If you’ve ever used a coin exchange machine at the grocery store, you know that what you gain in convenience, you lose in fees. Coinstar machines, for example, charge an 11.9% service fee.
QuikTrip gas stations and food marts are now inviting customers to bring their loose change to any of QT’s 800+ locations to turn it into cash bills.
I reached out to QuikTrip spokesman Mike Thornbrugh, and he says QT is doing this to help alleviate a coin shortage caused by the economic downturn.
QuikTrip Wants Your Change: Here’s How it Works
The seriousness of the situation came to light in early June during a virtual hearing with the House Committee on Financial Services. That’s when Federal Reserve Chairman Jerome Powell testified that the U.S. economy needs change — literally.
“What’s happened is that, with the partial closure of the economy, the flow of coins through the economy has gotten all — it’s kind of stopped,” Powell said.
Thornbrugh says all QuikTrips are now accepting coins and giving back dollar bills in exchange.
“Spread the word: Redeem your coins for cash,” Thornbrugh says. “Whatever the amount, if we don’t have that amount in the store, we’ll give customers a gift card for the remaining balance.”