Since the pandemic struck, financial institutions have experienced significant disruptions in the coin supply chain.
People swapped in-person cash transactions for contactless purchases online. Small businesses that circulated coins shuttered. Customers who frequented banks slowed or halted their visits.
Though more than $48 billion in coins are currently in circulation, much of that supply is lying dormant in households, posing steep challenges to financial institutions across the country.
Jointly with a task force representing banks, retailers, armored carriers and more, the Federal Reserve is leading a charge to get coins moving again. Here are seven ways your financial institution can support the coin-circulation efforts.
1. Be vocal about the work to #getcoinmoving on social media.
The U.S. Coin Task Force launched a social media campaign to raise awareness about the circulation issue. Financial institutions can join in by delivering messages to their unique audiences using pre-made virtual backgrounds and hashtags like #getcoinmoving and #everycoincounts. Discuss with your marketing team how you can leverage your platform to encourage your followers to return, roll or spend their coins.
2. Bring back your coin counters.
If your financial institution was one of the many over the years to break up with coin-counting machines, it may be time to give them another try. Though bulky, coin counters can serve as powerful reminders to your customers about the disruption and how they can have a positive impact. Coin-counting machines make it quick and easy for your customers to empty their pockets and piggy banks.
3. Waive your fees on loose-coin deposits.
To make it as simple as possible for customers to make deposits, consider putting a pause on your loose-coin fees. Some financial institutions, such as Regions Bank, temporarily offered to collect unwrapped coins and deposit them into customers’ accounts, free of charge. Others have made wrap kits readily available at each of their locations to make the coin collection a family activity.
4. Only order what you need.
In April, the Federal Reserve began allocating coins to depository institutions based on the volume of previous orders, deposit levels, coin denomination and U.S. Mint production. Within the allocation limits, the Federal Reserve recommends that financial institutions only order what they require to meet immediate customer needs. In addition to only ordering the essentials, financial institutions can trim their inventories by paying out as much coin as possible. By banding together to keep their working inventories low, financial institutions are ensuring that everyone has fair access to the coins available.
5. Hold a charity coin drive.
Some institutions, such as the Heartland Bank and Trust in Illinois, boosted local coin circulation by holding a charity drive. By providing a more visible motivation for their customers to bring in their coins, Heartland increased their coin intake by 173 percent in only two weeks. Partner with a local nonprofit for an opportunity to ramp up circulation while contributing to a worthy cause.
6. Empower employees to bust open their piggy banks.
Instead of just focusing your efforts on your customers, look internally. Incentivize your employees to cash in their coins by holding a company-wide competition to see which branches or departments can bring in the most from their households, family and friends. Treat the winning teams to some extra time off or a special catered lunch.
7. Partner with an armored car company.
As every stakeholder in the coin supply chain works to increase circulation, it’s important to have an armored transport partner you can trust. If your customers, branches or clients have a large number of coins that need to be transported, immediately begin to coordinate pick-up and delivery with your armored partner.
Axiom is a full-service armored transport partner that ensures financial institutions nationwide receive their valuables on time, every time. Known for quick turnarounds, customizable services and reliable results, Axiom Armored Transport provides a painless partnership. Get started today by calling Axiom’s experts at 866-761-6712.