DODGE CITY—Western State Bank has asked customers to "walk in with coins, walk out with paper" as the month ends for those interested in exchanging their coins for paper money.
"While Western State Bank customers are never charged a coin machine fee, non-customers typically pay 10%," a news release said.
The 10% non-customer coin machine fee will resume on Tuesday, Sept. 1.
The release said the United States, caught in the midst of the coronavirus pandemic, is currently experiencing a coin circulation problem or "coin shortage."
However, the U.S. Coin Task Force — established by the U.S. Mint and Federal Reserve in July 2020 to address the issue — said it isn’t a shortage at all.
It’s a disruption caused by the COVID-19 pandemic, a task force news release said.
"Recent shutdowns of businesses and financial institutions have led to fewer cash transactions," the Western Bank release said.
There is about $48 billion in coin already in circulation, most of which is sitting dormant inside American households, according to the U.S. Coin Task Force news release.
"As people have changed their spending habits, and coin-intensive businesses and financial institution lobbies have been less accessible, the nation’s coin is pooling in change jars, in car cup holders and in shuttered businesses, making it difficult for the businesses of this country to get the coin that they need to support cash transactions," the task force release said.
The task force has said exchanging coins for paper money is one way to address the issue.
Western State Bank’s coin machines are located in the Dodge City and Garden City main banking center lobbies.