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As a result of the U.S. Department of the Treasury’s decision to end production of the penny coin, the U.S. Mint has halted penny production and a nationwide move to a penny?less environment is underway. Pennies will become increasingly scarce, which may affect cash handling for businesses. As your bank, Solvay Bank is here to support you through this transition.

Solvay Bank will continue to accept and process coin deposits. To conserve remaining pennies and serve more customers, we are limiting penny distribution for commercial business clients to $10.00 per week, effective immediately and continuing until supplies are exhausted.

What This Means for your Business

This change means pennies may be difficult to obtain from banks, like Solvay Bank, and coin suppliers. Cash transactions that currently rely on exact penny change may require rounding or other adjustments, and you may experience short-term disruptions to coin supplies.

To prepare, consider adopting a clear rounding policy for cash totals and display that policy at your point of sale and online. Configure your POS or registers to apply rounding automatically for cash transactions only, and train staff so they can explain the policy to customers in a consistent, helpful way. Promoting electronic payments (cards, mobile wallets) could also help reduce dependence on small change.

Support through this Transition

We understand there may be questions as we all adapt to this change. Solvay Bank is committed to minimizing disruption for your business and will keep you informed of supply status or any further guidance as the situation evolves. If you have concerns or need assistance, please do not hesitate to reach out to your relationship manager or stop into your nearest branch.

Thank you for your continued partnership.