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Debit cards: $50 spending limit coming?

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posted on Mar, 10 2011 @ 09:54 AM
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reply to post by Whereweheaded
 


The bank gets the transaction amount, not an itemized purchase receipt. Only the store knows what you actually bought.

I will say though, your purchase would raise a few questions in my mind, and I'm sure I'm not the only one who would look at a purchase like the one you described, and think "what the heck is this guy planning".

Y'know that scene in the movie Commando, where Arnold breaks into the sporting goods store, and starts stocking up on guns, ammo, and supplies to go save his daughter?

Well that's kind of the picture I get when you describe your trip to the gun store. Maybe someone there just got a little nervous because your shopping list was similar to a supply check-list for a bank heist.




posted on Mar, 10 2011 @ 10:07 AM
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I"m kind of reading this as the banks don't want you using your OWN money = Debit card.
But want you using THEIR money= Credit card with all the charges and interest that go with it.



posted on Mar, 10 2011 @ 10:07 AM
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Originally posted by Essan
Surely they've got this the wrong way round? They should be stopping people using a debit or credit card for transactions under $50!

Think how much faster you'd get served if everyone bought their morning paper and cup of coffee the old fashioned way. With money! I hate people using cards for minor purchases.

Mind, I my business is mostly cash based so I always have loads of real money on me .......



It might get worse as more retailers roll out electronic wallet options, where you can pay with your cell phone.

Hey there is a bright lining to this article, evidently some Americans still have more than 50.00 to spend!

Go figure!



posted on Mar, 10 2011 @ 10:10 AM
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Originally posted by Flighty
I"m kind of reading this as the banks don't want you using your OWN money = Debit card.
But want you using THEIR money= Credit card with all the charges and interest that go with it.


That and there was no change in interchange fees regarding credit card transactions. Right now retailers pay the same 'fee' for converting your debit card transaction as they do a credit card transaction. But that fee is going to be drastically reduced with the new law. The credit card merchant fees won't be.

What I find hysterical is all these transactions are more or less handled by automated computers and the banks are whining that the cost of processing them won't be worth their time.

Unbelievable world we are living in.

Simply unbelievable.



posted on Mar, 10 2011 @ 10:12 AM
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Would this affect using the check card as a credit card? When I purchase something, I am usually asked "debit or credit". I always choose credit, as I prefer to have my signature accompanying my receipt. If this is an across the board proposal, then I believe it will fail miserably. Too many people use their check card to make purchases. If we can't use the credit option to spend more than $50 to $100, then we will be forced into obtaining real credit cards; something that many can not get approval for.

I suspect that any attempt to implement this will result in new legislation to prevent such practices.

EDIT: to add that it disgusts me that any bank would try to tell their customer how much of the customer's money can be allotted on any given purchase.
edit on 10-3-2011 by Aggie Man because: (no reason given)



posted on Mar, 10 2011 @ 10:14 AM
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Originally posted by sonofliberty1776

Originally posted by CastleMadeOfSand


But if I found myself in that situation I would tell the waitress to charge $50 five times. If my date didn't put out afterwards then I would probably make her walk home!

Five times? How would you pay the rest?


Well......with my poor math skills I would probably shamefully send my date home and work the other $50 off by washing dishes for them

!



posted on Mar, 10 2011 @ 10:14 AM
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reply to post by Unit541
 





The bank gets the transaction amount, not an itemized purchase receipt. Only the store knows what you actually bought.


This is not entirely true, the banks simply report the ledger entries of debit and credits and where they originate from when it comes to your statement.

However when they hit send to process the transaction the whole itemized list of what you are buying line item by line item is transmitted too.

The government has bots that troll through those transactions looking for suspicious purchases, mostly materials than can be made to make bombs or to a lesser extent 'bathtub pharmacuticals'.



posted on Mar, 10 2011 @ 10:18 AM
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Originally posted by ProtoplasmicTraveler

Originally posted by Flighty
I"m kind of reading this as the banks don't want you using your OWN money = Debit card.
But want you using THEIR money= Credit card with all the charges and interest that go with it.


That and there was no change in interchange fees regarding credit card transactions. Right now retailers pay the same 'fee' for converting your debit card transaction as they do a credit card transaction. But that fee is going to be drastically reduced with the new law. The credit card merchant fees won't be.

What I find hysterical is all these transactions are more or less handled by automated computers and the banks are whining that the cost of processing them won't be worth their time..

Unbelievable world we are living in.

Simply unbelievable.



Exactly.......When I deposit my checks at Wells Fargo, it takes no less than 48 hours for my money to show up in my account. Most of the time it takes 72 hours. I thought banks were supposed to have money in them?



posted on Mar, 10 2011 @ 10:20 AM
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Originally posted by getreadyalready

Originally posted by loam
reply to post by ProtoplasmicTraveler
 


If this is true, then I am likely done with the American banking system.

As risky as some might claim it to be, foreign alternatives might be better.

I'll still pay my taxes and declare my cash, but at some point, conditions in this country make it a real disincentive to stay here.


Sounds good, but Direct Deposit is a requirement for most normal jobs these days.

I usually pull all of my spending money out in cash and leave just the bill money in the bank, but it is almost impossible to entirely stop using the banking system.


The banking system is so out of wack they honestly need to keep this system of imaginary electronic credits and debits because they just don't have the cash on hand not to.

I still feel cash is king, sure I keep a few billion in my savings account, but the rest I keep stacked on pallets and make day beds out of them.

I really don't trust the banks.



posted on Mar, 10 2011 @ 10:22 AM
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reply to post by ProtoplasmicTraveler
 


Yeah I know what you mean.
It seems we really are needing bank services less and less and yet the price we have to pay seems to be going up.



posted on Mar, 10 2011 @ 10:24 AM
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reply to post by CastleMadeOfSand
 


Chase has a new iPhone app where you just scan your check and transmit it to them automatically, you don't even have to send them the check. They don't want them and haven't for a couple years now since the second stage of check 21 went into effect.

Check 21 was yet another change that came out of 9-11 where the Bankers suddenly worried along with President Bush that terrorists would stop at nothing to blow up a semi-truck full of checks being sent back and forth between the banks.

Now if you deposit a check physically at Wells Fargo drawn on BofA they just scan it and electronically transmit it and destroy the original and keep a scanned image on their computers in case you want it.

So much of the banking system is entirely automated I can't remember the last time I had to walk into a bank to do anything.

What a shame as I recall the tellers used to all be cute!

Ah yesterday, all my troubles seemed so far away, la da de da da de da de dah, oh I believe in yesterday!



posted on Mar, 10 2011 @ 10:29 AM
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Originally posted by Flighty
reply to post by ProtoplasmicTraveler
 


Yeah I know what you mean.
It seems we really are needing bank services less and less and yet the price we have to pay seems to be going up.




It really is like another tax, the minute you make a dollar the government reduces it as income off the top to about .75 through tax, then your state wacks it another .6 or .7 in income tax or sales tax or both when you spend it, lets say both now you are down to about .61 now if you had to borrow that dollar to start out with you could be looking at another 6% to 18% so now your dollar is worth about .43 and you are really screwed if now you want to buy cigarrettes or gasoline or booze with it.

Amazingly people love to talk about all these great government services but the truth is that they all pretty much pay for themselves through fines and fees on top of it all.

We are the home of the totally fleeced!



posted on Mar, 10 2011 @ 10:31 AM
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reply to post by Unit541
 





I will say though, your purchase would raise a few questions in my mind, and I'm sure I'm not the only one who would look at a purchase like the one you described, and think "what the heck is this guy planning".


Well under the 2nd Amendment, I have the right to bear arms. That includes all corresponding materials as well. Its no business of anyone how many weapons I own, nor how much ammo I store. That is my right, and there should be no questions issued by anyone.



posted on Mar, 10 2011 @ 10:42 AM
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Proto, dangit
you beat me to posting this.

I have been free from the illegal banks for over
a couple months now. All money has been removed
and I have cut up credit cards and debit cards
and I feel more free than I ever have in my
entire life. As a matter of fact, I have more money
due to the banks not nickel and diming me
to death on a monthly basis.

As long as you stay in debt, they own you.

Set urself free folks, stop using these illegal
institutions. Banks are just another form
of control over ur freedom.



posted on Mar, 10 2011 @ 10:44 AM
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reply to post by ProtoplasmicTraveler
 


Its funny but when you put in actual money terms like that, you realise that it's quite a miracle that we can survive on what's left at all.
When you consider that you have to house, clothe and feed yourself and your family and do it all on just a measley 43c of what's left of the dollar.
If the government could manage money as well as a lot of us do, we wouldn't need all those taxes and charges to begin with!



posted on Mar, 10 2011 @ 10:51 AM
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Originally posted by Flighty
reply to post by ProtoplasmicTraveler
 


Its funny but when you put in actual money terms like that, you realise that it's quite a miracle that we can survive on what's left at all.
When you consider that you have to house, clothe and feed yourself and your family and do it all on just a measley 43c of what's left of the dollar.
If the government could manage money as well as a lot of us do, we wouldn't need all those taxes and charges to begin with!


Exactly! The government has huge tracts of land that it leases, minerals, tarrifs from imports etc, could you imagine having all that going for you and still not being able to break even let alone turn a profit, and then even after forcing people to subsidize you through madatory taxation still having to borrow money?

We Americans really have to have our heads examined for all the crap we put up with and endure in the name of 'freedom'.



posted on Mar, 10 2011 @ 11:01 AM
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Originally posted by boondock-saint
Proto, dangit
you beat me to posting this.

I have been free from the illegal banks for over
a couple months now. All money has been removed
and I have cut up credit cards and debit cards
and I feel more free than I ever have in my
entire life. As a matter of fact, I have more money
due to the banks not nickel and diming me
to death on a monthly basis.

As long as you stay in debt, they own you.

Set urself free folks, stop using these illegal
institutions. Banks are just another form
of control over ur freedom.


I am honestly conflicted when it comes to the banks, sure the banksters rob the people blind, but there are some people who really are better served by keeping their money in a bank.

Gone are the fun old days of taking little old lady's social security checks on the third of the month after they cash them, and sure no one loves watching grandma jump 6 inches in the air more than I do, but a lot of people are safer thanks to things like electronic deposits and debit cards.

Drat!

Traditionally banks have always 'earned' their money through loans, getting us to deposit our money with them so they could loan it, meant both some real service and some additional consideration if you too needed a loan.

Now the word 'profit center' makes these huge corporations look at anything and everything where they might be able to pick up a little more money off the table.

The problem is that usually translates to the average person having less and less money to spend on their own table.

Banking has been the bane of this once promising nation, and has plagued it with corruption and fraud since well, the First United States Bank.

There has got to be a better way for business to be done, to where a super class of kaniving crooks doesn't end up with most of the money.



posted on Mar, 10 2011 @ 11:34 AM
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Originally posted by ProtoplasmicTraveler
There has got to be a better way for business to be done, to where a super
class of kaniving crooks doesn't end up with most of the money.

there is !!!
everybody become their own bank.

basically, that's what I did



posted on Mar, 10 2011 @ 11:44 AM
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reply to post by boondock-saint
 


Could you imagine, if every one pulled their money out of their banks, across the nation! Man would that be a voice to the banksters!



posted on Mar, 10 2011 @ 11:50 AM
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Originally posted by ProtoplasmicTraveler

Actually the cash supply evenly divided works out to about 500.00 for every man woman and child in the U.S., fortunately every man woman and child's portion of the national debt is 78,000.00.



This sounds right. However, do you have a source for this?
Thanks.



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