Penny phase out causing confusion
Posted February 7, 2013 5:15 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – You are not the only one still being weighed down by pennies in your pocket!
News1130 is on the street finding out many shoppers are still confused by how these cents will be phased out, and when?
Few retailers are rounding up or down. One cashier we spoke with says he is told to hand them out.
“I guess it takes a while to be phased out. What it is is that the banks won’t give businesses pennies anymore, so you can’t get new pennies…but they are still going to be kicking around. We will deposit them until they are all gone, but I still have rolls of pennies.”
Many say the feds need to be clearer about this penny debacle.
Everything stays the same if you don’t pay cash. If you pay by debit, credit or cheque, prices will stay the same and there is no rounding.
Because the pennies are legal tender, your bank will take them indefinitely.
