In a surprising move, an Iowa-based credit union, GreenState Credit Union, has decided to halt penny withdrawals, sparking curiosity and debate among its members. But why? Well, it's all due to the U.S. Mint's decision to cease penny production.
A New Policy Takes Effect: As of December 16, 2025, GreenState Credit Union implemented a unique approach to penny transactions. Members can deposit pennies but cannot withdraw them. When cashing checks or exchanging coins, the credit union will round the cash-back amount to the nearest dollar, ensuring a streamlined process.
The Fine Print: Here's where it gets interesting. Any remaining pennies after a transaction will find a new home in the member's savings account. For instance, if a member cashes a $27.43 check, they'll receive $27.40 in cash, and the extra 3 cents will be a surprise addition to their savings. And this isn't all; check-cashing and coin redemption fees will also be adjusted, rounded to the nearest cent.
With locations across Iowa, including nine in the Des Moines metro area, GreenState Credit Union is making waves with this policy change. But will it be a welcome change for all? Some might appreciate the convenience, while others may miss the penny's presence in their pockets.
And this is the part most people miss: What does this mean for the future of pennies and our everyday transactions? Is this the beginning of a penny-less era, or will we find new ways to adapt? Share your thoughts in the comments below!
