10 replies to this topic

[lumix]

Since pennies are now being phased out in Canada and stores are now able to round down or round up their prices (if they choose), and subsequently the change they give back to you, will many Canadian companies be recording overages???

i.e if something is priced $2.98 and you give $3.00, the company might not give you back any change... If this is true, what are those companies supposed to do with the extra money?

A place like Wal-Mart who does tons of transactions in a day, might be ending up with lots of extra money... Though, maybe I am misunderstanding how the penny phase out works.

[D.L.]

In theory it should pretty much even-out, but in practice there could be significant differences.

[drt]

This could potentially happen, but since it amounts to a price increase I'm guessing people would catch on eventually and kick up a stink.

Speaking of which, there are a ton of interesting scenarios that arise from the elimination of the penny. For instance, if my direct deposit paycheck would be rounded up, could I potentially withdraw every one of my paychecks, get them rounded up, then redeposit them? I could potentially make an extra dollar on the year!

[D.L.]

Rounding would occur only in cash transactions

[lumix]

But if drt gets his paycheque cashed, he might be getting an extra few cents back from the bank if they do not supply pennies?

[VicHockeyFan]

But if drt gets his paycheque cashed, he might be getting an extra few cents back from the bank if they do not supply pennies?

Or just go to the bank and withdraw $2.03 every day. See if they give ya $2.05 daily.

[drt]

I'll be rich!

[Bingo]

i.e if something is priced $2.98 and you give $3.00, the company might not give you back any change... If this is true, what are those companies supposed to do with the extra money?

Only if you pay with cash. If you pay with your credit card it will still be $2.98.

[LJ]

Only if you pay with cash. If you pay with your credit card it will still be $2.98.

Unless they charge you an extra 3% (or more) to use a credit card.

[VicHockeyFan]

Unless they charge you an extra 3% (or more) to use a credit card.

Generally, companies are not permitted to do this, as per their agreement with credit card companies.

[LJ]

Generally, companies are not permitted to do this, as per their agreement with credit card companies.

That's all a changin. In the US merchants now have the right to do just that, I wouldn't want to be the first store to do it, but once one does they all will.

http://consumerist.c...card-customers/