Iowa credit union stops allowing penny withdrawals

In light of the U.S. Mint’s decision to discontinue the production of pennies, several businesses have begun rounding cash purchases to the nearest five cents. Following this trend, GreenState Credit Union has updated its policy. Members can continue to deposit pennies, but withdrawals of pennies are no longer permitted. When cashing a check or redeeming coins, the cash back amount will be rounded down to the nearest dollar. Any remaining pennies will then be placed into the member’s savings account. For instance, if someone cashes a check for $27.43, they will receive $27.40 in cash, and the three cents will go into savings. Fees for check cashing and coin redemptions will also be rounded to the nearest cent. GreenState Credit Union operates multiple branches across Iowa, including nine in the Des Moines metropolitan area.