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It wouldn't be inconveniencing the businesses, it would be inconveniencing me if I have to keep the cash in hand to pay the boy down the street who cuts my grass. I doubt that he will start accepting credit or debit cards any time soon! There are many organizations and individual service providers that do not accept credit/debit cards and do not have the setup to accept electronic payments. Thus far however my bank has not said anything about stopping my free checking account. I guess I will have to consider the options if that happens.
You could still send them a check and not have any "checks". If you use Online Banking, you can have a check sent to any party. You can send a check to your mother if you have her name and address. The online banking people will send the check for you.
I do it all the time - I give the HVAC tech my credit card, he calls the home office where they run the authorization right then and there and voila, services paid for.
Hello, 21st century.
If the service provider is big enough to have a home office that works great! If it is an individual service provider, not so good. Maybe in your life you never deal with anything other than big companies, but that is not the case for everyone.
No change. I have free checking because I get my paycheck direct deposit. If I didn't, I would've been charged a monthly fee. This is silly.
I wish the banks around here (metro Denver) would do that. My boss won't do direct dep b/c some of the old timers want a check in hand to take to the bank. I would love DD. If these co-workers of mine were charged a fee, they'd probably have a change of heart.
Using a check seems as archaic as using a typewriter...
Actually it is using cash that seems archaic to me. Yesterday I was behind someone at Sam's who pulled out a big bill to pay for his purchase. I found myself thinking "How weird is that?"
How do you transfer money to someone else's account electronically? You can't unless you have their account number and routing number. Who's going to give you that information?
Thats actually how most transactions are done in Europe...
But even when you do online banking and "write a check" most of the time there is no check sent, its an ebt transfer.
Actually it is using cash that seems archaic to me. Yesterday I was behind someone at Sam's who pulled out a big bill to pay for his purchase. I found myself thinking "How weird is that?"
I prefer cash--I can't bounce cash, or wind up with "insufficient funds". I only have as much as the cash in my hands. If the item or items are more than that, I can't purchase them.
Who cares if "your" bank has checking fees? It's all irrelevant. The fact remains that Democrats have pushed forth a regulation that has now effectively trickled down to the wallets of those who need money the most.
Why is it that liberals get wrapped around the axle so easily and thus try to deflect from the point? Because, face it, there's nothing good to say about the individual you slobbered yourself over 2 years ago.
What happened is the banks put in fees to either maintain or expand their profit margin. The banks raised their fees NOT the government. The banks are using the Financial Reform Bill as "cover" to raise fees to account for the fact they can no longer charge you hidden fees.
Check the profits of banks coming out this quarter and last quarter. In most cases they are doing just fine.
This is the same sort of thing that happened when the Democratic Congress passed the credit card reforms. They made it impossible for credit card companies to make profits from people with poor credit and poor credit practices so instead the credit card companies spread out the fees to everyone. Democrats always think they can legislate away problems but have no idea how economics really work and, thus , they are always surprised by the results of thier actions. Actually, that's the optimists' view. Some would say they know EXACTLY what the consequences of their actions are.
That's BALONEY!
One of the most profitable sectors of the credit card industry is servicing high risk customers. They pay higher interest rate and pay more fees. In many cases they have to get secured credit card where they have to deposit money into an account as collateral for their credit limits.
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