Posted on 07/02/2011 11:23:11 PM PDT by Rabin
The average swipe fee in America is 44 cents, the highest rate in the world. The Federal Reserve said that banks could make profit 12 cents per transaction and under the Dodd-Frank "financial reform", planned to enforce this cap starting yesterday.
Here in Missouri I see this same thing happen over and over again when politicians in the heavily Democratic St Louis and KC metro areas get state legislation passed that's good for the city residents (their constituents) but sucks for everybody else.
remember when laws had to be created to stop the insane interest on pay day advances and car loan advances. It was in the neighborhood of 260% per year.
We already have laws on usury.
I am not saying this is good or bad, but with the fact that we now have business which required some form of plastic and simply do not take cash; it is something that must be examined.
It seems this is a main street vs wall street cronies issue.
I’ve never seen a business that would not accept cash for payment. I’ve seen them refuse to accept large denominations of bills, but never seen on that would not accept cash at all.
“One size fits all” seems to be the marker, and I hate that.
We are in the Portland, OR Metro area, as is the ATM company, and these fees have been eating him alive.
I’m right in the middle of flyover country. A lot of the customers we service are in small rural towns and communities. Setting up for electronic payments and ATMs there sometimes means high startup costs to upgrade communication lines, and high maintenance costs on equipment because the service people may have to drive a long way to get to them.
it is becomming more and more common.
some events even have online only registration. no tellers, no registers, no cash to steal.
imagine what the swipe fees are for traveling abroad.
somtimes it costs $20 just to use an ATM!
somtimes it costs $20 just to use an ATM!
Just think how much better it will be if they cap the fees. Then you won't be able to use it at all.
I wish you well in your endeavors. I know it’s tough in areas other than the coasts.
However, businesses who offer ATM services are taking a hit, too.
As I said up thread, I hope there is a happy medium somewhere.
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