Aaron...............Regards, Rod.

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Originally Posted by Stan Calow

I remember reading a statistic that said 12-15% of Americans are "unbanked".

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for a while - a long time ago - my net worth was in my pocket.

I just mailed my son a baggie full of quarters so he could do his laundry in his condo building. In the city he can't get them. Out here in the middle of the Indiana corn fields the shortage of coins has not been a problem. So far.