Debit Card Changes on the Horizon?

[JB2K]

It's looking like there are some big changes coming for debit card users (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]

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]

This is a horrible idea!!!

 

[luvmy3]

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]

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]

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]

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]

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.

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

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]

You could use a credit card.

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