You may have heard that in May 2025, The U.S. Treasury Department confirmed that they will stop producing new pennies. While cash transactions may eventually change slightly, your digital transactions like cards, online banking, and accounts will stay the same. We at Clear Lake Bank & Trust are committed to ensuring this phase-out is as seamless as possible for our customers.
Frequently Asked Questions:
Why is this happening?
The decision to stop producing new one-cent coins was made by the U.S. Treasury department based on the fact that it now costs more to produce a penny than what the coin is worth.
Will pennies disappear immediately?
No. Pennies that are in circulation now will remain legal tender and keep their value indefinitely. The phase out of the penny will be gradual and take place over many years as they are lost, damaged, or not replaced.
Should I stop bringing pennies into the bank?
You are welcome to continue depositing pennies into your account at CLB&T. In fact, now might be a great time to round up your spare change and deposit it into your accounts!
Will my transactions be rounded to the nearest 5 cents?
Eventually, Clear Lake Bank & Trust will be adjusting how we process cashed checks. We will round up cashed checks to the nearest nickel. For instance, if cashing a check for $100.02, we will round it up to $100.05. You will likely see fast-food restaurants, grocery stores, and other establishments making similar adjustments. Deposits and all electronic transactions will continue to be processed to the exact cent.
Will this affect my transactions at other businesses?
Not initially. Eventually, businesses may start to require exact change during cash transactions at checkout. However electronic transactions (like those with debit/credit cards, wire, ACHs, etc.) will continue as usual.
What if I need pennies for my business?
You can still order pennies for your business at this time. However, in the future we may not be able to fulfill the entire order you need as many Federal Reserve Cash Outlets no longer have pennies available for purchase. As the penny supply ebbs and flows over the next several years, we will do our best to fulfill your needs. Now would be a great time for your business to create a plan of action to accommodate customer needs based on what makes sense for you, like setting up card or digital payments (we can help with this!).
