http://www.youtube.com/watch?v=XX7ugKUw9Cc&feature=watch_response
Those that come up with these ideas seem to think we have no choices. Well we do.
I do not need to use a ATM card to buy stuff. I can keep it to do my banking business but switch to either cash, check or credit card. They then lose the 44 cents per transaction they were getting.
bank of america again.
if there was one bank that EARNED the right to fail it is that bank.
I always use cash only. I observed long ago that I seem to have more control on spending when using cash.
this would be deflationary because banks would have merchants cap stuff at 50.
what about forcing multiple 50 transations.
how about airline tickets?
chase is stuck on stupid or in very very very very bad shape.
The CEO of Chase was on CNBC staying how they would not accept principle forgivness in loans. He forgot to mention the faudulent valuations used.
... the bank gets the same fee ... what the bank (or others) does not get to is to control if you get credit or charge you interest
Now I know many have gone to using a debt card for their credit card.....
So here what you got coming...you make good money and have money in the bank... but the bank or government states ... "hey you fico rating sucks"(well hey the economy sucks we all took a hit and I do cash only now) ... no credit for you or very hi interest for you...
you say no problem I will use cash... then you get the business saying... we required a credit card for security... so no you can not do business with us
With a $50 cap you couldn’t use your debt card to fill your car with gas.
Forcing everyone back to cash.
Which would make the fedgov go nuts.
Yet another reason why the Congress should have told Hank Paulson to go f**k himself in 2008, and let the bank collapse.
The swipe charges were legislatively reduced not based on any business realities. I can see the banks trying to limit dollar amounts to get more swipes to recover the loss from the 40+ cent swipe fee that is now 12 cents.
(Un)intended consequences of meddlesome legislation.
In the real world though they will have to set it at at least $100 and more probably $200. Fifty won’t cover even a single persons trip to the grocery store these days.
ya know, one of these days the Leftists are finally going to line up enough angry people with pitchforks and come after the banks. And by then the free market people amongst us will be too disgusted by stuff like this to come to their defense.
I wouldn’t trust a bank that wouldn’t honor my debit card any more than I’d trust a bank that wouldn’t honor my check. Next they will limit how and when you can withdraw your own money.
Open an account with a local bank. They tend to be much more interested in keeping their customers happy.
So now cash is king in more ways than one.
Maybe I’ll order some new checks and start mailing my bill payments again.
Now’s a good time to find a credit union, especially if they refund your ATM fees.
“JPMorgan Chase, one of the nation’s largest banks, is considering capping debit card transactions at either $50 or $100”
Too bad no one “capped” how much money JP Morgan could bet on CDO/CDS deals.
It looks like most of the FReepers here are being DUPED again. If you read the article it is more than OBVIOUS that the reason for capping the debit cards is the limits on the transaction fees that can be charged. If you don’t like those limits BLAME CONGRESS, don’t blame the banks.
I think this is absolutely fantastic. Get people used to using cash again.
I just whip out my American Express card. No need to expose my bank account! Why use debit cards when there are credit cards?