iStockphoto
Due to penny shortages, McDonald’s and several other businesses are telling customers they may not be able to make “exact change” for awhile, if ever. The shortages stem from President Donald Trump’s February order to the Treasury Department to stop minting pennies.
McDonald’s restaurants in some parts of the country, as well as convenience stores such as Love’s and Kwik Trip have begun rounding down to the nearest 5 cents when charging their customers. Another convenience store chain, Sheetz, offered its customers a free soda if they brought in 100 pennies. Supermarket chain Giant Eagle has offered customers a gift card worth double the amount of pennies they bring in to their stores.
“At Giant Eagle, we saw a unique and fun opportunity to reward customers for joining our efforts,” said Bill Artman, the president and CEO of Giant Eagle. “We invite everyone to check their change jars, desk drawers, and couch cushions to help keep pennies available for those who choose to pay with cash.”
According to NewsNation, McDonald’s issued a statement about the potential penny shortage when asked about an image making the rounds on social media that shows one restaurant in Illinois that has run out of pennies.
“Following the discontinuation of pennies nationwide, some McDonald’s locations may not be able to provide exact change,” it read. “We have a team actively working on long-term solutions to keep things simple and fair for customers. This is an issue affecting all retailers across the country, and we will continue to work with the federal government to obtain guidance on this matter going forward.”
The federal government has provided no guidance
It is that lack of guidance that is at the heart of the issue. The last pennies were minted in June and at no point has the federal government provided any assistance with what businesses are to do when they run out of pennies.
There is also the fact that in some locales is illegal to round up a transaction to the nearest nickel or dime. That means many retailers will be rounding down, costing them a lot of money if they conduct thousands of transactions, as fast food chains do with locations conducting business all over the country. This also means that customers who go cashless will potentially be paying a few pennies more per transaction than those paying in cash.
“We don’t want the penny back,” said Jeff Lenard with the National Association of Convenience Stores. “We just want some sort of clarity from the federal government on what to do, as this issue is only going to get worse.”