So who misses the penny?

[Boges]

Apparently you won't be able to get it anymore. There's a sentiment that having to round up is screwing people out of money. I just throw extra pennies in those charity boxes right now.

I read that only 22% of purchases in Canada are made with cash. I don't think the penny will be missed.

[The_Squid]

I'm still getting the f&$%ing things...

I guess not all retailers heard the news...

[Smallc]

They're still legal tender. My business will use them until I don't have anymore (and I have a lot).

[The_Squid]

They're still legal tender. My business will use them until I don't have anymore (and I have a lot).

Way to annoy your customers....

[Smallc]

I used them sometimes, and I'll keep using them sometimes.

[guyser]

I used them sometimes, and I'll keep using them sometimes.

I was charged $5.53 for a sub today.

I said, to myself, did they not get the memo?

[Sleipnir]

I'm still getting the f&$%ing things...

I guess not all retailers heard the news...

I was charged $5.53 for a sub today.

I said, to myself, did they not get the memo?

Relaxed, the production of pennies stop today. The government still has to weed out the pennies from across the nation through business transactions (at a cost of $40 million to remove the penny from circulation), so who knows how long that'll take.

-------------

Edit:

While it took 1.6 cents to make a penny in Canada; in the US, it costs 2 cents to make an American penny.

http://money.cnn.com/2013/02/04/news/economy/end-of-penny/

Edited February 4, 2013 by Sleipnir

[Boges]

I was charged $5.53 for a sub today.

I said, to myself, did they not get the memo?

If you choose to pay cash for that they could charge you $5.55.

[Moonlight Graham]

Apparently you won't be able to get it anymore. There's a sentiment that having to round up is screwing people out of money.

Why would have to round up all the time? Wouldn't you round up or down, whichever is closer, therefore balancing everything out for both consumers & businesses? Maybe this fair roudning (instead of just rounding up which some jerk businesses might try to pull off) should be a law?

[The_Squid]

Why would have to round up all the time? Wouldn't you round up or down, whichever is closer, therefore balancing everything out for both consumers & businesses? Maybe this fair roudning (instead of just rounding up which some jerk businesses might try to pull off) should be a law?

Those are the government guidelines, but businesses can do what they wish.

[Moonbox]

The banks will round up. Other businesses can round to the nearest, or up or down, whatever they please. The denomination is so small now that it REALLY doesn't matter either way, unless you're doing 1000000 cash transactions a year or something.

[guyser]

If you choose to pay cash for that they could charge you $5.55.

I was charged $5.53 and paid cash. Received $4.47 change.

[GostHacked]

Way to annoy your customers....

Giving your customers proper change is an annoyance? Meanwhile you are charged a fee by your bank to pay through VISA or Interact as well as a possible charge from the place where you are doing business.

[GostHacked]

If you choose to pay cash for that they could charge you $5.55.

Paying by debit means you add as much as 3 dollars to that purchase. You pay your bank a flat fee for a number of transactions and/or the business will also charge a fee to pay by debit. So be careful when paying by debit.

Cash is king!!! Cash don't care if the debit system is down. Cash don't care if you cannot remember your pin. But this is part of the phasing out of physical currency.

[Boges]

Most purchases I make now are on a credit card. You get rewards and get 3 to 5 weeks to pay. As long as you pay your balance it's great

[GostHacked]

Most purchases I make now are on a credit card. You get rewards and get 3 to 5 weeks to pay. As long as you pay your balance it's great

I don't know many that can or do pay off their credit card each month.

You are still paying some fee to use the card. Either an annual fee, or the store gets charged a fee by the credit card company. In some cases that fee is charged to you.

Cash is king. No handling fee or any hidden fees at all.

[Boges]

I don't know many that can or do pay off their credit card each month.

You are still paying some fee to use the card. Either an annual fee, or the store gets charged a fee by the credit card company. In some cases that fee is charged to you.

Cash is king. No handling fee or any hidden fees at all.

There are reward cards with no annual fee.

I've never been charged more for paying with credit. That's just the cost of doing business for retailers. Some restaurants might add an incentive for paying cash but adding a surplus charge for paying credit is cutting your nose to spite your face.

Some places add like a 25 cent charge if you make a CC purchase of less than $5.

[guyser]

You are still paying some fee to use the card. Either an annual fee, or the store gets charged a fee by the credit card company. In some cases that fee is charged to you.

.

I may be misreading this, but I understand the vendor agreement prohibits a fee charged to customers for the use of a CC .

[Boges]

Cash is king. No handling fee or any hidden fees at all.

There are fees associated with cash the same as debit. If you're going to the ATM multiple times a week to get cash then might as well just use a debit card.

Or use a CC where the only transaction is when you pay off the card each month

[guyser]

Kind of off topic but I have never heard of this.....this being- my company is charged a fee to deposit cash. I had no idea that happened. Anyone know what the deal is with that?

[Boges]

Kind of off topic but I have never heard of this.....this being- my company is charged a fee to deposit cash. I had no idea that happened. Anyone know what the deal is with that?

A deposit is a transaction just like a withdrawl.

Edited February 6, 2013 by Boges

[Smallc]

Kind of off topic but I have never heard of this.....this being- my company is charged a fee to deposit cash. I had no idea that happened. Anyone know what the deal is with that?

Business plans charge for the deposit of money in most cases, and the withdrawal of money in all cases.

[shortlived]

It is still legal tender, they just arn't making them anymore.

Not like we can't make them if we want, they do afterall cost more to make than they are worth. No harm in that right..

Lets get on with the nickle too. then we can move up the demical place and leave parity behind.

Then there can be a new PENNY.. and it would only cost 1.6 cents to make while it was worth 10 cents. (in todays currency or 0.16 cents to make, and worth 1 penny. In the NEOLOONIE)

we got to keep up with food price increases somehow without adding an extra digit.

Edited February 6, 2013 by shortlived

[Bonam]

I don't know many that can or do pay off their credit card each month.

Well, here's one. I've never paid a cent of interest on any of my credit cards in the past 8 years (since I got my first one). And I am guessing Boges pays off his every month too. CC is the most convenient way to pay by far. No fees, 1% cash back on everything. The store getting charged a fee by the CC company isn't my problem.

One of the biggest advantages is that all expenses show up on a statement monthly. It is very helpful for analyzing and controlling your budget. My statement gets auto-downloaded to a spreadsheet every month and it calculates how much I've spent on eating out, entertainment, gas, etc.

[cybercoma]

And those of you that are using those cashback cards at small, independent, locally-owned businesses are screwing the vendor out of roughly 3-5% of his or her profits. I've nothing against those cards if you're going to use them at major retailers, but when everyone starts using them it puts a lot of pressure on small local businesses.