Debit cards: $50 spending limit coming?

Originally posted by Whereweheaded
Well in true reality, if you are one of those who desires to use the debit card for all transactions, because of ease of use. STOP! Its been widely speculated that the government has a database that stores information on every person, and there spending habits. It supposedly leaves a trace, you buy 10k rounds of ammo, they have it on record...same with foods, and anything else you can imagine. Yeah its convenient, but whats a few extra minutes to go to the atm or inside the bank, and have cash on you?

Now I dont have documented proof for you fellow readers, but I do have a summarized story that occurred to me.

Summarized version:

* Went to gun store in Nv.
* Bought 2k rounds of 7.63x 39 for my AK-47
* bought 2k rounds for my 9mm
* bought a 75 rd drum for the AK
* Tactical Vest was purchased as well
* along with extra high capacity mags


Not even one day later, a have an unmarked crown victoria parked across the street for 2 days while the occupants scoped my place out. Went to approach the car ( once ), and whom ever was in it sped off. Saw the car later, slightly up the street, so that increased the walking distance for me. Weird?....yes....every transaction since then is been by cash. And I havent seen that ol crown vic lately either.

well they might have thought you're doing the las vegas version of the north hollywood shootout.

how much did 2,000 rounds of 7.63 ammunition set you back.

reply to post by thegoods724


Why should "we all" use credit cards INSTEAD of debit cards????? I much prefer the debit card...this keeps me from OVERSPENDING what I can "actually" afford. It is what all people "should" be using. The credit cards are owned by these same large banks that now want to put a cap on our debit cards, because they WANT us all to be in debt so high that our eyeblaas pop out. Credit fees are how they make bajillions each year.!! And "most" banks already charge anywhere from $.50 to $4.00 for each use of the debit card at grocery stores and ATM's.

I highly doubt a "cap" will be placed on them, seeing as a cashless society is on it's way.

Ohhh, I see the gimmick. Cap debit card purchases so that people have to start ordering checks again. Not a bad way to make up the dough, except that a lot of people won't use checks anymore because a lot of places refuse to take them. Guess we're heading back to cash sown into mattresses.

Originally posted by randomname

Originally posted by Whereweheaded
Well in true reality, if you are one of those who desires to use the debit card for all transactions, because of ease of use. STOP! Its been widely speculated that the government has a database that stores information on every person, and there spending habits. It supposedly leaves a trace, you buy 10k rounds of ammo, they have it on record...same with foods, and anything else you can imagine. Yeah its convenient, but whats a few extra minutes to go to the atm or inside the bank, and have cash on you?

Now I dont have documented proof for you fellow readers, but I do have a summarized story that occurred to me.

Summarized version:

* Went to gun store in Nv.
* Bought 2k rounds of 7.63x 39 for my AK-47
* bought 2k rounds for my 9mm
* bought a 75 rd drum for the AK
* Tactical Vest was purchased as well
* along with extra high capacity mags


Not even one day later, a have an unmarked crown victoria parked across the street for 2 days while the occupants scoped my place out. Went to approach the car ( once ), and whom ever was in it sped off. Saw the car later, slightly up the street, so that increased the walking distance for me. Weird?....yes....every transaction since then is been by cash. And I havent seen that ol crown vic lately either.

well they might have thought you're doing the las vegas version of the north hollywood shootout.

how much did 2,000 rounds of 7.63 ammunition set you back.

Well from personal experience on shooting at a farm range it does not take long to go through 500 rounds of ammunition.
So if you go shooting twice a month that is only a two month supply and I (personally) think that does not qualify as the "Las vegas version of the north hollywood shootout."
Regards, Iwinder

Originally posted by ProtoplasmicTraveler
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.

Yeah, I do that too...



Seriously though, I always like to keep some cash on hand -- not quite that much, though!

However, I also prefer to use my debit card to pay for larger purchases, like fuel. (Where I live it works out at around $8.00 per US gallon equivalent. [One US gallon is 3.8 litres and at current conversion rates I'm paying roughly $2.10/litre.]) I also have a credit card with a pretty decent limit considering the average wage here, but I've never used it. Not once. I only took it because they kept offering it to me. But as Blaine says, they can be handy, so I always carry it if travelling outside our borders here.

It's been around thirty years since I last used a credit card. But yeah, you never know...

Beats me what those banks in your part of the world are playing at with this threat of a $50 limit on debit card purchases. Just seems to me that it won't achieve a great deal except create more negativity towards them. From what I read it seems to me like they're not really all that popular and loved as it is, but perhaps they just have a masochistic streak.

Mike

Not sure if anyone has thought of this. Why would a bank cap your debit? What if they are expecting an economic crash and don't want people pulling all of their money out of the banks. I think the banks want more control on what you take out of your account.

reply to post by JustMike




I have seen that picture before somewhere on the net, question is that for real cash?
Sorry PT I don't mean to derail your thread I am just curious here.
Regards, Iwinder

Originally posted by maslatte
Not sure if anyone has thought of this. Why would a bank cap your debit? What if they are expecting an economic crash and don't want people pulling all of their money out of the banks. I think the banks want more control on what you take out of your account.

But aren't they making it so you have to take out your cash? What about getting a weeks worth of groceries? That costs more than $100 for most families. If you have to go to get groceries almost daily or every couple of days, then more gas is needed for multiple trips, and you'll need cash for that too, if they cap it at $50, and you drive a larger vehicle. I think anyways, I'm up north here, and it costs me $80 for a fill up, and I try not to let the tank go lower than 1/4 .

I'm so glad to be up here, where our banks are strong and friendly, and our debit purchases are only limited to what's in your bank account. If they ever tried to pull that up here, people would just stop using the banks, and use cheque cashing businesses instead.

Plus, whatever happened to the idea of a cashless society? Up here, businesses don't like personal cheques, they might bounce, and credit card use is being discouraged (sort of) because they don't want us Cdns to have too much personal debt.

Originally posted by CastleMadeOfSand
So what are people gonna do?

It's simple, they will pull out all of their money and go and set up accounts with local community banks. By doing this, the large banks are digging their own grave. Which is fine by me. Dig away bankers, dig away!

If enough people do this to actually create a significant problem for the large banks, I wonder if they might attempt to utilize that as an excuse to liquidate community banks?

Maybe they are attempting to create the shortage of the dollar due to unachievable demand.

Originally posted by RicketyCricket
reply to post by 547000

 

Get Cash from bank
Go to grocery store
Stock up on Amazon Gift cards
Use gift cards
Receive hard to find books from Amazon

You must obviously be the reason why I can never find any Amazon Gift Cards at the store in years of looking.

How about leaving some for the rest of us?

I bank with Wachovia. I recently was re-issued a debit card after losing my old one. The old card expired in 2013 and was issued a couple years ago. My new one? It expires Dec. of this year. My fiancee recently got a new card as well because his old one expired. They sent a new one in the mail (in Feb!!!) and it expires Dec 2011 as well. 10 months-year life for a card...and then a new one? Or?

Can someone explain this? Is it because of Wells Fargo takeover? I don't see how that'd make any sense since they've already merged their systems and accounts...

Anyone in banking know the answer?

Originally posted by gnosticquasar
Ohhh, I see the gimmick. Cap debit card purchases so that people have to start ordering checks again. Not a bad way to make up the dough, except that a lot of people won't use checks anymore because a lot of places refuse to take them. Guess we're heading back to cash sown into mattresses.

That would be pretty cruel huh.

The banks sure do have a peculiar sense of business and charging for things. I often have my clients deposit the funds they owe me by depositing it in my bank account themselves. This can add up to a number of deposits each day.

I don't actually have any checks for my checking account, just a debit card, but one day a couple of years ago the mail lady knocks on the door and had a package for me from my bank. I opened it up wondering what they heck it could be and it was 12 boxes of Deluxe Deposit Slips with my name and address and account number printed on them.

I didn't order them, they didn't charge me for them, but they sure seemed to want me to have them.

Who says there is no such thing as a free lunch!

reply to post by Iwinder

Seeing as it relates to money in its various forms, I hope your query is not seen as too off-topic... Yes, it was real cash. Money from illicit activity, allegedly. Some guys got busted with 207 Million in cash in their house. You can read about it from several sources but one is available here.

I am guessing those guys didn't need no stinking debit cards...

Originally posted by donatellanator
I bank with Wachovia. I recently was re-issued a debit card after losing my old one. The old card expired in 2013 and was issued a couple years ago. My new one? It expires Dec. of this year. My fiancee recently got a new card as well because his old one expired. They sent a new one in the mail (in Feb!!!) and it expires Dec 2011 as well. 10 months-year life for a card...and then a new one? Or?

Can someone explain this? Is it because of Wells Fargo takeover? I don't see how that'd make any sense since they've already merged their systems and accounts...

Anyone in banking know the answer?

edit on 10-3-2011 by donatellanator because: GD typos

You are correct Wells Fargo is gearing up for the name change. Chase eliminated all references to Washington Mutual much more quickly, but in September of 2010 Chase issued Washington Mutual customers all new cards and stopped making any reference to Washington Mutual on it's statements there after.

Wachovia is just in the last couple of months starting to make references to Wells Fargo on it's statements so I would guess that they are probably going to make the big transfer this fall, and you will get a new debit card then.

This really ticks me off! I hope they won't be allowed to get away with it.
It has to do with the 44 cent fee they've been getting for each debit transaction. Now that fee is being lowered to 12 cents, or somesuch, so they are forcing us to increase the number of our transactions. Seriously, run your card through three times to pay your grocery bill? That's what we'll do. ?? Just to feed them the money they want. They are claiming they will be losing billions.

I don't know, some bull. They just explained it on the news. Anyway, it's just Chase banks at this point (?) but if they pull this off, then everybody else will follow suit.

Grrrr..........

reply to post by JustMike


You know that is so unhealthy Storm Dancer I have my pallets of cash wrapped in shrink wrap and hermetically sealed.

The heat sensitive chemicals on cash register reciepts are very poisonous have a lot of bad side effects (cancer, sterility, hair loss, rabbies, hoof and mouth disease, and the dreaded kooties!) and have tainted the currency supply because men like me, love stuffing reciepts in our wallets along with our cash.

This is due to a practice that men have where we love trying to purchase more stuff with the reciepts from our old stuff.

It never works, but we never stop trying!

Originally posted by ladyinwaiting
This really ticks me off! I hope they won't be allowed to get away with it.
It has to do with the 44 cent fee they've been getting for each debit transaction. Now that fee is being lowered to 12 cents, or somesuch, so they are forcing us to increase the number of our transactions. Seriously, run your card through three times to pay your grocery bill? That's what we'll do. ?? Just to feed them the money they want. They are claiming they will be losing billions.

I don't know, some bull. They just explained it on the news. Anyway, it's just Chase banks at this point (?) but if they pull this off, then everybody else will follow suit.

Grrrr..........

The Banks are pretty much like the airlines, one does and the rest hop on board.

They actually do rake in billions in this fees, fortunately this might help the retailers in my case. Because I know they get wacked .44 on each transaction the only thing I buy with my debit card are .44 cents or less!

Some times you have to be cruel to be kind.

Originally posted by Iwinder
reply to post by JustMike

 

I have seen that picture before somewhere on the net, question is that for real cash?
Sorry PT I don't mean to derail your thread I am just curious here.
Regards, Iwinder

Actually believe it or not, that looks like the CIA Tent right after we invaded Afghanistan.

When they set up those kinds of operations they give them Billions in cash to spread around in bribes, fund splinter groups, buy weapons, etc, etc.

If you are a little girl who needs a million dollars for a rare birth defect operation good luck, but if you are a Afghan warlord who needs a few million to do some arms shopping in Islamabad Uncle Sam is always happy to help.

Cash no checks please.

SO,how are we gonna pay for gas .at the gas station????just to fill the tank is 60.00 per week.mid sedan.Are they gonna change all of the automatized pumps??????and if so,how much more money will this cost?...

you are all missing the point of a 50 dollar cap on transactions....that way you have to do multiple transactions when ...grocery shopping buying fuel etc...thus the banks still get the same amount they did on a single transaction prior to the new law....banks and loopholes go together like peanut-butter and jelly...or lobbyists and politicians