Notice:
The Penny is Retired
On November 12th 2025, The U.S. Treasury minted the last penny (because it costs more to make each one than it’s worth). This discontinuation is projected to save the America taxpayers $56 million in the first year following, 2026, and more in years to follow.
What is the Impact?
The effect on day-to-day banking is minor:
Cash transactions will require rounding to the nearest nickel.
Simply put, Carolina Bank will eventually begin to round physical coin transactions to the nearest nickel in customer favor, meaning: 3 cents or 4 cents is equal to 5 cents. Additionally, 8 cents or 9 cents is equal to 10 cents.
Example, $5.02 → $5.00 or $5.03 → $5.05.
The implementation of this method is based on our accessibility to pennies, as they will inevitably become rarer to come by.
Please note:
- Your card and digital payments are not affected by rounding.
- Your current balance will be entirely unaffected.
- You can continue to spend pennies. Pennies remain legal tender.
- You may still receive existing orders for rolls and boxes. However, The Federal Reserve has stopped the distribution of penny rolls and boxes to consumers. Once the supply is diminished, penny orders will no longer be available.
This is a change that will be happening across the country and may result in some confusion but please be assured we are here to help. If you have any questions or concerns, we will be happy to address them at your local branch.