Banks lean on Congress to keep debit card users screwed (illegal, Dodd)

[freemkt]

I'm listening to Clark Howard and he says that debit cards COULD have the same consumer protections as credit cards, but banks lean on Congress to block proposed legislation.

Anyone care to defend the banks? Capitalists? Conservatives? Anyone?

[Matt Kim]

How about defending Chris Dodd, Barney Frank, and Dick Durbin, the government, which lied when it said it was passing "reform?"

[MadeInAmerica]

Why is this in the elections board? Is this ideological baiting?

[freemkt]

Not sure how that happened, I intended it go in Politics. Apparently I was sloppy. (Can someone move it?)

[HappyTexan]

And Congress is only too willing to cater to these bank demands.
The banks are doing nothing illegal.

Now who do you blame ?

[freemkt]

Originally Posted by HappyTexan

And Congress is only too willing to cater to these bank demands.
The banks are doing nothing illegal.

Now who do you blame ?

So you acknowledge that banks are greedy.

Congress is spineless, that is nothing new.

Can you offer a valid reason why consumers should have more protection using credit cards than using debit cards?

[HappyTexan]

Originally Posted by freemkt

So you acknowledge that banks are greedy.

Congress is spineless, that is nothing new.

Can you offer a valid reason why consumers should have more protection using credit cards than using debit cards?

I don't use a debit card because of the lack of protection.
Credit card protection protects the banks because that is not your money you are spending when you use a credit card.
Banks could care less if the money in your account is drained via a debit card.
So you learn to play the system under their rules.
I use a credit card for everything I can and pay the bill at the end of the month.

It's not just the banks..they are all greedy.
And money talks. Send a lobbyist to DC with lots of money and plenty of laws get passed NOT in favor of Americans.

Is GE a bank ? They got a tax refund last year and offshored most of their profits so they could shelter it under foreign tax rules.

Our laws allowed that.

The banks are but the tip of the iceberg my friend.
Our government has sold themselves out for the almighty dollar being waved in their faces; the more $$$ you have the better the chances of pork and favorable laws coming your way.

And the Dems are in just as deep as the Repubs.

[freemkt]

Originally Posted by HappyTexan

I don't use a debit card because of the lack of protection.
Credit card protection protects the banks because that is not your money you are spending when you use a credit card.
Banks could care less if the money in your account is drained via a debit card.
So you learn to play the system under their rules.
I use a credit card for everything I can and pay the bill at the end of the month.

It's not just the banks..they are all greedy.
And money talks. Send a lobbyist to DC with lots of money and plenty of laws get passed NOT in favor of Americans.

Is GE a bank ? They got a tax refund last year and offshored most of their profits so they could shelter it under foreign tax rules.

Our laws allowed that.

The banks are but the tip of the iceberg my friend.
Our government has sold themselves out for the almighty dollar being waved in their faces; the more $$$ you have the better the chances of pork and favorable laws coming your way.

And the Dems are in just as deep as the Repubs.

I have not been paying much attention to the OWS crowd, but what you wrote sounds like something you might hear from an OWS supporter.

And people who can't get credit cards also can't afford to dent lobbyists to DC.

[HappyTexan]

Originally Posted by freemkt

I have not been paying much attention to the OWS crowd, but what you wrote sounds like something you might hear from an OWS supporter.

And people who can't get credit cards also can't afford to dent lobbyists to DC.

Almost anyone can get a credit card.
There are cards where you deposit say $500 and you get a CC with that limit.
That's how people get their credit rating back after bankruptcy.

[freemkt]

Originally Posted by HappyTexan

Almost anyone can get a credit card.
There are cards where you deposit say $500 and you get a CC with that limit.
That's how people get their credit rating back after bankruptcy.

OMG.

What about people who don't have $500? My monthly income is not much more than $500. Unfortunately, my landlord insists on getting paid every month, plus I have a student loan payment.