After more than a century in circulation, the U.S. Department of Treasury has officially announced that it will stop producing pennies. While pennies will remain legal tender, they will gradually become harder to find in everyday transaction.
What this means for you
With the end of penny production, Community Bank & Trust can no longer order pennies from the Federal Reserve.
Penny Availability: CB&T has a very limited supply of pennies. Businesses that order coins for daily operations will start to see smaller allocations, or eventually no pennies at all, in their change orders.
Rounding Transactions: Over time, fewer pennies in circulation will lead to rounding adjustments in cash transactions. This doesn't change the value of your money or your ability to pay; it simply reflects a gradual move toward rounding to the nearest nickel when paying or giving change in cash.
Accepting Pennies: Pennies will continue to be accepted for payments, deposits, payroll, and taxes while they remain in circulation. You may still bring coin jars and deposit them at CB&T, in fact we encourage you to do that, but pennies will eventually phase out nationwide.
Tips for Consumers
- You may start to notice cash transactions being rounded to the nearest nickel at some stores or service providers.
- You can continue to spend and deposit pennies, as long as they remain legal tender.
- If you have coins saved up, this is a great time to deposit your change into your CB&T account! It's an easy way to keep those funds working for you instead of sitting idle.
Tips for Businesses
- If your business handles cash, review your cash-handling and change policies and determine whether rounding will impact your customer transactions or register systems.
- Communicate any changes in rounding or pricing to your customers clearly and consistently.
- If you rely on coin orders, prepare now for the end of penny availability by managing existing inventory and reviewing changes to our change-order policy.
Important Changes Effective Immediately
- Penny orders for existing commercial change customers will be limited to one final $50 order.
- CB&T will no longer fulfill new penny change orders.
- When our supply of pennies runs out, CB&T will begin rounding up cashed checks.
- Bring us your pennies! Pennies can still be deposited into accounts as long as they remain in circulation.
CB&T is Here to Help
At CB&T, our goal is to make this transition as simple as possible for our customers and community. If you have questions about how this change may impact your business operations or personal banking, please call us at 254-753-1521 and speak with your personal banker. We're always here to help.