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.

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