Did you know that the U.S. Treasury has stopped minting pennies?
This decision responds to the fact that each penny now costs nearly 4 cents to produce! Due to this decision, the Federal Reserve has stopped supplying pennies in many locations nationwide. As a result, our ability to fulfill penny-related requests may be impacted.
The retirement of the penny may feel small at first — but managing it well, with transparency, planning, and a community-first mindset, will make all the difference. Dedham Savings is committed to walking through this change with you, supporting your access to everyday cash needs, keeping you informed, and making the shift as seamless as possible.
What this means to individuals:
- We will no longer be able to honor requests for rolls of pennies or provide pennies to coin collectors.
- You’ll also experience changes when shopping and paying in cash—you’ll be asked to pay with exact change or to pay electronically.
What this means to businesses:
- We will do our best to honor requests for rolls of pennies. Depending on our supply, we may need to provide a limited quantity.
- We encourage you to consider how this may impact your cash operations, if you have not already done so. Be sure to review your pricing and point-of-sale systems to prepare and to encourage customers using cash to use exact change.
Helpful Tips:
- Pennies in circulation are still legal tender and can be used for transactions.
- Pennies can still be deposited at any of our locations or in our coin machines.
- Electronic/digital transactions are not impacted—only cash transactions involving pennies are affected. Be sure you’re taking advantage of our many Digital Banking services.
- Want to learn more from the American Bankers Association?
- If you have questions or concerns about pennies or how this might affect your accounts, stop by your local branch or reach out to us at 781.329.6700. We’re here for the journey.