NEW plan for your Debit card $$$

Sorry if this has been already posted, but I searched for it on ATS and couldn't find it.
I thought this was worth checking out.

It's really frustrating..


DANA PERINO: Dick Durbin's Dastardly Plan for Your Debit Card

By Dana Perino

Published June 04, 2010
FOXNews.com

While you were preoccupied with the oil spill, the Middle East crisis, the unemployment rate, and everything else in the news, the Senate has been trying to slip a fast one by you. This time, it has to do with your everyday purchases that you make on your debit cards. The changes may sound technical and innocuous when described by the author of the amendment to the financial industry regulation bill, Sen. Dick Durbin (D-Ill.), but peel back the layers and here’s what we’ve got:

www.foxnews.com...

reply to post by blue_fish


Love this:

The amendment would make the Federal Reserve Bank dictate debit card “interchange rates.” What does that mean? Well, an interchange fee is money that a retailer's bank pays your bank when you use your credit or debit card at their store.

Source

I didn't want to finish your thread but...
That, with the compounding interest in people who only use cash, being labeled as terrorists'...

This has bad new written all over it.



Looks like I'm sticking to cash.

reply to post by havok


I am one of those who only uses cash and i wish others would as well.
A debit card is conveniant for YOU,not the person behind you in line who has to wait for you to pull the card out and swipe it.Oops you made a mistake...clear it and try again.
Wow how conveniant it is for YOU tho right??
I wish I could slap those people.

I am glad there is gonna be extra charges.

reply to post by havok

Sorry.






[edit on 7-6-2010 by DrumsRfun]

reply to post by havok


Sorry...this has never happened to me b4.






[edit on 7-6-2010 by DrumsRfun]

Well, back to cash for me, too. I was going to give debit card transactions whenever possible a shot, but not if that gets passed. Enough money leaks out of my pocket as it is without more going for greed.

Besides, I like the fact I have something in hand that gives me an idea of what I have money wise besides a little plastic card.

reply to post by DrumsRfun


Are you on missile watch and need to get back to the silo? 2 seconds impacts your life that much?

Odd, you didnt mention the time it takes for the low to no skill clerk behind the counter to figure out how much change you are due, and then count it out mentally doing the math that 1 nickel plus 4 pennies equals 9 cents.

I too try to use cash as much as possible, but your argument is just ridiculous.

Wow, DrumsRFun!

3 repeated posts!

(you might want to edit those)


In any case, charging more and more fees seems like a turn off of cards...
Even though we ALL know they want a cashless society.

"Consumers would either be at the mercy of the large banks that Congress is supposedly trying to rein in, or they would have to rely on less secure forms of payment such as cash and checks."

Did I read that correctly? Since when did credit/debit cards become more "secure" than cash? Wouldn't cash be the most secure since it's the true form, and actually tangible?

reply to post by DrumsRfun


LMAO, I was in serious thought while your post..........

that was too funny, I love the little comments

reply to post by havok


Yeah those NEVER happen to me.
The fact they want a cashless society is scary to me...hence why I wish people would just use cash.

reply to post by brainwrek


First of all...nice to call a cashier no skill...that took alot of class and alot of assumption on your part..
They can READ just fine how much to give me back.

Secondly...YES I am on call 24 hours a day and don't have much time to screw around.
Sometimes I have people waiting on me and they are being paid by the hour to wait for me...get it yet??
Time matters to me...whats that old saying??
Time is money.

Its not MY argument...its how it IS!!

I try to use cash, no debit cards/credit cards. Besides the obvious reasons, I have my own for my decision.

Easily, every purchase you make could be tracked. For instance, you stop and buy beer on your way home from work a couple of times a week. Your health insurer gets that info from your debit card history and poof, your rates go up because of the "health risk" you are.

All sorts of scenarios present themselves, all paved way by the attacks made on smokers over the last 30 years.

As it stands now, you are at the mercy of the bank and the state, when it comes to your imaginary money in the bank.

reply to post by Tinman67


Actually I am all enough when Debit cards and sharecheck cards where not available, my parents used to carry cash and bargain for the products they needed.

Sad that now we are all Dependant on some form of bank plastic to perform everyday transactions.

But then again, it will be nice to get to the bargain with cash to get the best prices

reply to post by DrumsRfun


No need to be mean about it. There are plenty of people who can clearly use a debit card without any problems. If you have an issue with it, then boycott the store for accepting them.

Originally posted by DrumsRfun
reply to post by havok

 

I am one of those who only uses cash and i wish others would as well.
A debit card is conveniant for YOU,not the person behind you in line who has to wait for you to pull the card out and swipe it.Oops you made a mistake...clear it and try again.
Wow how conveniant it is for YOU tho right??
I wish I could slap those people.

I am glad there is gonna be extra charges.

I wish more people realized that they can swipe their card, enter their pin, and decide whether they want cash back or not and if so how much BEFORE the cashier finishes ringing up their groceries. Once the cashier has the total all that has to be done is press the YES button to accept the charge. MUCH FASTER THAN CASH. No change required.

I don't like the people who pay cash. They wait for the cashier to ask them for their money. Then they pull it out of their pocket and count it. Then the cashier has to count it. Then he has to open the drawer and figure out how much change to give. Then there is always the instance where they have to break out a new roll of quarters to make the change. VERY time consuming.

Originally posted by DrumsRfun
reply to post by havok

 

I am one of those who only uses cash and i wish others would as well.
A debit card is conveniant for YOU,not the person behind you in line who has to wait for you to pull the card out and swipe it.Oops you made a mistake...clear it and try again.
Wow how conveniant it is for YOU tho right??
I wish I could slap those people.

I am glad there is gonna be extra charges.

No idea what you're talking about.
I swipe. type in my code. press ok, no cash back, check final price and i'm done.
I don't have to wait for a high school droupout try to count change.

It's usually faster in the end for me to use my debit card than it is to use cash.

Sorry I can't agree with ya.

I find this interesting,

" If the smaller financial institutions didn’t have this revenue source, they say it would be very difficult for them to provide basic financial services for their customers. Consumers would either be at the mercy of the large banks that Congress is supposedly trying to rein in, or they would have to rely on less secure forms of payment such as cash and checks."

What a bold face Lie. Small banks have never had trouble making money. They are Banks! A system set up to do nothing but make money For The Bank Itself.


This is surly a wicked and corrupt politician. I wonder how much the banks and bank lobbyist are paying him to push this garbage.

[edit on 7-6-2010 by JohnPhoenix]

I only use Credit Cards, but I only buy what I have budgeted and pay off the balances every month. So in essence I suppose I am only spending/using the cash I have. It has given me an excellent credit score, helped me control spending, and it records every single transaction so I can better analyze it and keep track of purchases/spending. In the 15 years or so I have used credit cards I have yet to pay any fees, or interest. It has actually made me money via cashback and various other rewards, in addition to helping me protect my purchases and also to fight unscrupulous sellers/vendors.

I personally recommend only using credit cards but sticking to a budget and paying the balance off every month, regardless of what your statement says you need to pay.

Originally posted by one_man24
"Consumers would either be at the mercy of the large banks that Congress is supposedly trying to rein in, or they would have to rely on less secure forms of payment such as cash and checks."

Did I read that correctly? Since when did credit/debit cards become more "secure" than cash? Wouldn't cash be the most secure since it's the true form, and actually tangible?

You are correct, under the true definition of "secure". But the government's definition of "secure" is "under our surveillance". Anything their subjects do on their own away from their watchful eye scares them. Hence they feel more "secure" when they know everything you do.

[edit on 7-6-2010 by NewlyAwakened]