Posted on 10/05/2021 3:41:54 AM PDT by fluorescence
“As if standing in line wasn’t enough of a hassle. Now I have to stand in line with people who aren’t good with money”
Needs repeating...
I happen to have some Euro-love on this issue myself. For Germany, who privatized their post office.
I think some banks allow one to deposit a check by taking a picture of it.
My bank sends me a VISA debit card every three years.
I pay my property taxes via a bank transfer service my county contracts with.
“lines at the PO”
Twenty years ago I would have waited half a hour at the downtown PO.
Six months ago I just walked up to one of the two clerks manning the counter.
The big problem is paying rent.
Landlords don’t like cash for security reasons and don’t want to pay merchant card fees.
If you can pay $1,200/month, the rest is small potatoes.
I used to always pay cash for retail purchases, but I use a VISA debit card about a third of the time nowadays.
“…the plan presents a government-backed alternative to paycheck cashing stores and payday lenders…”
How is the government getting into the “payday lender” spot? Are they getting car titles or charging extravagant fees?
The wreck is in the mail.
I dont like any of this either for the same reasons others have mentioned but its probably a whole bunch of hysteria over what will turn out to be nothing.
This idea will only be great until a carrier disses a ghetto dweller by not cashing a check at the mailbox.
I have a similar background.
The only people who are “unbanked” are people who choose to not go into a bank.
This is a pay off to certain banks taken out of paychecks.
Visa charges fees to every business where the card is used. Most customers are unaware of how high those fees are.
The minimum I’ve seen charged is 3%. I used to run customers’ cards. Our company discounted orders that paid cash as a result. (none of our orders were under $500)
$9 billion seems like quite a lot of revenue to take out of an industry.
Push for FED digital currency. And VISA is in control of it as a third party.
Roughly 25% of the people in the country live in communities that either have no bank or have limited access to banks. So unless Bank of America is willing to open a branch in every town or neighborhood in the country then this plan makes sense. It will fill a need that commercial banks don't want to fill and won't compete with commercial banks in areas where they are operating.
“Most customers are unaware of how high those fees are.
The minimum I’ve seen charged is 3%.”
Forgot the minimum transaction fee. It can be four dollars even though the purchase was only one dollar. And because card companies cater to the card holder and stick it to the vendors, part of their service contract to take the cards forces that you have to allow a one dollar purchase. You can’t say no and have to eat the other three dollars.
Yup, this is real fascism.
We all wondered what that 10 billion dollars in that package they tried to get passed before the election was for.
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Yep. Spot on.
It is out of control... Businesses need to organize and stand against it. “Your money is no good” and just refuse to take them in mass even at a temporary loss of cash flow, because it would indeed be just temporary and they will fix it fast. But greed and lazy convenience prevails over repairing the system.
To quote Norm MacDonald on the proposed floating airport in Tokyo Harbor: “It’s all part of their plan to have a huge disaster.”
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