First it was toilet paper, hand sanitizer, and disinfecting wipes. Then it was PPE (personal protective equipment). The latest COVID-19 shortage involves pocket change.
The coronavirus pandemic has caused a nationwide coin shortage, according to the Federal Reserve.
Reserve Chair Jerome Powell said Wednesday the shutdowns caused by the pandemic have raised concerns about circulation of coins, which the Fed’s 12 regional banks are in charge of supplying to financial institutions.
The pandemic “significantly disrupted the supply chain and normal circulation patterns for the US coin. With the partial closure of the economy, the flow of funds through the economy has stopped,” Powell said during a virtual hearing with the House Financial Services Committee. “We are working with the Mint and the Reserve Banks and as the economy re-opens we are starting to see money move around again.”
While there is adequate coin in the economy, the slowed pace of circulation has meant that sufficient quantities of coin are not readily available where needed. With establishments like financial institutions, retail shops, restaurants, laundromats, transit authorities and other typical places where coin enters our society slowed or even stopped, the normal circulation of coin was disrupted.
Natco members, we are asking for your help!
- Break out your piggy banks and jars of coin. Bring them into one of our offices. Use our coin counter to either exchange for bills or deposit into your Natco account. This is a free service to Natco members.
- When cashing a check, deposit the coin and receive only the bills back.
- Use exact change at retailers or even pay your bill with all coin.
Natco always wants to help our members protect their accounts. There are several common types of scams happening to innocent people. That’s why we provide information that helps you understand how the scam works. One type of scam is called a Money Mule. Learn more about this type of scam below.
Understanding how a Money Mule scam works, can help protect you so you don’t fall victim.
Contact us immediately if you ever feel like you have become victim to a scam involving your account.
Learn more about Money-Mule-Scams now.
Congratulations to Alex Kenworthy and Kylah Roberts! These two graduating seniors were drawn at random for our Class of 2020 promotion. Each was presented with a check from Natco for $500!
Thank you to everyone who participated. We wish each and every graduating senior much success in their future. Contact us to learn more about products and services that will make it easy for you to continue using your Natco accounts no matter where your future takes you.
Wall Street Journal
How Financial Institutions Can Help America Heal
Financial tools to pay for education and build wealth should be more widely available.
By Rodney E. Hood
June 4, 2020 6:51 pm ET
When I was growing up in North Carolina, my father sat me down for “the talk” about how to behave should I ever find myself in an encounter with a police officer. He wanted me to understand the risks I could face as an African-American should such an encounter go the wrong way.
That was more than 30 years ago. Yet even now the risks my father warned about loom large for minorities in America, as demonstrated by George Floyd’s tragic and deadly Memorial Day encounter with a Minneapolis police officer. I am all too familiar with the heartbreak and pain that so many in the black community experience as they see such events play out repeatedly, and I understand the demand for change from peaceful protesters around the country.
But there’s nothing heartening in the emerging images of violence and property destruction. Violence and vandalism serve no constructive purpose.
President Trump appointed me the first African-American to lead a federal banking regulatory agency, the National Credit Union Administration—the independent agency that oversees the nation’s federally insured credit unions. Since I assumed the chairmanship last year, much of my focus has been on building and reinforcing places that have fallen behind, often in areas where opportunity is limited, like hard-pressed urban neighborhoods and rural communities fighting decline.
Healing begins with strengthening our commitment to diversity and inclusion. Diversity is important, but only if it’s more than simply “checking the right boxes.” Inclusion requires a deep commitment to cultural change. As vice chairman of the Federal Financial Institutions Examinations Council, a formal interagency body that makes recommendations to promote uniformity in the supervision of financial institutions, I have called upon regulators to make inclusion a major priority in the financial industry.
But the change must reach beyond government agencies. Private industry should support inclusive growth. In that regard, it has been encouraging to see so many bank and credit union leaders make supportive statements about diversity and inclusion.
I encourage financial leaders to bolster those statements with a strengthened commitment to community building through financial inclusion. This includes giving more working families access to tools that help them achieve financial independence, providing more young people with the educational and vocational training they need to succeed, and nurturing the material conditions that allow people to prosper and thrive. Each of these will help Americans build stronger communities and a healthier society.
And finally, let’s renew our commitment to having the difficult conversations about diversity, equity and inclusion needed to foster and nurture greater understanding. These aren’t controversial principles. They’re the forces that bring us together and serve as sources of enrichment, strength and unity.
Mr. Hood is chairman of the National Credit Union Administration.
We realize this time has been especially hard on graduating seniors (high school or college) who have looked forward to celebrating their accomplishments. We want to CONGRATULATE you and give you a fun way to be recognized. By participating, you will be entered for a chance to win $500!
FOLLOW THESE IMPORTANT STEPS TO BE ENTERED
- Stop by one of our offices and take a picture WITH our ‘CONGRATULATIONS Class of 2020’ banner. YOU must also be in the picture.
- We encourage you to make it fun by representing your school.
(wear your cap and gown, letter jacket, sports or band uniform, holding sports equipment or instrument, holding your senior picture, wearing a shirt with your school name, etc).
- Post your photo on Facebook or Instagram and must include this tag – #NatcoCares. Your post must be public so that we can see your entry to count.
- Give us a mention in your post (@Natco Credit Union) AND your graduating school (example – #IU or #CentervilleHighSchool).
- This contest is open to any graduating senior (high school or college)
- You do NOT have to be a member of Natco Credit Union to participate
- Your photo must be posted on Facebook or Instagram and properly tagged by midnight on 06/28/20 to be entered
- By tagging us (#NatcoCares), you give us permission to post and share your photo on our social media accounts and through other media
- One entry per graduating senior
- Posts must be set to ‘public’ to be entered (this allows us to share your post)
- If a parent or someone else is posting on your behalf, they must include YOUR FIRST AND LAST NAME in the post to be entered
- Two winners will be drawn at random on 06/30/20
- Each winner will be notified through the platform they used to enter – Facebook or Instagram
- Prizes must be claimed at a Natco Credit Union office. An appointment will be scheduled in advance and will be coordinated with Natco
We will be open Wednesday from 10:00 a.m. to 5:00 p.m. and will be ready to serve you.
Here are a few useful tips.
- Expect longer than normal delays at our drive ups over the next several days
- Our call center is receiving an extremely high call volume right now. Verify your deposit tomorrow using our mobile banking app, home banking or PAL.
- If you need cash, use our ATM during non-business hours to make withdrawals (up to $500 per day)
Plan ahead and give yourself some comfort by putting these funds to the best use possible.
- Anticipate upcoming expenses. Leave as much on deposit as you can to cover expenses for the next few months – groceries, mortgage/rent, utilities, car payments, insurance, healthcare and other basic needs
- Pay these expenses in advance when possible
Talk to us about opening a special savings account to set aside your stimulus check. This way it’s separate from your other funds and can be used over the next few months.
If you would like help budgeting your stimulus check, call the NCEC at 983-4766.
Members will begin receiving their government stimulus checks this week. This has caused an abnormally high call volume for Natco’s call center.
If your deposit is in the first round of deposits, it will be posted this Wednesday (4/15). Please check your account Wednesday morning using your mobile banking app, home banking, or PAL to verify if your check has been deposited.
If your deposit is not part of this Wednesday’s file, the EARLIEST it will be deposited is next Wednesday (4/22). Please check your account on 4/22 to see if your deposit was posted.
We will post the files each Wednesday in for the next several weeks.
Eligible taxpayers who electronically filed their taxes in 2018 or 2019 will receive their deposit automatically through direct deposit into the account used for their previous tax filing.
The purpose of the stimulus money is to provide emergency assistance to individuals and families who have been affected by the coronavirus pandemic, so Natco Credit Union WILL NOT be applying these stimulus funds to overdrawn accounts, delinquent accounts, garnishments.
The Treasury Department and the Internal Revenue Service launched a new web tool allowing quick registration for stimulus payments for those who don’t normally file a tax return.
According to the IRS, the Treasury plans to develop a web-based portal in the coming weeks for individuals to provide their banking information to the IRS online. This will allow individuals to receive payments immediately as opposed to checks being mailed.
We know that a lot of people are worried about a number of things right now. Natco Credit Union wants to assure you that one thing you shouldn’t worry about is the money you have saved. The credit union will always make sure you have full access to your account, but we also want you and your savings to be safe.
Here are a few reasons to leave your money in your account:
- Your money is insured when it’s in the credit union. Natco Credit Union’s accounts are federally insured by the National Credit Union Administration up to $250,000 per account holder.
- No risk of losing the money. With your money in your account, you always know exactly where it is. When you take money out, there’s a chance that it will be lost or stolen.
- Money is covered in germs and bacteria. According to NYU’s Dirty Money Project, up to 3,000 different kinds of bacteria can live on a $1 bill. Instead, use your debit or credit cards, which can be cleaned with sanitary wipes. Contact us to request a Natco debit card or apply for a Natco REAL FREEDOM Visa card.
During this trying time, we want to make sure you’re protected. Check out our Quick Reference Guide for transacting business. Please, keep yourself and the money you’ve worked so hard to earn safe.
We expect our drive up lanes to be busy this Friday due to it being a payday for several businesses and for those who receive government checks.
Avoid longer lines:
- Use our ATMs to make deposits and withdrawals outside normal business hours.
- Deposit checks 24/7 through mobile deposit
- Visit our drive up another day.