As you may know, the last penny rolled off the U.S. Mint line in November and with its production end come a lot of changes throughout the business world. Bangor Federal is not immune to these changes. While there are still many areas requiring guidance, Bangor Federal Credit Union is committed to ensuring a smooth transition through this process.
First and foremost, despite the end of its physical production, the penny is, and will remain, valid currency. You can still use them to make purchases, and they can be deposited into your account. The financial world will be relying on the estimated 250-billion pennies in circulation to make proper change when it comes to cash payments moving forward.
In areas where retailers run out of pennies, they may round cash transactions to the nearest five cents. This will not affect electronic payments and charges, however. If you use a debit card, credit card, or other electronic payment method, your transaction will not be rounded.
We're sorry for any inconveniences this change may bring but thank you for your understanding as we navigate these new guidelines. This is an ongoing process and Bangor Federal Credit Union, hand-in-hand with credit unions across the country, are working to get more specific procedures from Federal agencies and authorities. If you have any questions about the end of the penny's production, and how it may affect you, don't hesitate to reach out to our team at (207) 947-0374.
About Us
From our humble beginnings in 1956 from a home on Grove Street, to becoming one of the premiere financial institutions in central and coastal Maine, Bangor Federal’s mission has always remained the same: to deliver the best financial experience to our members.
