Bank launches penny-wise project to promote saving

DETROIT: Stopping to pick up a stray penny off the ground may not seem worth the effort, yet one bank is trying to change that mindset by placing 100 fake pennies across the country worth $1 000 (R14 000) each.

Ally Bank says it is hoping to encourage Americans look for opportunities to save through its “Lucky Penny” promotion, which started this week. The lucky pennies are a copper colour like real pennies, but feature the Detroit bank’s logo instead of Abraham Lincoln’s head. The flip side of the coin lists its value (100 000 cents).

The pennies have been placed in New York, Los Angeles, Chicago, Washington DC, Miami, Denver, Detroit, San Diego, Charlotte in North Carolina, and Austin in Texas.

The coins can be redeemed online until the end of the year. – AP