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CALLING ALL COINS: In Response to Federal Reserve Call, North Shore Bank Reactivates Free Coin Counting and Exchange to Increase Local Supply

Federal Reserve Calls for Strategic Allocation; Demand for Coin Higher Than Supply As Businesses and Consumers Become More Active

5/7/2021 8:37:54 AM
BROOKFIELD, Wis. – There is again a shortage of coin across America. The Federal Reserve is calling on all banks to be strategic in their coin requests in May and as such beginning Monday, May 10 North Shore Bank will be offering individuals free coin counting and exchange to help increase local supply, especially for those local businesses with increasing needs as communities become more active.

In summer 2020 there was also a coin shortage caused by lack of coin circulating, and North Shore Bank successfully recirculated nearly $1 million for local business needs. The current free coin counting and exchange for dollars is open to individuals again who visit a North Shore Bank branch and will run through June 30.

According to the Federal Reserve, coin orders began to drastically increase last month nationwide, exceeding seasonal patterns and supply. As such, beginning in May, banks will receive only a limited amount of the coin requested from the Federal Reserve.

“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 coin that they’d held onto for 20+ years, and it made a huge difference,” said Susan T. Doyle, senior vice president of retail banking at North Shore Bank. “We are reinstating the program now to assist both individuals and local businesses that rely on coin to operate, and we are confident that we can continue to make sufficient supplies of coin available here in Wisconsin.”

Community members and personal banking customers interested in having their coins counted and exchanged can visit any North Shore Bank branch. All North Shore Bank lobbies and branches are open and offer coin counting. The free service will be provided to any individual who visits a branch and no appointment is necessary.

North Shore Bank, headquartered in Brookfield, is a mutual savings bank and has assets of over $2.5 billion and 45 offices throughout eastern Wisconsin and northern Illinois. Wisconsin locations are in metro Milwaukee, Germantown, Ozaukee County, Racine, Kenosha, Appleton, Menasha, Green Bay and surrounding areas, Burlington, Union Grove, Muskego, and Door County. Locate a North Shore Bank office. You can also connect with the bank on LinkedIn, Facebook, Twitter, Pinterest, and Instagram.
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