Penny Phaseout FAQ

The U.S. Treasury has announced the end of penny production, and as a result, the Federal Reserve is reducing penny distribution in many areas. While pennies remain legal tender, this change may affect our ability to provide them for certain transactions. Below, we’ve answered common questions to help you understand what this means and how it impacts you.

Why is the penny being phased out?
The U.S. Mint has stopped producing pennies to reduce costs and improve efficiency. Existing pennies remain legal tender.

Can I still use pennies?
Yes. Pennies are still accepted for purchases and deposits at all branches.

What should I do with my pennies?
Please bring any pennies you have to your local branch for deposit or exchange. This helps keep coins in circulation.

Are pennies still valuable?
Yes. Each penny is still worth one cent and remains legal tender.

Will pennies disappear completely?
Pennies will remain in circulation until Congress decides otherwise. No official date for full elimination has been announced.

How is the bank helping?
• We will continue accepting pennies for deposits and transactions.
• We’ll keep you informed with updates as changes occur.
• Rolled pennies are still available for business customers while supplies last.
• We’ll provide exact change whenever possible, as long as our penny supply lasts.

What will happen to my transactions at stores or vendors?
Cash transactions may be rounded to the nearest 5¢ if pennies are unavailable. Electronic payments (debit, credit, digital) will not be affected.

Who can I contact with questions?

  • Please call us at (765) 236-0600 if you have any questions or need additional assistance. 
  • You can also come into a branch near you to speak with a member of our team. See our locations and hours.

Thank you for trusting Community First Bank of Indiana with your financial needs. We recognize this nationwide change may cause some inconvenience and appreciate your understanding.