DIYbanter - View Single Post

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In article ,
says...

The only time they ever have to do any rounding at all is if you are
getting change in cash.

You can say that all you want, but the banking system doesn't permit
transfers of a fractions of a cent. The system now works down to one cent.

Were the feds to want to get rid of the $.01 coin, they would also require
the banks to bar transfers measured smaller than $.05.

Huh? I live in a country where the one and two cent coins were
eliminated a long time ago. And last year, the five cent coins
were eliminated. Those changes resulted in rounding for CASH
payments.

However, if I pay by cheque or bank card, it is done at the exact
amount.

For example, supermarket checkouts display an exact price, to the
cent. Paying cash results in a rounded price. Paying by cheque
or card results in the exact price.

I am perfectly free to do cheque or electronic transactions with
the last digit lower than the smallest coin (ten cents.) The
banks are perfectly free to, say, pay me interest with the last
digit of less than ten cents, to my savings account.

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