AS local commercial banks tighten up on expense reduction, Jamaicans who want to deposit savings made in coins, or businesses which have coin deposits to make, may have to turn to supermarkets or other venues to offload their cache of cash.

The Jamaica Observer was alerted to the development when one saver said she was turned away from a commercial bank with her stash of coins which she wanted to trade for notes. She said she was told by the bank to take the coins to any supermarket.

The Business Observer reached out to several local commercial banks to discuss the development but only First Global bank responded, indicating that it still takes coins deposits.

Wayne Robinson, senior deputy governor of the Bank of Jamaica, shed light on the matter, explaining, “It is our understanding that banks in general have not stopped accepting coins but, given the significant time that is consumed and the cost in handling coin transactions, some banks have modified how it is done.

“For example, an institution may have specific days for large coin transactions while others have established specific sections of their business to handle such transactions. It is also our understanding that these various practices have also been implemented to ensure that other customers of the bank are served in an expeditious manner.”

Robinson further noted, “Some banks have established digital/non-cash locations at which they would not accept cash (including coins). You should therefore engage with the specific bank(s) for further clarification on their specific practices and policies for treating with the acceptance of coins.”

The senior deputy governor told the Business Observer that the Bank of Jamaica, as a public good, has an arrangement with GraceKennedy Payment Services whereby the public can encash their coins for paper notes at GKPS outlets across the island. These outlets can be found at https://gkmsonline.com/coin-collection, he said.