Wednesday, January 30, 2013
What Happens When Pennies Disappear on 4th Feb?
This is what the Bank of Canada recommends:
When you pay by credit card or debit card:
Nothing changes. You will pay the exact amount of your purchase to the penny.
When you pay cash:
If you pay for your purchase in cash, stores will use rounding to determine your change. For example, if your purchase amounts to $24.97 and you hand over $25 you will receive five cents change. If your purchase amounts to $14.98 and you hand over $15 you will receive no change.
The principal is simple; stores will round down to the nearest nickel if the difference is 1 or 2 cents and will round up to the nearest nickel if the difference is 3 or 4 cents.
Free Money at Blighty's
To help our customers with the transition, Blighty's will always round cash transactions down to the nearest nickel during the month of February only.