Start spending your change!

Start spending your change!

With many of us cooped up at home with the COVID-19 pandemic or simply being more cautious by keeping cash purchases to a minimum, the Federal Reserve has issued a statement about a change shortage. The Federal Reserve is asking consumers to spend or trade in their change laying around the house to put additional change back into the economy. It’s not a change shortage but rather a circulation slowdown due to consumers staying home and / or making purchases using credit and debit cards.

The US Mint said there is an “adequate amount of coins in the economy” but due to the slowdown, some retailers are having issues making change. Several large chains of convenient and grocery stores have started requesting customers use exact change or use a debit or credit card due to the slow down.

While some change remains held up in temporarily closed businesses, many of us have jars of change or a stash in our cup holders in our cars.

Here are some ways to put change back into the system

1) Wrap your change and head to one of our FirstOak Bank locations in Independence, Fredonia, Elk City, or Pueblo to deposit the change or as trade for bills
2) Head to your grocery store and use a machine like a Coinstar to trade in your change for larger bills or store credit
3) or simply just use change to pay for your purchases.