https://abcnews.go.com/Business/wireStory/dime-businesses-se…
I was shocked to read that 20% of the U.S. population is “unbanked.” They use cash. A shortage of circulating coins is a problem for them.
Wendy
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I know there has been a shortage of change in the Quartzsite area all winter. Several times I saw signs at cash registers warning that they may not be able to provide exact change.
I don’t normally carry change so a couple weeks after we got ther I took my change bucket to the bank. $18 in pennies nickels and dimes - every little bit helps. (No quarters: those are laundry fodder.)
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They use cash. A shortage of circulating coins is a problem for them.
I’ve had a large cereal bowl full of change on my dresser since before pandemic, I counted the Toonies and it was over C$120 worth. Nobody was using cash during the pandemic. Our banks are required to offer a no fee bank account to everyone as it is the only practical way to shovel money out to the unwashed masses. Cheques … er checks are very rare these days and cost money to print and mail. Even the old plumber who used to be the preferred service guy for our condo complex but insisted on mailing a bill and being paid with a mailed cheque was told to join the CC world or be replaced.
Good news is … we don’t have those nasty pennies anymore. }};-D
Tim
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Coinstar is one of the biggest entities in the coins-to-cash cycle. Placing machines/kiosks in stores all over the country. In the linked article, it points out that there is an 11% hefty (!!!) discount fee to make the conversion, and notes that the fee can vary according to location. Coinstar could increase participation by lowering the fee, at least temporarily.
The article does a good job of going into how to avoid fees, using banks, using Coinstar gift cards, donating to charity, etc. A pros and cons conclusion. Useful.
https://www.frugalforless.com/how-much-does-coinstar-charge/…
How Much Does Coinstar Charge (And How To Avoid Their Fees)
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I’m not surprised that 20% don’t have banks. Banks are expensive if you can’t keep up the minimum deposit. Of course, check cashing services tend to cost something, too.
It’s expensive to be poor.
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