We want to keep you informed about an important change that may impact the way you handle cash transactions: the U.S. Mint has stopped producing new pennies. While pennies remain legal tender for now, financial institutions including ChoiceOne Bank can no longer order them for regular supply. There are over 300 billion pennies still circulating! To help our small businesses, we’re encouraging customers to “give their pennies a purpose” by bringing in rolled pennies for deposit or exchange. This simple step helps us continue filling change orders for our small business customers.

Things to Consider:

• Update Your Registers and POS Systems: Check that your point-of-sale equipment can automatically round cash transactions. Many modern systems include this feature just a quick adjustment can make all the difference.
• Train Your Team: Talk with your employees about a rounding policy and ways to explain it to customers. A friendly conversation goes a long way in building trust.
• Communicate with Customers: Consider posting a simple sign at checkout or adding a message to receipts so customers know what to expect with cash transactions.
• Review Your Pricing: You might choose to adjust prices slightly to minimize the need for rounding or keep them as is and use the rounding feature.

Examples in Action:

• Coffee Shop Example: If a cup of coffee costs $2.37 and the customer pays with cash, you’d round down to $2.35. If the total is $2.38, round up to $2.40.
• Convenience Store Example: Your register could automatically round the total, and a sign at checkout explains the policy to customers.

We know change can bring questions. That’s why our team is here for you every step of the way. If you have any questions or would like personalized support during this transition, please don’t hesitate to contact us at 888.775.6687. We truly value your partnership and look forward to supporting your success.