November 6, 2025
The U.S. Mint has reportedly ceased production of the penny due to rising manufacturing costs. Consequently, Arundel Federal Savings Bank, along with financial institutions nationwide, will no longer receive penny shipments from the Federal Reserve as they are being phased out nationwide.
What This Means for You:
Limited Penny Supply: Effective immediately, each of our five branches is allocating a maximum of $5.00 in pennies daily. This allocation will continue until our current inventory is depleted.
Cash Transaction Rounding: This change applies only to cash payments. Once our penny supply runs out, we may begin rounding certain cash transactions up to the nearest nickel.
Digital Payments: Digital, mobile, and card transactions will continue to support exact amounts. This is a great opportunity to explore our secure and convenient AFSB Online Banking features.
Pennies are Still Legal Tender: Pennies are still legal tender and valid for purchases, deposits and payments. While they remain in circulation and until phased out completely, you may continue using and depositing them.
Turn Your Penny Jar into Savings: While still legally tender, customers are welcome to bring their pennies to any Arundel Federal branch to deposit or exchange them. Don’t let your change sit idle put it to work!
We will continue to closely monitor updates from the Federal Reserve and the U.S. Treasury regarding penny production and will adjust our procedures as new information and regulatory guidance becomes available.
Arundel Federal is committed to supporting our business and individual customers through this transition. If you have questions about how this change may affect your business operations or personal banking, please contact or stop by your local AFSB branch. Our team is here to help. Member FDIC.