U.S. Senate Senate Showdown Over Limiting Debit Card Fees

[koalabear]

http://www.foxnews.com/politics/2011/06/08/senate-showdown-over-limiting-debit-card-fees/

 

[off2bed]

That's the most pressing issue of the day?

 

[koalabear]

That's the most pressing issue of the day?

Well, besides Wiener seeking advice from the Clintons.

 

[unregistered]

 

[koalabear]

It's time for the Senate to pretend that the money consumers charge on their credit cards belongs to them.

That free swipe of the debit card costs banks too much.

 

[unregistered]

 

[off2bed]

People bitch about a $1 fee, but don"t care about income tax rates?

 

[koalabear]

People bitch about a $1 fee, but don"t care about income tax rates?

They want to propose a limit on the amount for each DEBIT Card transaction. If they put it at $25 and lets say you go to the grocery and spend $100, you must swipe the card 4 times. So you get 4 times the fees.

 

[off2bed]

They want to propose a limit on the amount for each DEBIT Card transaction. If they put it at $25 and lets say you go to the grocery and spend $100, you must swipe the card 4 times. So you get 4 times the fees.

Oh, well that's crazy talk. Next, they'll send your info to a federal crime database if you attempt to swipe for more than the limit. You'll have to fill out a 4473 to buy groceries with a debit card. And if you use cash, that raises eyebrows too.

 

[koalabear]

Oh, well that's crazy talk. Next, they'll send your info to a federal crime database if you attempt to swipe for more than the limit. You'll have to fill out a 4473 to buy groceries with a debit card. And if you use cash, that raises eyebrows too.

Just part of the great financial reform to keep bankers from making a killing.

 

[off2bed]

Just part of the great financial reform to keep bankers from making a killing.

Only government is allowed to make a killing. They're lily white and their intentions are as pure as the wind-driven snow.

 

[bronzeage]

People like to think they are spending their own money when they swipe the card, but the truth is loans cost money, especially when the government starts dictating the terms.

At my bank, debit cards draw money from my checking account, so it is my money and they are not loaning it to me.

 

[koalabear]

At my bank, debit cards draw money from my checking account, so it is my money and they are not loaning it to me.

Correct, they just want to slap a few fees on you.

 

[about_average]

That free swipe of the debit card costs banks too much.

Free to whom?
Not free to the consumer, prices of goods cover the cost merchants pay, for each swipe, to banks to cover the banks' expenses for the debit card system.

 

[JAMESBJOHNSON]

Get used to the idea that youve become prey in the minds of the government and its corporate masters.

ATMs were created to eliminate tellers. They did. Many banks now function with a manager and one teller. Direct deposits cut out a huge amount of paper handling and postage.

Debit-card fees are simply a means for the banks to cover their horrendous losses from real estate and car loans. That is, YOU get to bail them out again.

 

[koalabear]

Free to whom?
Not free to the consumer, prices of goods cover the cost merchants pay, for each swipe, to banks to cover the banks' expenses for the debit card system.

You mean it is figured into operating costs! Well if it passes you get to pay twice then.

 

[off2bed]

Free to whom?
Not free to the consumer, prices of goods cover the cost merchants pay, for each swipe, to banks to cover the banks' expenses for the debit card system.

About 3%. Some States make it illegal to charge an extra percentage for customers using plastic; they have to offer the same price to everyone.

Most gas stations only make about 6% profit on gasoline sales, and the 3% charge for "paying at the pump" cuts their profits in half. Hence, they're all convenience stores now, charging too much for stale chips and flat soft drinks.

 

[bronzeage]

Correct, they just want to slap a few fees on you.

If consumers think bank fees are excessive and deceptive, they should try dealing with a commercial banker. I learned a long time ago, check your statement every month and question every fee. Never believe anything the banker says.

 

[off2bed]

If consumers think bank fees are excessive and deceptive, they should try dealing with a commercial banker. I learned a long time ago, check your statement every month and question every fee. Never believe anything the banker says.

They make car salesmen seem honorable.

 

[about_average]

You mean it is figured into operating costs! Well if it passes you get to pay twice then.

Huh? Unless I misread it, the feds want to limit the amount of the fee, looks like cut it by about 75%, that banks charge merchants for each transaction.
The vote is whether or not to let the Federal Reserve set that cap.
The banks say if the cap is imposed they will have to raise fees elsewhere.

So I'm not sure where you're getting the "pay twice" if they pass the amendment.

About 3%. Some States make it illegal to charge an extra percentage for customers using plastic; they have to offer the same price to everyone.

Yeah, I know, but I was asking where the "free" comment comes from.

 

[koalabear]

Huh? Unless I misread it, the feds want to limit the amount of the fee, looks like cut it by about 75%, that banks charge merchants for each transaction.
The vote is whether or not to let the Federal Reserve set that cap.
The banks say if the cap is imposed they will have to raise fees elsewhere.

So I'm not sure where you're getting the "pay twice" if they pass the amendment.

If a fee cap is set at 12 cents per transaction, the banks will them limit the amount per transaction. Resulting in more fees paid by the user.

 

[koalabear]

Corker leading effort to suspend debit card transaction fee rule

http://www.knoxnews.com/news/2011/mar/15/corker-leading-effort-suspend-debit-card-transacti/

 

[hiddenn00b]

That's the most pressing issue of the day?

Actually its the most non-trival pressing issue of the day. I having to thank the OP for posting about this. Ironically, I just posted something about it the literotica's economics thead.

Unfortunately, like my own thread about humanitarian aid and the post I made in "Socialism is a mental illness", It probably going to be lost in the literotica's thread archives.

 

[Liar]

People like to think they are spending their own money when they swipe the card, but the truth is loans cost money, especially when the government starts dictating the terms.

That's why there's something called interest. No?

 

[Luk]

Get used to the idea that youve become prey in the minds of the government and its corporate masters.

ATMs were created to eliminate tellers. They did. Many banks now function with a manager and one teller. Direct deposits cut out a huge amount of paper handling and postage.

Debit-card fees are simply a means for the banks to cover their horrendous losses from real estate and car loans. That is, YOU get to bail them out again.

That's a 7-11, not a bank. Just because they have an ATM doesn't make it a bank, dipshit.