Debit cards: $50 spending limit coming?

reply to post by CaDreamer


Actually they might make more depending on how many times it has to be rung up in 50.00 dollar increments.

The Banksters do usually figure out a way to come out on top.

Originally posted by thegoods724
I dont see why they would decline purchases over 50 dollars, just use a credit card and get rewards points. The only people it will effect are the businesses you buy things from who could get away with it costing the business less to use debit. No one should be using debit theres no point, unless you do so to not make the banks richer.

Unfortunately you are missing a VERY BIG piece of this well orchestrated economical puzzle. Here how about I shine a little bit of a different perspective on this latest soon to be nail in the coffin. You see it really is not so much about making people to have to begin to use their credit cards only to make "the man" richer through interest rates...in fact I believe it has little to nothing to do with that, and more to do with the continued destruction of Americas middle class (or what is even left of the middle class) to lower class people in society.

How is that? Well allow me to come from PERSONAL EXPERIENCE here for a moment. I joined the military at 17 years old in 1989. Served my country 20 years, 1 month, and 26 days and retired from active military service June 1, 2009 as a 10% rated combat wounded veteran where I began drawing my military retirement pension of the large sum of about $800 a month ($530.00 a month goes towards child support of my 12 year old son whom lives with my ex-wife who was given sole custody during our divorce hearing due to me having been assigned to a joint special operations unit and because of the fact that I would often be required to deploy to anywhere in the world on a 24 hours notice, and due to my team being real world contingency based we often didn't know for how long when we would deploy, so since I 'would not be available" to make urgent decisions regarding my son, I was denied ANY custody whatsoever and 100% legal and physical was given to my ex, but that is another story).

Throughout my entire adult life I made my payments on time and once I had credit established, I remained above a 700+ score. I retired with a science degree, top secret SCI security clearance that was active, YEARS of specialized experience, a 996 Porsche 911 with super low miles, an E46 AC Shnitzer BMW M3 (it was a COMPLETE AC Shnitzer modified BMW that cost $28k in addition to the price of the car), blah blah blah....I basically was SET! Simple enough right? Just retire, get an immediate lock on that killer job that I had spent years prior preparing myself for, and continue to increase my income relative to my age. All was well.

WRONG!!

I could NOT have retired from my $90k a year (I was a senior NCO) job at a worst time! June 1st, 2009 and by August 2009 my life was in complete tailspin as I was in the process of losing everything that I had worked hard (if putting your life on the line doing multiple Iraq Afghanistan deployments where I had actually gotten hit outside Kandahar October 29, 2001 counts?). And guess what folks....I DID LOSE IT ALL. $20K Discover Card credit limit, the cars, lifestyle, and almost my life...everything was gone and I couldn't even provide for my family (even though there was not a single interruption in my $530 a month child support, they made sure that kept going even though on top of that I would buy my son anything/everything he needed).

So here is the deal....I NEVER GAVE UP! It was hard but I refused to quit! BUT mind you....I had to do it without a credit card because those were long gone as was everything else with my bankruptcy. The continued job interviews, air fare (at this point I was willing to go ANYWHERE the job was...even to the point of getting on a small 3 month contract with Lockheed Martin in Tampa, FL and my family moved back in with her parents in San Diego, CA which is where I retired and lost everything at)....so ALL hotel rooms, car rentals, airline tickets, food, you name it had to be done with a DEBIT CARD. And LET ME TELL YOU A LITTLE SOMETHING ABOUT USING DEBIT CARDS buwhahahaha....you are damn near LOOKED DOWN UPON LIKE SOME KIND OF CRIMINAL OR SECTION 8 RENTER DRUG ADDICT when having nothing else but a debit card in which to do your transactions with


Oh SURE you can rent a car on it, but not until after you fork out an additional $400 to $750 deposit ON TOP of what the rental is gonna cost!! Oh yea....the joys of struggling to come back on top in life again with having only a debit card in which to do it with. But here is the deal....after a year (almost to the day) of aggressive continued searching, I was able to get my career off the ground (May 24, 2010) and I have been trying to rebuild (albeit no longer being a prisoner of my possessions....basically if life ends up having to be the teacher like with what I went through...YOU WILL COME OUT OF IT A CHANGED PERSON without a doubt!!) so I am now doing do but not so recklessly and am actually quite thrifty if you will. I have ONE CREDIT CARD that has a $750 credit limit on it, and a car payment (I DID get back into another E46 BMW M3 as THAT was about me...it is kind of personal but that was my gift and only gift to me for not giving up...even when I almost gave up my life in the process), but that's it...no more debt only use my own money for what I can afford.

So where am I going with all of this? Sorry for what might come across as nothing more than a rant. My intentions were to put it into perspective....a perspective that unless life itself teaches you (like in my case), it is very difficult to grasp, so I wanted to share as much as I could and as it pertains to debit cards. In closing let me just say:

IF I COULD ONLY HAVE HAD $50 IN WHICH TO DO TRANSACTIONS WITH, I NEVER WOULD HAVE MADE IT BACK ON TOP....NEVER!! Our system is a system that if you are down...IT IS DESIGNED TO KEEP YOU DOWN!! This $50 cap on debit card transactions AT A TIME WHERE OUR COUNTRY'S PEOPLE HAVE BEEN FINANCIALLY DEVASTATED...IS ONLY MEANT TO DO ONE THING AND ONE THING ONLY...TO BE THE FINAL NAIL IN THOSE AMERICAN COFFIN!!

Sorry for the all caps ya'll, but THIS right here is HUGE if it goes through. I am no prophet or Nostradamus but I will make a prediction right here and right now...if THIS goes through, it WILL be the tipping point. There WILL be blood in the streets because it will literally destroy any ability/hope of those trying to rebuild and get their lives back on track. Sorry for the long rant. As you can see....this was very personal to me and deeply saddens me to even hear that they are suggesting to enact this. Many will suffer if they do

Originally posted by thegoods724
I dont see why they would decline purchases over 50 dollars, just use a credit card and get rewards points. The only people it will effect are the businesses you buy things from who could get away with it costing the business less to use debit. No one should be using debit theres no point, unless you do so to not make the banks richer.

Using your credit card inflates the money supply with money that does not actually exist. The merchant or business will take the money from your credit card and put it in their bank. Their bank will then loan out the money with interest to people like us regular Joe's who have become debt slaves. The money this bank loaned to you does not even exist because of fractional reserve banking -- essentially the bank can loan money it does not have.

reply to post by 11:11


The fractional reserve banking system seems to reward what are supposed to be the most prudent of people (bankers) with the most foolish of tools, being able to basically invent money out of thin air through a complex set of arrangements that if you were a rocket scientist, with an accounting and law degree, you still couldn't figure out!

It's funny to watch the politicians on capitol hill who chair these financial committees honestly say they don't have a clue how the whole scam works.

Let me tell you it sure is a scam too.

reply to post by Newbomb Turk


I have good news and bad news.

The good news is that I gave you a star for best rant of the thread.

The bad news is that I am writing you a prescription for Alderall and Prozac and billing you 150.!

Just kidding.

You know you aren't the only person who found that the things you had felt you could rely on when it came to the financial health of the banks and the nation and investment and real estate markets suddenly taking about the most drastic turn south you could imagine.

People in their 70's who thought they were set to enjoy their golden years are now bagging groceries and watching what they acquired through a life time suddenly just slip away and dissapear on them.

Personally I think the banks manipulate it all in cycles, encouraging people to jump into the pool, rewarding some along the way like a Las Vegas Casino but in the end, taking a massive number of people for a ride and wiping them out every 30 or 40 years.

They sell the dream, and many people even get to live the dream for a while, but it seems more often than not, before all is said and done it ends up a nightmare.

When I was younger I used to chase money, now I just chase simplicity, I sometimes imagine I would like to have so much more out of life, but settle for a stable roof over my head, a decent meal at the end of the day, and simple entertainments and pursuits.

I think that gets easier once you throw the TV away or stop watching it, and stop trying to live the Hollywood dream of keeping up with the Joneses. They really make you believe the Status Quo is something it really doesn't need to be, unless you want to be a debt slave keeping up with it all.

I might now end up having a number of the things I might have enjoyed in life, but one thing that's not in a store window for sale is me.

That's priceless to be your own person.

Good luck to you.

Originally posted by Aquarius1
reply to post by ProtoplasmicTraveler

 

The federal government's budget deficit grew by $222.5 billion in February, the largest one-month increase in history.


MORE DETAILS:

www.clickondetroit.com...

It gets better and better doesn't it, timely article today..

You would think at some point they would say, you know, we are broke, heavily in debt, and have no way to pay back all this money, maybe we should stop spending so much but noooooo.

Most of America has had to tighten it's belt, I am now tooling around in a Leer Jet instead of a Gulfstream and I tell you it makes me not even want to leave the house it's so embarassing! I had to tell Prince Raenier not to pick me up at the airport himself I was so mortified, but our government still keeps spending money like there is no tomorrow.

If we ran our personal finances the way the Government and the Banks do we would all be in prison for fraud.

Where does it all end.

reply to post by ProtoplasmicTraveler


Proto, I think this may have more to do with what I call the "Dave Ramsey" effect.

Folks are dumping credit cards and using cash more. I wonder how long till we cant use checks.

If folks arent using credit, they arent getting fees. No fee's, no money.

Guess I wont be visiting a hotel anytime soon. No credit card.

Hell, I'm broke and refuse to fly. Why do I need a hotel?

Previous generations used to carry precious metal coins for money but we were taught that it was too inconvenient and heavy to lug around in large quantities so the banks would trade us paper money for our gold and silver deposits in the form of certificates. They printed the heck out of them from 1882 to 1933. At that time of gold confiscation in 1933, it became illegal to use them and they could no longer be exchanged for their gold or silver value.

So the new trick at that time was for us to value paper cash and over a couple of generations it became the norm while its purchasing value steadily diminished (inflation). The numbers keep going up it's not even real. I don't care what the national debt is. They want us to care and stress over it so that we will accept further lifestyle degradation.

I think we are at the stage in which they are conditioning us to devalue the plastic we now use. Gold was too heavy, cash burns and plastic warps. Biometrics last a lifetime.

If true, that'd be when I took my business elsewhere..

I don't think a policy like that would last very long, it would be a huge inconvenience to people who suddenly couldn't buy enough groceries for their family because they maxed out their daily limit.. people would leave the bank for one that didn't have that limit..

It's a silly idea and I don't expect it to kick in

just dump the debit card,new world order currency is coming any way.china will be on top....the debtor will be the servant to the lender.

Doesn't this take us in the opposite direction of the "cashless society" many here on ATS claim to be in the works?

I mean, if this is all about debit cards, then you should have the cash in the bank.

Won't this cause people to take cash out of the bank, say, prior to going grocery shopping?

Are there that many people that would rather not stop at the bank, only to run their card a dozen times while shopping on payday?

Or maybe that's the point.
One large purchase, hit with insufficient funds, gets one charge, as opposed to five insufficient funds charges because the card was run five times on a $250 purchase.

They're all bastards, regardless!

THAT WILL HURT ME,THAT'S HOW I PAY MY BILLS ONLINE,I AM DISABLIED..............:

Amazes me how an instrument to supossly help the customer,its been turnaround like a blade in our hopes,NOW i understand why people use to hide their cash under the mattress.

reply to post by rocha123


Safest place in the world for your money, until your kids decide to throw your old mattress away and buy you a deluxe new craftmatic bed, and have it hauled off without knowing you have a million dollars stashed in it.

This happened to a little old lady in Israel a couple years ago!

It's true money never sleeps!

Originally posted by Oaktree
Doesn't this take us in the opposite direction of the "cashless society" many here on ATS claim to be in the works?

I mean, if this is all about debit cards, then you should have the cash in the bank.

Won't this cause people to take cash out of the bank, say, prior to going grocery shopping?

Are there that many people that would rather not stop at the bank, only to run their card a dozen times while shopping on payday?

Or maybe that's the point.
One large purchase, hit with insufficient funds, gets one charge, as opposed to five insufficient funds charges because the card was run five times on a $250 purchase.

They're all bastards, regardless!

edit on 10-3-2011 by Oaktree because: (no reason given)

The article did speak about how this could thwart further innovation and possible roll back some of those already made when it comes to a cashless and technologically progressive merchant/customer experience.

Yet this is a classic game of take away, where the best way to convince people they really want something is to make them believe that they possibly might not be allowed to have it in the first place.

Mind games, that's all the Banks and Corporations, Government and Media does is play mind games.

They are adept and expert at manipulating us along emotional lines.

I can't stand banking with Chase. Well, I cant' stand dealing with any bank but I especially hate Chase. I was with my last bank for a while with absolutely no problems until the recent bank fiasco. I started a new account with Chase because it was the same bank my employer used.

I've left that job but am still stuck with the account. I had some recurring billing attached to my account that I had forgotten to cancel when I stopped using the account. Before long, I had no money left in that account but I was still billed for that month. Well, being such a great bank, they paid the bill for me ($15) which sent my account into a negative balance.

They then charged me a fee for that. On top of that fee, they started charging me late fees. I hadn't checked the account in a month (since there was no money in it) but when I did, I found they had charged me enough fees to amount to $75!!

Now they want me to pay them $75+ or they're going to send my debt to a collections agency!

If I put my money in a bank that means I'm entrusting them with it. If I don't have any money and someone comes along asking for $15 you tell them I don't have it and let them cancel the service I was paying for. You don't give them $15 then charge me twice that plus overdraft fees and late fees then threaten me with collections!!!!

reply to post by thegoods724


i dont have a credit card. credit cards are for the rich and for the fools. but i do however have a debit card tied to my checking account. maybe i dont understand what you are trying to say here. but credit cards are just plane stupid way see it

reply to post by ProtoplasmicTraveler


Man, I don't know. This seems suspiciously like it is something that I have to add to my Going Green to do list. Thanks for filling me in! I would have missed this one for sure. Let's see now, this list is getting bigger and bigger every day! It seems to me as though we're being taught to live like our distant cave dwelling ancestors again so that our vigilant leaders can enjoy everything that we're not supposed to anymore! Isn't this exciting!?

Alter exorbitant lifestyle so as to sustain ourselves on fifty dollars, every twenty four hours.

Don't generate trash.

Walk instead of driving. Plan ahead for long trips.

Calculate carbon footprint for household and purchase necessary carbon credits to offset our filthiness every year.

Switch to a raw food diet. If you're used to meats you may experience a slight headache.

Recycle, recycle and recycle again.

Use only Organic Products

Rather than spraying chemicals for an infestation of insects, install a bat box or two in your trees and home and let them take care of the bugs for you.

Catch rainwater with rain barrels so as to not use water.

Plant a Tree.

Compost table scraps.

Use toilet paper made from recycled paper or leaves, add to compost.

Stop using napkins and paper towels all together.

Use cloth diapers and wash with collected rainwater.

Use alternative medicines for injuries and ailments.

The practice of charges associated with Debit cards has been under the spotlight in the UK too.
People are fed up with having up to $5 added when using cards.
Now one of our biggest Consumer groups have filed a super complaint to the Office of Fair trading-meaning they now have to undertake a full indepth investigation,which is almost certain to see Card issuers and businesses being forced to reduce these fees.
It is interesting to see how the Card Issuers have responded to the US regulators calls.

One of the most complained about Card issuers in the UK is Citibank who have recently announced they are to sell on 1 million accounts to Barclaycard.

uk.reuters.com...

Actually Citi have been winding down its card opps here for some time.

www.leighallennyc.com...



www.thisismoney.co.uk...

reply to post by ProtoplasmicTraveler


This is quite amazing. The government wants to Force Banksters to be more honest about charges, and JP (Who Else) Morgan is basically saying well F' You Obama. One way or another were going to get our hard well deserved earned money. They are going to steal it from your Pocket, and then more of your Tax Dollars is also going to end up with the Banksters as well.