Posted on 02/20/2011 7:30:15 AM PST by FromLori
What if you go to use your debit card but find you have a $100 spending limit — even if you have more money in your account? Right now, the idea is a bargaining chip being used by some of the nation's biggest banks, including JP Morgan Chase, Bank of America and Citigroup.
The change would have a big impact on shoppers. The average family spends $122 on groceries every week, so a simple trip to the supermarket might in the future require a stop at the ATM.
It all goes back to new rules that Congress is considering aimed at limiting the fees that banks can charge retailers every time you swipe your debit card.
(Excerpt) Read more at wfaa.com ...
I’ll go back to using checks too.
Barack’s Wall Street Problem is Now America’s
http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/
JPMorgan CEO Jamie Dimon Donates Serious Cash to Democrats
http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html
President Obama’s Favorite Banker
http://www.economicpolicyjournal.com/2009/07/president-obamas-favorite-banker.html
Wells Fargo is now offering incentives to use the ATM card as a credit card. First thought was that the bank makes more off the merchant if the card is used as a credit card instead of an ATM transaction. I have at times used my ATM as a credit card but when the transaction gets to the bank it is treated as an ATM purchase.
banks make a lot of money from debit cards, they won’t jeopardize that revenue stream.
cash is good though, I’m moving that way regardless
Most people, like me, use a debit card to spend money they have and use a credit card to spend money they don’t hace (kind of like the government).
Why don't you go to your own bank and deposit that check there?
Debit cards replace checks, and you don't have to pay a bill at the end of the month. They should be an ideal solution, but the government-banking complex will always find some way to screw things up.
hace = have
need more coffee...
Where do you get the cash from?
The last time I was paid in cash was 1966.
It won’t be funny if this comes to pass.
Especially if you’re behind me in the line.
Do you remember lines at the banks on Friday afternoons?
I do. They sucked.
I do that via direct deposit (most of our employees opt for that), and not at Wells Fargo. I find it incredible that someone can basically be penalized because of their employer’s choice of banks.
When it is required that all paychecks become direct deposit - it is only a hop skip and jump away from having them remanded to someplace other than your banking institution. This requirement can be imposed by SSA on the basis of 'tax collection' efficiency. There is paperwork suggesting this start by a future date - like 2015. Hold on to your hats. Cash is king.
I can understand the recovering credit addicts, like Dave Ramsey, but for those of us who pay in full each month (I actually settle up each night before bed) and only buy things on the budget, rewards cards are the way to go.
BOA great for illegal aliens and acorn...
Banks Defends Credit Cards and Home Loans for Illegal Immigrants
Editorial: Bailed-out banks should stop funding ACORN
http://washingtonexaminer.com/opinion/2009/04/editorial-bailed-out-banks-should-stop-funding-acorn
Shariah Compliant Banks - Is YOUR Bank Supporting The Shariah?
“Use cash. Problem solved.”
Agree. The last time I was at Sam’s, I spent $500 buy some of my usual doomsday supplies and my check wasn’t accepted. Considering that I had at least $8k in the bank at the time (and no pending transactions), I was a bit ticked. It seems that they use an outfit called “Telecheck” which uses metadata, or some crap like that, to develop a customer profile and then determine whether the check is good or bad. They don’t seem to have access to the actual account info, as they tried to get me to punch in my account and security info at my bank (over the phone when I called them later), so they could hear how much was in it. I punted on that request. Now, I’ve been going to Sams for at least 20 years, and they know everything that I’ve bought (at least $50k), and they know my history with checks (perfect, of course). But I guess none of that matters now - if I don’t fit Telecheck’s criteria, I’m SOL, regardless of what’s in my checking account and whether they can IMMEDIATELY debit it (and whether I have proper ID, which of course I did).
In any case, considering that I’ve never been robbed, I have good hiding places, and bank interest rates are essentially zero percent, the only logical thing to do is remove a couple of k’s (in addition to my doomsday cash) and store them for Sam’s Club, or other places where I shop. I don’t really have the time to load up a shopping cart just to get rejected at checkout for no valid reason.
Credit cards work well, too. Actually, they better than debit cards. Debit cards are risky.
Side note: Credit cards have a limit too. I ran into it one time when I was filling up the gas tanks for my three cars... all within a couple of hours.
Mike
“If they limit my ATM usage then I go back to writing checks. So...what does one of them cost to process? “
Don’t count on that. See my earlier post. In my case, I guess I didn’t have enough ‘history’ writing checks to get approved...or some crap like that. Anyway, have cash, at least as backup, if you can.
Um, how do you get the cash, when most of us have our incomes direct deposited into our checking accounts, if there is a $100 limit on debit card transactions?
For those who actually still get checks, will the banks continue to “cash” them if the customers don’t deposit funds?
I would say that we would all have to go back to writing checks for everything, including groceries. The banks won’t like that, the grocers won’t like that, the customers waiting in line won’t like that.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.