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  1. #1

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    Thumbs down Hey, Lay off of my Debit Card!!

    I don't like the sound of this at all. 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/d...dex.htm?hpt=T2
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    It's not a problem if it's a Visa(or other type) debit...because you can just use the credit card option.

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    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.
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    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.

  5. #5

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    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.
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    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.

  7. #7

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    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.
    Erm.... I got nothin'

  8. #8
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    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).

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    Quote Originally Posted by Jenny View Post

    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.
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    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.
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  11. #11
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    Quote Originally Posted by genevieve View Post
    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

  12. #12
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    Quote Originally Posted by genevieve View Post
    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.
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  13. #13
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    Quote Originally Posted by Jenny View Post
    Might have been a New York thing - it tends to be an island in more ways than one
    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.

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    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

  15. #15

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    Quote Originally Posted by talulabell View Post

    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.

  16. #16

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    I belong to a credit union, and I get 10 cents back for every debit transaction, sent out in a check at the end of the year.

    To avoid fees, see if you can join a credit union. They just seem to treat their people better, in my experience. YMMV.

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    The banks are threatening this because they are pissed that their swipe fees have been cut by the financial regulation bill. I don't think they'll actually do it, but if they do, I bet smaller banks won't go in that direction, creating more incentive to leave the too big to fail crew.

    http://consumerist.com/2011/02/why-b...-horrible.html

  18. #18
    drinky typo pbp, closet hugger
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    Quote Originally Posted by PrincessLeppard View Post
    I belong to a credit union, and I get 10 cents back for every debit transaction, sent out in a check at the end of the year.

    To avoid fees, see if you can join a credit union. They just seem to treat their people better, in my experience. YMMV.
    Another fan of credit unions here, although I only use credit unions for savings right now, so I've never used a debit card for one. But I belong to 2 credit unions that are giving me between 6-7.25% on my cash. The dinky saving account attached to my main checking account (which I just keep for more liquid cash) is something like .5%
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  19. #19
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    Quote Originally Posted by talulabell View Post
    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.
    I only use credit cards (except when shopping at small local businesses), but I'm never in debt because I pay my balance off in full every month. It's a sweet way to get rewards.

    Using a debit card scares me because it's a direct line to my checking account. If someone steals that thing... A friend of mine had a hell of a time trying to get money back from Washington Mutual when someone stole her account information and they didn't believe that her PIN and debit card info could be stolen. If someone steals my credit card info, I just cancel it and they'll refund my money and send a new card no sweat.

    I also prefer using a credit card because I don't always have the money sitting in my checking account - every month I transfer the exact amount I need to pay my bills from my savings account. It maximizes interest, which is a bit silly right now because the rates are so low, but it's a habit that I haven't gotten out of, and I know exactly how much I'm spending every month.

    I know what you mean though. My bf associates credit cards with debt so he ALWAYS uses debit. I figure we don't share accounts, so if his info gets stolen it's not my money on the line.

  20. #20
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    So they will force us to make more transactions to raise revenue? or force us to use cash so they can charge us often to go to ATM? Brilliant idea .

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