(WFRV) – The Federal Reserve is asking all banks to be ‘strategic’ in their coin requests in May, and North Shore Bank is offering free coin counting to try to increase local supply.
Starting on May 10, North Shore Bank is offering free coin counting and exchange to help increase local supply, according to officials.
The Federal Reserve says coin orders began to drastically increase last month nationwide. Due to the orders, banks will receive only a limited amount of the coin requested from the Federal Reserve.
During the 2020 summer, there was also a coin shortage caused by a lack of coin circulating. North Shore Bank says they helped recirculate nearly $1 million for local business needs during the previous shortage.
“Last year we saw the community rally together to help recirculate coin, and we hope to see that again. We had customers and community members coming in to count coins that they’d held onto for 20+ years, and it made a huge difference,” says Susan T. Doyle, senior vice president of retail banking at North Shore Bank. “
North Shore Banks says all of their lobbies and branches are open and offer free coin counting. The service is reportedly free to any individual who visits a branch.
There is no appointment required.
More information on where to find a North Shore bank, visit their website.