We're Here to Help as Pennies Phase Out.
As you may know, the U.S. Mint has discontinued production of pennies. Therefore, we do not expect banks to receive further orders of pennies from the Federal Reserve.
While banks have not received any guidance on when pennies will no longer be used, we do expect banks to eventually run out of pennies to circulate now that production has ceased. We encourage our customers to begin taking steps to adapt now.
Because of this national change, Verimore Bank encourages our retail business customers to begin rounding final transaction totals to the nearest nickel.
We also invite all customers to consider taking advantage of convenient cashless payment options, which can help streamline purchases and reduce reliance on coin currency.
In addition, Verimore Bank will begin limiting the number of pennies available for purchase or withdrawal to ensure fair access for all customers during this transition.
We will all eventually adjust to this new normal and Verimore Bank is committed to helping make the change as smooth as possible.
Thank you for your understanding as we all adapt to this change. Please contact us with any questions