Coin shortage?

[NT2C]

That said, I do keep an emergency fund of cash, and I still feel more comfortable keeping a few quarters in my various bags and my car from back in the day when you could still find payphones. I can't remember when I last saw a payphone anywhere, but I still irrationally feel the urge to keep some quarters around.

I generally keep a couple of rolls of the "gold' dollar coins in each vehicle. They're not impossible to spend frivolously, just awkward, but they really come in handy for the occasional unexpected toll or cash parking fee, or buying fuel when the card readers aren't working.

[CG]

I want to cheer on anyone using whatever cash or prepaid card methodology works for them to keep their finances in order. If it works best for your habits and personality, it's the best way to do it.

For others that do well maintaining finances while using credit cards, I strongly agree with Raptor on cash back or other reward credit cards.

We definitely don't do well with credit cards. We get one, saying that we'll only use it for one thing, then turn around and it's full up 'cause something went wrong with jobs or we sucked at sticking to a budget on vacation, etc.

[MPMalloy]

I want to cheer on anyone using whatever cash or prepaid card methodology works for them to keep their finances in order. If it works best for your habits and personality, it's the best way to do it.

For others that do well maintaining finances while using credit cards, I strongly agree with Raptor on cash back or other reward credit cards.

We definitely don't do well with credit cards. We get one, saying that we'll only use it for one thing, then turn around and it's full up 'cause something went wrong with jobs or we sucked at sticking to a budget on vacation, etc.

Welcome to the human race CG.

[boskone]

I want to cheer on anyone using whatever cash or prepaid card methodology works for them to keep their finances in order. If it works best for your habits and personality, it's the best way to do it.

For others that do well maintaining finances while using credit cards, I strongly agree with Raptor on cash back or other reward credit cards.

We definitely don't do well with credit cards. We get one, saying that we'll only use it for one thing, then turn around and it's full up 'cause something went wrong with jobs or we sucked at sticking to a budget on vacation, etc.

That's easy to do with them. I still have 1, but manage to get out of the habit of using it except for emergencies.

That said, a few years ago it was invaluable when over the course of two weeks or so my truck needed (needed) transmission work, brakes, a u-joint replaced, and a couple seals replaced; the HVAC in the house broke; my refrigerator turned itself into a really shitty oven while I was out on a job for a week; and the water main broke on my side of the valve.

At the time, I didn't have the cash reserves for that kind of thing. It did really reinforce the need to rebudget my spending a bit. Of course, even now I'd be hard-pressed to manage all of that again, and I'm about to have to replace my truck. I'm pretty sure there's a cosmic accounting guy somewhere that's like "Eh, Boskone's getting ahead again...time to kick him down". I kinda hate that guy.

[MPMalloy]

I want to cheer on anyone using whatever cash or prepaid card methodology works for them to keep their finances in order. If it works best for your habits and personality, it's the best way to do it. For others that do well maintaining finances while using credit cards, I strongly agree with Raptor on cash back or other reward credit cards.

We definitely don't do well with credit cards. We get one, saying that we'll only use it for one thing, then turn around and it's full up 'cause something went wrong with jobs or we sucked at sticking to a budget on vacation, etc.

That's easy to do with them. I still have 1, but manage to get out of the habit of using it except for emergencies.

That said, a few years ago it was invaluable when over the course of two weeks or so my truck needed (needed) transmission work, brakes, a u-joint replaced, and a couple seals replaced; the HVAC in the house broke; my refrigerator turned itself into a really shitty oven while I was out on a job for a week; and the water main broke on my side of the valve.

At the time, I didn't have the cash reserves for that kind of thing. It did really reinforce the need to rebudget my spending a bit. Of course, even now I'd be hard-pressed to manage all of that again, and I'm about to have to replace my truck. I'm pretty sure there's a cosmic accounting guy somewhere that's like "Eh, Boskone's getting ahead again...time to kick him down". I kinda hate that guy.

I find I'm his radar also.

[HarlequinHal]

I guess you can blame me for the coin shortage, I have seen the outside of far too many drive-thru windows. I keep one of those 12 oz or so plastic picnic cups in one cup holder, and any change from the drive-thru goes in that. When it starts to fill up I take the cup inside and dump the contents into a Cool-Whip container or similar. I have several full ones.

Last time I tried to cash in some coins at the local credit union I was told, "We're not a bank, we don't do that."

Leaving the cup full of coins visible in my soft top Jeep doesn't bother me. I figure if someone is so desperate that they need to steal them then I hope my contribution helps. Never had any coins taken yet.

[MPMalloy]

I guess you can blame me for the coin shortage, I have seen the outside of far too many drive-thru windows. I keep one of those 12 oz or so plastic picnic cups in one cup holder, and any change from the drive-thru goes in that. When it starts to fill up I take the cup inside and dump the contents into a Cool-Whip container or similar. I have several full ones.

Last time I tried to cash in some coins at the local credit union I was told, "We're not a bank, we don't do that."

Leaving the cup full of coins visible in my soft top Jeep doesn't bother me. I figure if someone is so desperate that they need to steal them then I hope my contribution helps. Never had any coins taken yet.

You're a good man.

I dealt w/my loss, moved on, still..it hurts like a mofo.

[raptor2]

A news article on this issue.

https://news.yahoo.com/customer-spare-d ... 17082.html

At fast-food restaurants, supermarkets, banks and other businesses across the country where cash normally changes hands, customers are being warned that coins are in short supply.

Scott Talan found that out last weekend when he used a Starbucks drive-thru in Virginia and was met by a handwritten sign that read, "Due to the national coin shortage, we can only accept exact change or electronic payment at this time."

He thought it was a prank.

Apparently the Fed Reserve has formed a task force looking into the issue.
https://frbservices.org/news/communicat ... nventories

The primary issue with coin is a dramatic deceleration of coin circulation through the supply chain. As of April 2020, the U.S. Treasury estimates that the total value of coin in circulation is $47.8 billion, up from $47.4 billion as of April 2019. While there is adequate coin in the economy, the slowed pace of circulation has meant that sufficient quantities of coin are not readily available where needed. With establishments like retail shops, bank branches, transit authorities and laundromats closed, the typical places where coin enters our society have slowed or even stopped the normal circulation of coin. The coin supply chain includes many participants, from the U.S. Mint who produces new coin, to the Federal Reserve who distributes coin on the U.S. Mint’s behalf, to armored carriers, banks, retailers and consumers, all of whom have a role to play in helping to resolve this issue.

We apparently now have the FED looking for spare change in sofas.

[Flmope58]

A news article on this issue.

https://news.yahoo.com/customer-spare-d ... 17082.html

At fast-food restaurants, supermarkets, banks and other businesses across the country where cash normally changes hands, customers are being warned that coins are in short supply.

Scott Talan found that out last weekend when he used a Starbucks drive-thru in Virginia and was met by a handwritten sign that read, "Due to the national coin shortage, we can only accept exact change or electronic payment at this time."

He thought it was a prank.

Apparently the Fed Reserve has formed a task force looking into the issue.
https://frbservices.org/news/communicat ... nventories

The primary issue with coin is a dramatic deceleration of coin circulation through the supply chain. As of April 2020, the U.S. Treasury estimates that the total value of coin in circulation is $47.8 billion, up from $47.4 billion as of April 2019. While there is adequate coin in the economy, the slowed pace of circulation has meant that sufficient quantities of coin are not readily available where needed. With establishments like retail shops, bank branches, transit authorities and laundromats closed, the typical places where coin enters our society have slowed or even stopped the normal circulation of coin. The coin supply chain includes many participants, from the U.S. Mint who produces new coin, to the Federal Reserve who distributes coin on the U.S. Mint’s behalf, to armored carriers, banks, retailers and consumers, all of whom have a role to play in helping to resolve this issue.

We apparently now have the FED looking for spare change in sofas.

I am starting to see coin moving. It will still be weeks to a month or more before much progress it made.

When banks open lobbies and encourage customers to bring in coin things will turn around. It will be a hectic month with large shipments from processing centers. For us it will be similar to tax time with ATMs getting hammered.

[MPMalloy]

From NPR: Exact Change Please: Walmart, Kroger, CVS Are Feeling The Coin Shortage

[aikorob]

very hit & miss..............Dairy Queen and Circle K in one county have big signs; next county ----nothing on same shops
I still try to do all big purchases by check, so doesn't really matter to me

[NT2C]

very hit & miss..............Dairy Queen and Circle K in one county have big signs; next county ----nothing on same shops
I still try to do all big purchases by check, so doesn't really matter to me

If you're that asshole holding up the line at the register while you find your checkbook, sign one, then enter the amount into your check register, then I may have to ban you.

[RoneKiln]

I want to cheer on anyone using whatever cash or prepaid card methodology works for them to keep their finances in order. If it works best for your habits and personality, it's the best way to do it.

For others that do well maintaining finances while using credit cards, I strongly agree with Raptor on cash back or other reward credit cards.

We definitely don't do well with credit cards. We get one, saying that we'll only use it for one thing, then turn around and it's full up 'cause something went wrong with jobs or we sucked at sticking to a budget on vacation, etc.

That's easy to do with them. I still have 1, but manage to get out of the habit of using it except for emergencies.

That said, a few years ago it was invaluable when over the course of two weeks or so my truck needed (needed) transmission work, brakes, a u-joint replaced, and a couple seals replaced; the HVAC in the house broke; my refrigerator turned itself into a really shitty oven while I was out on a job for a week; and the water main broke on my side of the valve.

At the time, I didn't have the cash reserves for that kind of thing. It did really reinforce the need to rebudget my spending a bit. Of course, even now I'd be hard-pressed to manage all of that again, and I'm about to have to replace my truck. I'm pretty sure there's a cosmic accounting guy somewhere that's like "Eh, Boskone's getting ahead again...time to kick him down". I kinda hate that guy.

A related psychological element is why I won't touch a debit card. Credit cards are easier for me cause I view it as debt, and I have a deep aversion to debt. But a debit card is the same as cash on hand right? It's ok for me to spend what I have! So I have to limit how much cash I have on me and not touch debit cards. Or I'll never save any money and I'll have lots more junk cluttering up my house.

Similarly, I keep most of my money in a savings account separate from my checking account. It takes forethought for me to move money from that savings account into a form I can spend. It's an extra psychological barrier that keeps it safe from me.

[RoneKiln]

I guess you can blame me for the coin shortage, I have seen the outside of far too many drive-thru windows. I keep one of those 12 oz or so plastic picnic cups in one cup holder, and any change from the drive-thru goes in that. When it starts to fill up I take the cup inside and dump the contents into a Cool-Whip container or similar. I have several full ones.

Last time I tried to cash in some coins at the local credit union I was told, "We're not a bank, we don't do that."

Leaving the cup full of coins visible in my soft top Jeep doesn't bother me. I figure if someone is so desperate that they need to steal them then I hope my contribution helps. Never had any coins taken yet.

In my area we have "coinstars" in many stores. Dump all the change in and it automatically counts it for you and you can buy gift certificates. Several years I've funded a large part of my Christmas purchases with Amazon cards bought with spare change jars.

[aikorob]

very hit & miss..............Dairy Queen and Circle K in one county have big signs; next county ----nothing on same shops
I still try to do all big purchases by check, so doesn't really matter to me

If you're that asshole holding up the line at the register while you find your checkbook, sign one, then enter the amount into your check register, then I may have to ban you.

1. you know what shop you are in
2. you know the date
3. you know how to sign your name
by the time you get to the register all of that should be done---leaving only the amount
4. write the check number on the receipt--reconcile later

[raptor2]

This Bank will pay for your change:
https://csb.bank/coinbuyback

The program, which launched mid-July, offers a $5 bonus for every $100 worth of coin turned in to any Community State Bank location*. CSB customers and non-bank customers are welcome to benefit from the program for up to a max coin bonus of $500*.

“We are certainly encountering crazy times,” said Assistant Vice President, Retail Operations Director, Katie Stolp. “Our goal from this program is to provide local business owners with the funds and tools they need to run their business. Many other financial institutions charge up to 10% of the value for coin counting. We’re not only waiving that charge, but paying community members to bring us their coin.”

In addition, customers and non-customers will not be charged for any coin counting transactions. CSB is finding alternatives to accommodate customer coin orders at this time.

Per CNN:

The coin shortage is one of the many consequences of the partial closure of the economy, which halted the flow of coins. As banks and businesses shuttered or changed the way they operate, there are now fewer coins reaching the public. Some national retailers -- including Wawa and CVS -- are asking customers to pay with exact change or offering programs through which customers can donate their change to charity.

Banks across the country are only receiving a small portion of their weekly coin order -- and many are quickly running out. This affects local businesses as it can turn away customers who need change back.

[raptor2]

That said, I do keep an emergency fund of cash, and I still feel more comfortable keeping a few quarters in my various bags and my car from back in the day when you could still find payphones. I can't remember when I last saw a payphone anywhere, but I still irrationally feel the urge to keep some quarters around.

I generally keep a couple of rolls of the "gold' dollar coins in each vehicle. They're not impossible to spend frivolously, just awkward, but they really come in handy for the occasional unexpected toll or cash parking fee, or buying fuel when the card readers aren't working.

I cannot remember the last time I saw a working pay phone. The new NOLA airport terminal has not any pay phones and every airport I have gone through the pay phones have been removed.

There is a site that tracks payphone locations through out the US.
https://www.payphone-directory.org/

I keep a bunch of $1 & $5 in my car for the car valet and beggars/window washers.

[boskone]

I want to cheer on anyone using whatever cash or prepaid card methodology works for them to keep their finances in order. If it works best for your habits and personality, it's the best way to do it.

For others that do well maintaining finances while using credit cards, I strongly agree with Raptor on cash back or other reward credit cards.

We definitely don't do well with credit cards. We get one, saying that we'll only use it for one thing, then turn around and it's full up 'cause something went wrong with jobs or we sucked at sticking to a budget on vacation, etc.

That's easy to do with them. I still have 1, but manage to get out of the habit of using it except for emergencies.

That said, a few years ago it was invaluable when over the course of two weeks or so my truck needed (needed) transmission work, brakes, a u-joint replaced, and a couple seals replaced; the HVAC in the house broke; my refrigerator turned itself into a really shitty oven while I was out on a job for a week; and the water main broke on my side of the valve.

At the time, I didn't have the cash reserves for that kind of thing. It did really reinforce the need to rebudget my spending a bit. Of course, even now I'd be hard-pressed to manage all of that again, and I'm about to have to replace my truck. I'm pretty sure there's a cosmic accounting guy somewhere that's like "Eh, Boskone's getting ahead again...time to kick him down". I kinda hate that guy.

A related psychological element is why I won't touch a debit card. Credit cards are easier for me cause I view it as debt, and I have a deep aversion to debt. But a debit card is the same as cash on hand right? It's ok for me to spend what I have! So I have to limit how much cash I have on me and not touch debit cards. Or I'll never save any money and I'll have lots more junk cluttering up my house.

Similarly, I keep most of my money in a savings account separate from my checking account. It takes forethought for me to move money from that savings account into a form I can spend. It's an extra psychological barrier that keeps it safe from me.

Credit and debit cards are the same to me these days. Generally I think about things in terms of "what can I pay for" rather than "what can I afford", if that makes sense.

I have multiple accounts, partly for psychological management, mostly for security.
My spending account is all over the internet. My "bills" account is probably the largest, minimally exposed, and used for bills and occasional household expenses (e.g. getting the AC fixed). Last is my emergency account, which I try to keep "large enough".

Plus various retirement prep and emergency reserves, which I only think about during tax time. Can't be tempted to spend it if you've mostly forgotten it exists.

[raptor2]

Credit and debit cards are the same to me these days. Generally I think about things in terms of "what can I pay for" rather than "what can I afford", if that makes sense.

When I see statements like this I have to chime in.

Debit cards do not have the same security for on online transaction that credit cards provide. Yes you have fraud protection from both but the debit card allows a vendor to take your cash and make you wait for a refund. There is also frequently a 3 to 5 day reporting requirement if you do not discover the fraud and report it timely to the bank your protection may be limited. If it is a fraudulent transaction they may clean out your account and it may take days to get the cash back. A payment by credit card allows you to control the payment and withhold payment until the transaction is voided or otherwise dealt with.

I strongly urge and recommend that for any online and even POS terminal purchases in stores be done only with credit cards. Use your debit card to withdraw cash from a bank ATM (do not use stand alone ATM kiosks) and then complete the purchase with that cash.

https://www.experian.com/blogs/ask-expe ... ard-fraud/

[boskone]

Credit and debit cards are the same to me these days. Generally I think about things in terms of "what can I pay for" rather than "what can I afford", if that makes sense.

When I see statements like this I have to chime in.

Debit cards do not have the same security for on online transaction that credit cards provide. Yes you have fraud protection from both but the debit card allows a vendor to take your cash and make you wait for a refund. There is also frequently a 3 to 5 day reporting requirement if you do not discover the fraud time and report it timely to the bank your protection may be limited. If it is a fraudulent transaction they may clean out your account and it may take days to get the cash back. A payment by credit card allows you to control the payment and withhold payment until the transaction is voided or otherwise dealt with.

I strongly urge and recommend that for any online and even POS terminal purchases in stores be done only with credit cards. Use your debit card to withdraw cash from a bank ATM (do not use stand alone ATM kiosks) and then complete the purchase with that cash.

https://www.experian.com/blogs/ask-expe ... ard-fraud/

I might be more worried, but the reason I use that particular bank--despite it's copious annoyances otherwise--is because it has online fraud protection.

It's come into play a couple times, and the bank just immediately refunded the money.

As with most things, YMMV.

[woodsghost]

One of the MANY reasons I keep coming back to this forum is the financial information.

Thank you all.

I have many blind spots in life, and "financial" stuff is one of them. Give me a shambling hoard and a good rifle any day.

[NT2C]

Credit and debit cards are the same to me these days. Generally I think about things in terms of "what can I pay for" rather than "what can I afford", if that makes sense.

When I see statements like this I have to chime in.

Debit cards do not have the same security for on online transaction that credit cards provide. Yes you have fraud protection from both but the debit card allows a vendor to take your cash and make you wait for a refund. There is also frequently a 3 to 5 day reporting requirement if you do not discover the fraud time and report it timely to the bank your protection may be limited. If it is a fraudulent transaction they may clean out your account and it may take days to get the cash back. A payment by credit card allows you to control the payment and withhold payment until the transaction is voided or otherwise dealt with.

I strongly urge and recommend that for any online and even POS terminal purchases in stores be done only with credit cards. Use your debit card to withdraw cash from a bank ATM (do not use stand alone ATM kiosks) and then complete the purchase with that cash.

https://www.experian.com/blogs/ask-expe ... ard-fraud/

My wife and I each have personal accounts and I have a business account. We also have what we call the "household" account and this is the account that gets the most exposure. The account has a $5 minimum balance but we try to never let it go below $20 (and I get an alert if it does) and never has more than $100 unless we're planning on making a purchase over that amount. It has no line of credit, overdraft, or link to any other account and is set up to refuse any transaction that would take it negative. Unless they managed to slip in during the few minutes between when we put money in the account for a large purchase and when we actually make that purchase (usually a matter of minutes) then no one will ever steal more than $100 from that account.

[raptor2]

Everyone here is an adult and if it works for you more power to you but also make sure you read the fine print of your debit card agreement.If you suspect fraud contact the card issuer ASAP.

Different banks have different rules about fraud but federal law says at a minimum:

Timeline for Being Able to Get Your Money Back
If you are a victim of debit card fraud, you are responsible for the following:

$0 if you report the loss or fraud immediately and the card has not been used,
Up to $50 if you notify your bank within 48 hours of your lost or stolen card,
Up to $500 if you notify the bank with 48 hours and 60 days of your lost or stolen card, and
All of the fraudulent charges if you don’t notify the bank until after 60 days.

https://www.magnifymoney.com/blog/ident ... s21625321/


Keep in mind that everytime you swipe/read the chip on the CC and then punch in that PIN # you have given a thief everything they need to access your bank account. Assuming the merchant is legit his system also has to be secure and encrypted. His transaction file stored in his accounting records has to be secure and the data lines through which they pass must be secure.

[MPMalloy]

Debit cards do not have the same security for on online transaction that credit cards provide.

This. This + a really big amount.