States Rounding Cash Purchases Amid Penny Phase-Out
Vancouver News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
States step in as U.S. halts penny production, implementing rounding rules for cash purchases. Symmetrical rounding, where totals ending in one, two, six, or seven cents round down, and those in three, four, eight, or nine round up, is gaining traction. States like Arizona, Florida, Oregon, Tennessee, Virginia, and Washington have passed bills on rounding, awaiting governors signatures. In Indiana, a law requiring rounding for non-zero, non-five cent totals was signed, with an optional symmetrical version in the works. Despite federal legislation for nationwide symmetrical rounding stalling, the Treasury maintains rounding evens out, while Federal Reserve research suggests it could potentially cost shoppers millions collectively.
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