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View Full Version : Hey, Lay off of my Debit Card!!



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nubka
03-10-2011, 06:18 PM
I don't like the sound of this at all.:mad: I use my debit card a lot, because I hardly ever carry cash, and writing checks is almost a thing of the past...

http://money.cnn.com/2011/03/10/pf/debit_cards_limit/index.htm?hpt=T2

Satellitegirl
03-10-2011, 06:32 PM
It's not a problem if it's a Visa(or other type) debit...because you can just use the credit card option.

BigB08822
03-10-2011, 07:07 PM
If they are going to cap it at something as low as $100 or even $50 then just do away with them all together. I might as well carry cash for amounts below $100 and certainly for amounts below $50. I doubt this ever happens, if it does then I will just go to cash. I think banks are trying very hard to become a thing of the past.

vesperholly
03-10-2011, 07:25 PM
WTF!! I only ever use my debit card. Cash is like water through my hands. However, I almost always sign it instead of entering my PIN. The only time I use my pin is if I want cash back under $20, like $5 to get coffee.

FiveRinger
03-10-2011, 09:35 PM
I understand that the banks make all of their money on fees, now, especially since there are so many people who are having financial problems and the other ways in which the banks made money aren't guaranteed. But this is just ridiculous. I just hope people don't go back to stuffing money under mattresses to avoid all of this.

Lanie
03-10-2011, 09:42 PM
I use my debit card a lot. I prefer it to cash because I always know how much money I've got in my bank account. I can get why they charge for things (ie I now have a checking fee, whatever) but...this is kind of ridiculous. BAH.

talulabell
03-10-2011, 09:59 PM
The problem with this is, it will only hurt the customer. I use my debit card a lot, and often it's more than $50. It's a great way to stay out of debt and not have to carry cash. If they cap it, what option does that give me? I now have to use credit, putting me into debt.

Dumb question: why is the fed meddling in this fee? the store pays 44 cents to the credit card company. Are the stores lobbying to get this fee reduced? And why would the reduction be over 70%?? Thats a huge reduction all at once.

If you ask me (not that anyone would), this is not the type of reform that wall street needs.

Jenny
03-10-2011, 10:23 PM
Not sure how many posting on this thread are American, but I can tell you this would be a very hard sell in Canada. As I understand it, usage by Canadians is among the highest if not the highest in the world, with more transactions by debit than cash for years now.

When I lived in the US for a couple of years, I was surprised at how little Americans used debit by comparison, and how in many places it was a big fuss when you asked to pay that way (ie cashiers having to dig out machines and not sure of what to do).

milanessa
03-10-2011, 10:31 PM
When I lived in the US for a couple of years, I was surprised at how little Americans used debit by comparison, and how in many places it was a big fuss when you asked to pay that way (ie cashiers having to dig out machines and not sure of what to do).

That may be because using a credit card provides more protection for the consumer (under American law, don't know about Canadian law) so most Americans tend to use that rather than a debit card. I know I do.

genevieve
03-10-2011, 10:43 PM
I'm in the US and most people use debit cards for everything. I tend to still carry some cash, but I know plenty of people who never have cash at all.

Now that I've read the article...wow. Commerce has really shifted in the last 15 years toward use of debit cards. Few businesses will accept checks anymore, and encouraging people to use credit cards seems like a slippery slope after the crash a few years ago. This really feels like going backwards.

Jenny
03-10-2011, 10:49 PM
I'm in the US and most people use debit cards for everything. I tend to still carry some cash, but I know plenty of people who never have cash at all.

Might have been a New York thing - it tends to be an island in more ways than one :lol:

milanessa
03-10-2011, 10:49 PM
I'm in the US and most people use debit cards for everything. I tend to still carry some cash, but I know plenty of people who never have cash at all.

Not in this part of the US. Merchants take them but I almost never see someone using it except at an ATM or the grocery store.

HisWeirness
03-10-2011, 10:55 PM
Might have been a New York thing - it tends to be an island in more ways than one :lol:
In my experience, cash is used a lot more in NY than in other areas of the US. There are a lot more cash-only places in NY. I always have to stop at the ATM before heading to NY to make sure I have enough cash. Also, restaurants in NY often refuse to split checks so you need the cash to split the bill with your dining companions.

numbers123
03-10-2011, 11:11 PM
I only use my debit card to get cash out. We use our Discover card for everything except gas which we use a AAA card. Both of those cards give us cash back and we pay them off. The use of these cards allow us to determine where/what our spendig habits are. We use cash for things like fast food/small purchases - but that is too easy to loose track of what your expeditures are

KCC
03-10-2011, 11:14 PM
Dumb question: why is the fed meddling in this fee? the store pays 44 cents to the credit card company. Are the stores lobbying to get this fee reduced? And why would the reduction be over 70%?? Thats a huge reduction all at once.



Yes, merchants lobbied hard to get fees reduced because customers were using their debit cards to pay for very small cost items. 44 cents on high-cost items is not the same as 44 cents on a cup of cheaper coffee. Banks probably did not see this regulation coming. I have always use my credit cards and never debit -- just by habit -- I get to make a tiny bit more interest on my cash in the bank, and then I pay off the credit cards at the end of every month to avoid all financing fees. Debit has advantages, too, but I never felt the need to switch over from credit.