Do Canadian Banks Accept Pennies? Key Facts Explained

Discover the truth about Canada's banks and their policy on pennies post-2013. Learn what to do with your spare change!

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Canadian banks no longer accept pennies for deposits. As of February 4, 2013, the Royal Canadian Mint stopped distributing pennies, and banks followed suit. For those with pennies, it is recommended to take them to coin-counting kiosks or donate them to charity as a practical solution.

FAQs & Answers

  1. Why did Canadian banks stop accepting pennies? Canadian banks stopped accepting pennies due to the Royal Canadian Mint ceasing their distribution in 2013, rendering them impractical for everyday transactions.
  2. What can I do with my unwanted pennies? You can take your unwanted pennies to coin-counting kiosks or donate them to charity to support local causes.
  3. Are there any stores that still accept pennies? Most stores in Canada do not accept pennies, as they are no longer in circulation. However, some may round totals in cash transactions.
  4. What is the policy on old coins in Canada? While old coins can still be exchanged at banks, it’s essential to check with the bank regarding their policies as they may vary.

Watch More

For more insights on Canadian currency and banking policies, check out our other videos on coin management and financial tips to make the most of your money.

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