Making Heads or Tails of it: What You Need to Know About the Penny Phase Out

What should you expect at our branches?

Our teams will continue to provide pennies as they are available. When pennies are limited, we’ll explain options at the teller line and help you complete your transaction quickly. Most day-to-day banking will remain unchanged.

How will rounding work?

If a transaction comes to an amount that would normally use pennies, we’ll keep things simple:

Default: We’ll add the odd cents to your Independent Bank account.

This only affects transactions handled at the teller window and drive thru. Card, mobile, and check payments post for the exact amount.

What stays the same?

• Cards and mobile payments: Exact amounts settle as usual.
• Checks and deposits: No change.
• Accounts and fees: Your accounts, fees, and statements do not change due to coin availability.

Tips for Michigan businesses that accept cash

From coffee shops in Grand Rapids to retailers in Bay City, many local businesses handle a high volume of small cash sales. If pennies are limited in your area, these steps can make checkout easier:

• Post a simple sign at the register: “Nearest-nickel rounding on when pennies are unavailable.”
• Train cashiers to round only when needed. Your POS can still show totals to the penny.
• Document your approach in manager notes so teams handle coins consistently.
• Keep change-making flexible. If other coins are tight, encourage exact change when possible.

The final, nationwide rounding process has not yet been announced by the Federal Government. The guidance above reflects current branch procedures and common merchant practices in Michigan and may evolve.