Pennies and overages
#1
Posted 26 February 2013 - 05:44 PM
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.
#2
Posted 26 February 2013 - 06:27 PM
#3
Posted 26 February 2013 - 06:29 PM
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!
#4
Posted 26 February 2013 - 07:01 PM
#5
Posted 26 February 2013 - 10:04 PM
#6
Posted 26 February 2013 - 10:13 PM
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.
#7
Posted 26 February 2013 - 10:16 PM
#8
Posted 26 February 2013 - 10:19 PM
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.
#9
Posted 27 February 2013 - 07:37 PM
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.
#10
Posted 28 February 2013 - 03:54 AM
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.
#11
Posted 28 February 2013 - 08:06 PM
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/
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