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JB2K
03-10-2011, 10:48 AM
It's looking like there are some big changes coming for debit card users (http://money.cnn.com/2011/03/10/pf/debit_cards_limit/index.htm?hpt=T2) (which, IMO, could push many of us back into a "cash only" society).

And for those of you dealing with small banks/credit unions, they may not be exempt from what''s going-on (and probably will feel a bigger brunt of this proposed legislation, more than the mega-banks).

Chase, a mega-bank in its' own right, has already fired the first salvo, by imposing fees and discontinuing the Disney debit card.

Thoughts?

Brer Shay
03-10-2011, 11:12 AM
push many of us back into a "cash only" society

Not a bad thing - would likely get more people living within their means. Certainly an inconvenience and annoyance at times, but overall not a bad thing fiscally.

happygirl
03-10-2011, 11:20 AM
This is a horrible idea!!!

luvmy3
03-10-2011, 11:21 AM
Not a bad thing - would likely get more people living within their means. Certainly an inconvenience and annoyance at times, but overall not a bad thing fiscally.

You do realize that a debit card is tied to the money in your bank acct, its not actually credit, right?

Becky2005
03-10-2011, 11:27 AM
That would stink but alas...it's not surprising. I was thinking "couldn't you just write a check?"

Although I wonder how that would work since they do the checks electronically anyway -- do they have to pay a fee for that too? If so, then I'm going to assume you can't even write a check for more than the daily limit when at a store.

Plus it sounds like they are going to try to jack up checking account fees more anyway. It's always something.

I have been trying to go to more cash route anyway because I hate all the tracking stuff everyone does -- if you pay with actual cash and don't use any sort of rewards/club card, don't give your phone number, etc... you can't be tracked. OK...kind of "big brotherish" but I just like the anonymous way of it.

Traveliz
03-10-2011, 11:43 AM
Not a bad thing - would likely get more people living within their means. Certainly an inconvenience and annoyance at times, but overall not a bad thing fiscally.

Yeah no I don't think so - I would likely charge something rather than have hundreds of dollars on me at a time to handle my larger purchaes.

As for writing checks, sure can do that, but most places don't really like checks and all that use of paper is silly.

Liz

4Pirates&APrincess
03-10-2011, 11:51 AM
This would also mean that you couldnt even fill up your gas tank in one day? With gas prices and driving a mini van it usually costs me more than $50. to fill up my tank. Then I would have to get cash and go into the station to pre pay. I guess that is lazy but being so use to just being able to pull up insert my debit card fill up and be on my way.
But like all other changes I guess we will learn to live with it. Just not very user friendly in my opinion.

Becky2005
03-10-2011, 12:04 PM
This would also mean that you couldnt even fill up your gas tank in one day?

To me that would be the area that would be the most difficult...then again there are still stations that charge you more for using your credit card. I thought that was long gone but found out last summer traveling it's still prevelent on the East Coast. :rotfl2:

My dad still choose to do it the easy way and use the pay at the pump version, where my brother went inside to pay. Traveling with kids would make that more difficult though because if you had an infant, in the middle of winter, you would have to get the infant all unbundled out of the car to take them inside to pay.

njmom47
03-10-2011, 12:06 PM
I am a 90%-of-purchases debit card customer. My debit card IS a rewards card and I LOVE that! DH and I have no more credit cards; he writes checks for utilities but I write maybe 1 or 2 checks a month (unless it's fundraising time at work). The company I work for would also see a change...smaller orders? More bounced checks? It will be interesting to see how this plays out.

bluesaturn
03-10-2011, 12:10 PM
Yeah no I don't think so - I would likely charge something rather than have hundreds of dollars on me at a time to handle my larger purchaes.

As for writing checks, sure can do that, but most places don't really like checks and all that use of paper is silly.

Liz

Agreed, I'll just start putting everything on my credit card because I have no interest in carrying cash.

cari12
03-10-2011, 12:39 PM
How would anyone shop at Costco? Going to a bank machine in order to go shopping is seriously inefficient use of time and gas.
Cheques are not a good alternative as there is so much fraud with them, most places probably don't take them anymore.
They could just charge a transaction fee to recoup their losses but still allow people to make larger transactions.

Becky2005
03-10-2011, 12:49 PM
I was just thinking -- I'm old enough to remember when the grocery store didn't even accept credit cards!

They only accepted cash (and I think checks?). That was it. No other way to grocery shop. We were astounded the first time they started accepting credit cards (I do think that came about due to at least here food stamps being on a plastic card with pin vs. paper stamps/check type of things).

I could see it going back to that but more than likely people will just put things on their credit cards if they have them.

JB2K
03-10-2011, 12:53 PM
Not a bad thing - would likely get more people living within their means. Certainly an inconvenience and annoyance at times, but overall not a bad thing fiscally.

Since we live in the 21st century, I disagree and present these arguments:


Cash is non-traceable, and can be easily-stolen.

How would you pay for something purchased over the internet? Not every merchant is into PayPal.

How could you guarantee a reservation (especially when there may be little time to send a check)?

What's next? Will the banks have so much pressure heaped upon them that some people will be forced into using check cashing storefronts to conduct their basic financial business (or will Walmart further see a business opportunity out of all this and become the #1 place for financial services?).

Sounds a tad extreme, but more often than not, the nation's leadership has "good intentions" that go awry...

JB2K
03-10-2011, 12:57 PM
Although I wonder how that would work since they do the checks electronically anyway -- do they have to pay a fee for that too? If so, then I'm going to assume you can't even write a check for more than the daily limit when at a store.

Normally, when a retailer scans your check info and converts it into something digital, that is of much lower cost to them than presenting a paper check to the bank. However, the usual risks (cold checks) remain the same.

And if all this does go-through, I can envision the nation's biggest banks imposing a per-check/per-electronic debit fee for each transaction (and the smaller players soon following).

happiestgrl
03-10-2011, 01:25 PM
Would this be only for debit purchases? In order to get rewards on my Chase debit card, I have to use it as a credit transaction.

Swimalie
03-10-2011, 01:28 PM
How would anyone shop at Costco? Going to a bank machine in order to go shopping is seriously inefficient use of time and gas..

You could use a credit card.

happiestgrl
03-10-2011, 01:30 PM
Chase, a mega-bank in its' own right, has already fired the first salvo, by imposing fees and discontinuing the Disney debit card.



Where did you see the Disney debit card is being discontinued? Just curious...I had a friend get one last week and it's still being offered on the Chase website.

JB2K
03-10-2011, 04:31 PM
You could use a credit card.

Costco only accepts American Express and PIN-based debit cards, meaning if you have MC/Visa/Discover, you are "out of luck".

JB2K
03-10-2011, 04:32 PM
Where did you see the Disney debit card is being discontinued? Just curious...I had a friend get one last week and it's still being offered on the Chase website.

There was a whole thread about it right here on the BB.

EclecticWAHM
03-10-2011, 04:46 PM
You could use a credit card.

What about all the people who don't have credit cards and can't qualify for them?

BillSears
03-10-2011, 05:06 PM
It's not a problem at all for me. I've never used my debit card for purchases. Cash for small to medium and credit cards for medium to large. I don't like giving everyone access to my checking account.

I don't understand why it's so hard to carry a bit of cash.

eliza61
03-10-2011, 05:22 PM
It's looking like there are some big changes coming for debit card users (http://money.cnn.com/2011/03/10/pf/debit_cards_limit/index.htm?hpt=T2) (which, IMO, could push many of us back into a "cash only" society).

And for those of you dealing with small banks/credit unions, they may not be exempt from what''s going-on (and probably will feel a bigger brunt of this proposed legislation, more than the mega-banks).

Chase, a mega-bank in its' own right, has already fired the first salvo, by imposing fees and discontinuing the Disney debit card.

Thoughts?

This is all over banks charging each other fees. Personally I hope we do return to a more cash society. I am sick of these large banks charging me to use my money.

So this is happening because chase is no longer allowed to charge merchants outrageous fees for accepting a debit card. They claim they are losing millions which I find as total bull because of all the other outrageous fees they charge on your debit card. Some banks here have a monthly usage fee for your debit card already. Your checking account has fees, use some one else atm, you get a huge fee, fee here, fee there.

Sorry but I'm am sick of these greedy, mega large banks. Chase wants to impose a limit. No worries, I'll adjust. Like Bill I survived using cash, in fact I survived during the good old days when you didn't have atms and you actually had to budget your money from friday to monday.

cm8
03-10-2011, 05:37 PM
This is all over banks charging each other fees. Personally I hope we do return to a more cash society. I am sick of these large banks charging me to use my money.

So this is happening because chase is no longer allowed to charge merchants outrageous fees for accepting a debit card. They claim they are losing millions which I find as total bull because of all the other outrageous fees they charge on your debit card. Some banks here have a monthly usage fee for your debit card already. Your checking account has fees, use some one else atm, you get a huge fee, fee here, fee there.

Sorry but I'm am sick of these greedy, mega large banks. Chase wants to impose a limit. No worries, I'll adjust. Like Bill I survived using cash, in fact I survived during the good old days when you didn't have atms and you actually had to budget your money from friday to monday.


It's a darn shame too! And I don't mind using cash either:goodvibes

DawnM
03-10-2011, 05:52 PM
The article also talks about charging for checking accounts! If that happens I will go back to my credit union in CA even though it is out of state!

STUPID people! I am in no mood to deal with people charging for CASH at hand.....why don't they tack on fees for credit cards instead.....for people who spend more than they earn or have.....

Rant over....I am in a foul mood tonight so just ignore me if you wish....this just pushes my buttons!

Dawn

cglaura
03-10-2011, 05:59 PM
The article also talks about charging for checking accounts! If that happens I will go back to my credit union in CA even though it is out of state!

STUPID people! I am in no mood to deal with people charging for CASH at hand.....why don't they tack on fees for credit cards instead.....for people who spend more than they earn or have.....

Rant over....I am in a foul mood tonight so just ignore me if you wish....this just pushes my buttons!

Dawn

But that would hardly be fair to the people who use their credit cards responsibly. There's no way for the tack on charge originated at the p.o.s. to know how you use your credit. It is just a flat rate they charge your bank/cc.

As much as an inconvenience this new debit card change might be, it really is not the end of the world. As some pp stated, there was a time when you just paid with cash, credit or check. It's an adjustment not a crisis.

I also imagine there will be banks that will, as a way to get more customers, will be waving this limit...just like banks use free checking to get customers. Unless I read the article wrong? It is the bank's decision right, not a global rule?

Colleen27
03-10-2011, 06:02 PM
The article also talks about charging for checking accounts! If that happens I will go back to my credit union in CA even though it is out of state!

STUPID people! I am in no mood to deal with people charging for CASH at hand.....why don't they tack on fees for credit cards instead.....for people who spend more than they earn or have.....

Rant over....I am in a foul mood tonight so just ignore me if you wish....this just pushes my buttons!


I'm with you... but the fact is those people spending more than they have are a constant source of revenue. Overlimit fees, interest, finance charges, cash advance charges, higher default rates, annual fees, etc. Those of us living within our means, paying with money we already have or paying off credit cards as soon as the bill comes in, are bad for the banks' bottom lines. And if they can't "get us" by charging high fees to retailers (that the stores of course pass on to consumers), they're going to look for another way.

phorsenuf
03-10-2011, 06:12 PM
I'm thinking banks may lose money this way. If we turn into a cash society, or pretty close to it, then people will cash their checks and keep their money under their mattress.

Colleen27
03-10-2011, 06:14 PM
As much as an inconvenience this new debit card change might be, it really is not the end of the world. As some pp stated, there was a time when you just paid with cash, credit or check. It's an adjustment not a crisis.

I also imagine there will be banks that will, as a way to get more customers, will be waving this limit...just like banks use free checking to get customers. Unless I read the article wrong? It is the bank's decision right, not a global rule?

The problem I have with it is that for those of us who have chosen to live without credit, this now pushes us into having to get back into that system to adapt (which of course will be good for the bank, bad for us). Cash or checks aren't practical options for so many things - you can't buy airfare, or book a travel package, or shop online with cash or a check. Strict caps on debit card transactions would mean that those who choose not to have credit and those who cannot qualify for a charge card are unable to do certain fairly basic things.

I do hope you're right about certain banks using the lack of such limits as a promotional tool, but I'm not entirely clear on the whole thing. It sounds to me like this is a POS issue that would be subject to the retailer's credit card terminal provider's rules, not to individual account rules. :confused3

ETA: As far as the issue of fairness, there is nothing unfair about a retailer passing on the costs of accepting credit to the customers who benefit from that system. You are the one getting the protections of plastic, both in terms of convenience and fraud protections, which these fees are intended to recoup. It is far more fair (but prohibited by merchant agreements) to pass those costs on only to the customers benefiting from the system rather than passing them on to everyone, including those who do not.

Shock13
03-10-2011, 06:14 PM
Would this be only for debit purchases? In order to get rewards on my Chase debit card, I have to use it as a credit transaction.

My sister who works for Chase said that come July, they are discontinuing the ultimate rewards program for debit cards whether you use it for a debit or credit transaction.

Halbleib1
03-10-2011, 06:16 PM
That would stink but alas...it's not surprising. I was thinking "couldn't you just write a check?"

Although I wonder how that would work since they do the checks electronically anyway -- do they have to pay a fee for that too? If so, then I'm going to assume you can't even write a check for more than the daily limit when at a store.

Plus it sounds like they are going to try to jack up checking account fees more anyway. It's always something.

I have been trying to go to more cash route anyway because I hate all the tracking stuff everyone does -- if you pay with actual cash and don't use any sort of rewards/club card, don't give your phone number, etc... you can't be tracked. OK...kind of "big brotherish" but I just like the anonymous way of it.

This morning they were also reporting that along with the new debit card rules banks are getting rid of free checking and going to charge a monthly fee for it. So on top of the cost of a check you are going to be paying a monthly fee as well. So while you could just use a check you are going to pay more for it as well. If they do this I can definately see more people going back to cash and possibly even money orders as well as paying more bills online when possible.

happiestgrl
03-10-2011, 06:22 PM
My sister who works for Chase said that come July, they are discontinuing the ultimate rewards program for debit cards whether you use it for a debit or credit transaction.

Thanks for the info!

NotUrsula
03-10-2011, 06:22 PM
This would also mean that you couldnt even fill up your gas tank in one day? With gas prices and driving a mini van it usually costs me more than $50. to fill up my tank. Then I would have to get cash and go into the station to pre pay. I guess that is lazy but being so use to just being able to pull up insert my debit card fill up and be on my way.


Just FYI, it really isn't very wise to use a debit card to buy gasoline at the pump.

Gas pumps are really common hosts for skimming devices that lift the account information (it has happened to me twice, but with credit cards, thank God). You're really up the creek if a thief gets hold of access info for your checking account. They can clean you out in nothing flat and there is no recourse with a debit card the way that there is with a credit card.

I use a CC that I have specifically for gasoline, and the account is autopaid from my checking account each month. Still convenient, and I still don't pay interest, but a lot less risky than using a debit card at a gas pump.

DawnM
03-10-2011, 06:37 PM
Right, but I have Bank of America, which honestly, seems to try to charge when they can. I haven't had any charges, but I fear they will eventually have them.

Buy WHY tack on charges to use your debit? That is the same fairness in my opinion.....not fair any way you look at it.

I can't imagine having to carry cash into the gas station and wait in line to pay and wait in line to get any change.....all with 3 kids in tow.....

Anyway, we will see what happens....I am trying not to get too upset about it. So far it isn't working! :laughing:

Dawn

But that would hardly be fair to the people who use their credit cards responsibly. There's no way for the tack on charge originated at the p.o.s. to know how you use your credit. It is just a flat rate they charge your bank/cc.

As much as an inconvenience this new debit card change might be, it really is not the end of the world. As some pp stated, there was a time when you just paid with cash, credit or check. It's an adjustment not a crisis.

I also imagine there will be banks that will, as a way to get more customers, will be waving this limit...just like banks use free checking to get customers. Unless I read the article wrong? It is the bank's decision right, not a global rule?

jpaxton1118
03-10-2011, 06:38 PM
This is such a bad idea! We choose not to have credit cards because we don't ever want to get ourselves in trouble. It is great to have the debit card with the visa logo so that I can use it when a credit card is needed. I will NOT get a credit card because I want to pay cash for everything. What will we do if we want to book a trip or rent a car?

eliza61
03-10-2011, 06:49 PM
This is such a bad idea! We choose not to have credit cards because we don't ever want to get ourselves in trouble. It is great to have the debit card with the visa logo so that I can use it when a credit card is needed. I will NOT get a credit card because I want to pay cash for everything. What will we do if we want to book a trip or rent a car?

but unfortunately like Colleen mentioned, banks don't make money off of you.

Brer Shay
03-10-2011, 07:02 PM
Yeah no I don't think so - I would likely charge something rather than have hundreds of dollars on me at a time to handle my larger purchaes.

As for writing checks, sure can do that, but most places don't really like checks and all that use of paper is silly.

Liz

In the original article, it talked about this hitting those who can least afford it very hard, those who don't or can't get credit. If you don't have the option of using plastic of any form and have to use cash, I think it would make people more fiscally responsible.

Brer Shay
03-10-2011, 07:06 PM
Since we live in the 21st century, I disagree and present these arguments:


Cash is non-traceable, and can be easily-stolen.

How would you pay for something purchased over the internet? Not every merchant is into PayPal.

How could you guarantee a reservation (especially when there may be little time to send a check)?

What's next? Will the banks have so much pressure heaped upon them that some people will be forced into using check cashing storefronts to conduct their basic financial business (or will Walmart further see a business opportunity out of all this and become the #1 place for financial services?).

Sounds a tad extreme, but more often than not, the nation's leadership has "good intentions" that go awry...

This completely depends on how much individuals in society have already bought into allowing others - banks, government, credit card companies - to make financial decisions for them. Buy local, deal with local banks, live locally. Is it the cheapest or most convenient, no, but I believe it's better for our neighborhoods, our environment, and our government.

cglaura
03-10-2011, 07:50 PM
Right, but I have Bank of America, which honestly, seems to try to charge when they can. I haven't had any charges, but I fear they will eventually have them.

Buy WHY tack on charges to use your debit? That is the same fairness in my opinion.....not fair any way you look at it.

I can't imagine having to carry cash into the gas station and wait in line to pay and wait in line to get any change.....all with 3 kids in tow.....

Anyway, we will see what happens....I am trying not to get too upset about it. So far it isn't working! :laughing:

Dawn

Ahhh, never even thought of that, I'm from Jersey :laughing: We aren't allowed to pump our own gas and pay out the car window! That would be a pain.

Do you have any Capital One banks around you? They have free checking and (as of now), no ATM fees. They reimburse any other bank ATM fees up to I think $20/month.

brattosa
03-10-2011, 08:11 PM
The DW and I have been discussing the potential impact of this to us DIS'ers. Things like new tires, emergency car repairs, Disney tickets, gas and hotels if we're driving to WDW, airfare if flying...

Imagine all of those diners at Le Cellier and other restaurants who will be expecting to pay for their family's dinner on their debit card because the cash is in their account. Heck, you can barely buy a medium Mickey plush under a $50 cap.

Yes, it will make people a little more financially responsible, but it will really cause us to rethink how we handle expenses while on a trip.

Jeff_G
03-10-2011, 08:45 PM
You're really up the creek if a thief gets hold of access info for your checking account. They can clean you out in nothing flat and there is no recourse with a debit card the way that there is with a credit card.



This is not correct at all. When you run your debit card for any transaction there are two ways to run it, debit using your pin and credit where you sign.

When you select debit and use you pin your transaction is run through the banking systems ATM network. When you select credit its run through the credit network ie Visa, Master card, …

When run as credit you have the EXACT same protections as any credit card. Most all bank will also provide a $0 liability protections for fraudulent charges on their debit / ATM network. As long as you promptly report the fraudulent charged your bank should credit your account back.


As for the rest of this issue, I don’t see banks limiting the debit card to $50 or $100, people will drop it like a rock and yes go back to cash, checks or credit.

It costs the banks more money to process checks vs. debit transactions.

I can see them charging more fees for things, like and end of free checking accounts and what not… Again I will leave my bank for CU and or go to cash.

I remember when no one write a check for small things, gas groceries, people paid with cash. The world didn’t come to an end, people weren’t robbed at gun point every time they left the house…

eliza61
03-10-2011, 08:48 PM
The DW and I have been discussing the potential impact of this to us DIS'ers. Things like new tires, emergency car repairs, Disney tickets, gas and hotels if we're driving to WDW, airfare if flying...

Imagine all of those diners at Le Cellier and other restaurants who will be expecting to pay for their family's dinner on their debit card because the cash is in their account. Heck, you can barely buy a medium Mickey plush under a $50 cap.

Yes, it will make people a little more financially responsible, but it will really cause us to rethink how we handle expenses while on a trip.

So basically like a previous posters said, it's simply an adjustment. It doesn't change "if' you can pay, but simply the convenience of how you pay. Remember financial institutions are for profit institutions so if they think they are losing money on fees, whatever vehicle that is losing the money is going to go.

Truthfully I think they will offer some thing else, some thing with a fee

disneychrista
03-10-2011, 08:58 PM
Since you can run your check card as a credit card, can't you just use the "credit" option, in place of the "debit" option?

mhsjax
03-10-2011, 09:32 PM
This is all over banks charging each other fees. Personally I hope we do return to a more cash society. I am sick of these large banks charging me to use my money.

So this is happening because chase is no longer allowed to charge merchants outrageous fees for accepting a debit card. They claim they are losing millions which I find as total bull because of all the other outrageous fees they charge on your debit card. Some banks here have a monthly usage fee for your debit card already. Your checking account has fees, use some one else atm, you get a huge fee, fee here, fee there.

Sorry but I'm am sick of these greedy, mega large banks. Chase wants to impose a limit. No worries, I'll adjust. Like Bill I survived using cash, in fact I survived during the good old days when you didn't have atms and you actually had to budget your money from friday to monday.

My dad never did have a credit card or an ATM card. He carried cash or wrote a check. He refused to give anyone access to his acct and he hated Credit cards with a passion. Yes you can pay them off, but he realized, like I do (because I worked for one) that they don't want you to, this makes you a bad customer. They don't make money that way.

It makes me realize why some old people just put their money under a mattress. Banks are really becoming obnoxious.

mhsjax
03-10-2011, 09:36 PM
This is not correct at all. When you run your debit card for any transaction there are two ways to run it, debit using your pin and credit where you sign.

When you select debit and use you pin your transaction is run through the banking systems ATM network. When you select credit its run through the credit network ie Visa, Master card, …

When run as credit you have the EXACT same protections as any credit card. Most all bank will also provide a $0 liability protections for fraudulent charges on their debit / ATM network. As long as you promptly report the fraudulent charged your bank should credit your account back.


As for the rest of this issue, I don’t see banks limiting the debit card to $50 or $100, people will drop it like a rock and yes go back to cash, checks or credit.

It costs the banks more money to process checks vs. debit transactions.

I can see them charging more fees for things, like and end of free checking accounts and what not… Again I will leave my bank for CU and or go to cash.

I remember when no one write a check for small things, gas groceries, people paid with cash. The world didn’t come to an end, people weren’t robbed at gun point every time they left the house…

We had both out debit card and our credit card info stolen. Same bank, cards never left us, they got the info from a computer chip in an ATM , according to the news. Same amount was taken from us, $2000.00 form each. We got our debit car resolved before the credit card was resolved.

mhsjax
03-10-2011, 09:40 PM
I'm with you... but the fact is those people spending more than they have are a constant source of revenue. Overlimit fees, interest, finance charges, cash advance charges, higher default rates, annual fees, etc. Those of us living within our means, paying with money we already have or paying off credit cards as soon as the bill comes in, are bad for the banks' bottom lines. And if they can't "get us" by charging high fees to retailers (that the stores of course pass on to consumers), they're going to look for another way.

Thank you, I have been saying this for years, yet no one seems to believe me.

When I worked for a very large credit card company, very well known, people that revolved and never paid off their balance but paid on time, got much bigger line increases than the ones that paid off their bills every month.
Credit card companies, don't like you people that pay off your bills, you don't make them any money.

ConnieB
03-10-2011, 09:53 PM
How would anyone shop at Costco? Going to a bank machine in order to go shopping is seriously inefficient use of time and gas.
Cheques are not a good alternative as there is so much fraud with them, most places probably don't take them anymore.
They could just charge a transaction fee to recoup their losses but still allow people to make larger transactions.

Yea, I'm trying to think of a time I left Sam's Club with less than $50...and $100 is a pretty light shop as well, lol.

And the problem is that Sams doesn't accept VISA (I have the Disney VISA)...which I so wish they did whether this stupidity occurs or not....all that money and no Disney points for it, lol.

Checks won't be an alternative if the reports of their demise are true....I read somewhere that banks plan to stop processing them in the foreseeable future. Makes sense to me...so easy to rip off a retailer....so much paper waste...so much manpower to process.

So no checks, no debit card...force people to carry large amounts of cash to the grocery store and gas station and watch the holdups of the 70's and 80's start over again. Then we have to hire more police to keep us safe, and the cost of that is passed on to us.

Sheesh...it's ridiculous. And it's not like lowering those fees that the retailers are going to save is going to help CONSUMERS (and therefore the economy)....the retailers sure aren't going to pass the savings on to us, lol.

ConnieB
03-10-2011, 09:57 PM
I was just thinking -- I'm old enough to remember when the grocery store didn't even accept credit cards!

They only accepted cash (and I think checks?). That was it. No other way to grocery shop. We were astounded the first time they started accepting credit cards (I do think that came about due to at least here food stamps being on a plastic card with pin vs. paper stamps/check type of things).

I could see it going back to that but more than likely people will just put things on their credit cards if they have them.

Yeah, I'm that old too....but remember you could buy a whole week worth of groceries for less than you pay today to fill up your gas tank! And filling up that gas tank took less than fast food dinner for a family of four today!

-Hope-
03-11-2011, 12:11 AM
IMHO articles like these are scare tactics. Banks will already be losing money by being unable to charge the larger interchange fee, why would they dip into their profits even more by having fewer transactions? It makes no sense from a business standpoint. However it does make sense for banks to fight new regulations which force them to use fair business practices by releasing "news articles" to try to scare consumers into thinking these regulations are bad for them, not just the banks.

Planogirl
03-11-2011, 12:20 AM
What's to stop people from simply withdrawing cash? If you need money for a larger transaction, you might have to plan ahead since you are limited in how much you can withdraw at a time but you could withdraw the maximum daily until you have the right amount.

Of course, thieves might have a field day with this.

sam_gordon
03-11-2011, 07:24 AM
Things like new tires, emergency car repairs, Disney tickets, gas and hotels if we're driving to WDW, airfare if flying...
It's a good thing they didn't have those things back before debit/credit cards. :lmao:

jodifla
03-11-2011, 08:20 AM
It's a good thing they didn't have those things back before debit/credit cards. :lmao:

Of course, much shopping is online now, and you can't do cash purchases there.

jodifla
03-11-2011, 08:21 AM
It's looking like there are some big changes coming for debit card users (http://money.cnn.com/2011/03/10/pf/debit_cards_limit/index.htm?hpt=T2) (which, IMO, could push many of us back into a "cash only" society).

And for those of you dealing with small banks/credit unions, they may not be exempt from what''s going-on (and probably will feel a bigger brunt of this proposed legislation, more than the mega-banks).

Chase, a mega-bank in its' own right, has already fired the first salvo, by imposing fees and discontinuing the Disney debit card.

Thoughts?

My thoughts are, this isn't going to happen. It's a scare tactic now that the regulations are being written in Congress.

Colleen27
03-11-2011, 08:32 AM
Of course, much shopping is online now, and you can't do cash purchases there.

Exactly. If these limits become reality we'll go back to using travelers checks for expenses on the road. My bigger concerns are online shopping and booking travel in the first place - how do you book a hotel room or buy airfare with cash or a check? On the other hand, it could be a boost for struggling brick-and-mortar merchants as the convenience of shopping online is diminished by the new layer of difficulty with payments.

But for right now, I do tend to agree with the people who say these predictions are just scare tactics coming from industry execs hoping to turn public opinion against banking regulations.

powellrj
03-11-2011, 09:03 AM
Lets face it, banks pretty much encouraged us to become dependant on using debit cards. I remember when they first came out in our area. DH and I had just gotten married and were pretty poor. Our local bank would give you a $10 bonus everytime you deposited your paycheck into the ATM machine. We were both at jobs that gave you a weekly paycheck, so we were making pretty good money for just depositing our paychecks everyweek!

They became more and more prevalent and easy to use so we became more dependant on them. We never see our paychecks anymore, everything is direct deposit so getting actual cash is not convenient. Local banks have been taken over by larger ones and there isn't a branch on every corner anymore.

eliza61
03-11-2011, 09:32 AM
My thoughts are, this isn't going to happen. It's a scare tactic now that the regulations are being written in Congress.

naw, I think it will happen but what I think they will do is offer you some type of "replacement" vehicle for a monthly fee of course. They'll say, "look you can still use your old style debit card for free but your transaction amount will be limited to 100 bucks, but for a 5 dollar monthly fee will give you a debit card plus that you can use anywhere for any amount". of course we consumers will suck it up like candy, we'll say "oh 5 bucks is worth the convenience and they will rake in the dough. :rotfl:

Lets face it, banks pretty much encouraged us to become dependant on using debit cards. I remember when they first came out in our area. DH and I had just gotten married and were pretty poor. Our local bank would give you a $10 bonus everytime you deposited your paycheck into the ATM machine. We were both at jobs that gave you a weekly paycheck, so we were making pretty good money for just depositing our paychecks everyweek!

They became more and more prevalent and easy to use so we became more dependant on them. We never see our paychecks anymore, everything is direct deposit so getting actual cash is not convenient. Local banks have been taken over by larger ones and there isn't a branch on every corner anymore.

That's really all they are.

eliza61
03-11-2011, 09:35 AM
Exactly. If these limits become reality we'll go back to using travelers checks for expenses on the road. My bigger concerns are online shopping and booking travel in the first place - how do you book a hotel room or buy airfare with cash or a check? On the other hand, it could be a boost for struggling brick-and-mortar merchants as the convenience of shopping online is diminished by the new layer of difficulty with payments.

But for right now, I do tend to agree with the people who say these predictions are just scare tactics coming from industry execs hoping to turn public opinion against banking regulations.

Most banks still offer visa and american express gift cards. My kids went out west last summer to visit relatives and it was easy as pie. We sent them with 2 or 3 gift cards with 250 bucks each on them. You can register them online so if they are stolen or lost they can be replaced. The only thing they had to do was keep track of their spending.

janey99
03-11-2011, 11:16 AM
[QUOTE=Colleen27;40277791] On the other hand, it could be a boost for struggling brick-and-mortar merchants as the convenience of shopping online is diminished by the new layer of difficulty with payments. QUOTE]

I think you are overestimating the size of the population that will have true problems as a result of these changes, if they occur.

I can't believe that the small group of people who will suddenly be unable (or in most cases, unwilling) to make internet purchases will suddenly cause a boon for bricks and morter merchants.

I suspect instead that those people who have a "philosophical problem" with using credit will have a change of heart.

Jane

Swimalie
03-11-2011, 11:24 AM
Lets face it, banks pretty much encouraged us to become dependant on using debit cards.

And I refused the debit card. Still do to this day. I have a plain old ATM card and will not do business with a bank that makes me have a debit card. I use cash or credit card (which I pay off each month). So they may not like it but people don't have to take the debit card.

disneychrista
03-11-2011, 11:38 AM
So is this for running the debit card with pin only or does it affect those who run their card like a credit card? My guess is that it is only debit/pin transactions.

Mrs. Charming
03-11-2011, 01:24 PM
Either they'll figure out how to stick us with some sort of BS "handling charge" for using cash, or many people will start primarily using cash for their purchases and they'll realize "hmm, people are using cash and we're not making any money off of it," and try to figure out how to entice people into using banks/debit/check cards again.

KristinU
03-11-2011, 01:39 PM
naw, I think it will happen but what I think they will do is offer you some type of "replacement" vehicle for a monthly fee of course. They'll say, "look you can still use your old style debit card for free but your transaction amount will be limited to 100 bucks, but for a 5 dollar monthly fee will give you a debit card plus that you can use anywhere for any amount". of course we consumers will suck it up like candy, we'll say "oh 5 bucks is worth the convenience and they will rake in the dough. :rotfl:



That's really all they are.

Ding, ding, ding! I think you nailed it on the head. There will even be some sort of "cash back" or perk or something and everyone will be flocking to them. It will be like the old ATM card transition to Debit Card. Remember when ATM cards first came out and all they did was allow you to go to the ATM machine at your bank. It was later that the whole debit direct from your account at the point of puchase came around.

njmom47
03-11-2011, 01:42 PM
Ahhh, never even thought of that, I'm from Jersey :laughing: We aren't allowed to pump our own gas and pay out the car window! That would be a pain.

:rotfl: Gotta love bein a Jersey Girl!

Dismom55
03-11-2011, 02:22 PM
I will have to keep an eye on this, I use to be a check only person, carry no cash, then well everything changed to debit card being used instead of check as they would run your check and hand it back, so why not save the paper. Now they are changing the rules again.:confused3

Shock13
03-11-2011, 05:26 PM
IMHO articles like these are scare tactics. Banks will already be losing money by being unable to charge the larger interchange fee, why would they dip into their profits even more by having fewer transactions? It makes no sense from a business standpoint. However it does make sense for banks to fight new regulations which force them to use fair business practices by releasing "news articles" to try to scare consumers into thinking these regulations are bad for them, not just the banks.

I talked to my sister about this and she said that at least where she works (Chase) they are not implementing any kind of cap on debit card purchases. They even had a staff meeting where the branch manager mentioned that article and the possibility of customers calling and coming in. She said they had an influx of calls about it and she was busy all day trying to assure customers that it wasn't going to happen.
She also reminded me that many of the added fees and regulations are being instilled by the federal government not by the bank itself.

;)

C.Ann
03-11-2011, 06:30 PM
Doesn't make an awful lot of sense to me.. With all of the various changes - including many banks eliminating free checking - they're just going to drive people away, not make money off of them..

So far none of the banks I use charge for checking; I have several debit cards - one that has a super good rewards program - and I'm a firm believer in having cash on hand at all times as well..

It would stink to lose the rewards - especially with the economy the way it is - and the free checking for the occasional checks that I do write - but it wouldn't be hard for me to adjust to living by cash only.. I lived that way for many, many years - by choice - and only became involved with debit cards when I started to travel long distances and shop online.. But - before I will shell out more fees for anything, I will go back to a "cash only" basis..

The banks - just like the CC companies - may find that they are "shooting themselves in the foot".. People are tired of being nickeled and dimed to death.. People who have never lived by cash alone may find it difficult to adjust, but for those of us (older generation) who have already lived that way for years and years, we will find the transition quite easy and simply walk away from the banks..

Dismom55
03-11-2011, 07:23 PM
If they charge me to spend my money in a safe way I totally agree, I simply will go back to taking out the cash I need for the week carry only what I need for the day like I used to back in the 70's. I will not use up my budget in bank fees. So far my bank is not changing the way they do business.

I keep little actual cash on hand, but I do have several hundred in travelers checks, good as cash but safer since I feel if stolen can be replaced. Granted not earning interest, but safe all the same. I also take them with on Disney trips as my emergency money.

Banks may be going to far this time.

weHEARTmickey
03-12-2011, 11:40 AM
This doesn't make sense?!?!?! We are small business owners and WE are the ones who have to pay this interchange fee they mention in the article. Everytime a consumer uses a debit card or a rewards credit card OUR BUSINESS is charged the fees. :headache: I don't understand why the banks are crying??? :confused3

On a personal note: we are Dave Ramsey fanatics & pay cash for everything anyway (except some bills, which we write checks for.)

cm8
03-12-2011, 12:29 PM
Doesn't make an awful lot of sense to me.. With all of the various changes - including many banks eliminating free checking - they're just going to drive people away, not make money off of them..

So far none of the banks I use charge for checking; I have several debit cards - one that has a super good rewards program - and I'm a firm believer in having cash on hand at all times as well..

It would stink to lose the rewards - especially with the economy the way it is - and the free checking for the occasional checks that I do write - but it wouldn't be hard for me to adjust to living by cash only.. I lived that way for many, many years - by choice - and only became involved with debit cards when I started to travel long distances and shop online.. But - before I will shell out more fees for anything, I will go back to a "cash only" basis..

The banks - just like the CC companies - may find that they are "shooting themselves in the foot".. People are tired of being nickeled and dimed to death.. People who have never lived by cash alone may find it difficult to adjust, but for those of us (older generation) who have already lived that way for years and years, we will find the transition quite easy and simply walk away from the banks..

You hit the nail of the head with this one:goodvibes

Colleen27
03-12-2011, 12:54 PM
This doesn't make sense?!?!?! We are small business owners and WE are the ones who have to pay this interchange fee they mention in the article. Everytime a consumer uses a debit card or a rewards credit card OUR BUSINESS is charged the fees. :headache: I don't understand why the banks are crying??? :confused3


Because the amount they can charge you for each transaction will be capped significantly below what they currently charge. You'll pay less and they'll collect less.

JB2K
03-12-2011, 02:45 PM
She also reminded me that many of the added fees and regulations are being instilled by the federal government not by the bank itself.

You are absolutely correct -- I don't blame the banks, as they are not a social agency -- they are in the business to earn some sort of profit for their shareholders.

The government, on the other hand, might be getting a little out hand with this one (and due to the TOS for this board, that's all I'm really going to say on the subject without naming names).

JB2K
03-12-2011, 02:53 PM
This doesn't make sense?!?!?! We are small business owners and WE are the ones who have to pay this interchange fee they mention in the article. Everytime a consumer uses a debit card or a rewards credit card OUR BUSINESS is charged the fees. :headache: I don't understand why the banks are crying??? :confused3

You, the small business owner, pays the 3-6% interchange fee and the bank makes the profit - that's why the nation's mega-banks are up in arms over this.

For those of you who don't know, the fees are usually broken-down like this:


If the transaction is processed through the MasterCard/Visa networks, the business pays the bank a 3% fee
If the tranaction is processed through the American Express/Discover networks, the fee is higher (usually 5-6%)
If the transaction is completed by using a PIN, it bypasses MC/Visa (even though their brand may be stamped on the front of the card) and goes through one of the nation's many debit networks (such as Star, NYCE, or Pulse) and the fee is much lower to the merchant (usually 1%)

Since many of the nation's big retailers already accept PIN-based debit cards, I envision a throwback to the late 80's/early 90's, before MC/Visa checkcards came into play. While this may work for many, most small businesses do not accept PIN cards -- plus, most internet merchants are not equipped for PIN-based debit usage.

On a personal note: we are Dave Ramsey fanatics & pay cash for everything anyway (except some bills, which we write checks for.)

To each their own -- personally, I don't want to carry wads of cash in my wallet and possibly get accosted in the big-box store's parking lot.

Trinity524
03-12-2011, 03:14 PM
dup

Trinity524
03-12-2011, 03:18 PM
I talked to my sister about this and she said that at least where she works (Chase) they are not implementing any kind of cap on debit card purchases. They even had a staff meeting where the branch manager mentioned that article and the possibility of customers calling and coming in. She said they had an influx of calls about it and she was busy all day trying to assure customers that it wasn't going to happen.
She also reminded me that many of the added fees and regulations are being instilled by the federal government not by the bank itself.

;)

Just FYI, as an employee of Chase myself, please let your sister know that what is shared in meetings are not for public knowledge and she could lose her job for stating any information that is not in a disclosure to the public. Things change every day in every company. All big banks will be making changes. BoA was the first to announce, but it will not be the last.

Here is BoA's announcement.

http://www.washingtonpost.com/wp-dyn/content/article/2011/01/05/AR2011010505358.html

eliza61
03-12-2011, 04:35 PM
Doesn't make an awful lot of sense to me.. With all of the various changes - including many banks eliminating free checking - they're just going to drive people away, not make money off of them..

So far none of the banks I use charge for checking; I have several debit cards - one that has a super good rewards program - and I'm a firm believer in having cash on hand at all times as well..

It would stink to lose the rewards - especially with the economy the way it is - and the free checking for the occasional checks that I do write - but it wouldn't be hard for me to adjust to living by cash only.. I lived that way for many, many years - by choice - and only became involved with debit cards when I started to travel long distances and shop online.. But - before I will shell out more fees for anything, I will go back to a "cash only" basis..

The banks - just like the CC companies - may find that they are "shooting themselves in the foot".. People are tired of being nickeled and dimed to death.. People who have never lived by cash alone may find it difficult to adjust, but for those of us (older generation) who have already lived that way for years and years, we will find the transition quite easy and simply walk away from the banks..

Unfortunately we're are becoming a smaller and smaller majority. Look at some of the responses here (no, they are not wrong).
Many people now are about convenience. They don't want to get out the car and actually go to the inside a bank. Companies know this.

They also know most people won't get up in arms about little "fees". Unlikethe airlines that charge a min. of $20 bucks for every thing, the banks will come up with a small 5 bucks fee that we'll swallow.

Think about C Ann, they've been doing it for years. free checking... then it was free checking if you maintain X balance. all types of credit card fees. We've quietly accepted a whole host of fees. :guilty: in the name of convenience and speed.

C.Ann
03-12-2011, 09:08 PM
Unfortunately we're are becoming a smaller and smaller majority. Look at some of the responses here (no, they are not wrong).
Many people now are about convenience. They don't want to get out the car and actually go to the inside a bank. Companies know this.

They also know most people won't get up in arms about little "fees". Unlikethe airlines that charge a min. of $20 bucks for every thing, the banks will come up with a small 5 bucks fee that we'll swallow.

Think about C Ann, they've been doing it for years. free checking... then it was free checking if you maintain X balance. all types of credit card fees. We've quietly accepted a whole host of fees. :guilty: in the name of convenience and speed.

True.. A very large segment of our society would rather spend whatever they have to - for convenience and speed - as opposed to drawing a line in the sand and saying, "No - that's not acceptable.." My parents were strictly "cash" people and I grew up under the mantra of, "Pay as you go - unless you're going for good.." LOL.. Another favorite saying of my dad's - that was constantly drilled into our heads - was, "If you don't save dimes, you'll never have dollars.." Often times it's those "little" things that actually add up to the bigger ones.. Most people would never just walk into the first appliance store they stumbled upon - and purchase the first fridge or stove they laid eyes on without doing a whole lot of shopping around and getting the best deal possible..

There usually is a thread here on the BB about "change jars" - for Disney trips - and that's a perfect example of how much people can save if they pay close attention to those "little fees"..

I'm gearing up to do battle with the cable company when I return to the lake in mid-April.. There are no "choices" up there - it's that one company or none - but I do have the choice of saying, "You know what? If you can't (or won't) give me a better rate on my Standard Service, then I'll be dropping down to the Basic Service.." Granted, I'll miss a couple of the channels - and definitely miss the Weather Channel - but when it comes to the costs associated with cable/internet service I have a definite figure in my mind and I'm firm on that.. That pretty much sums up how I feel about all these "little" fees on other things.. If I have a cheaper alternative (even if it means giving up a degree of convenience and speed), then that's what I'm going to do..

It certainly will be interesting to see how the population as a whole responds when and if all of these various proposals are put in place..:upsidedow

Dismom55
03-12-2011, 09:22 PM
That brings to my mind the fact that many will walk past a penny laying in the parking lot, while I bend over and think, one more penny for Mickey, pick up up and know it will go in my change bottle. I will go into the bank as I do not relish the idea that the bank will charge me for the use of my money. If suddenly I am paying fees, trust me I will find a way around those fees as much as possilble. If that means all my pay goes into a savings acct and I no longer have a checking acct, well then that is what will happen. When I first got married I shopped with cash and a calculator, I did it once I can do it again! I have prided myself on being able to squeeze two pennies from one all my 38 yrs of married life, I can certainly continue if need be, the banks simply will not take more of what we have worked so hard for. Others may not mind, but I am not by myself of those who do mind.

C.Ann
03-12-2011, 09:26 PM
That brings to my mind the fact that many will walk past a penny laying in the parking lot, while I bend over and think, one more penny for Mickey, pick up up and know it will go in my change bottle. I will go into the bank as I do not relish the idea that the bank will charge me for the use of my money. If suddenly I am paying fees, trust me I will find a way around those fees as much as possilble. If that means all my pay goes into a savings acct and I no longer have a checking acct, well then that is what will happen. When I first got married I shopped with cash and a calculator, I did it once I can do it again! I have prided myself on being able to squeeze two pennies from one all my 38 yrs of married life, I can certainly continue if need be, the banks simply will not take more of what we have worked so hard for. Others may not mind, but I am not by myself of those who do mind.

Glad to see that I'm not the only "crazy" person who will stoop down to pick up a penny if I see one lying on the ground - LOL..;)

I have actually seen people come out of a store and toss their pennies on the ground!! :eek:

Money is money - no matter how you look at it..:thumbsup2

ConnieB
03-12-2011, 09:51 PM
True.. A very large segment of our society would rather spend whatever they have to - for convenience and speed - as opposed to drawing a line in the sand and saying, "No - that's not acceptable.." My parents were strictly "cash" people and I grew up under the mantra of, "Pay as you go - unless you're going for good.." LOL.. Another favorite saying of my dad's - that was constantly drilled into our heads - was, "If you don't save dimes, you'll never have dollars.." Often times it's those "little" things that actually add up to the bigger ones.. Most people would never just walk into the first appliance store they stumbled upon - and purchase the first fridge or stove they laid eyes on without doing a whole lot of shopping around and getting the best deal possible..

There usually is a thread here on the BB about "change jars" - for Disney trips - and that's a perfect example of how much people can save if they pay close attention to those "little fees"..

I'm gearing up to do battle with the cable company when I return to the lake in mid-April.. There are no "choices" up there - it's that one company or none - but I do have the choice of saying, "You know what? If you can't (or won't) give me a better rate on my Standard Service, then I'll be dropping down to the Basic Service.." Granted, I'll miss a couple of the channels - and definitely miss the Weather Channel - but when it comes to the costs associated with cable/internet service I have a definite figure in my mind and I'm firm on that.. That pretty much sums up how I feel about all these "little" fees on other things.. If I have a cheaper alternative (even if it means giving up a degree of convenience and speed), then that's what I'm going to do..

It certainly will be interesting to see how the population as a whole responds when and if all of these various proposals are put in place..:upsidedow

As someone who hasn't had cable TV in coming up on 15 years.....remember that the Internet has a lot of what the Weather Channel is all about.

When we first got rid of cable it was because I'd just had twins so kinda had my hands too full for tv anyway.....hubby went TDY and during that time the cable company sent notice of a rate hike....I called and cancelled. Forgot to tell hubby when he got home and it was nearly two weeks before he even noticed that cable wasn't working. Asked me to call them in the morning and see what was going on as it had been out all day.....ummm, dear, forgot to say while you were away and incommunicado that I cancelled them, lol. We laughed ourselves silly that so much time had gone by and no one had even missed it. So we never signed up again. We get most of our movies from the library within a few weeks of release, so save a ton of money there too. Ok, so not everyone can go cold turkey without tv....I know that's how I would be if someone said just turn off your Internet to save money. Ummm, could I cut off my foot instead? LOL

Credit cards can be quite evil if you don't have the knowledge....or more likely the discipline to use them wisely. I charge EVERYTHING so that I can earn rewards. But I also pay the balance online every Saturday morning (hubby's paycheck is auto deposited Friday morning). So we have never carried a balance our entire marriage....including through a year of unemployment! So I reap the rewards but pay not a penny in annual fees or finance charges. I know a lot of people aim to throw out all their credit cards once they pay them off, but really if you can control yourself and not get into debt again....it's wise to keep at least one, with as high a credit line as they'll give you. Reason is two fold....first, your credit score is based on the percentage of your available credit vs. used credit. So we have a credit card with $20,000 (yes, twenty thousand) available credit, and every week I pay off the few hundred (or a couple thousand when it's bill week)...so we have an extremely high ratio. The second reason is more practical....in today's society you need the ability to pay by credit....renting cars, deposits for hotels, better prices on things bought online....and the big one to me...true emergency. Our car died on vacation once....and without that credit card we'd have been stranded a bit longer as we waited for the weekend to get over so we could get cash from a bank (it was more than an ATM will allow and they wouldn't take checks from an out of stater). Would have spoiled the vacation a lot more than it did if we'd been stuck in some nasty hotel walking distance from the place we were towed, instead of a few hours in a restaurant waiting for the repairs and getting back on the road. I also think of medical emergencies where I don't want my lack of our co-pay to be the difference between getting help and scrambling around trying to come up with cash. As I said above, we had a year of unemployment due to injury....thankfully we got worker's comp and social security to help make up enough to pay the mortgage, but we still had to eat and pay bills from our savings. It was VERY comforting to know that if the savings ran out we wouldn't be homeless for quite a while though we'd be going deep in debt on that credit card. Didn't have to touch it, thank heavens, but it made sleeping at night much easier knowing IF...then it was there.

Becky2005
03-12-2011, 10:15 PM
Yeah, I'm that old too....but remember you could buy a whole week worth of groceries for less than you pay today to fill up your gas tank! And filling up that gas tank took less than fast food dinner for a family of four today!

Somewhat true but it was nothing for my mom to spend at least $200 every week for groceries...it STILL doesn't take me $200 to fill up the gas tank. :lmao: Not yet anyway.

Of course, this was before 24 hour grocery stores and all 3 of us kids got woken up bright and early Saturday morning to go to the grocery store when it opened around 8 AM because you did NOT want to be in the afternoon lines.

Interesting to read another person mentioned about possibly getting rid of checks -- how would that work? How would you pay things like utility bills, mortgage (trust me our mortgage company does NOT take credit cards...I thought of that when I had the Disney Visa!), etc... You can't mail cash -- well you COULD but not a smart idea. I guess you could get a money order but I would think most companies would rather get a check than a money order.

If they stopped processing checks completely then I really WOULD be up a creek because I would have no idea how to pay a few bills that don't have on-line, don't accept credit cards and you have to mail in the bill...I have no idea how I would pay them.

Becky2005
03-12-2011, 10:29 PM
Glad to see that I'm not the only "crazy" person who will stoop down to pick up a penny if I see one lying on the ground - LOL..;)

I have actually seen people come out of a store and toss their pennies on the ground!! :eek:

Money is money - no matter how you look at it..:thumbsup2

:thumbsup2 Count me in as one!! I have not seen anyone throwing pennies on the ground though...I think I would stop and have my jaw drop.

One thing a board I was on tried once (or I tried) -- is same concept as saving change but see if you could save dollar bills. Just toss them in a drawer somewhere (because in my case -- if they were sitting in sight -- hmm...we have enough in there to order a pizza! :rotfl: ) and see how much you end up with at the end of the month. A lot of people don't think $1 is all that much either.

It really IS the small purchases that snag most people up...the Starbucks coffee every morning. The snack from the vending machine at work on break. All of that - or maybe that's just me but I try to be mindful of it.

ConnieB
03-13-2011, 07:58 AM
Somewhat true but it was nothing for my mom to spend at least $200 every week for groceries...it STILL doesn't take me $200 to fill up the gas tank. :lmao: Not yet anyway.

Of course, this was before 24 hour grocery stores and all 3 of us kids got woken up bright and early Saturday morning to go to the grocery store when it opened around 8 AM because you did NOT want to be in the afternoon lines.

Interesting to read another person mentioned about possibly getting rid of checks -- how would that work? How would you pay things like utility bills, mortgage (trust me our mortgage company does NOT take credit cards...I thought of that when I had the Disney Visa!), etc... You can't mail cash -- well you COULD but not a smart idea. I guess you could get a money order but I would think most companies would rather get a check than a money order.

If they stopped processing checks completely then I really WOULD be up a creek because I would have no idea how to pay a few bills that don't have on-line, don't accept credit cards and you have to mail in the bill...I have no idea how I would pay them.

Well, I would guess that since most companies (like mortgages, utilities, etc) do allow you to pay online, the few that are hold outs would have to convert in order to get paid, lol. My mortgage doesn't take credit cards (well, actually they do but who wants to pay a 4% processing fee....negates any Disney VISA rewards, lol), but you can pay using a bank account (checking or savings). Paypal and other companies like it would certainly grow larger I'm guessing. I actually use very few checks anymore...I can't think of the last company I sent a check to...but there are some PEOPLE I pay by check. Of course the post office is already in trouble, not sure it's going to help them if EVERYTHING went electronic for paying.

I know this isn't the first time "they" have said it's time for checks to go away, so just like the "we're going to stop making pennies" threat, I think it's still a lot of talk. Perhaps that's the point, they start talking about it years before they finally get around to doing it, and we aren't quite as shocked. The penny thing would really bother me.....so I am going to pay MORE because you round UP the tax...or am I going to pay more because you round the tax but then the merchant has to raise prices to make up for having to pay me 4 cents extra to make up for the missing penny? I too am a member of the "see a penny pick it up" community...although lately it's my kids who get the penny and keep it. I don't give my kids an allowance (chores are a part of living in this house and being part of a family...we cover your needs...you work for extra), so instead I often will hand them the change from shopping. They hoarded it for many months and then surprised me by taking me to Melting Pot for my birthday! So it definitely adds up quickly. Now they're saving for a cruise, lol.

Even though I'm old, lol....I do think I may live to see a totally electronic payment system. You wouldn't carry cash or checks....everything would be debit card type transactions. Even the girls scouts would carry around a little machine to scan your card to buy your cookies.....and the Disney balloon guy too. Wonder if the homeless guy on the corner would have one? And would there be one in every church pew, or just one at the entrance, scan your card before you take a seat and then the pastor can tell us at announcement time if we met our goal instead of having to wait for next week's bulletin? Ok, a little cynical, but it WOULD have some definite advantages (and disadvantanges).....less robbery. Sure, steal my card and threaten me for my pin code, but by the time you're around the corner, I can be on the cell phone cancelling that card, lol. Drug addicts would not appreciate the ability to have their payments to their dealer readable by the police when the dealer gets busted. Same for hookers, lol. Cheating spouses would have a harder time, no paying for dinner and a hotel room in cash so no one knows. My husband would have a hard time buying me a gift....he won't use a credit card because I do the bill paying and would know what store he shopped at, lol. Those that have a tough time controlling their credit card spending would be in trouble, no more leaving your cards in the freezer until you absolutely must use them...since you can't get through a lot of days without paying for something somewhere. And the excuse for not buying those Girl Scout cookies "sorry I have no cash on me".....oops, out the window.

But...the savings in trees not cut down to make checks or paper bills....the amount our country spends to produce and move around dollar bills and coins is mind boggling. Of course that means a lot of unemployment for mint personnel, armour truck drivers, etc.

msgoofy
03-13-2011, 11:03 AM
We just got our letter from Chase yesterday. They will no longer be giving rewards for our debit card use. I haven't heard anything yet about my Disney debit card I have through them, but I'm sure I'll be getting that letter any day!

Even though we've been with them for over 35 years, we'll start looking for another bank they may still be able to offer something.

luvmy3
03-13-2011, 11:58 AM
You are absolutely correct -- I don't blame the banks, as they are not a social agency -- they are in the business to earn some sort of profit for their shareholders.The government, on the other hand, might be getting a little out hand with this one (and due to the TOS for this board, that's all I'm really going to say on the subject without naming names).

::yes:: ITA with everything you said

azdisneylover
03-13-2011, 07:25 PM
I suggest into looking at PerkStreet.com. This may be of help to some. I use the rewards for Amazon cards (saving for Black Friday) and Target (to buy things needed like Sunblock, water, moleskin, etc for Disney trips). :thumbsup2.

Purseval
03-13-2011, 10:07 PM
Money is money - no matter how you look at it..:thumbsup2

So is time, and the clock never stops ticking. So if you could find a penny a minute you would earn a whopping 60 cents an hour. Personally I have better things to do with my time. But next time you're heading towards the rope drop with me I'll be sure to toss you a penny or 2 on the ground :rotfl:

eliza61
03-14-2011, 07:26 AM
So is time, and the clock never stops ticking. So if you could find a penny a minute you would earn a whopping 60 cents an hour. Personally I have better things to do with my time. But next time you're heading towards the rope drop with me I'll be sure to toss you a penny or 2 on the ground :rotfl:

dude, it takes you a minute to pick up a penny off the ground? :lmao: Pretty much I can do it darn near without breaking my stride. At rope drop it's almost a sure thing that picking up that penny won't slow me down but a 1/10 of a sec, which pretty much means all things being equal, I'll get on the ride the same time as you.

Purseval
03-14-2011, 09:02 AM
dude, it takes you a minute to pick up a penny off the ground? :lmao:

I said If you could find a penny a minute not if it takes a minute to pick one up. :rolleyes1 That's what you get for 60 cents an hour nowadays.

JB2K
03-14-2011, 09:49 AM
:thumbsup2 Count me in as one!! I have not seen anyone throwing pennies on the ground though...I think I would stop and have my jaw drop.

You obviously have never been to New Jersey (in the days before E-ZPass) -- I used to see lots of pennies on the ground near the change buckets along the Garden State Parkway (and thought to myself "What the...?").

Free4Life11
03-14-2011, 09:57 AM
The banks are always scheming to find ways to get more money. Nothing new. Two years ago it was jacking up interest rates for no reason, now it's debit card fees. Regarding the interest rate increase, it wasn't due to government regulations, so NOT having government regulations didn't help ME any. I can't imagine that these increased regulations will cost ME more than the increased interest has costed me! As far as I'm concerned they can get out the red tape and keep it coming.

Hopefully the banks aren't like the airlines and don't all follow each others fee increase. I think there is enough competition that people will just "screw you!" to Chase and any others that start to charge all these ridiculous fees.

Becky2005
03-14-2011, 10:45 AM
Hopefully the banks aren't like the airlines and don't all follow each others fee increase. I think there is enough competition that people will just "screw you!" to Chase and any others that start to charge all these ridiculous fees.

That's basically what happened when they attempted to charge a fee to use a teller. I don't know if you all remember that one. I remember when it first happened and let me tell you I think that fee went as quickly as it came to be as soon as it hit. People were flocking away from banks that charged you a fee to use a teller vs. doing everything electronically.

I think once I have seen it offered as an "all electronic" account that still had that but it was a special account you had to sign up for and that was years ago.

I can't say I've seen any type of account that will charge you $2.00 per transaction now for using a bank teller instead of the ATM machine.