Posted on 08/06/2010 11:04:37 AM PDT by bboop
The gal at the car wash this morning said that banks were charging 50 cents per debit transaction on people's accounts. She heard it on the news and the man who set up the debit machine at the car wash told her as well. She said that the banks are not making enough on credit cards because people are using debit cards more.
I have dug around on bank sites but have not found this. Does anyone know?
That's how we all did it 20 years ago.
It’s a bit more complicated, but you can thank the financial regs passed by our Democrat Overlords for this.
Or use a credit card and pay in full when the statement comes...
Best of both worlds.
Do you get all of your financial news from the “gal at the car wash?”
Bill limiting debit card fees goes to Assembly - August 5, 2010
That's what we do
Easier across the board
The CC company can pull the access to the system if you violate this rule.
CC companies Charge $0.30 per transaction plus from 2.0% to 5%.
This rates very depending on the company and also the type of card. Reward/ Airline miles I have to pay a higher percentage than a debit card. NO THE REWARDS AMD AIRLINE MILES ARE NOT FREE.
Myself and many SB owner will not take American Express as the gorge us on the fees.
I’m trying to envision the reaction of people when I tell them “A guy on the internet told me that a gal at the car wash told him that......”
That's because when you use it that way you are actually using it as a credit card.
We're not talking logic here. We're talking federal regulations, which have nothing whatsoever to do with logic.
The Credit Card companies prohibit charging any fees in addition to the sales price total of the charge.
What the Financial Reform Bill did was allow merchants to charge a surcharge for smaller transactions and this company is doing this.
The old Visa/MC rules didn't allow surcharging on debit or credit cards but congress just changed this. Merchants can also set a minimum now where before they couldn't.
I have a debit card but rarely use it - most things go on one of the credit cards (whichever one gives better rewards at the time) and gets paid in full when the bill comes.
Or I do cash for the rest.
However I rarely carry cash...which annoys my wife.
Visa Check Card
WTH is wrong with cash? It’s safe, universal, and ANONYMOUS. Meaning, nobody can track your individual purchases because there’s no name attached to your cash, except for the one stated under the picture of the dead white guy on the bill itself.
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