Credit unions turn penny shortage into masterclass in member communication

As penny supplies dwindle nationwide, credit unions are demonstrating that member communication is itself a form of service. Their proactive, transparent, and educational approaches to explaining the shortage highlight the cooperative philosophy in action.

When Members First Credit Union in Michigan needed to tell members about limited penny availability, they didn't just post a notice. They created "The Penny Farewell Tour," a branded member education campaign complete with a pun-filled headline and a detailed FAQ section. Meanwhile, Greater Nevada Credit Union took a different approach: calm reassurance with the message, "it's business as usual."

Their message emphasized continuity: "Your banking experience with GNCU remains unchanged. Should operational needs shift in the future, we will notify members directly." The FAQ section answered member questions with straightforward clarity: "Are pennies still accepted at GNCU? Yes—pennies remain legal tender, and we continue to accept them."

Education as member service

Nicola Foggie, chief regulatory officer at CrossState Credit Union Association, gave member credit unions detailed operational guidance that included a key communication directive: "Recognize that members who are underbanked or rely heavily on cash will be most affected by the rounding. Monitor member feedback to address any inequities."

SECNY Federal Credit Union in Syracuse chose to lead with technical specificity, telling members exactly how transactions would work: "For transactions requiring exact change, we will round down to the nearest nickel and disburse that amount in cash. The remaining $0.01-$0.04 will be automatically deposited into your account." By showing members the math, SECNY communicated respect for member intelligence while ensuring no one would lose money in rounding, a detail-oriented approach that builds trust through transparency.

United Federal Credit Union published what amounts to a primer on the penny phase-out, complete with:

• context on why pennies cost 3.7 cents to produce
• specific rounding examples showing how $10.02 rounds to $10 while $10.03 rounds to $10.05, and
• a section titled "What United Is Doing for You" that positioned the credit union as actively managing the transition rather than simply reacting to it.

The educational approach transforms a supply shortage into a teaching moment.

Valley Strong Credit Union created what might be the most comprehensive member education piece, covering not just penny policy but broader economic context: "High Cost: It costs more than 3 cents to make a penny worth 1 cent. Limited Use: Most pennies end up in jars, not in circulation. Efficiency: Ending penny production saves taxpayers over $50 million annually." The message helps members understand they aren't just experiencing a credit union policy change. They are witnessing a national monetary evolution.

Charter Oak Federal Credit Union used straightforward member alerts: "We want to make our members aware of an important update regarding penny availability and how it is affecting financial institutions across the country, including ours." No preamble, no spin, just honest communication about "circumstances outside our control."

Tailored messages for different member needs

Credit unions recognized that business members needed different information than individual consumers. Coast Central Credit Union in California addressed business members specifically in their October 27 communication: "Business members may order up to $25 (one box) in pennies per week, while supplies last. Due to the limited supply, we are unable to offer penny rolls to individual members." By explicitly stating different policies for different member segments, Coast Central communicated that they understood business cash-handling needs differ from personal banking.

United Federal Credit Union included a business-specific FAQ: "Q: Who will be impacted the most by this? A: Business members who order rolls or boxes of pennies for their cash drawers will be impacted the most."

Valley Strong took business communication a step further, providing specific guidance on operational adjustments: "Businesses that rely heavily on cash transactions will see reduced time and labor for counting and managing pennies. Stores should clearly post rounding policies to maintain transparency and trust. Companies must ensure compliance with state regulations on rounding."

Behind individual credit union communications stood a cooperative infrastructure providing guidance. Corporate One, which provides coin services to credit unions, issued detailed guidance advising credit unions to "monitor penny needs closely and develop plans for providing change as supplies dwindle." The MD|DC Credit Union Association published step-by-step communication recommendations: "Updating cash-handling procedures as pennies phase out. Educating members that existing pennies remain legal tender. Supporting businesses in preparing for potential rounding rules."

Whether using humor or sobriety, technical detail or high-level reassurance, educational frameworks or straightforward alerts, credit unions are demonstrating that how you talk to members matters as much as what you tell them. At a time when many organizations treat communication as corporate messaging, credit unions continue to treat it as member service.

America's Credit Unions didn't just tell member institutions what to communicate. They asked questions: "Is your credit union running out of pennies? Are you worried about the impact to your members?" Then they took those member concerns directly to regulators.

In a December 12 letter to Federal Reserve Governor Christopher Waller, America's Credit Unions requested specific guidance on maintaining depot access, coordinating rounding practices across states, and clarifying legal tender status—seeking the regulatory clarity that would help credit unions provide accurate information to their members. The letter demonstrated how the cooperative system works: individual credit unions communicate transparently to members while their trade association simultaneously advocates for the policy frameworks that make accurate member communication possible.