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To: dead
The sad part of all of this is that the debit cards save money over cash and checks. With a debit card there is no labor, the card is swiped and a computer does all the rest. The computer collects the money from the bank account and the bank doesn't have to count anything the money is transferred and the accounting is done basically for free by a machine.

Once people return to using cash, and they will, checkouts will be slower and there will be substantial labor involved in changing drawers for cashiers and more armored car services will be needed. There will be more losses from counterfeiters and a lot of time lost in making change.

The government caused this mess but the banks will not be able to get away with charging for the service. Customers are used to using it for free and will find a way to get out of the $5 pretty quickly. I will never keep money in a bank account that charges me to do so, before that happens I will simply stop using a bank.

There are plenty of banks that will be glad to let me use their services just for the benefit of keeping my money there so that they can use it while I am not. The on-line banks even pay a substantial interest to me, yes, they pay me to keep my checking account with them.

Personally I don't use a debit card. My Discover card pays me as much as 5% back on some of my purchases. All I have to do is pay off the balance each month. Using a credit card to pay for everything has other advantages. If a provider does something wrong I can easily stop their payment until they resolve the problem. I have a monthly accounting of everything I purchase.

If the credit card services stop giving me an incentive to use them I will simply use checks or if the bank wants to charge me to keep my money with them I will pay cash or money orders. I will find a way to not pay $60 a year for something they make money on anyway.

32 posted on 10/03/2011 8:38:09 AM PDT by JAKraig (Surely my religion is at least as good as yours)
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To: JAKraig
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.

47 posted on 10/08/2011 8:12:03 PM PDT by sockmonkey (Freepers, please turn yourself in at attackwatch.com)
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