Shop Fair on Avenue C at Fourth Street has had posted notices explaining that cash totals will be rounded to the nearest nickel: 1 or 2 cents and 6 or 7 cents round down; 3 or 4 cents and 8 or 9 cents round up. (The penny may be gone, but the math remains.) Debit and credit card transactions are not affected.
Meanwhile, the Common Cents Act, which passed the House of Representatives this week, would establish nationwide rules for rounding cash purchases to the nearest nickel as the U.S. gradually phases out the penny.
The proposed law is reportedly intended to give retailers a consistent standard for handling cash transactions, while electronic payments would continue to be charged to the exact cent.
So don't be surprised if more penny-related signs start popping up at neighborhood businesses.
It's a shame. I'll miss all the pennies that people disregard. I grab the unwanted pennies from the streets, etc. Comes in handy for that extra cup of cart coffee which I still think is the cheapest in the city 😉
ReplyDeleteKind of related to this…so many businesses are now charging fees for using credit cards. I was at the farmers market today and they said they would be a charge for using a debit card. Debit card don’t charge fees. I was at Russo‘s yesterday, which I just love, but they charged 4% for using a credit card. This is getting a little bit out of control.
ReplyDeleteWell the penny is not gone yet, isn't it? It would take ages for those in circulation to disappear.
ReplyDeleteStores will set prices so that only rounding UP applies.
ReplyDelete