The merchant banks. Credit cards get a base + percent.
-Rolf
On 09/11/2011 11:50 PM, Brian Toscano wrote:
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
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