WASHINGTON–Treasury has published guidance around the end of the minting of the U.S. penny that credit unions may want to point their business and commercial members toward.
Treasury has created an extensive FAQ around the end of penny production, with the questions including:
- When will the Government stop distributing the penny?
- How should my business respond as the supply of pennies drops?
- Are businesses required to accept pennies after they are no longer distributed?
- How will accepting foreign currencies, government checks, gift cards, and split payments be affected by rounding?
- Will businesses need to update cash registers for rounding?
As the CU Daily reported here recently, among the first credit unions to announce a new policy related to the penny and the rounding of amounts was Green State Credit Union in Iowa.
The guidance can be found here.
