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NEWS RELEASE · 3rd February 2013
Moe Naguib
Demise of the penny = Increased Profits for the Multi's

My Daughter went for a treat at Tim Horton`s and when it was time to pay she gave $5.07 for a $3.57 bill - so she should have gotten $1.50 back, right?

Nope $1.45!

The large multinational conglomerates have pulled another one over our eyes!

When she questioned it she was "advised" of the new rule that they must round.

I know its only a few cents, but its cents I'd rather she have in in her pocket PLUS I know she`s in the right!

This is going to cost 99.9 % of Canadians HUGE dollars over the long run, a little tiny penny theft at a time.
Pat#1 -new owners
Comment by Lloyd on 12th February 2013
I know this is old news but ING Direct was taken over by Scotiabank several months ago. Just saying
Comment by Wade on 12th February 2013
Does any body see that by rounding down, it will save you the extra pennies. So if you use cash you win.

Another way to see it is that more people will use more cash, thus circulating more cash and decreasing debit usages.
best bank ever
Comment by Pat#1 on 6th February 2013
ING Direct!
no fees,no call centers from the far east,just great banking all the time.
Agree with Ron
Comment by James Ippel on 5th February 2013
Probably poorly trained staff, and management shoull be notified so this does'nt happen again.
Blaming the Multis is foolish. With the penny gone there are times you will win and times you lose.
As for Davids comment that the poor do not have Debit Cards>I find this a reallll stretch. I feel confident in saying that the vast majority of people have debit cards regardless of their status.
Timmy's stole from your daughter
Comment by Ron on 5th February 2013
Moe if your #,s are correct they have made a mistake and broke the law. The new law states that companies are to round down when the bill ends in 1,2,6 or 7. Therefore she should have given $5.05 for a $3.55 bill and gotten $1.50 back, probably and honest mistake by an improperly trained employee. We all know that with time no bill will end to round down, however for now we need to hold all companies accountable.
The banks win!
Comment by Dave B on 5th February 2013
The fees charged retailers for debit card and credit card transactions are only added into the "food chain" to the cost and passed on to the consumer. No matter which way it goes we, the consumers lose.
Cash is Poor People?
Comment by Murray McCarthy on 5th February 2013
Your informing cash is for poor people?

That we have to use Debit Cards make up the loss of penny?

What about "Banking Fees" that sustain your debit card? Did you loose any pennies in that system too?

Just a bigger scheme from the bottom up!

Only who wins is the CONS.

Who are PRO CONS!
The poor giving to the rich
Comment by David on 4th February 2013
Because most middle-class people have debit cards or credit cards, the demise of the penny will not impact on their lives, except perhaps to give them heads up to always use credit/debit cards instead of cash for now on.

Now, who in our society doesn't have debit/credit cards? Answer: the poor. So, while the demise of the penny will not have any affect on the middle-class, poor people will now pay more.