To Our Valued Clients,
We’d like to share an important update regarding the status of pennies as they relate to your transactions at Androscoggin Bank.
As you may be aware from the recent headlines, the U.S. Department of the Treasury has announced they have officially ceased the production of pennies as of May 2025, and the Federal Reserve sent its last shipment of pennies in August of 2025. Due to this decision made by the U.S. Department of the Treasury, our supply of pennies for coin orders and cash transactions will be limited.
What this means for you:
- Deposits: We will continue to accept penny deposits as usual.
- Change Orders: We will no longer be able to fulfill change orders that include pennies.
- Cash Withdrawals: Pennies will still be available for withdrawals while our current stock lasts. Once pennies are depleted, cash withdrawals will be rounded to the nearest nickel.
- Example: If you request a cash withdrawal for $25.03, you will be asked to withdraw either $25.00 or $25.05
- Check Cashing: Pennies will still be available for check cashing while our current stock lasts. Once pennies are depleted, cash will be rounded to the nearest nickel, any remaining cents will be credited to your account.
- Example: If you cash a check for $50.52, you will receive $50.50 in cash and a deposit receipt for the remaining $0.02.
For our business customers, a way to navigate cash transactions at your place of business:
Customers paying with cash may no longer receive exact change because pennies are increasingly unavailable. Instead, we will round totals to the nearest 5 cents for cash transactions.
- For example, order comes out to $10.22, customer will pay $10.20.
- However, if an order comes out to $10.23, customer will owe $10.25.
Thank you for your understanding and cooperation as we adjust to these changes.
Androscoggin Bank Team
SHARE
