Introduction of Rounding should be rewarded with lower Bank Charges
With the introduction of the voluntary Rounding System this week, Ennis Chamber is calling on the government and the Central Bank to reward cash handling businesses such as retailers, hospitality and services with lower bank charges.
Speaking on the issue Ennis Chamber CEO Rita Mc Inerney said “We are a nation of adopters so I expect people to adjust to the rounding quite quickly. With €35 million of small coppers in circulation, I would hope that people use the opportuity to contribute more to charity collection boxes as a way to phase out the use of 1 and 2 cent coins.” On the issue of bank charges, Ms McInerney went on the say that “As a business lobby group, Ennis Chamber is constantly monitoring the cost of doing business. We welcome the reduction on visa debit transactions for retailers introduced in Budget 2016, however we would call on the government and the central bank to examine ways of reducing bank charges, particularly for small businesses as we more towards a more cashless society.”
The national roll-out of Rounding commenced on Wednesday 28th October 2015 which means, where a total bill is being paid in cash and the number of cent to be paid does not end in zero or five, the amount of change to be paid will be rounded to the nearest five or ten cent. The Central Bank launched a communication campaign to ensure that consumers are fully aware of Rounding and following the trial in Wexford town inn 2013, they are confident of a high rate of take-up of Rounding. Retailers should have already received ‘packs’ which allow them to inform their customers that they are participating and these packs are also available from Ennis Chamber at 54 O’Connell Street. Alternatively people can log on to www.betterallround.ie for further details or e-mail rounding@centralbank.ie
