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A Friendly Update from The Citizens Bank
The U.S. Treasury Department recently announced that it will no longer be making pennies. This decision comes after years of rising production costs — today it actually costs more than one cent to mint a penny! While pennies will continue to be legal money, they will slowly begin to disappear from everyday use.
The U.S. isn’t alone in this change. Several other countries have also moved away from their smallest coin, and eventually cash transactions here will be rounded up or down to the nearest five cents.
What does this mean for you?
• Pennies are still good to use. We will gladly accept them as long as they remain in circulation.
• You may notice fewer pennies available. Banks, including TCB, can no longer order them from the Federal Reserve, so supplies will gradually become limited.
• Your business may be impacted. If you run a business and rely on pennies for change, please review the attached information to help you plan ahead.
We believe it will take some time before this change is fully felt, but we want you to be informed and prepared. Our goal, as always, is to make your banking experience simple and worry-free. If you have any questions, please don’t hesitate to stop by or call — we’re here to help.
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