Debit Card Changes on the Horizon?

[ConnieB]

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. 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]

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]

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).

ITA with everything you said

 

[azdisneylover]

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). .

 

[Purseval]

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

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

 

[eliza61]

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

dude, it takes you a minute to pick up a penny off the ground? 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]

dude, it takes you a minute to pick up a penny off the ground?

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

 

[JB2K]

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]

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]

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.