Fort Wayne store owners see decline in cash and coin usage since COVID-19 hit

The Federal Reserve is working to relieve the nationwide effects of low coin inventories.

Posted: Jul 13, 2020 8:42 PM
Updated: Jul 14, 2020 10:22 AM

FORT WAYNE, Ind. (WFFT) - Since COVID-19 hit, cashiers have seen an increase in credit card usage.

Monica Starr of Copy Solutions, a local printing and shipping branch, says, "I definitely understand the germs and everything associated with cash. You never know where its been." 

But Starr and her coworkers opt for cash and checks when customers come to the back of Copy Solutions to prepare their shipping items. 

Starr says, "When you are dealing with such small amounts of money like 55 cent stamps, it just isn't worth it for us to pay those credit card fees and lose money on those stamps. That's why we've always accepted cash and check." 

Owner of Clean Spot Dog and Car Wash, Kelly Broyles, feels the same. 

Broyles says, "Without being able to take quarters, I don't know that I'd be able to stay open because I wouldn't be able to justify the $20,000 it would take to upgrade all of the [car wash] bays from coin to credit card systems." 

Broyles is able to maintain his dog and car wash because of 'quarter rotation,' where the same quarters are basically deposited back into his car wash machines after use. 

But his friends who also run local businesses aren't so lucky. 

Broyles says, "I need to see if my gas station friends need to swap out."

Broyles is referring to swapping out coins for cash, since both forms of currency are becoming scarce commodities.  

The Federal Reserve is working to relieve the nationwide effects of low coin inventories. 

As of June 15, a temporary coin order allocation went into effect in all Reserve Bank offices and Federal Reserve locations since the COVID-19 pandemic disrupted the supply chain. 

For more information on the Federal Reserve's order, click here

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