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3% on 100 2 dollar sales is the same as 3% on 2 100 dollar sales
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).
Quote:
Originally Posted by mathjak107
You are guessing that there may ge a bigger margin just because a sale is more money
.that may be false . A 50% gp may be possible on the coffee while the more expensive items run 25%.
A (cheap) $2 cup of coffee at a convenience store is meant to lure in foot traffic (i.e. while you're there, hopefully you grab a doughnut, a magazine, a pack of gum, a lottery ticket, or whatever). It's not necessarily as aggressive pricing as a loss leader but certainly a paper-thin margin, particularly when factoring in the merchant fees for credit cards (if applicable), as stated previously.
That said, your comparison/numbers are meaningless re: service overhead/sourcing on a $2 coffee compared to (any) merchandise of greater value (and markup, particularly relative to a convenience store).
Quote:
Originally Posted by mathjak107
debit cards fall under different laws and as i pointed out above have loop holes you have no control over.
You're still thinking you have no control. The FCBA (credit) and EFTA (debit/transfers) do not have 'loopholes' i.e. it's simply a matter of how quickly you report it, along with an investigation. That said, it's a no-brainer to protect yourself via text alerts (and absolute worst case scenario, you're out $50 no matter how you slice it); simply disable your account and report it immediately.
Point being, relative to the thread, don't sign-off on a $5700 cup of coffee - and take accountability for monitoring your own money. :-)
Last edited by CorporateCowboy; 03-24-2021 at 09:44 PM..
Reason: typo
A (cheap) $2 cup of coffee at a convenience store is meant to lure in foot traffic (i.e. while you're there, hopefully you grab a doughnut, a magazine, a pack of gum, a lottery ticket, or whatever). It's not necessarily as aggressive pricing as a loss leader but certainly a paper-thin margin, particularly when factoring in the merchant fees for credit cards (if applicable), as stated previously.
That said, your comparison/numbers are meaningless re: service overhead/sourcing on a $2 coffee compared to (any) merchandise of greater value (and markup, particularly relative to a convenience store).
You're still thinking you have no control. The FCBA (credit) and EFTA (debit/transfers) do not have 'loopholes' i.e. it's simply a matter of how quickly you report it, along with an investigation. That said, it's a no-brainer to protect yourself via text alerts (and absolute worst case scenario, you're out $50 no matter how you slice it); simply disable your account and report it immediately.
Point being, relative to the thread, don't sign-off on a $5700 cup of coffee - and take accountability for monitoring your own money. :-)
That is not what it says if they don’t process on a visa network..go read it yourself ...you have to depend on the good will of the bank , not laws and not written protections ..it specifically states on visa zero liability that it will not apply when non visa networks are used ..it has nothing to do with reporting it or not in the required days ..that applys to other situations..the processing on a non visa network is very specific.
Right. From their own policy
* Visa’s Zero Liability Policy does not apply to certain commercial card and anonymous prepaid card transactions or transactions not processed by a Visa network.
This is not the issue in the posters case but keep repeating something that is clearly stated does not change the fact debit cards have exposure the credit cards do not
Last edited by mathjak107; 03-25-2021 at 03:32 AM..
That is not what it says if they don’t process on a visa network..go read it yourself ...you have to depend on the good will of the bank , not laws and not written protections ..it specifically states on visa zero liability that it will not apply when non visa networks are used ..it has nothing to do with reporting it or not in the required days ..that applys to other situations..the processing on a non visa network is very specific.
Again, you aren't understanding the differentiation between federal law and 'zero liability', which is a benefit (often, but not always) offered by the card issuer above and beyond what's required by law. Zero liability policies are voluntary and usually include a condition precedent (to which you're referring).
That said, no matter the network (or whether one has zero liability protection or not) liability is limited to $50 if reported within two days. Hence the importance of text alerts and practicing suitable care of one's own accounts. Clearly, the woman in OP's story did not i.e. she was a victim of herself.
Again, you aren't understanding the differentiation between federal law and 'zero liability', which is a benefit (often, but not always) offered by the card issuer above and beyond what's required by law. Zero liability policies are voluntary and usually include a condition precedent (to which you're referring).
That said, no matter the network (or whether one has zero liability protection or not) liability is limited to $50 if reported within two days. Hence the importance of text alerts and practicing suitable care of one's own accounts. Clearly, the woman in OP's story did not i.e. she was a victim of herself.
We are going in circles ..believe what you want. But visa has a perfect right to deny reimbursement if a non visa network was used ...there is no federal law that prevents this..
Just go to Reddit and see all the denied reimbursements people have had with debit cards .
Last edited by mathjak107; 03-25-2021 at 03:01 PM..
We are going in circles ..believe what you want. But visa has a perfect right to deny reimbursement if a non visa network was used ...there is no federal law that prevents this..
Zero liability is offered (by some card issuers) above and beyond what is required by federal law; hence, absolutely - the law does not prevent exceptions or a condition precedent, because they are voluntary.
It does not mean they have a right to deny reimbursement in totality; it simply means one would be liable for $50 instead of zero (given the appropriate steps).
Quote:
Originally Posted by mathjak107
Just go to Reddit and see all the denied reimbursements people have had with debit cards .
Social media isn't federal law (and not everyone follows the appropriate steps i.e. taking over sixty days to report it from receipt of statement). This is my point relative to the OP's story. Had it not been for an overdraft notification, when would she have even noticed the error she signed-off on?
Last edited by CorporateCowboy; 03-25-2021 at 03:32 PM..
Reason: added quote/response
Zero liability is offered (by some card issuers) above and beyond what is required by federal law; hence, absolutely - the law does not prevent exceptions or a condition precedent, because they are voluntary.
It does not mean they have a right to deny reimbursement in totality; it simply means one would be liable for $50 instead of zero (given the appropriate steps).
Social media isn't federal law (and not everyone follows the appropriate steps i.e. taking over sixty days to report it from receipt of statement). This is my point relative to the OP's story. Had it not been for an overdraft notification, when would she have even noticed the error she signed-off on?
It's not a matter of belief (or Reddit); it's knowledge of law. ;-)
No ,it is only law when it goes by plan and is not contested by rthe bank ...despite laws we are are filled with un reimbursed cases because there were other factors ...we see them all the time on our nightly news seven on your side where they try to intervene
I assume the credit card company will straighten this out. Myself, I'm outraged at the thought that a cup of coffee cost $5.70.
You're technically paying for the milk, sugar, and the barista's skill at pulling espresso shots. More accurately you pay that much for a coffee flavored milkshake.
Regular drip black coffee from a shop costs $2.00-3.50 depending on size, same as any diner, IHOP, etc..
Or you could go to McDonald's where its still $1.00.
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