UNDATED – Cash purchases could soon be rounded to the nearest nickel under legislation advancing in congress.
The Common Cents Act, which has passed the U.S. House, would create a nationwide standard as pennies are phased out, protecting businesses from lawsuits over exact change.
Guardian Planners owner Chuck Johnson says that most people likely wouldn’t notice the change.
“So what it means for us as individuals, you go to a store, and if the total comes to $5.03, they’re gonna round it up to $5.05. You’re gonna pay two cents more,” ,” explained Johnson. “If it’s $5.02, it’s gonna be an even $5.”
If approved, this legislation would only apply to cash transactions, not debit or credit card purchases.
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