What’s changing with pennies, and what it means for you

The U.S. Mint has stopped making new pennies. As a result, fewer coins will move through circulation, and banks and businesses will have a harder time obtaining them as supplies shrink. Pennies still count as legal tender, but they will slowly become scarce.

1st Source Bank continues to monitor national supply levels, regulatory guidance, and industry best practices. Below you’ll find what you can expect today, along with policies we’re introducing to manage our coin supplies responsibly.

For Personal Accounts

You can still use and deposit any pennies you have. We will continue accepting penny deposits even if national distribution ends.

To make this transition as smooth and fair as possible, we’re putting the following practices in place:

A friendly request when cashing checks.
Starting now, our bankers may ask if you’re willing to deposit the change portion of a check instead of receiving it in cash. This small step helps us conserve the pennies we still have.

Rounding up when pennies run out.
Once a branch runs out of pennies, we’ll round check cashing transactions up to the nearest nickel. It’s our way to keep things fair and hassle-free when exact change isn’t available. The small difference will be absorbed by the bank.

For Business Clients

If your business relies on giving cash change, you may see reduced access to penny orders as national supplies tighten. We will continue to accept penny deposits, though our ability to redistribute them will depend on Federal Reserve inventory.

As we prepare for a smooth transition:

Conserving change during check cashing.
Our teams may ask business clients, just like personal clients, whether depositing the change portion is acceptable.

Rounding up once pennies run out.
Once a branch’s penny supply is depleted, we will round check cashing transactions up to the nearest nickel for your benefit. The small difference will be absorbed by the bank.

Coin order adjustments.
Across the industry, banks have begun limiting penny orders for businesses. While we have not implemented limits yet, we may need to adjust commercial coin orders as supply tightens.

Change Happens: We’re Here to Make Cents of It All

These practices help us manage declining penny supplies while keeping transactions simple and fair for our clients.

If you have questions about cash handling, coin orders, or how these changes may affect your household or business, 1st Source Bank is always here to help.