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Why so bitter? The banks constantly need more money to lend people and keep your money safe in vaults.
If people have such an issue with banks, just don't use banks and hide your money in your freezer.
Fed is cost-shifting debit card charges from the seller to the buyer
Consumers May Get Hit With Higher Debit Card Fees
new limits are significantly below what banks have been charging the sellers -- fees of up to 2% of the actual transaction. So a $200 payment with a debit card earned the issuer $4. Banks have earned an estimated $50 billion a year through such fees.
While the new rules limit how much banks can charge retailers, they place no limit on how much banks can charge consumers. Presumably, this means consumers might face a new transaction costs for using their debit cards.
more than 35% of all noncash transactions are now paid by debit card.
"Retailers should be jumping for joy, this is what they've been asking for," Detweiler says. "For them it couldn't get any better than this."
http://www.dailyfinance.com/story/cr...fees/19766638/
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So the Fed continues to prop up and advantage its friends/owners in the financial sector by transferring 10s of $Bs of debit cards fees from users.
So you thought you were saving money by switching from credit cards to debit cards? Nah, they you no matter what you do.
Why so bitter? The banks constantly need more money to lend people and keep your money safe in vaults.
If people have such an issue with banks, just don't use banks and hide your money in your freezer.
I really appreciate your sarcasm
There have always been transaction fees of one type or another. , I remember when I was charged for each check I wrote back in the 70's. It's certainly nothing new. I didn't like it much back then either.
well, duh.
the merchants will not lower prices due to lower debit card transaction fees, so the purchaser pays the same.
Then the debit card issuer recovers the lost merchant transaction fees by upping fees on the card user.
So the debit card user pays twice, in a cost shifting from the merchant to the card user, under the populist idea of limiting merchant fees. merchants loves it, banks still get all their money, the consumer is ed over again.
Last edited by boutons_deux; 12-17-2010 at 08:17 PM.
If you don't want to pay for the convenience of paying with a card, use cash. Getting cash from my credit union doesn't cost me anything at the right ATM.
If you hate swipe fees, don't use your card everywhere.
The banks will make a minimun swipe transaction total for all debit accounts or you will be charged a fee.
Not necessarily in my experience, but I'll agree they get their bite somewhere.
I agree.
I generally use cash, and I find it irritating that I pay the same amount for a product that someone else uses a transaction that not only costs the retailer more, which I end up sharing the cost on, but the transaction takes longer than cash!
Maybe if all transactions did make it a charge the consumer see, there would be less of it.
Why I pay in Gold. Ron Paul 2012 y'all.
Can you really get 'more' shafted? Aren't you either shafted or not shafted?The Rest of Get More Shafted
use a bigger shaft.
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