Curious about the coin shortage? Let's bust some myths together!
COVID-19 has affected every aspect of American life. From brick and mortar businesses to how students attend school, the effects are everywhere. Unsurprisingly those changes have trickled down into the very fabric of the American economy with the circulation of money. Or, more specifically, the circulation of coins. Because of this circulation disruption, myths have emerged about the current American “coin shortage.”

Myth: America is running out of coins, hence the “shortage”

The very term “shortage” is part of the perpetuating myths. It isn’t so much a shortage as a disruption in the circulation cycle. Yiming Ma, assistant professor in the finance division of the Columbia Business School, told Forbes that the concept of the coin shortage in itself is not an accurate description. The disruption of the economy because of COVID has caused a disruption in coin circulation.

“A disruption is a better way to describe it,” Ma says. “It’s reflecting the fact that, once circulation is resumed, these disruptions will ease out.”

Myth: The shortage is intentional as a way for America to become a cashless society

Early in July posts began circulating across social media claiming that the current coin shortage was no accident, that the U.S. government is taking steps to eliminate physical money in the country’s economy. But both economic experts and the Federal Reserve have spoken out against this particular myth. The pandemic has caused a significant decrease in in-person purchases resulting in fewer coins in circulation and a decrease in coin minting.

According to PolitiFact, “U.S. Mint spokesman Todd Martin told PolitiFact that in the early stages of the coronavirus outbreak, the Mint reduced the number of employees per shift in order to enhance social distancing, leading to a reduction in [the] production of 10% in April and 20% in May. At the same time, reduced sales activity meant retailers were ordering more coins from the Mint because they were receiving fewer of them as people stayed home, he said.”

So while the reduction of coin minting was intentional because of lack of need during the shutdown, the decision was not made to create a cashless society. 
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We live in an app-based world. From laptops to smart TVs, applications are used nearly everywhere. Learning which apps are safe can be tricky as cybercriminals continue to find new ways to exploit your trust.

The latest scam involves third-party apps that request unusual permissions. Users are easily fooled into downloading these third-party apps because they are registered on legitimate app stores and are designed to work in conjunction with popular products such as Microsoft OneNote or GSuite.

The app is pretty harmless on its own, but shortly after downloading it you’ll receive an email related to this app, and the email includes a phishing link. If you click this link, it will cause the third-party application to request special permissions such as the ability to read and write to files on your behalf. If you grant the app these permissions, you’ll give the bad guys unlimited access to your sensitive information.

Don’t fall victim to this scam! Remember the following:
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Paycheck Protection Program Stories
St. Matthews United Methodist Church has been a staple in the Midwest City community for many years. Did you know the Church employs 17 people, too? Thanks to the Paycheck Protection Program, St. Matthews' employees never missed a beat back in April & May.

When asked about their experience with FNB, Reverend Wendee Perceful said, "Everyone was great and incredibly helpful, especially Terri. Thank you sorry much for helping us stay afloat!"

If your church, business, or organization is looking to establish a relationship with a bank where you are more than a number, give us a call or visit our website.
Beverly came to FNB Community Bank when it was time to apply for the SBA's Paycheck Protection Program loan because of her 20+ year relationship with FNB.

Beverly said, "receiving funds from the Paycheck Protection Program helped relieve her money worries back in May due to COVID-19."

We are grateful that we have been able to help small businesses like Beverly's thanks to the PPP loan.

If your business is looking to establish a relationship with a bank where you are more than a number, give us a call or visit our website.
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