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Can stores refuse to take pennies?

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Can stores refuse to take pennies?

Postby Benjorsam on Tue Feb 05, 2013 8:28 am

Pennies are still legal tender but some stores are no longer taking them. If you want to pay with pennies or use some pennies for a cash transaction, legally doesn't a store have to take them? Also if you are using pennies and have the exact change, should a store still be rounding up or rounding down?
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Re: Can stores refuse to take pennies?

Postby five-seven-five on Tue Feb 05, 2013 8:37 am

Individual businesses can decide what to do about accepting pennies at all or how to round prices.

Also, I thought this was interesting:
After the penny
- Price rounding officially begins Feb. 4, though businesses may still accept the coin.
- According to Canada’s Currency Act, you can only spend 25 pennies at once. You can always roll up more and bring them to the bank.
- Prices round up, and down. So $1.01 or $1.02 would round down to $1, while $1.03, $1.04 round up to $1.05.
- Rounding only takes place after taxes have been added.
- If you can’t stand that, use your credit or debit card. You will be charged to the exact cent.


http://www.cbc.ca/news/canada/story/2013/01/31/f-penny-obit.html
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Re: Can stores refuse to take pennies?

Postby Benjorsam on Tue Feb 05, 2013 8:40 am

five-seven-five wrote:Individual businesses can decide what to do about accepting pennies at all or how to round prices.

Also, I thought this was interesting:
After the penny
- Price rounding officially begins Feb. 4, though businesses may still accept the coin.
- According to Canada’s Currency Act, you can only spend 25 pennies at once. You can always roll up more and bring them to the bank.
- Prices round up, and down. So $1.01 or $1.02 would round down to $1, while $1.03, $1.04 round up to $1.05.
- Rounding only takes place after taxes have been added.
- If you can’t stand that, use your credit or debit card. You will be charged to the exact cent.


http://www.cbc.ca/news/canada/story/2013/01/31/f-penny-obit.html


I also heard on the news last night that if you are cashing a cheque, the rounding up/down will apply as well. I wonder how long it will be until we no longer have to do the rounding at all and I wonder how many stores are going to mess it up. Rounding only applies to cash transactions but it wouldn't surprise me if some stores are rounding debit and credit transactions as well.
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Re: Can stores refuse to take pennies?

Postby JaynaF on Tue Feb 05, 2013 8:56 am

that is sad when you have to pay more when using cash.. LOL
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Re: Can stores refuse to take pennies?

Postby Aladora on Tue Feb 05, 2013 9:16 am

JaynaF wrote:that is sad when you have to pay more when using cash.. LOL


It will result in you paying more with cash 50% of the time, but on the other hand, it will result in you paying less with cash the other 50% of the time! :-D
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Re: Can stores refuse to take pennies?

Postby meandmy2babies on Tue Feb 05, 2013 9:17 am

I work in retail and we are only rounding up. <----ETA that we are only rounding change, not the total due! So if your change was supposed to be $1.01, we will give you back $1.05.

We will accept pennies as payment but we are not giving them as change. It does put us under, every day that we have cash transactions.
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Re: Can stores refuse to take pennies?

Postby knittingmama on Tue Feb 05, 2013 12:34 pm

if you want to pay the exact amount of a purchase, use your debit card or credit card - otherwise, stores will round up or round down. I think some stores can refuse to take pennies - but if you take your pennies to the bank, they'll cash them for you.
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Re: Can stores refuse to take pennies?

Postby DELETEPLEASE on Tue Feb 05, 2013 4:12 pm

JaynaF wrote:that is sad when you have to pay more when using cash.. LOL


Well if you really want to squeeze some extra pennies from stores, make sure your purchases always come out so they round in your favour!
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