Three branches of Mechanics Bank invited Contra Costa County residents to exchange their spare change for paper bills at no cost amid a nationwide shortage of coins.
The Danville, Mira Vista and Walnut Creek branches of the bank will waive coin exchange fees for a limited time. The coins will then support the bank’s local business clients who are affected by the coin shortage.
While there are enough coins currently in circulation, Americans have not been exchanging them or spending them at a rate similar to before the COVID-19 coronavirus pandemic started.
Small businesses like coffee shops that sell most of their goods of $10 or less have also seen a surge in payments via contactless methods in lieu of cash. The Federal Reserve has projected a monthly gap of as many as 3.5 billion coins through the end of the year.
Residents can visit the three Mechanics Bank branches to exchange coins from 10 a.m. to 4 p.m. Monday through Friday.
The Danville branch is located at 345 Railroad Ave. inside Lunardi’s Supermarket, the Mira Vista branch is located at 4100 MacDonald Ave. in Richmond, and the Walnut Creek branch is located at 1350 N. Main St.
Why was there ever a fee anyway? I’ve been saving coins and rolling them up to exchange for bills for many years, and I have never run across a bank that charged a fee.
It seems like Merchants is a greedy bank trying to convince people they are being generous..
Coin machines charge something like 10% of whatever is put in them. I’ve never heard of a bank charging.
From my experience banks will do it for free for you if your a account holder with them. Once I tried to bring coins into Bank of America, where I was not a customer, and they would not do it for me.
Funny, since I heard of the shortage I’ve been using my quarters to make purchases and businesses LOVE it! no longer to be frown at you for making them work harder to count change but they actually THANK you for the change! I’m sure though, they don’t want you dumping a coffee can full of coins on their countertop.
And what exchange rate are they offering for my financial services? There will also be a surcharge if they want it delivered, as opposed to coming to me. I’m not greedy, I’ll charge whatever the usual CoinStar rate is, plus delivery.
…. do they have to be rolled or can it be loose change?
They have got to be kidding. Free? No way. I have lots of coins and I will hoard them until the economy is on its knees begging for coins, and then see how much I charge for them. Free? They think we are stupid.
End the lockdown. It’s that simple…
AD
I’ll be happy to exchange my coins for bills. And… I will only charge Mechanics bank 10 percent. Also, I will only be able to do it between 7to 9am. Please practice social distancing, and Thank you for your covid cooperation. We’re all in this together.
“At no cost?” ha ha ha
Everything is a commodity, pals.
If’n they want my coins I’m charging a 10% delivery charge.
Otherwise, I’m keeping them. 🙂
I read this thinking I was gonna make some money.
Thanks,, but Ill hang on to my change or trade it with a bank that doesn’t usually stick people in the butt.
Cashed in some dimes yesterday. $ 89 total, I was thinking almost a even 90. Looked in the reject slot and there was a Susan B from another customer, Yes
Time to flip it on the banks
For each dollar in coins I give you I get $1.15 value back.
15% seems more than fair compared to the higher interest rates they charge us