Woman charged $5700 for coffee (rate, lawyer, sell, percent)
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Wrong, debit cards have fraud protection, and America has shown plenty of people can't use a credit card responsibly.
debit cards fall under different laws and as i pointed out above have loop holes you have no control over.
here is fine print too in debit card protection .... they make it sound the same as as credit cards but it is not .
Debit cards issued by Visa or MasterCard may be covered under their zero fraud liability policies, but only when the transactions are processed on their networks. When you complete your transaction as “credit,” it will likely be processed on a Visa or MasterCard network, based on the logo on your debit card. However, when a PIN is used to complete the transaction, it's more likely that it will be processed on a different network and therefore isn't covered under Visa's or MasterCard's zero liability policy.
With debit cards, the Electronic Funds Transfer Act limits liability to $50 if you notify the bank within two days of discovering the fraud on your account. However, if you wait longer than two days, you could be liable for up to $500. If it takes you more than 60 days to report fraud on your debit card, you could be liable for the entire amount.
but all that does not apply if the bad guys used a non visa network.
then you are left to the good will of the bank and not laws
debit cards fall under different laws and as i pointed out above have loop holes you have no control over.
here is fine print too in debit card protection .... they make it sound the same as as credit cards but it is not .
Debit cards issued by Visa or MasterCard may be covered under their zero fraud liability policies, but only when the transactions are processed on their networks. When you complete your transaction as “credit,” it will likely be processed on a Visa or MasterCard network, based on the logo on your debit card. However, when a PIN is used to complete the transaction, it's more likely that it will be processed on a different network and therefore isn't covered under Visa's or MasterCard's zero liability policy.
With debit cards, the Electronic Funds Transfer Act limits liability to $50 if you notify the bank within two days of discovering the fraud on your account. However, if you wait longer than two days, you could be liable for up to $500. If it takes you more than 60 days to report fraud on your debit card, you could be liable for the entire amount.
but all that does not apply if the bad guys used a non visa network.
then you are left to the good will of the bank and not laws
That's correct and I'll add that if you are relying on the good will of your bank, you're relying on nothing.
Location: As of 2022….back to SoCal. OC this time!
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Quote:
Originally Posted by CorporateCowboy
I don't consider it a big deal to purchase incidentals with a debit card, if that's what someone wants to do; her mistake was in not paying attention to the display/receipt. That said, she's whole i.e. an error is an error.
Since it was a transaction for $5700, it would have required a pin or signature (and often, depending upon the network, one is required to choose debit or credit as well). This could be (at least partly) the reason for the (alleged) delay i.e. it was her negligence as well.
Quote:
Originally Posted by turf3
Well, you know, if you pay with actual US currency this kind of thing doesn't happen. How tough is it to carry $50 in mixed bills?
Ita....especially if ppl can’t look at what they sign...but I use my credit card when I run over to Starbucks once in a blue moon. That’s never just a couple of dollars tho.
Quote:
Originally Posted by mathjak107
We get thousands of dollars a year in rebates via points and there is zero reason to give that up as prices ain’t going fown unless they do away with credit cards so that ain’t happening.
I know some ppl like their points......but, how many points do you get for a cup of coffee?
Ita....especially if ppl can’t look at what they sign...but I use my credit card when I run over to Starbucks once in a blue moon. That’s never just a couple of dollars tho.
I know some ppl like their points......but, how many points do you get for a cup of coffee?
like i said i dont use my card on small purposes unless it is like dunkin where you use and app
You appear as though you never heard the concept of 'passing on the cost of doing business' to the consumer before. To clarify, again, I was speaking to small business i.e. convenience stores (as an example) in which small purchases, such as coffee (per the thread), represent a large part of their business (and margins are already paper-thin). I doubt it likely anyone would single-handedly picket a business over it, though you appear to be ready to do so. :-)
I’m unsure why you think I don’t understand passing on the costs of doing business, I understand it well and that wasn’t why I questioned you
You were speaking of small businesses? Well that’s not what your statement was about so maybe the issue was in your misstatement
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Then you should be aware how credit card fees (and the MDR) are passed onto the consumer.
Irrelevant to why I questioned your statement which you appear to now admit was a misstatement
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Actually, debit cards are cited as being more convenient for most consumers (51%) - particularly when it comes to convenience stores and pumping gas (per Forbes). A bit surprising, as another 15% (or thereabouts) use cash. Hence, it's not a 'big deal' the woman in the thread used her debit card; however, it would behoove her to be more competent while doing so.
Debit cards are more convenient than credit cards? I’m not sure how. I could understand how both are more convenient than cash which was my point to mathjak
Location: As of 2022….back to SoCal. OC this time!
9,297 posts, read 4,599,324 times
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Quote:
Originally Posted by Lowexpectations
I’m unsure why you think I don’t understand passing on the costs of doing business, I understand it well and that wasn’t why I questioned you
You were speaking of small businesses? Well that’s not what your statement was about so maybe the issue was in your misstatement
Quote:
Originally Posted by CorporateCowboy
Yes - lol, the Supreme Court ruling which protects retailers who impose a credit card minimum purchase requirement (I can't remember if it's $10 or $20) or surcharges relative to their costs. In the case of small business (or convenience stores where small purchases may be the bulk of business i.e. coffee), it can be difficult to clear much of a profit on those transactions.
Quote:
Originally Posted by CorporateCowboy
It's common business knowledge small transaction amounts via credit cards i.e. coffee (particularly at convenience stores, where the interchange fees add up quickly) result in paper-thin profits.
Quote:
Originally Posted by CorporateCowboy
You're completely ignoring the profit margin on a $2 cup of coffee vs. $100 of merchandise (and per transaction fees as well).
Cowboy has said over & over about the laws AND the fees for convenience stores tho...that depend on small purchases like coffee. It’s total common sense IMO he wasn’t talking about Nordstrom’s or Starbucks.......or any retailer that doesn’t have lots of super small purchases like a cup of cheap coffee. AND coffee & convenience stores is what the thread is talking about ofc.
Cowboy has said over & over about the laws AND the fees for convenience stores tho...that depend on small purchases like coffee. It’s total common sense IMO he wasn’t talking about Nordstrom’s or Starbucks.......or any retailer that doesn’t have lots of super small purchases like a cup of cheap coffee. AND coffee & convenience stores is what the thread is talking about ofc.
Maybe both of you have a hard time following but when I questioned his statement he had replied to Mathjak. The context was not about convenience stores.
Quote:
Originally Posted by CorporateCowboy
Credit cards charge merchant/processing fees which can be as high as 3.5%, depending upon the network (and other factors). Hence, most retailers won't accept credit cards for a cup of coffee or a minimal purchase - particularly considering their processing fees relative to debit cards are considerably lower. You'd have to give up your (minimal, if any) 'rebate points' in said scenario.
The statement is “most retailers” not small mom and pops, not small retailers, most retailers
So...how many points do you get for a cup of coffee?
Laugh but I get free stuff from Dunkin’ ..the Dunkin’ app is about having the order ready for pick up when you walk in as well as the Dunkin’ points are a whole other thing from the credit card ...I get free drinks all the time from them worth a few bucks
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Cowboy has said over & over about the laws AND the fees for convenience stores tho...that depend on small purchases like coffee. It’s total common sense IMO he wasn’t talking about Nordstrom’s or Starbucks...
....or any retailer that doesn’t have lots of super small purchases like a cup of cheap coffee. AND coffee & convenience stores is what the thread is talking about ofc.
