As you may be aware, the U.S. Treasury Department recently completed the phase-out of penny production as part of a broader initiative to modernize our nation’s currency system. Although pennies already in circulation remain legal tender, no additional pennies are being minted. As existing supplies diminish, businesses will need to adjust their cash-handling procedures accordingly.
We encourage you to begin adapting your operations by considering adjustments to your pricing strategies. Many businesses are exploring options such as:
- Rounding final cash transaction totals to the nearest nickel
- Amounts ending in 1 or 2 ¢ → round down to 0 ¢
- Amounts ending in 3 or 4 ¢ → round up to 5 ¢
- Amounts ending in 6 or 7 ¢ → round down to 5 ¢
- Amounts ending in 8 or 9 ¢ → round up to 10 ¢
- Implementing pricing that naturally results in nickel increments
- Encouraging electronic payment methods, which are unaffected by this change
We understand that this shift may present operational challenges. Stone Bank is committed to supporting you through this transition with resources and guidance.
Our Boulder Bankers are available to discuss how this change may affect your operations and to help you explore solutions tailored to your business needs.
Please note that this update impacts cash transactions only. Electronic payments, check processing, and all other banking services continue without interruption. We value your partnership and are here to assist you every step of the way.
For questions or to schedule a consultation with one of our Boulder Bankers, please contact us at (833) 253-2265 or visit any of our branch locations.
Thank you for your continued trust in Stone Bank.