All that spare change you have piled up in a random jar in your bedroom is worth a pretty penny these days. Amid a nationwide shortage of coins caused by the coronavirus pandemic, one Wisconsin bank has launched a Coin Buy Back Program that offers a $5 bonus for every $100 worth of coins you turn in.
The Community State Bank in Wisconsin says anyone can bring their coin collection to any of their seven locations to redeem them for the extra cash bonus (whether they're a bank customer or not). However customers are limited somewhat - the extra cash for coins maxes out at $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.”
According to the bank, the program has already been a huge success, with hundreds of people dropping off their spare change at the bank.
"We knew we needed to figure something out. We hate the idea of telling our customers, 'No, we can't give you one of the services we're proud to provide,' so we came up with a creative way to get things done," Community State Bank Vice President Neil Buchanan told CNN. "Just because this hasn't been done before doesn't mean it isn't going to work -- and it has already made a huge difference."