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Phasing out the Penny
Did you know that the U.S. Treasury has stopped minting pennies?
Each penny now costs nearly 4 cents to produce! Due to this, the U.S. Mint stopped production and delivered their last shipment of new pennies in August. As a result, our ability to fulfill penny-related requests may be impacted.
South Shore Bank 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 may 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. Review your pricing and point-of-sale systems to prepare and to encourage customers paying with 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. Take advantage of our many Digital Banking services.
When you cash a check, we may ask if you’d like to deposit the change into your South Shore Bank account. A great way to boost your savings over time!
If you have questions about pennies or how this might affect your accounts, please call our Client Information Center at 781.682.3715 or visit one of our convenient Banking Centers.
- Want to learn more about phasing out the penny, click here.