On Wednesday Taylor Huspeth from First National Bank of North Arkansas spoke with KHOZ’s Around The Table about a coin shortage.
“This time last year is the first time we had actually heard about it [the shortage] from the Federal Reserve,” Huspeth said. She said it got better in the fall and resurfaced late last month. She added that it has affected banking. “Since the Federal Reserve doesn’t really have coins to send us, we are just kind of up a creek really.” She said this limits what they can order and gives them much less than they need to manage the business.
Huspeth said they have not yet needed to turn customers away. Last summer the bank paid cash in exchange for coins. They are doing that now and paying a five percent premium. Huspeth said this is not only for customers but anyone who brings coins. She said spending coins is a way people can help alleviate the shortage.
The full interview with Huspeth is on Around The Table’s Facebook Page.
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