Penny Phase-Out: What Members Need to Know
Staying Informed as Changes Happen Nationwide
The U.S. Treasury has announced plans to phase out the production of the penny due to rising manufacturing costs. While this is a national change, pennies already in circulation remain legal tender. Lincoln Maine Federal Credit Union is here to help members understand what this change means and what to expect moving forward.
What’s Happening?
The cost to produce a penny has exceeded its value, leading the U.S. Treasury to end new penny production. This change impacts how pennies enter circulation over time, not the value of your money or your account balances.
What does this mean at Lincoln Maine FCU right now?
At this time, there are no changes to how your accounts or transactions are handled.
- Pennies are still accepted for deposits, payments, and cash transactions
- Cash transactions are processed to the exact cent whenever possible
- Debit card purchases, checks, ACH payments, and digital banking transactions process normally
What’s not changing:
- Your account balance will not change
- Digital and electronic payments will continue to process normally
- Pennies will remain legal tender even after production ends
Frequently Asked Questions
Why is the penny being phased out?
Because it now costs more than one cent to make each penny.
Will this affect my account balance or deposits?
No. The penny phase-out affects coin circulation only.
Can I still use or deposit pennies?
Yes. Pennies remain legal tender and are currently accepted.
We’re Here to Help!
If you have questions about the penny phase-out or how it may affect your transactions, our team is happy to help. Stop by the branch or contact us anytime.
*Lincoln Maine Federal Credit Union reserves the right to modify cash-handling practices as needed due to changes in coin availability or operational requirements. Notice of any changes will be provided to members through appropriate communication channels.