As you may have heard, the U.S. Treasury has announced the decision to end production of the U.S. penny. This decision is part of an effort to reduce government spending, as it costs nearly four cents to manufacture and distribute each penny. As we move through this change together, we want to help answer any questions you might have. Check out the quick facts below!
- Although pennies will no longer be produced, they will remain legal tender. Banks will continue to accept pennies, and you can still use them in everyday transactions.
- Penny circulation has already begun to slow. As this continues, banks and businesses may start to run low or run out of pennies.
- Banks and businesses will likely need to adjust their cash management practices. Watch for communications regarding these changes.
SmartBank is pleased to continue offering check cashing to the exact cent while our supply lasts.
When our penny supply runs out, SmartBank clients can choose to deposit the change portion, which we encourage for convenience. If you prefer not to deposit, your transaction will be rounded up to the nearest nickel.
For non-SmartBank clients, transactions will be rounded up to the nearest nickel, ensuring you always receive the full value.
If you have any questions or concerns, please visit your local branch or reach out to Client Services at 1.866.290.2554. We’re here to help.