Who makes money for every swipe & a percentage of the transaction if the banks dont?
On Sun, Sep 11, 2011 at 7:56 PM, Rolf <r...@winmutt.com> wrote: > The banks don't make any money on debit cards and therein lies the rub. I > believe the $3 a month for a debit card is pretty nominal. BoA has already > raised their ATM fees to $3.50! BoA and Citi are also talking about limiting > the transactions to $50-$100 or less. > > Temporary lay offs, good times. > EZ credit rip offs, good times! > > -Rolf > > > On 9/11/2011 5:50 PM, Brian Toscano wrote: > >> I think paying a fee to supplement the fees they're already getting from >> the >> merchants, overdraft fees, low interest rates, and the savings they're >> getting from not having to process checks is more than enough. I used >> cash >> and a credit card until this summer when a credit union offered a high >> dividend on a checking account if I use the debit card for 12 purchases. >> Now I use a lot less cash, a debit card and credit card. >> >> Brian >> >> >> >> On Sun, Sep 11, 2011 at 3:30 PM, Allan Streib<str...@cs.indiana.edu> >> wrote: >> >> Brian Toscano<brian.toscano@gmail.**com <brian.tosc...@gmail.com>> >>> writes: >>> >>> The fee is also starting to be charged by other banks. The reason for >>>> the monthly fee is claimed to be the reduction in fees caused by the >>>> Dodd Act which limits the amount of fees banks can charge merchants >>>> for swiping debit cards. >>>> >>> I don't totally begrudge the fee, as I find debit cards highly >>> convenient. Remember the days of having to carry cash or a checkbook >>> around everywhere? There is a definite value to the concept of a debit >>> card. >>> >>> However on the margin, the debit transactions cost the banks almost >>> nothing and even with caps on the merchant fees they are still basically >>> printing money for themselves by processing debit transactions. >>> >>> Fortunately there will likely always be a bank hungry enough to offer >>> fee-free debit cards. It just may mean needing to shop around a bit. >>> >>> Credit Unions may be somewhat less likely to charge such fees. >>> >>> Allan >>> -- >>> 1983 300D >>> 1979 300SD >>> >>> >>> ______________________________**_________ >>> http://www.okiebenz.com >>> For new and used parts go to www.okiebenz.com >>> To search list archives >>> http://www.okiebenz.com/**archive/<http://www.okiebenz.com/archive/> >>> >>> To Unsubscribe or change delivery options go to: >>> http://mail.okiebenz.com/**mailman/listinfo/mercedes_**okiebenz.com<http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com> >>> >>> ______________________________**_________ >> http://www.okiebenz.com >> For new and used parts go to www.okiebenz.com >> To search list archives >> http://www.okiebenz.com/**archive/<http://www.okiebenz.com/archive/> >> >> To Unsubscribe or change delivery options go to: >> http://mail.okiebenz.com/**mailman/listinfo/mercedes_**okiebenz.com<http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com> >> > > > ______________________________**_________ > http://www.okiebenz.com > For new and used parts go to www.okiebenz.com > To search list archives > http://www.okiebenz.com/**archive/<http://www.okiebenz.com/archive/> > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/**mailman/listinfo/mercedes_**okiebenz.com<http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com> > _______________________________________ http://www.okiebenz.com For new and used parts go to www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
