As you’ve probably heard, the penny is no more, and some businesses are starting to run out.<\/p>\n
Maybe you’ve noticed the signs going up at all kinds of businesses explaining they’ll now round cash purchases to the nearest nickel.<\/p>\n
But the state is saying not so fast.<\/p>\n
The latest guidance from the U.S. Treasury encourages businesses to round cash payments to the nearest nickel, even if that means charging customers one or two cents extra.<\/p>\n
It also works the other way, where you could be charged one or two cents less.<\/p>\n
But the Connecticut Department of consumer protection says state law strictly prohibits businesses from charging even one cent more than the actual amount.<\/p>\n
“Every cent makes a difference,” Kaitlyn Krasselt of the Dept. of Consumer Protection says. “As consumers, we all want to make sure we get exact change, and we get our money back.”<\/p>\n
Local businesses say they’re feeling the impact.<\/p>\n
“If people don’t have the pennies, we just round down,” Annette Norton, owner of Saavy + Grace (https:\/\/www.instagram.com\/savvyandgracewestport\/<\/a>) in Westport, says. “It’s just another thing as a small business owner you have to deal with. It’s just frustrating.”<\/p>\n Wegman’s, a large supermarket chain, says it has enough inventory of pennies right now to accommodate cash transactions, but it’s closely monitoring the situation and will adjust its rounding policy if needed.<\/p>\n Meantime, Norton estimates she could lose hundreds of dollars in a year if this were to go on.<\/p>\n She says she’d like to see the government provide a credit to small businesses to help make up for money lost.<\/p>\n “A penny for your thoughts, right?” Norton says, “I guess it’s the cost of doing business in today’s environment.”<\/p>\n The state is encouraging people to dip into spare change jars they might have at home to help put pennies back in circulation.<\/p>\n Consumers who would like to file a complaint with the Department of Consumer Protection can do so at CT.gov\/DCP\/Complaint.<\/a>