Posted on 12/18/2010 1:46:52 PM PST by Graybeard58
Edited on 12/18/2010 3:22:40 PM PST by Admin Moderator. [history]
NEW YORK
(Excerpt) Read more at rep-am.com ...
And this was a big problem needing federal regulation?
1 to 2% is misleading. Total cost is 3.5 to 4%. I calculate it every month and have shopped for cheaper but it’s not out there.
Why don’t they impose a cap on what the fed govt. spends and taxes. That is their business—not regulating everything else.
They already regulate them in every way imaginable.
In my experience as a small retail shop owner is that the percentage is largely related to the level of fraud and/or chargeback rate for the whichever industry one is engaged in as well as the number of transactions/dollar amounts one averages.
Low risk businesses will now be subsidizing high risk ones. Expect the law of unintended consequences to come down hard on this proposal.
In my experience as a small retail shop owner is that the percentage is largely related to the level of fraud and/or chargeback rate for the whichever industry one is engaged in as well as the number of transactions/dollar amounts one averages.
Low risk businesses will now be subsidizing high risk ones. Expect the law of unintended consequences to come down hard on this proposal.
Costco offers 1.48% plus 20 cents for retail processing.
As much as it will save me I don’t trust the Feds. Should be a state issue on regulating their banks so that they can compete for our business. Federal control of banks is a Socialist plank just like education control so I vote no on their supposed help. Just another populist move.
When Walmart tried to create its own bank card to avoid transferring 2-4% of their profit to Citibank a few years ago, Citibank ran a propaganda campaign against them and made sure it didn't happen.
Citibank does not deserve a penny of Walmart's profit. Walmart doesn't need them. They have the assets to be their own Citibank, but the ruling class gets too much money from Citi to allow any competition.
FUCB.
Misleading. If you pencil all of it out it ended up near 3.5 overall. Funny when I tried to change to them they were very good at hiding certain things. It did get WF to give me a better deal. It would work for a company doing large charges where the 20 cents doesnt add up but when you do 1000’s of 5 to 20.00 sales the 20cents turns into an additional 1 to 3%.
ML/NJ
And looks for stores to tell you that debit cards can’t be used for purchases under 50 dollars because the banks will make all transactions cost 12cents.
These guys are idiots.
I think the fees are outrageous. I’ve worked in PCI. Do you know why, when you give a card to a clerk, they ask debit or credit? It is because debit is substantially cheaper for the store.
However, this is NONE of the federal government’s business.
It may seem like a win, but it never really is when the government steps in to regulate the prices set by private businesses. Yours could be next, you know.
And when that happens, some FReeper customer of yours will, no doubt, approvingly post that it is a win for him.
I never use debit cards. Capping fees for debit card transactions? Why were you stupid enough to use them in the first place?
And get this - I get people buying a local newspaper for 50 cents and use their freakin card.
We do need and will get a “good starvation” in this Country. Bring it on, for Christ’s sakes, so that WE can move on.
Now, if they would just pass a law to make every retailer sell me things for what I want to pay for them, I’d be happy.
Oh, also all of the rest of you should have to provide services for me, and I get to choose how much I want to pay you.
That’s the American Way.
I know that with credit cards you sign a merchant agreement to treat them like cash. Is it the same with debit cards?
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