snapdragon
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Post by snapdragon on Mar 17, 2011 11:52:19 GMT -5
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Post by Savoir Faire-Demogague in NJ on Mar 17, 2011 11:57:16 GMT -5
From the link:
That's one of the ideas big banks are floating as they battle a proposed limit on how much they can charge merchants each time you swipe your card.
The fed govt has regulated out of existence or severely reduced swipe fees that banks are allowed to charge. Pretty simple economics at work here. Not surprising.
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Deleted
Joined: May 6, 2024 22:35:35 GMT -5
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Post by Deleted on Mar 17, 2011 11:57:38 GMT -5
I'll just start using my debit card as a credit card - or just charge everything over $50 on my credit card - last but not least... Checks! |
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Mar 17, 2011 12:03:50 GMT -5
I'd set up all our bills on automatic transfer. Then either use a CC or cash for everything else over $50.
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Angel!
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Post by Angel! on Mar 17, 2011 12:13:58 GMT -5
What did people expect to happen when we impose all these regulations on banks that limit their ability to make money? I would just use my credit card on bigger purchases or maybe stop using debit completely.
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973beachbum
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Post by 973beachbum on Mar 17, 2011 12:18:24 GMT -5
I'd set up all our bills on automatic transfer. Then either use a CC or cash for everything else over $50. I already do this but they require the debit or credit card to do it. The only other way that would work for us is to use the banks bill pay feature but it really isn't very convienent. It makes me go in every month and pick who to pay and how much. The auto debit is much easier.  Credit union here I come! |
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snapdragon
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Post by snapdragon on Mar 17, 2011 12:42:12 GMT -5
When I read the comments in the article someone had already been "surprised" when they went to buy a med-large item.
That's what I'm worried about.
Say you go grocery shopping- I know for several people they don't get out of the store under $150. I wonder if they would have to keep checks in their pocket for things like this.
I notice that the article does not say if that is a total limit for the day or if it is a per transaction total. But some areas of the country are being used as the "rats" for this experiment.
I went and double checked my account to see if there was any notices in my statement and nothing was mentioned at this time for my area.
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Post by cytoglycerine on Mar 17, 2011 12:44:27 GMT -5
My debit card (to a free checking account) currently has a $3000 daily limit on it, but I don't even remember the last time I used my debit card for a purchase that was more than $50 because I use my rewards CC for pretty much everything. I only use my debit card for ATM cash withdrawals, and small purchases (<$10) because I feel silly using my credit card for small amounts...I don't know why, I guess I'm strange that way lol. In fact, I use my debit card so infrequently, that when my card was last frozen for potential fraud, I didn't actually bother to get it un-frozen for about 2 months afterward! That's how often I use my debit card  If my bank put through the $50 limit on debit transactions, I really don't think I'd even notice. However, if they cut the daily cash withdrawal limit back to $50, I'd scream bloody murder. |
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Sum Dum Gai
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Post by Sum Dum Gai on Mar 17, 2011 12:46:33 GMT -5
Eh... I've been half looking for a reason to stop doing business with big banks and switch to a local credit union anyway. Maybe this will be the push we need.
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motherto2
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Post by motherto2 on Mar 18, 2011 8:42:56 GMT -5
I typically use my debit card as a cc except where it's not accepted, such as Aldi. I try to stay under $50 there, so hopefully it won't be a problem. Now if they stop letting us use the debit as a credit card, then I'll have to rethink things. Or, I'll just go to cash.
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Post by Savoir Faire-Demogague in NJ on Mar 18, 2011 9:15:19 GMT -5
Say you go grocery shopping- I know for several people they don't get out of the store under $150. I wonder if they would have to keep checks in their pocket for things like this.
As the old saying goes: "the public gets the govt they deserve".
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If my bank put through the $50 limit on debit transactions, I really don't think I'd even notice. However, if they cut the daily cash withdrawal limit back to $50, I'd scream bloody murder.
