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From Piggy Banks to Checkout Lines: Understanding the Penny Phase-Out

Pennies are gradually being phased out of production in the U.S., which means banks like Pinnacle Bank can order fewer from the Federal Reserve today—and eventually won’t be able to order any at all—but the pennies in your pockets, jars and sofa cushions are still perfectly good to use.

Why is this change happening?

For many years, it has cost more than one cent to make a penny, once you factor in the cost of metal, manufacturing and distribution. To be better stewards of taxpayer dollars, the federal government has directed the U.S. Mint to stop producing new pennies, with the last shipments already sent out in 2025. Think of it as a gentle sunset, not a sudden shutoff.

What’s changing behind the scenes?

Once new pennies stop being made, the only pennies available are the ones already in circulation, moving from wallets to stores to banks and back again. The Federal Reserve uses coin terminals and private partners to move coins where they are needed. Still, many of those locations are now limiting or stopping penny transactions as supplies run low. That’s why Pinnacle Bank is already very restricted in how many pennies can be ordered, and at some point, we will not be able to order any more from the Fed.

What does this mean for you?

You may notice that our branches and your favorite local shops have fewer pennies on hand for making change, especially for large coin transactions. Some businesses might round cash totals to the nearest five cents, while card, debit and other electronic payments will still be processed to the exact cent. Our aim is to make these changes feel seamless and straightforward, so you’re never caught off guard.

Will your pennies still be accepted?

Absolutely. Pennies remain legal tender, and Pinnacle Bank will continue to accept them as long as they stay in circulation. One of the most helpful things you can do is empty those old coin jars and piggy banks and bring them in. Every penny you recirculate helps your community’s businesses and neighbors. Over time, pennies will become less common in daily life, as has happened in other countries after retiring their smallest coins.

We’re here to help!

Change, even when it involves pennies, can raise questions, and our team is here to walk through it with you. We will post any updates about penny availability, cash rounding or digital payment options at our branches and on pinnaclebank.com so you always know what to expect. 

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Blog Home Buying & Refinancing

Why a Fed Rate Cut Doesn’t Automatically Mean Lower Mortgage Rates

When you hear the headline “The Fed just cut rates,” it’s easy to think mortgage rates are about to fall, too. But that’s not always the case — and understanding why can help you make smarter home financing decisions.

1. The Fed Doesn’t Set Mortgage Rates

The Federal Reserve controls the federal funds rate, which is what banks charge each other for overnight loans. That affects short-term borrowing like credit cards, auto loans and home equity lines.

Mortgage rates, however, are long-term and influenced by the bond market — specifically the 10-year Treasury yield — not the Fed’s rate directly.

2. Mortgage Rates Follow the 10-Year Treasury Yield

Mortgage rates generally move in the same direction as the 10-year Treasury bond yield. When investors expect slower growth or lower inflation, they buy bonds, which pushes yields (and mortgage rates) down.

If investors expect the economy to stay strong or inflation to rise, they sell bonds — driving yields (and mortgage rates) up, even if the Fed is cutting rates.

3. Sometimes Rate Cuts Push Mortgage Rates Up

Here’s where it gets tricky. The Fed often cuts rates when the economy is under pressure. That can cause fears of inflation or heavy government spending, both of which push mortgage rates higher — at least in the short term.

Other times, the bond market has already “priced in” a Fed cut before it even happens, meaning mortgage rates may have already moved lower weeks earlier.

4. The Bottom Line

The Fed influences the direction of the economy, not mortgage rates directly. Mortgage rates move based on investor confidence, inflation expectations and global demand for U.S. bonds — all of which can react differently than the headlines suggest.

So while a Fed rate cut might eventually lead to lower mortgage rates, the two don’t move in lockstep. Think of it this way: the Fed turns the wheel, but mortgage rates are the tires — they respond, just not always instantly or evenly.

Local Guidance & Expertise Matter

Markets move fast — and headlines can be misleading. If you want clear, local insight into how national rate changes could affect your mortgage or buying power, reach out to any of your Pinnacle Bank mortgage professionals anytime.

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Blog

Meet Kim Eells

Kim is an accomplished SBA lending professional with nearly 30 years of experience supporting business owners through SBA 7(a) and 504 loans. She recently joined Pinnacle Bank as an SBA Lending Officer, continuing her commitment to guiding borrowers through the complexities of starting, expanding or acquiring businesses. 

Beyond her work with clients, she actively contributes to the industry as a longtime member and Board Advisor for the Georgia Lenders Quality Circle and as a member of the Georgia Association of Business Brokers.

Born in Mobile, Alabama, and raised in Conyers and Covington, Kim now enjoys painting landscapes and flowers, playing with her two dogs and spending time with her family—especially her grandchildren.

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Meet Kim Lewis

With over 25 years of experience in banking, Kim Lewis brings both heart and expertise to her role as Branch Manager and Universal Banker at Pinnacle Bank. She began her career as a summer teller in Augusta, GA, and has since built a legacy of service rooted in trust, attention to detail and a genuine love for people.

Kim is known for her operational know-how, commitment to security and the meaningful relationships she fosters with her customers and teammates alike. Whether she’s solving a problem or celebrating a milestone, Kim’s dedication reflects the values that define Pinnacle Bank.

Originally from North Augusta, SC, Kim enjoys traveling, gardening and spending time with friends, family and her dog, Finley.

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Meet Zach Mellott

After three years in retail management, Zach Mellott took a leap of faith and joined Pinnacle Bank in 2022—and he hasn’t looked back. Now a Universal Banker, Zach plays a vital role in training new team members, supporting daily branch operations and delivering exceptional service to customers.

Known for his positive attitude and team-first mindset, Zach finds the most joy in building relationships with both customers and coworkers alike. Originally from Dacula, GA, Zach now calls Pinnacle home.

Outside of work, Zach enjoys spending time with his wife and daughter, playing board games with friends and honing his skills in archery and fencing.

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Blog Home Buying & Refinancing

Timing the Market: Should You Buy Now or Wait?

If you’re thinking about buying a home, there’s a good chance you’ve asked yourself this question:

“Should I buy now, or should I wait for rates or prices to come down?”

It’s a smart question—and one we hear all the time. After all, buying a home is one of the biggest financial decisions you’ll ever make. You want to get it right. But the truth is, “timing the market” is a lot trickier than it sounds, and in many cases, waiting might actually cost you more than you think.

Let’s break it down.

1. The Two Factors Everyone Talks About: Rates and Prices

Mortgage rates have been on a bit of a roller coaster lately, and depending on who you ask, they’re either about to drop or stay put for a while.

At the same time, home prices have remained stubborn in many areas—especially in desirable neighborhoods with limited inventory. Why? Because even as demand fluctuates, supply remains tight. So while some buyers are sitting on the sidelines waiting for prices to fall, the reality is that home values in most markets are holding strong.

Waiting for both rates and prices to fall? That’s like trying to win the lottery twice.

2. Waiting Can Cost More Than You Think

Let’s say you decide to wait a year, hoping rates drop by 1%. But if home prices go up even just 5–7% during that time (which is realistic in many markets), you could end up paying more overall.

Here’s a quick example:

  • Today: $350,000 home at 6.75% = ~$2,270/month (principal and interest)
  • Next Year: $370,000 home at 5.75% = ~$2,170/month

Yes, your monthly payment might drop slightly—but you just paid $20,000 more for the house. And that’s assuming everything goes your way (spoiler: it usually doesn’t).

3. You Can Refinance a Rate, But You Can’t Change the Purchase Price

This is something we remind buyers of often:

“You marry the house, but you date the rate.”

If rates come down in the next 12–24 months—and many experts believe they will—you can refinance and potentially lower your payment.

But if home prices continue to rise, you can’t go back in time and get that house for less. And with demand expected to pick up again as soon as rates drop, buying later could mean more competition, more bidding wars and fewer choices.

4. The Best Time to Buy? When It’s the Right Time for You

Market trends matter—but your personal timeline matters more. Here are a few good reasons it might make sense to buy now:

  • You’re tired of rising rent
  • You’ve outgrown your current space
  • You want to build equity instead of paying someone else’s mortgage
  • You’re financially stable and ready for long-term ownership

If those boxes are checked, you don’t need perfect market conditions—you need a smart plan, a trusted guide and a loan that fits your life.

Let’s Talk Strategy

You don’t have to figure all this out on your own. Every buyer’s situation is different, and the best decision is the one that fits your goals—not just the headlines.

If you’re wondering whether now is the right time for you, let’s run the numbers together. We can help you compare options, understand your buying power and map out a game plan—whether you’re ready now or just starting to prepare.

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Blog Home Buying & Refinancing

Top 5 Mistakes to Avoid When Applying for a Home Mortgage

Applying for a mortgage is a big step—and one where small mistakes can lead to big headaches. Whether you’re buying your first home or your fifth, steering clear of these common missteps can make the process smoother, faster, and more successful.

1. Making Big Financial Changes During the Process

Opening a new credit card, financing a car, or making large purchases while applying for a mortgage can throw off your credit profile and debt-to-income ratio—two key things lenders evaluate. These changes can delay or even derail your loan approval.

2. Skipping the Pre-Approval Step

House hunting without a pre-approval is like shopping without a price tag. You may end up wasting time—or falling for a home that’s out of reach.

Your local Pinnacle Bank mortgage team member can provide a fast, accurate pre-approval that gives you confidence and credibility in the market.

3. Moving Money Between Accounts Without Documentation

Lenders need to verify where your down payment and reserves are coming from. Large or frequent transfers between accounts can raise red flags if they aren’t properly documented, which can slow down underwriting.

4. Assuming All Lenders Offer the Same Experience

Lowest advertised rates don’t always mean the best deal. Some lenders tack on hidden fees or lack the personal support you’ll need throughout the process. 

Do your homework—and trust experience over flash.

5. Not Asking Questions

This is your home and your money—there’s no such thing as a dumb question. From rate locks to closing timelines, you deserve clear answers.

The local Pinnacle team is here to walk you through the process, step by step. Don’t go it alone when help is right around the corner.

Final Thought

Buying a home is exciting, but it’s easy to make costly missteps. Partnering with the right lender—from the start—can make all the difference.

Connect with your trusted Pinnacle Bank mortgage professional today, and let’s make homeownership happen the right way.

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Blog

Meet Helen Caldwell

With 20 years of experience in banking, Helen Trotter Caldwell brings deep expertise and a heart for service to her role as Senior Vice President and Executive Director of Treasury Management at Pinnacle Bank. Known for her strong relationship-building skills and commitment to community, Helen is passionate about helping businesses thrive through personalized financial solutions.

A native of Columbia County, Helen began her banking career in Charleston before returning to Augusta, where she has spent over a decade leading Treasury Management programs. She is a faculty member at the Georgia Banking School and remains active in leadership roles across Augusta’s business community.

When she’s not serving clients, Helen enjoys spending time with her husband, Wade, their three children and their two dogs. Her dedication to both her profession and her hometown reflects the values that define Pinnacle Bank.

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Blog Safety & Security

Safeguarding Your Finances: The Importance of Checking Safety

Pinnacle Bank’s commitment to your financial well-being extends beyond just providing excellent services—we’re here to help you protect your assets too. Today, let’s discuss an often-overlooked but crucial aspect of financial security: using checks safely.

A Lesson from Your Home Security System

Think of your checkbook as part of your security system. Just as you wouldn’t leave your front door unlocked or your alarm system deactivated, you shouldn’t leave your checks vulnerable. Here are some key points to remember:

  1. Store your checks securely like you would your valuable documents.
  2. Never sign blank checks. It’s like handing over a signed, blank contract.
  3. Use a pen with indelible ink when writing checks. Consider it your financial fingerprint.
  4. Always fill in all fields of a check, leaving no blank spaces. Think of it as closing all your windows before leaving home.

Banks Never Ask That!

Remember this golden rule: Pinnacle Bank, or any legitimate bank, will never ask for sensitive information through unsecured channels. If you receive a call, email or text asking for your account details, passwords or other private information, be cautious. It’s likely a scam. We value your trust and will always prioritize your security.

The Role of Checks in Modern Banking

While digital payments are on the rise, checks still play a significant role in certain transactions. According to recent financial reports, check-related fraud remains a concern. That’s why at Pinnacle Bank, we’re committed to helping you stay informed and protected.

Protecting Your Financial Home

Here are some additional tips to keep your financial home secure:

  • Regularly review your account statements like you would check your home’s exterior for signs of trouble.
  • Report any suspicious activity immediately—we’re here to help.
  • Consider using our online bill pay services for added security.
  • Shred old checks and statements before disposing of them. Think of it as clearing out old keys to your house.

Pinnacle is more than just your bank; we’re your partners in building and protecting your financial future. By following these guidelines and staying informed, you can help safeguard your finances against check-related fraud and scams.

If you have any questions, please contact your local Pinnacle Bank branch or our customer service line at 877-759-7939.

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Blog Safety & Security

Protect Your Money: A Guide to Recognizing and Avoiding Financial Scams

Pinnacle Bank is committed to keeping your hard-earned money safe. As your trusted local financial partner since 1934, we want to help you recognize and avoid phishing scams and other types of financial fraud. Let’s explore how to protect yourself from various deceptive practices targeting you and other Pinnacle Bank customers.

Email Scams: Red Flags for Bank Customers

  • Unusual Email Addresses: Be wary of emails that don’t come from our official Pinnacle Bank domain.
  • Misspelled Words: Pinnacle Bank communications are professionally written. Poor grammar or spelling is a clear sign of an impostor.
  • Scare Tactics: Pinnacle Bank won’t send emails warning of urgent account closure or security breaches. We prefer direct, calm communication.
  • Suspicious URLs: We won’t ask you to log in via email links. Always access your account through our official website (pinnaclebank.com) or mobile app.
  • Unexpected Attachments: Pinnacle Bank doesn’t send unsolicited email attachments. These could contain malware.

Text Message Scams: Stay Alert to Bank Imposters

  • Strange Phone Numbers: Be cautious of texts from unfamiliar numbers claiming to be Pinnacle Bank.
  • Urgent Warnings: Our text messages won’t create panic or urge immediate action.
  • Requests for Personal Information: Pinnacle Bank will never ask for sensitive data, such as account numbers, PINs or passwords, via text.
  • Suspicious Links: We rarely send links via text. Always verify by visiting pinnaclebank.com or calling us directly. Find our phone numbers under Locations at PinnacleBank.com.

Phone Call Scams: Recognizing Genuine Bank Calls

  • Unusual Caller ID: Be skeptical if the number doesn’t match our official contact information. Find our phone numbers under Locations at PinnacleBank.com.
  • Scare Tactics or Threats: Pinnacle Bank representatives will never pressure you or threaten negative consequences.
  • Requesting Personal Information: We do not ask for account details during unexpected calls.
  • Unexpected Calls: Be wary of out-of-the-blue calls. We typically only reach out if you initiate contact first.

Payment App Scams: Protecting Your Bank Accounts

  • Unexpected Requests: Be cautious of strangers asking for money through payment apps linked to your Pinnacle Bank account.
  • Sending Money to Yourself: Pinnacle Bank will never ask you to send money to yourself. It’s 100% a scam.
  • Overpayment Claims: Be skeptical of requests to refund alleged overpayments to your Pinnacle Bank account.
  • Pressure and Urgency: Pinnacle Bank doesn’t create false emergencies. Take your time to verify requests.

Strengthen Your Defenses with Pinnacle Bank

  • Enable multi-factor authentication on your Pinnacle Bank online account.
  • Use strong, unique passwords for all your Pinnacle Bank accounts.
  • Keep your devices updated and use our latest mobile banking app version.
  • Install and maintain antivirus software on your computer.

If You’ve Been Scammed

  • Contact Pinnacle Bank immediately at the number on the back of your card. 
  • Change your Pinnacle Bank online banking password.
  • Report the scam to the Federal Trade Commission (FTC).
  • File a police report if you’ve lost money.

If you ever have doubts about a communication you’ve received, please contact your local Pinnacle Bank branch or call us directly at 877-759-7939. Find our additional phone numbers under Locations at PinnacleBank.com.