MasterCard debit cards at WalMart - policy change eff. 2/1/04

[iNTeNSeBLue98]

I posted this on the Budget Board, but in case you do not frequent that board, I've pasted the same post here on the CB.

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MasterCard debit cards at WalMart - policy change eff/ 2/1/04
DH was shopping at WalMart yesterday and passed on his receipt for me to log in the checkbook. I wanted to alert everyone to a statement that appears at the bottom of the receipt - particularly those with PayPal debit cards.


"As of 2/1/04, MasterCard debit cards can only be used if a PIN is entered"


So much for cash back on purchases made at WalMart with my PayPal debit card.

One of my banks charges me 50-cents per POS transaction when a PIN is entered, now WalMart won't accept this one for a "credit" purchase.

 

[my3kids]

Our flexible spending account is tied to a MC Debit with no PIN, only signature credit transactions. After Feb. 1 we will have to fax in all Wal-Mart receipts for reimbursable purchases instead of using the card the company provided. Too bad.

 

[DebbieB]

Funny you should mention it, I was at Walmart this afternoon and noticed it on the bottom of my receipt. I use my Disney Visa, so I will be OK. My ATM card is a mastercard, my bank (Citizens) started a policy a few months ago that if you used your pin, they charged you extra, so you had to use credit to avoid it. Now places will stop allowing credit.... People will go back to writing checks, which always holds up the line.

 

[C.Ann]

Hmmmm... I may just have to take my business elsewhere..

 

[swea_pea1]

At the last bank I worked for, they sent us an email requesting that we use our debit cards as charge cards whenever we could. The reason is because if you use it as a charge card, the bank gets a bigger kickback from MasterCard and if you use it as a debit card, the store gets the bigger kickback.

This doesn't surprise me, and I think unfortunately a lot of other merchants will follow suit.

 

[WendyZ]

I found this out on Friday. Do you think this is just as walmart or any where you use your DC as a credit card? That's how our bank tells us to use it (as a cc) so I do that everywhere. I hope maybe it 's just a new policy at walmart, not everywhere. She said it was something mastercard was making them do, so I assumed it was across the board.

Hopefully it's not....

 

[cinmell]

I guess it will be back to writing checks .

 

[zulaya]

I read a story about this a few weeks back. Apparently, WalMart wants Mastercard to lower their fees for credit purchases (ie the amount MC charges WalMart to accept MC credit cards). Mastercard either refused to lower it at all or didn't lower it enough. So WalMart is not going to accept Mastercard credit cards any longer because they didn't get the deal they wanted.

I think in the long run this will hurt MasterCard if the world's largest retailer won't accept their credit cards. It also punishes the consumer unfortunately.

I think the same article said WalMart did the same thing to Visa at one point, but Visa ended up negotiating a deal. WalMart may be using this policy to pressure Mastercard into negotiating.

 

[WebmasterMaryJo]

<font color=navy>I have a VISA debit/charge card, and I found out from a few stores that they have to pay a fee whenever I charge something, as opposed to debit. So, whenever they ask me charge or debit, I always tell them whatever is better for the store.

Looks like Walmart is working on another angle to increase their profits.

 

[Disney Doll]

We recently had the number of our debit/credit card combo(MasterCard did the dredit portion) stolen, so we decided to get rid of that type of ATM card and just get one that was a regualr ATM, where you had to use a PIN # to use the card. We had a large balance in there(briefly, to pay off a car...we don't usually have a large balance ) and I am just glad that whomever had the number didn't realize that or it could have been a lot worse!!!! They got us for $300 before we realized someone had the number. And apparently, it's a high school student applying to colleges, as most of the charges were fees for college applications and SAT-testing related charges. That upsets me, that a young person could be so dishonest.

In any event, the bank told me that it is handled like a credit card theft, so we'll get the money back once they research it.

 

[cassie]

When I had a debit/credit card I was always afraid of having my bank account cleaned out. So I canceled the card and requested just the atm card. Now I have a Visa that I use just like I did with the debit card, and I only treat it as such. I charge nothing that I can't immediately subtract from my checking account...groceries, gas etc. The bill comes in once a month, and since I've already subtracted from my account I can pay it all off. The plus side is I get flyer miles too.