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Location: By the sea, by the sea, by the beautiful sea
68,329 posts, read 54,400,252 times
Reputation: 40736
Quote:
Originally Posted by bentlebee
it is not just BoA who is going to charge fees. It is all because of this government and their stupid rules for banks that is now costing the people who hardly can't afford it to pay even more.
Obama is the cause of all these fees due to his policies!
Sounds like a good idea, as it probably led the small businesses I speak of, to lift the restrictions. I can now go ahead and use my debit card, even for $10 or less than they weren't very happy about earlier.
No, merchants pay a percentage of the transaction for the customer to swipe their card. Fees vary, depending on the type of card (V, MC, Amex) used and the Merchant Services processor.
On debt cards the previous fee was 44 cents which merchants added to product cost. How its limited to 22 cents by new regualtions. Its called transperancy by those favoring it allowing consumer to see what they pay ;one way or the other for service.It alos has the effect of not spreadig the cost allowing thoswe who use but not enough to pay for servcing account to pay. Its also diallows other fees or redcue in bankig maeanig they will make moeny other places or elinaite some accounts. We have seen that in credit cards. Some Likw Amex already charged fees to mnay.Bascially you ply ;you pay one way or the others. But it more visible showing that nohting is free as the saying goes.It also discouages spending on crdit card by not allowing it to be profitable to extend credit to the uncredit worthy by not allowing tranfer of risk.Retailers esepcailly large one love the new debt card rules as it cuts their cost by 22 cents per item.Its passed on directly to the consumertrnasperant/directly.Mnay will decide not to have a debt card and some maybe dropped i the end because of service cost just like some credit cards.
I own a business and we accept debit/credit cards. I don't mind paying the fees because we are profitting when we make a sale. The fees just come out of the profit. Our prices are controlled by competition, so we can only charge what people would be willing to pay. So the fees did not raise our prices.
Walmart & other retailers aren't going to lower their prices. Consumers are just going to pay more. HBSC is charging 35 cents per debit transaction after 8 per month, so customers are now paying per transaction instead of the businesses.
As a business owner, I have always been willing to accept the small fees in exchange for more business that comes by accepting the cards. As a consumer, it is insane to be asked to pay a fee in order to spend my own money. The government should have stayed out of this. Doing Wal-Mart's bidding at the cost of the consumer is crazy.
We bank at a small local bank. I agree with the earlier suggestions that those of you still at the big banks need to look at your local options and credit unions.
I own a business and we accept debit/credit cards. I don't mind paying the fees because we are profitting when we make a sale. The fees just come out of the profit. Our prices are controlled by competition, so we can only charge what people would be willing to pay. So the fees did not raise our prices.
Walmart & other retailers aren't going to lower their prices. Consumers are just going to pay more. HBSC is charging 35 cents per debit transaction after 8 per month, so customers are now paying per transaction instead of the consumers.
As a business owner, I have always been willing to accept the small fees in exchange for more business that comes by accepting the cards. As a consumer, it is insane to be asked to pay a fee in order to spend my own money. The government should have stayed out of this. Doing Wal-Mart's bidding at the cost of the consumer is crazy.
We bank at a small local bank. I agree with the earlier suggestions that those of you still at the big banks need to look at your local options and credit unions.
Because the banks are adding fees, the premise of this whole thread. And the retailers aren't going to lower their prices.
So one of two things will happen now:
1. Enough people will leave these banks that they will rethink their policy and stop charging the fees. (But more than likely add on fees somewhere else or take away some benefits).
2. This will stay th way it is, essentially transferring money from the average person to Walmart and other big box retailers. So Durbin is helping Walmart make a much larger profit at the expense of each of us.
Whatever happens, the consumers are the losers in this regulation.
Because the banks are adding fees, the premise of this whole thread. And the retailers aren't going to lower their prices.
So one of two things will happen now:
1. Enough people will leave these banks that they will rethink their policy and stop charging the fees. (But more than likely add on fees somewhere else or take away some benefits).
2. This will stay th way it is, essentially transferring money from the average person to Walmart and other big box retailers. So Durbin is helping Walmart make a much larger profit at the expense of each of us.
Whatever happens, the consumers are the losers in this regulation.
Strange to see that argument after being told repeatedly how competition can reduce prices, and customers benefit with lower costs, as opposed to tax increases that businesses inevitably pass to customers.
As it is right now, the people who choose to play to the whims of banks will pay. If I were supposed to pay $10 to a retailer on Sep 30, I would still be paying $10. Although, the retailed will stand to save some, adding to their profit. And I would rather have them take extra cash than the banks.
But lets use your words, if it makes you feel better.
The cap on merchant fees helps the merchants, but not the consumer.
This did jack for the little guy, it was all about helping Walmart and such.
What you said was it would not charge the merchants. But none the less, it isn't about what makes me feel better...you see, I am one of those little guys and as a small business owner until there is real reform in this country measures such as this isn't going to make a difference.
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