MASON, Mich — A local bank is turning spare change into extra cash for residents while helping businesses prepare for a future without new pennies.
- Dart Bank offers a 20% bonus on pennies through "Copper That Counts" program - paying $6 for every $5 in pennies.
- Initiative helps local businesses maintain exact change as the U.S. stopped producing pennies in August.
- Program is open to everyone with a 25,000-penny monthly limit per person at any Dart Bank location
Dart Bank launched the "Copper That Counts" initiative to address the growing penny shortage after the United States produced its final batch of pennies in August.
WATCH BELOW: Local bank offers 20% bonus for pennies as U.S. stops production
Michelle Carpenter with Dart Bank explained the program's dual purpose of helping both individuals and local businesses.
"Eventually, the circulation will slow. We're trying to do everything we can for the community, especially those businesses that are accepting cash. Trying to assist them in being able to provide the exact change for as long as possible," Carpenter said.
The program offers a significant incentive for penny holders.
"You do not have to be a customer. For every 500 pennies presented, which is a five-dollar value, Dart Bank will pay $6, so that's actually a 20% bonus on your money," Carpenter said.
Local businesses are already considering how the penny shortage will affect their operations. Debbie Shattuck, owner of Maple Street Mall, says cash transactions remain common despite the rise of digital payments.
"There are a number of people that insist on paying with cash. Either they are budget-conscious people or people who don't want a credit or debit card," Shattuck said.
The end of penny production has Shattuck questioning how businesses will handle exact change in the future.
"When the pennies are no longer available, what is that going to mean. Will we round down to a certain degree, or will we round up to a certain degree? How will that play out? How will that be received?" Shattuck said.
Shattuck praised the bank's initiative as beneficial for small businesses.
"It's really cool to hear that a local bank is doing something like that to assist local," Shattuck said.
Residents can bring pennies to any Dart Bank retail banking office, with a limit of 25,000 pennies per person per month. The program may end at any time.
Locations: (Mason, Holt/S. Lansing, Frandor, or Grand Ledge)
"If you have those loose pennies at home, bring them down to Dart Bank," Carpenter said.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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