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CUs: Encourage coin movement with new resources from U.S. Coin Task Force
October marks the start of the U.S. Mint’s #GetCoinMoving month – a month-long campaign created to encourage consumers to redeem their spare coins. New tailored resources and recommendations issued as part of the campaign for financial institutions can be found on the U.S. Coin Task Force website.
Throughout October, credit unions can encourage their communities to get coin moving through themed weekly activities, which include:
- gather your coin;
- discover your coin;
- make a difference, turn in your coin; and
- find your spare change.
On the website, the task force has provided social media graphics, facts about coins, potential promotion incentives, an employee coin drive toolkit, and even sample social media captions to garner interest and participation from your credit union members. View all available resources here.
In addition, the task force explained how depository institutions can enhance their coin acceptance capabilities and encourage members to deposit their coins. These suggestions include:
- renting equipment to count coins;
- creating a socially-distanced system where members are encouraged to drop off coins to be counted;
- offering for the funds to be deposited into an account, given via a cash redemption voucher, or loaded onto a loyalty card;
- keeping an open line of communication with an armored carrier company; and
- making coin wrap kits available to members.
To help promote awareness and understanding of the coin circulation issue, the task force is encouraging use of the #GetCoinMoving and #EveryCoinCounts hashtags on social media posts and make use of the task force’s resources to encourage members to participate.
In July 2020, the U.S. Mint and Federal Reserve established a U.S. Coin Task Force to address the current circulation problem. NAFCU is a member of the task force which is working to identify and promote actions to reduce the consequence and duration of COVID-19 related disruptions to normal coin circulation. More information about the current allocations can be found here.