Coin shortage

[Phase2]

I'm saying credit scores don't do anything to demonstrate your fiscal responsibility, they only demonstrate that you know how to borrow and pay back money.

FTFY

Credit scores have never been about fiscal responsibility. They are about whether or not you can be trusted to pay off loans- period.

 

[spencer rifle]

Don't believe it. Where I work we collect admissions, and every few days we have to take $50 in change to the bank for deposit. We hate it, they hate it, but the quarters keep coming.

 

[JettaKnight]

I've seen a couple family members post pictures in different states. Since you can't go into the bank to run them through the coin machine...ya. I'm not fond of using like a Coinstar and paying for that service.

Hit that self checkout line, (at a slow hour, please) and start chucking in all your loose change.

The machine never gives you a funny look.

 

[JettaKnight]

Now, can we talk about how the penny should be eliminated and the dollar coin should be promoted?

 

[Phase2]

FYI- Apparently, this coin shortage has been known (but not among the general public) for at least three weeks now:

What I discovered is that this coin shortage has actually been intensifying for quite a few weeks, and on June 11th the Federal Reserve issued a statement in which they announced that coin rationing would begin on June 15th…

Consequently, effective Monday, June 15, Reserve Banks and Federal Reserve coin distribution locations began allocating coin inventories. To ensure a fair and equitable distribution of existing coin inventory to all depository institutions, effective June 15, the Federal Reserve Banks and their coin distribution locations began to allocate available supplies of pennies, nickels, dimes, and quarters to depository institutions as a temporary measure. The temporary coin allocation methodology is based on historical order volume by coin denomination and depository institution endpoint, and current U.S. Mint production levels. Order limits are unique by coin denomination and are the same across all Federal Reserve coin distribution locations. Limits will be reviewed and potentially revised based on national receipt levels, inventories, and Mint production.

It turns out that the rationing has been a lot stricter than many people originally anticipated. One small bank in Tennessee that would normally use “400 to 500 rolls of pennies each week” is now only being given 100 rolls per week…

“It was just a surprise,” said Gay Dempsey, who runs the Bank of Lincoln County in Tennessee, when she learned of the rationing order. “Nobody was expecting it.”

Dempsey’s bank typically dispenses 400 to 500 rolls of pennies each week. Under the rationing order, her allotment was cut down to just 100 rolls, with similar cutbacks in nickels, dimes and quarters.

Businesses of all types rely on their banks to supply them with the change they need for their customers, and now many of those businesses are being forced to make major changes because of this coin shortage.

If you are someone who prefers to do business in cash, now might be a good time to get your coins back into circulation to help keep that option available.

 

[JettaKnight]

I think I found all the coins.

https://www.indianagunowners.com/forums/break-room/482767-costco-stole-$100-me.html#post8346642

 

[DoggyDaddy]

I think I found all the coins.

https://www.indianagunowners.com/forums/break-room/482767-costco-stole-$100-me.html#post8346642

Not me. Mine is woefully low at the moment.

 

[amboy49]

Went to Harbor Freight today. Saw the same sign.

 

[phylodog]

Reckon I could try to find an efficient way to get these back into circulation

 

[Phase2]

Sigh... With everything going on, some of these places are just going to say f*** it. No more cash.

 

[MCgrease08]

Reckon I could try to find an efficient way to get these back into circulation

Strip club. Some guys take dollar bills so they can make it rain. I like to bring a sack full of nickels and make it hail.

 

[phylodog]

Strip club. Some guys take dollar bills so they can make it rain. I like to bring a sack full of nickels and make it hail.

I do live closer to The Hip Hugger than I ever have.....

 

[JettaKnight]

I do live closer to The Hip Hugger than I ever have.....

Years, and years ago my friends made a roadtrip from Ft. Wayne - their stories both fascinated and horrified me.

 

[Farmerjon]

*side note* My wife paid for her wedding dress with her collection of change. I about had a hernia carrying it in bag by bag. That was her plan with her change.

Well if her wedding gown was as skimpy as the fishing ladies on your boat, it couldn't have cost much!!

 

[NKBJ]

Once reading the little sign at the Kroger check out I couldn't help but tell myself, "Wrap your head around the stupidity of the assertion that the Federal Reserve is experiencing a coin shortage."

We are so being played and the corporations are being used as tools to do it.

 

[phylodog]

Since you can use Coinstar without a fee if you take a gift card rather than cash back so I hauled my quarters, nickels and dimes in to Meijer to do my civic duty. I already have a $100 Home Depot gift card coming from my bank, combined with this I'll be looking at another new Milwaukee tool to add to my collection.

 

[hoosierdaddy1976]

We will be cashing in a few hundred dollars worth of coins from our vacation jug soon. The bank in town has a counting machine.

 

[Lilboog82]

Must be old people who use cash to actually have change jar!.....j/k

 

[maxwelhse]

Manual underwriting is a process a lender uses to examine one's actual financial situation. They look at things like bank accounts, owned assets, income vs expenses. So yes, it's possible to get a mortgage without using a credit score, or without having one at all. Many people don't realize this. They've been told all their lives that they need to borrow money to build a credit score so they can borrow money. It's a dog chasing it's tail and it gets a lot of people in trouble. (Again, not saying that's you.)

Indeed, I had no idea that was a thing. Sounds like none of the banks wanted my business hard enough to even try that process for me. Or maybe that's what happened behind the scenes and I didn't even know it?

As far as building my credit score, I did it the way most young people do. Spent a ton of money on a credit card that I didn't have for things I didn't need and spent years paying it off once I figured out my blunder. It's that whole youth and wisdom paradox thing. These days I don't carry any debt, and like you, I'm only planning to take on mortgage debt in the future and hopefully have a large down payment before that happens again.

Years, and years ago my friends made a roadtrip from Ft. Wayne - their stories both fascinated and horrified me.

I have the exact same story... It's disturbing how close our circles of life seem to be, just maybe 3-5 years apart. In my case, I'm glad I outgrew the fascination with such things before getting a chance to make the trip.

Sigh... With everything going on, some of these places are just going to say f*** it. No more cash.

Interestingly... I worked a register back in my younger days and one day we had a large power outage connected to a large storm. People were coming in droves to buy sump pumps and shopvacs. The only thing we could accept was cash and we were writing paper receipts and it was like the world had ended... and this was back in 2005-ish.

Not that I'm in favor of it, but a cashless society would pretty much be a net zero for 99.9% of people (pretty much including me). I do carry some cash, but I hardly ever spend it.

 

[KellyinAvon]

Must be old people who use cash to actually have change jar!.....j/k

HEY!!