Farewell to the Penny: What You Need to Know

It’s the end of an era - the penny is officially on its way out.

Change is coming to change. We know this may take some getting used to - after all, pennies have been around for over 100 years! We’re here to keep it simple.

november 12, 2025 marked the end of an era: the u.s. mint produced its final penny.

It happened so quickly and quietly that most of us didn’t even notice. Now, before you go checking your coin jars in a panic, here’s the good news: pennies already in circulation work just like always. But yes, over time, you will begin to see fewer of them around. We want you to know what’s changing, how it might affect you, and how we’re here to help.

What The Penny Phase-Out Means for Our Members

1. How will this impact your cash transactions?

You won’t notice major changes right away, but over time you may see:

  • Fewer pennies available in change

  • Some stores rounding cash totals to the nearest nickel

  • More encouragement to use digital or card payments

2. can i get pennies from eifcu?

We are now limited in how many pennies we have in stock and are no longer able to receive more pennies from our currency provider. You can still use pennies for transactions and deposits, but we won’t be able to provide them in cash once our inventory runs out. You’re welcome to bring in any jars of pennies to deposit or exchange while supplies last.

3. how will this impact non-members?

Since pennies are no longer being produced and the national supply will continue to shrink, there may be times when we aren’t able to pay out exact amounts in cash… For ON-US CHECKS (checks written by EIFCU members) we will handle this in a simple and consistent way:

  • If the check total includes cents that require pennies, and we do not have pennies available, we will round the cash payout DOWN to the nearest nickel, and apply the remaining cents back to the check writer’s account.

This keeps the transaction whole. The person cashing the check walks away with the closest possible amount in cash, and the check write receives credit for the full amount they intended to pay.

What will NOT change - Business as Usual

Even though the penny is no longer being made, most of the ways you pay, spend, and bank will stay exactly the same. Here’s what isn’t changing:

  • Checks will still be written and processed for exact amounts. You’ll keep writing checks the same you always have, and businesses will continue depositing them for the full amount.

  • Digital payments stay the same. Online banking, mobile payments, debit cards, credit cards, ACH, automatic bill pay do not rely on pennies, so nothing changes there.

  • Direct deposits and electronic transfers are not affected. Payroll, Social Security, government payments, internal transfers will all continue without any rounding or adjustments.

  • Loan payments and escrow transactions remain exact. Mortgage, auto, personal loans, and HELOCs will all continue to post down to the exact penny, just as they do today.

  • Depositing pennies is still allowed for now. Pennies remain legal tender, and you can continue to bring them in to deposit or exchange while supplies last.

  • Your everyday banking doesn’t require you to do anything new. For most everyone, the biggest difference you’ll notice is simply seeing fewer pennies in change over time.

questions?

Stop by, give us a call, or send us a message. We’re happy to help explain what this change means and how to prepare for a penny-less future. Rest assured, your money is still safe and every cent still counts. As always, we’ll keep you updated as more information becomes available.