Pennies are Retiring!
What does this mean for you and your transactions?
The U.S. Treasury has stopped producing new pennies due to the high cost of production. As a result, over time, pennies will become less available within the banking system.
What does this mean for you?
- Pennies remain valid legal tender and may continue to be used in transactions or deposited at American Bank at any time.
- American Bank has been notified that we will soon no longer be able to order pennies to replenish our vault inventory. Once this occurs, we may be unable to fulfill some or all customer requests for pennies, including the penny portion of change orders for business customers.
- Cash transactions conducted at our teller windows may be rounded up to the nearest five cents, depending on our available penny inventory.
- Electronic transactions, including debit card, credit card, and electronic payments, will not be affected by this change.
We understand this may be an adjustment, and we are committed to making the transition as smooth as possible for our customers.
Have questions? Give us a call at 254.412.2000 or visit with a banker at any of our local branches. We're happy to be of assistance.
Are pennies going away completely?
No. Pennies remain valid U.S. currency and legal tender. While new pennies are no longer being produced, existing pennies will remain in circulation.
Can I still deposit pennies at American Bank?
Yes. Customers may continue to deposit pennies at any time.
Will American Bank still be able to provide pennies or penny rolls?
Once our current supply is depleted, we may no longer be able to fulfill requests for pennies or penny portions of change orders, particularly for business customers.
Will my transactions be affected?
Only some cash transactions may be rounded up to the nearest five cents, depending on penny availability. Electronic transactions are not affected.