Wisconsin Bank Pays Customers for Coins
Pennies from heaven? Nope, there’s a coin shortage in many areas of the country.
It’s not necessarily that there aren’t enough coins in circulation, it’s more that they aren’t circulating efficiently because of the pandemic. Cards are king and change is sitting idle. Call it a supply chain problem.
In response, a small Wisconsin bank did some clever improvisational marketing with a coin buy-back program, offering a $5 bonus for every $100 worth of coins turned in to any of its seven locations, with a maximum payoff of $500.
Because the program was open to non-customers, too, the initiative did three things: Provided a public service for local businesses starved for hard currency, built the bank’s brand with existing and potential customers, and landed regional Community State Bank some national media attention.