1c and 2c coins trial, the result.

oldyouth · 14-03-2014 01:02PM

Retailers would prefer to round down than have to accept 1c and 2c coins in payment. The cost of lodging them to the business bank account is shocking

El_Dangeroso · 14-03-2014 01:06PM

syklops wrote: »

Who are you banking with?!?

I'm with BOI and they charge that, who doesn't? Serious question.

peter_dublin · 14-03-2014 01:10PM

El_Dangeroso wrote: »

I'm with BOI and they charge that, who doesn't? Serious question.

PTSB is free if you lodge 1500 a month into the account, I was getting charges of 80 - 100 every three months. 0 now with PTSB.

dxhound2005 · 14-03-2014 01:10PM

6 Methyl Morphine ! wrote: »

+1

Although in Ireland I can see retailers getting away with rounding up individual items and rounding only up rather tan down too :rolleyes:

Shops can probably set their own prices on a lot of products. It is up to people to shop around. If a shop had put up the price of an item from 42c to 43c and you bought two for 86c would you let them away with rounding up to 90c?

m5ex9oqjawdg2i · 14-03-2014 01:12PM

In New Zealand the lowest amount you can see is 10cent I believe. Works a charm

syklops · 14-03-2014 01:43PM

El_Dangeroso wrote: »

I'm with BOI and they charge that, who doesn't? Serious question.

Im with PTSB and don't get charged for paying with the card.

Khannie · 14-03-2014 03:25PM

dxhound2005 wrote: »

Shops can probably set their own prices on a lot of products. It is up to people to shop around. If a shop had put up the price of an item from 42c to 43c and you bought two for 86c would you let them away with rounding up to 90c?

I'd have no problem rounding to the nearest 5C when the total is computed so if it's €11.28, I'd pay €11.30 for example, no problem. €11.27 and I get it for €11.25.

2c and 1c coins are a waste of time and effort. I believe that in the US they cost more to produce than they're worth. I'm not sure if the same applies here.

Bipolar Joe · 14-03-2014 03:38PM

6 Methyl Morphine ! wrote: »

The ignorance is mind-boggling. I lived in The Netherlands before and the whole bill is rounded up OR down. If it comes to 40.01 for example, then it is 40.00, if it comes to 40.02, then it's 40.00, 40.03 becomes 40.05 and 40.04 becomes 40.05.

Ah, now, I'd hardly call it ignorance. This whole thing was just very badly publicised and not explained too well. I'm living in Wexford, now, and there's still a good few people who don't understand how it works, not because of ignorance, just that like most things like this, the wording makes it sound far more confusing than it is.

dxhound2005 · 14-03-2014 03:55PM

Khannie wrote: »

I'd have no problem rounding to the nearest 5C when the total is computed so if it's €11.28, I'd pay €11.30 for example, no problem. €11.27 and I get it for €11.25.

2c and 1c coins are a waste of time and effort. I believe that in the US they cost more to produce than they're worth. I'm not sure if the same applies here.

The same applies in the Euro zone. Coin hoarding must be to blame. I can never understand why people accumulate vast quantities of small change. And then some of them complain about how difficult it is to count them and how expensive it is get them changed.

http://euobserver.com/economic/120124

The production of 1 and 2 cent coins is clearly a loss-making activity for the euro area with the difference between the face value of the coins and the price paid by the state to get them pointing at an estimated total cumulative loss of €1.4 billion since 2002.

jester77 · 14-03-2014 04:00PM

dxhound2005 wrote: »

I can never understand why people accumulate vast quantities of small change. And then some of them complain about how difficult it is to count them and how expensive it is get them changed.

They are a nuisance, worth feck all and no one wants them in their pocket taking up space. Lots of people just dump them in a jar. After a while the jar gets full of the bloody things.

dxhound2005 · 14-03-2014 04:29PM

jester77 wrote: »

They are a nuisance, worth feck all and no one wants them in their pocket taking up space. Lots of people just dump them in a jar. After a while the jar gets full of the bloody things.

That's what is called coin hoarding and it is a complete waste of time.

I spend them in shops and I never have many in my pocket. If the bill is say €8.24 I would hand in €10.24.

Khannie · 14-03-2014 05:04PM

dxhound2005 wrote: »

The production of 1 and 2 cent coins is clearly a loss-making activity for the euro area with the difference between the face value of the coins and the price paid by the state to get them pointing at an estimated total cumulative loss of €1.4 billion since 2002.

F*CK ME! That is a disgusting waste of money. Excuse the pun.

SpaceTime · 14-03-2014 05:08PM

At this stage you'd think we'd just have anonymous, reloadable cards with contactless payment for small transactions.

Not everyone wants to use their debit card for tiny transactions, but some kind of a card you could reload at an ATM like cash would be a very useful cash replacement.

jester77 · 14-03-2014 05:12PM

SpaceTime wrote: »

At this stage you'd think we'd just have anonymous, reloadable cards with contactless payment for small transactions.

Not everyone wants to use their debit card for tiny transactions, but some kind of a card you could reload at an ATM like cash would be a very useful cash replacement.

We have those here. You can add money directly onto your debit card. It's mainly used for vending machines but it's handy. I've never seen it used in stores or cafes.

Unknown Soldier · 14-03-2014 05:26PM

syklops wrote: »

Who are you banking with?!?

BetterThanThou wrote: »

I've never heard of a bank that charges to pay by card, in fact, paying by card is encouraged now from what I've seen.

jester77 wrote: »

You need to change banks.

Paying by card is so much easier, no having to queue for ATM, carrying cash and pocket full of change the whole time. Plus it's more secure for everyone. You don't have cash on you and the shop doesn't have cash in the till. And best of all is the transparency. You take €100 out of the ATM and then you can't remember how you spent it. With the card you have all your statements online and can see exactly what you spent it on.

You can all see a summary here.

http://compare.consumerhelp.ie/CurrentAccount

It is either by transaction for some or a quarterly fee for others. Some are set aside if you meet a certain criteria. Such as maintaining a certain amount in your account of a set lodgement per month.

I'm with AIB and don't get charged pay anything (I keep above the required amount and get refunded) but I mostly use cash now as I wanted to get back into the habit of it and leave less of a transaction trail of my daily/weekly spending tbh.

oldyouth · 14-03-2014 06:18PM

Seriously lads, roughly how many transactions do you do a day? (petrol, odd coffee, milk/bread, etc). I would do approx 4. If the retailer rounded up each and every time, then that is nearly 10c a day or 70c a week. How many of lose that down the back of a chair each week?

Get rid of the feckers and let the retailers round up or down to their hearts content

AlmightyCushion · 14-03-2014 06:30PM

Unknown Soldier wrote: »

I can never understand people who constantly pay by card. It's .20 a shot, unless you get your bank fees refunded.

.30 to withdraw a wad of cash.

I don't understand people who pay exorbitant banking fees when they can get free banking.

Fred Swanson · 14-03-2014 07:28PM

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kneemos · 14-03-2014 07:36PM

Fred Swanson wrote: »

Ulster Bank charge me €4 a month for unlimited transactions.

It was free up until recently so I hope you don't think that's a bargain.It's just a new revenue source to pay for the Celtic Tiger.

SpaceTime · 14-03-2014 07:44PM

jester77 wrote: »

We have those here. You can add money directly onto your debit card. It's mainly used for vending machines but it's handy. I've never seen it used in stores or cafes.

The banks in Ireland seem to just prefer the idea of exposing your current account to maximum fraud risk by enabling contacless payments on your debit card.

Fred Swanson · 14-03-2014 07:46PM

This post has been deleted.

duffman13 · 14-03-2014 10:15PM

SpaceTime wrote: »

The banks in Ireland seem to just prefer the idea of exposing your current account to maximum fraud risk by enabling contacless payments on your debit card.

There is also an option to get a card without the contactless function

kneemos · 14-03-2014 10:20PM

duffman13 wrote: »

There is also an option to get a card without the contactless function

At thirty cents a go it's obsolete anyway.

Temptamperu · 14-03-2014 10:28PM

I just throw it in a jar and let it build up. But I dont understand the need for a 2 cent coin.

Steven81 · 14-03-2014 10:29PM

Used this method in Finland in 2002 and thought it was a great idea, only problem was the 5c started to build up.

Stavros Murphy · 14-03-2014 11:25PM

Unknown Soldier wrote: »

I can never understand people who constantly pay by card. It's .20 a shot, unless you get your bank fees refunded.

.30 to withdraw a wad of cash.

And then, at the end of the year, you have nice, neat Card statements detailing where all the money went, with no arguments from Revenue, and the Accountants go, "Ah yeah, deadly, that's much cheaper and easier for us to process" and you save '000's on your bill. Hence why I have a wallet full of cards and have almost forgotten what cash looks like.

Cards are moreish. And good luck ringing a lad in the UK for somthing, paying by calling out some digits, and jobs done. Tricky ramming a wad of fifties down the wires..

Stavros Murphy · 14-03-2014 11:33PM

SpaceTime wrote: »

The banks in Ireland seem to just prefer the idea of exposing your current account to maximum fraud risk by enabling contacless payments on your debit card.

I used that today for the first time - a packet of smokes. Both me and the girl behind the counter were very impressed with the technology. She seemed marginally less amazed it had worked than I did, mainly as I was unaware there was a tenner left on that card. It's like modern day Russian Roulette..

Fred Swanson · 14-03-2014 11:39PM

This post has been deleted.

Stained Class · 15-03-2014 12:39AM

dxhound2005 wrote: »

That's what is called coin hoarding and it is a complete waste of time.

I spend them in shops and I never have many in my pocket. If the bill is say €8.24 I would hand in €10.24.

I hope you don't do this before 8 in the morning.

I'm standing in the Q behind you, rooting around in 17 pockets for pennies & others paying with stupid laser cards that the computer can't read, or they're too thick to remember their PIN number.

I'm trying really hard not to be late for work FFS!!!!

Michael D Not Higgins · 15-03-2014 01:46AM

Stained Class wrote: »

I hope you don't do this before 8 in the morning.

I'm standing in the Q behind you, rooting around in 17 pockets for pennies & others paying with stupid laser cards that the computer can't read, or they're too thick to remember their PIN number.

I'm trying really hard not to be late for work FFS!!!!

If the queue in the shop is making you late for work maybe you should go to the shop the night before.

1c and 2c coins trial, the result.

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