Thank Walmart for Your New Bank Card Fee

The Washington Examiner ^ | 2 October 2011 | Timothy P. Carney

[throwback]

Those are probably check verify transactions. They use the same network that debit cards use. I’m sure Walmart pays for that. I’d still rather type in a PIN than carry a check book and write a novel at the checkout. Or maybe you don’t have to make out the check since it’s superfluous at that point. I assume you have to show ID too.

[TheOldLady]

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[throwback]

Really? A transaction fee was about 40 cents. If the cost were a fraction of a fraction, let’s say .25 cents, and assuming the switches take half ( I have no idea ), that means the banks would be making 80X cost on their investment. Now that beats the heck out of Wall Street. Wonder why their stock hasn’t recovered? Actually bank stocks have been pretty mediocre forever.

[csmusaret]

You don’t have to fill out the check or sign it. The machine fills it out for you, and you get the check back along with your receipt. You don’t have to show ID if you use the system often enough. I don’t know what that limit is. The system is quick and doesn’t require a PIN. I have no idea what the whole thing costs Walmart.

[throwback]

Pretty slick. I wonder who's responsible if someone steals your checkbook and goes Christmas shopping at Walmart since it sounds possible that they may not verify your identity. The same thing happens at some gas pumps, but they do have limits in place to keep thieves from emptying your account. Will Walmart cover you, or is it left to the evil banks to make you whole?

[upchuck]

I’ve posted the below on a couple of these “debit card fee” threads. I don’t guess once more will hurt:

IMHO, Congress wants us to change our method of paying for stuff. Why else would they pass regulations like this?

Fine. I’ll change. I’ll go to the ATM, withdraw a bunch of cash, go to the store and spend it. Everybody wins except the bank. The store wins because they won’t have to pay the debit card transaction fee. I win because I won’t have to pay the debit card monthly fee.

The bank will lose twice: First because my checking account balance won’t be as high (I’ll be carrying it in my pocket) and second because there won’t be a transaction fee from the store.

Screw Congress.

And if the bank decides to charge a flat monthly fee on my debit card? I’ll go to all cash and switch the debit card for an ATM-only card. And if the bank decides to charge a flat monthly fee on the ATM card? I’ll go back to writing checks. And if the bank decides to start charging for my checking account? There’s always the credit union. They appear to really want my business.

The bank will NOT win. I won’t let them.

[sockmonkey]

There will be more losses from counterfeiters

The scam with counterfeiters at my local WM is they come buy high end electronics, pay with bogus bills, then come back a few days later, return the electronics, and get a refund in real bills.

I am sure this is happening a lot of other place besides WM.