Archived

This topic is now archived and is closed to further replies.

DonLever

No More Pennies Tomorrow, Feb. 4, Rounding Up Or Down?

85 posts in this topic

Tomorrow, the Mint stops sending pennies to banks and other financial insitutions. While the Mint has stopped making the pennies for a few months now, they were still sending them out to banks.

http://www.montrealgazette.com/business/money/Penny+demise+good+news+businesses+charities/7906195/story.html

So when will businesses do this rounding up and down of pennies? I suppose when they run out of pennies and can't get anymore from the bank.

And how does rounding works?

Is it like this?

.91 will be .90

.92 will be .90

.93 will be .95

.94 will be .95

.95 will be .95

.96 will be. 95

.97 will be 1.00

.98 will be 1.00

.99 will be 1.00

0

Share this post


Link to post
Share on other sites

If I was a retailer I'd alter my prices so that the amount including taxes would come out nice and even.

Rather than charging $1.85 plus 13% for $2.09 I'd charge $1.86 plus 13% for $2.10.

Pennies have been useless for more than a decade.

2

Share this post


Link to post
Share on other sites

So can we still go to the bank with all our pennies and exchange for dollars?

0

Share this post


Link to post
Share on other sites

If I was a retailer I'd alter my prices so that the amount including taxes would come out nice and even.

Rather than charging $1.85 plus 13% for $2.09 I'd charge $1.86 plus 13% for $2.10.

Pennies have been useless for more than a decade.

0

Share this post


Link to post
Share on other sites

So, how many pennies does everyone think you have?

I'd say about 70 or so myself. One roll and a bit.

0

Share this post


Link to post
Share on other sites

So, how many pennies does everyone think you have?

I'd say about 70 or so myself. One roll and a bit.

0

Share this post


Link to post
Share on other sites

So, how many pennies does everyone think you have?

I'd say about 70 or so myself. One roll and a bit.

1

Share this post


Link to post
Share on other sites

I work in retail and we have been told to always round in the customers favour. So if we're giving back change say 0.62 cents...the customer gets 0.65. If the customer has to pay 0.62 (or even 0.64), we only charge 0.60.

Weird but I guess it's to keep people from complaining.

0

Share this post


Link to post
Share on other sites

I'm going to the bank to buy me $100 in pennies.

1

Share this post


Link to post
Share on other sites

Tomorrow, the Mint stops sending pennies to banks and other financial insitutions. While the Mint has stopped making the pennies for a few months now, they were still sending them out to banks.

http://www.montrealg...6195/story.html

So when will businesses do this rounding up and down of pennies? I suppose when they run out of pennies and can't get anymore from the bank.

And how does rounding works?

Is it like this?

.91 will be .90

.92 will be .90

.93 will be .95

.94 will be .95

.95 will be .95

.96 will be. 95

.97 will be 1.00

.98 will be 1.00

.99 will be 1.00

0

Share this post


Link to post
Share on other sites

Remember - this only affects cash transactions.

0

Share this post


Link to post
Share on other sites

Remember - this only affects cash transactions.

0

Share this post


Link to post
Share on other sites

If I was a retailer I'd alter my prices so that the amount including taxes would come out nice and even.

Rather than charging $1.85 plus 13% for $2.09 I'd charge $1.86 plus 13% for $2.10.

Pennies have been useless for more than a decade.

1

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.