Topics > Economy
Hang on to your wallets, checking fees to soar...again
ToddF:
http://www.nypost.com/p/news/business/banks_checked_H93tE8xgUpsyENaqNQmLdJ
--- Quote ---The US Senate yesterday swatted aside a move backed by New York Democrats Chuck Schumer and Kirsten Gillibrand to delay implementation of an 80 percent cut to the debit-card swipe fee -- a move that will drain up to $1.3 billion a month, or $15 billion a year from banks' coffers.
--- End quote ---
No, you just can't legislate a vastly reduced service cost, just because you took a Poli Sci class, and can now write policy. Kudos to the above for realizing this, amongst their Marxist trash brethren.
The $15 billion per year will be taken from other services, such as checking accounts, credit card fees, and possibly even eliminating debit cards (stupid things to have and use anyway.)
Libertas:
--- Quote from: MNHawk on June 10, 2011, 07:39:03 AM ---http://www.nypost.com/p/news/business/banks_checked_H93tE8xgUpsyENaqNQmLdJ
--- Quote ---The US Senate yesterday swatted aside a move backed by New York Democrats Chuck Schumer and Kirsten Gillibrand to delay implementation of an 80 percent cut to the debit-card swipe fee -- a move that will drain up to $1.3 billion a month, or $15 billion a year from banks' coffers.
--- End quote ---
No, you just can't legislate a vastly reduced service cost, just because you took a Poli Sci class, and can now write policy. Kudos to the above for realizing this, amongst their Marxist trash brethren.
The $15 billion per year will be taken from other services, such as checking accounts, credit card fees, and possibly even eliminating debit cards (stupid things to have and use anyway.)
--- End quote ---
Banks will increase other fees and reduce interest paid out, guaranteed. Still, proglodytes continue to try to play semantic games to appear like they give a damn about "the little guy".
I'm so sick of that hypocrisy!
LadyVirginia:
--- Quote from: MNHawk on June 10, 2011, 07:39:03 AM ---possibly even eliminating debit cards (stupid things to have and use anyway.)
--- End quote ---
I still don't get the point of debit cards.
ToddF:
--- Quote from: LadyVirginia on June 10, 2011, 11:34:41 AM ---
--- Quote from: MNHawk on June 10, 2011, 07:39:03 AM ---possibly even eliminating debit cards (stupid things to have and use anyway.)
--- End quote ---
I still don't get the point of debit cards.
--- End quote ---
So when your card (or number) is stolen, the thief can empty your account directly (which you then have to wait to get back) as opposed to a credit card, where your balance is just run up, when then gets cleared up eventually.
There is no real point to them, except for deadbeats who can't get a credit card.
LadyVirginia:
--- Quote from: MNHawk on June 10, 2011, 12:31:13 PM ---
--- Quote from: LadyVirginia on June 10, 2011, 11:34:41 AM ---
--- Quote from: MNHawk on June 10, 2011, 07:39:03 AM ---possibly even eliminating debit cards (stupid things to have and use anyway.)
--- End quote ---
I still don't get the point of debit cards.
--- End quote ---
So when your card (or number) is stolen, the thief can empty your account directly (which you then have to wait to get back) as opposed to a credit card, where your balance is just run up, when then gets cleared up eventually.
There is no real point to them, except for deadbeats who can't get a credit card.
--- End quote ---
And yet banks keep trying to give me one. And I'm not a deadbeat.
A few years back I opened a new account and they just "gave" me one though I hadn't ask for it. Still I thought I could use it at Aldi's instead of having to remember to get cash at Walmart. Well, nix on that when I read recently Aldi's keypads got hacked. Backed to cash.
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