Catalyst News

Nationwide Coin Shortage Puts Coin Orders on Hold

by Catalyst Corporate | Jun 24, 2020

Grabbing a handful of change from the console of your car to pay for your next cup of coffee in the drive-through lane might be more important than you realize. Limited coin production by the U.S. Mint and limited coin circulation by consumers, businesses and financial institutions during the COVID-19 pandemic has led to a nationwide coin shortage.

As the economy reopens, coin production will restart and coin inventories at the Federal Reserve Banks (FRB) will eventually return to their appropriate levels. In the meantime, financial institutions, including credit unions, will have to accommodate for the reduced supply of coins.

Accordingly, effective June 23, 2020, Catalyst Corporate is temporarily discontinuing coin orders through TranZact for all its coin & currency customers until further notice. This includes coin orders placed with the following suppliers: Chase, Union Bank, First Hawaiian and the Federal Reserve Banks. Although Brinks orders have not been affected yet, it is likely they will be very soon. Please note that this move does not affect currency orders.
 
The FRB has recommended that credit unions recycle their coins, instead of depositing them, until the shortage has been resolved.
 
For more information, see the recent release published by the FRB.
 
If you have any questions, please contact Catalyst Corporate Member Services at 800.442.5763, option 1.