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 ...
Marking
An ATM card does not have to be a “debit” card. If yours serves both purposes like most do, contact your bank and ask for an ATM card that is NOT a debit card.
That happened to my wife. She ended up talking to some Indian (dot not feathers) and found out that someone had used her driver license number to cash a bad check. She got it straightened out but it is a miracle that the local Walmart wasn’t picketed.
Technically it's a bounced check.
The banks make money off debit cards, checks cost money to process.
I have been doing more or less the same with Amex for many years. It is the only credit card we have and has to be paid off at the end of the month. I use it for everything I can and then pay them with my banks online payment service once a week. We get points for every dollar spent and have taken a few very nice ‘free’ vacations.
Only happened once in many many years. But I was aware of it after that.
I have gotten “the call” from the credit card company after a large purchase. I have no problem at all with it. As a matter of fact, I like it. Means that there is less chance of fraud.... because the credit card company is liable. Not me. They have access to resources that I don’t have. In this modern “global” world, we need this kind of protection.
I couldn’t have said it better myself.
At any time in human history have ordinary people ever been generally happy with banks?
I was a victim of identify theft years ago and it was a lot worse then just some charges so I can sympathize with your grandson. The places allowing those charges by a female should also bear some responsibility as you pointed out your grandson is not a boy named Sue Hong.
However placing restrictions on everyone because of a criminal is an over reaction same type of argument could be made for example on guns. Oh that’s right they already try to do that see what I mean freedom is a slippery slope once you give up an inch they take a mile. Furthermore, I detest these banks threatening us they should be glad they are still around if not for public largesse they would be gone.
Mine is both, a check card and a Visa card. I usually use it as “credit” because the bank charges a $.30 fee on outside debit transactions.
I have my checking account with a local credit union. Among the features with this account, I can access online a printable image of the front and back of every check that has cleared. I write very few checks these days, opting instead for online bill payments.
I suggest everyone seriously consider using only cash to buy alcohol and tobacco.
Insurance companies can (& will at some point) track your VISA purchases at liquor stores. And when they do, they will use that to calculate premiums.
I got a statement from State Farm listing the things that they “may” use to figure my car and home insurance. Among other things, which include my credit rating (poor credit = higher rates), other policy holders that can be connected to me can be used to determine MY rates; IOW suppose my 22 yo kid was living at my address, had his own car and policy. They could use his car insurance record to determine my homeowners premiums. Or my own other policies. My homeowners insurance rates can be affected by claims on my auto policy.
I drifted off little topic wise, but it is wise to consider also that the government will (not if) eventually track your CC purchases for things it considers bad for you. Alcohol, tobacco, fast food, ammunition and firearms accessories. Donations to “subversive” candidates and organizations such as Republicans and Tea Party candidates.
Figure gold and silver, too.
Bet on it.
The govt already has real time access into your accounts (without a warrant) if they want it.
cash baabbeee
Oh, absolutely. The way I see it, the prices are what they are, regardless of how I personally pay, and I can either get a small refund via a rewards card, or I can pay cash and never see any of it.
I think there was something in that new credit card law that is going to allow retailers to offer cash discounts. When that happens, I'll do the math, and figure out which method is best, but until then we'll be using our rewards cards.
Mine is apparently both also, but I use it ONLY to withdraw money from the ATM. I can take out up to $300 a day. Since I don't spend nearly that amount, I've taken the step of keeping a running balance in the wallet for normal spending. I use a regular credit card for large purchases or internet purchases, but pay the bill off at the end of the month.
Cash is my preferred means of payment.
Correct! I’m self employed, I keep just enough in a checking account to pay for those things that you just can’t pay with cash. All other transactions are cash.
But a trip to the bank every day? What a pain in the behind. I like my debit card, no muss, no fuss and I have a record of each expenditure in my checkbook. If I need cash, I can get cash back at the grocery checkout by using the debit option. For online transactions, I try to use PayPal as often as possible. More and more sellers are offering that option. It conceals my credit card info - I like that.
I was behind a couple in Sam’s once as they bought a HUGE flat screen tv (this was a few years back when they were first coming onto the market) - I overheard them telling the cashier that they were buying it with either points or cash back or something from their Credit Card - they said they even paid their mortgage on the card then wrote one check for all monthly bills to Discover I think it was.... I have to admit I was pretty stunned.
Your welcome Bob I think it’s good to have some cash anyway in case you need it quickly the banks have been asked to do a stress test for 11% unemployment (lol kind of a joke given what the real numbers are if you factor in all those who have fallen off the roles) and they might want to keep as much cash on hand as they can. There is also a rumor of ATM cash shortages going around.
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