Burrito purveyor Chipotle landed in the fryer with its New Jersey and New York customers for rounding bills down — or up — to the nearest five-cent increment.
The chain wanted to save the time and hassle of handling pennies. The logic was, some customers would lose a little, but some would gain a little, creating no extra profit for the stores. When consumers filed a class-action lawsuit, Chipotle conceded to only rounding bills down. But their war on pennies in the cash drawer continues.
Can extra pennies really add up for businesses? Would you be upset to find an extra two or three cents on your bill? Or do you also hate carrying and handling all those pennies?
Guest:
Doug Hanks covers South Florida’s economy for the Miami Herald; has reported on small businesses in Miami that banned pennies