UTICA, N.Y. – The coronavirus pandemic is causing a shortage of coins for retailers, according to bank workers, since coins are now moving slowly through their typical avenues.
In mid-June, the Federal Reserve System notified banks that they would only be able to provide limited amounts of change.
If the trend continues, it may present challenges for banks.
"They're indicating that the circulation will continue to improve as things open up, but at the present time, we do anticipate if things stay as they are right now, by the end of summer, we will be at a point where it could become a challenge for us," said Deborah Cotton, senior vice president of retail banking at Adirondack Bank.
Cotton says this is mostly affecting commercial customers, so shoppers may be asked to use credit or debit cards in lieu of cash at some stores.