Farewell to the Penny

[-fluffy-]

I had Cross Country Check-up going in the background earlier and the topic of the day was the penny which officially goes out of circulation tomorrow. I was only catching bits and pieces but thought it might make an interesting topic here. Do you seen any potential problems in the wind ? I can see a temptation for less-than-scrupulous type to convert the "round up/round down" policy to one of "round up only". How would you respond if this happened to you? Even though the math of it would only mean a cent or two out of your pocket would you say something? It was mentioned on the radio that many stores might choose to adopt a "round down only" policy just to avoid potential hassle. It also occurs to me that this would score some decent customer appreciation points at a relatively small cost.

[Glacier]

I think it's a sweet deal. If the nearest 5 cents rounds up, I use my credit card to pay the exact amount, and if the nearest 5 cents rounds down, I'll save a cent or two by paying with cash. :spinball:

[Sn0man]

Whether businesses round up or down won't matter. I think most people either throw their pennies away or keep them stashed in coffee cans and Tupperware anyways - and by doing so, likely lose more than they would by the rounding. I threw away a few buckets full of them when I moved because I couldn't be bothered to wrap them up and take them to the bank.

Good riddance to bad pennies!

[TimmyE]

It's not a big issue for me. We've been rounding for the last 8 years and nobody minds. Just as long as it is done properly and if there's any dispute, then we would round up. It's not worth the headaches in having pennies at my place.

[V-Rated]

It will be an accountants nightmare. They like to round all the books to the penny.
~V~

[-fluffy-]

There will be that, but how does the number of actual cash transactions compare to electronic transactions these days ? Places that deal in lots of little cash transactions in a day will have some discrepancy at the end of the day, but the law of averages should keep the actual difference low, wouldn't you think?

[BoB76]

I use credit card for everything including a slurpee and chicken at 7-11. I would imagine the cheap people will be using credit cards or bank cards and sticking the user charge to the vendor more often than not just to avoid the rounding up scenario.

[Logitack]

how long before they round up for credit/debit card transactions?

I predict sooner than later

[V-Rated]

Places that deal in lots of little cash transactions in a day will have some discrepancy at the end of the day, but the law of averages should keep the actual difference low, wouldn't you think?

I do think it will all work out in the *wash* so to speak.

I went to the bank today to cash a cheque...the change portion was 0.33 cents and the girl asked if I wanted the change portion deposted into my account... I said no, I just want to cash my cheque. She then deposited the cheque and withdrew the amount rounded up. I didn't authorize the deposit and withdrawl, just wanted it cashed as I always do. I really couldn't care less about the .02 but felt she should have told me as I did not want the cheque cashing showing a paper trail in my account. I did sympathize that this will be a nightmare for balancing at the day for her.
~V~

[twobits]

I really couldn't care less about the .02 but felt she should have told me as I did not want the cheque cashing showing a paper trail in my account.

A little OT but, while that cheque you cashed may not show up as a transaction on your physical bank statement, the electronic record of your account will show you cashed a cheque, the amount, and the name of the cheque issuer. If you didn't want a paper trail your wife could see you will be OK. If you didn't want CCRA to see it if they look, I've got bad news for you.

[V-Rated]

CRA will see it as it is my taxable income, not hiding it just didn't want it as a transaction - after so many they charge.
Another thing.... My wife?????
V!

[Glacier]

The Real Canadian Wholesale Club (and I would assume the RCSS as well) always round down if you pay with cash. Woohoo, 4 cent candy is now free (if you can find it)!

[Captain Awesome]

I have a penny and I'm keeping it until it becomes a collector's item. Then I'll sell it for like $50.

That's a 5000% investment right there!

[Nom_de_Plume]

I rolled up all my pennies and turned them into the bank the other day.
The only one I saved was this one

for sentimental reasons as it's from the year I was born.

[kibbs]

You know your old when you wont throw that penny in the dust pan in the garbage.