Are Some Maine Banks Really Running Out of Cash?

If you’ve stopped at the bank lately and noticed tellers being a little more cautious about large cash withdrawals, you’re not imagining things.

In the last few years, we have heard that some banks are scrutinizing larger withdrawals over concerns that some of their customers may be being scammed.  That's not what's going on here, though.

According to an article on the WMTW website, this issue has to do with cash deliveries.

Across parts of Maine, some banks and credit unions are dealing with headaches tied to delayed cash deliveries from armored truck services, creating a ripple effect that has briefly impacted customers from the River Valley to beyond.

According to Maine Credit Union League President Elise Baldacci, credit unions around the state have been wrestling with ongoing issues involving Brink’s cash delivery operations.  Baldacci explained that institutions have reported missed deliveries, cash replenishment problems, spotty service, and frustrating communication gaps whenever shipments are delayed or fail to show up altogether.

One of the latest examples came from Oxford Federal Credit Union, which said several of its branches have experienced armored truck delivery problems in recent weeks.  The credit union said its Mexico branch recently missed not one, but two scheduled cash shipments.

That temporary cash crunch led the Mexico branch to place a $500 withdrawal limit on Thursday morning while staff worked through the issue.  The restriction was later removed once the situation stabilized.

In a statement, Oxford FCU said it understands the inconvenience, especially for customers in the River Valley area, and noted that employees are continuing to work directly with the armored transport vendor in hopes of restoring normal delivery schedules and preventing future disruptions.

Baldacci also noted the issue is not isolated to credit unions alone. Some community banks and even larger retailers in Maine have reportedly been feeling the impact, too, since many rely on armored transportation companies like Brink’s to move physical cash safely between locations.

The good news?  Baldacci emphasized this is strictly a transportation and delivery problem involving Brink’s operations, not a financial stability issue with Maine’s banks or credit unions themselves. In other words, the vaults aren’t empty. The cash caravan has just been hitting a few potholes lately.