Consumers will push back, merchants will push back.
When a merchant hangs out a sign that says "J.P.Morgan/Chase cards not accepted" it will end.

Contrary to popular belief, the bank needs merchants and customers.
NOT the other way around.

That's assuming it ever starts to begin with.

:2 cents:

Or instead of complaining, they could have spun this in their favor. Put out a press release saying they agree with the changes, are here to help the individual merchant and consumer, and help make things fairer. Everyone decides they're a good bank, they pickup some extra clients, and help recoup the losses.

fairer? Who is there to judge if 12 cents per transaction or 25 cents per transaction is fair? certainly not you or some politician... if you feel the fee is not fair, then don't use it, it's not like anyone is forcing anyone to use debit cards...

How fair would it be if someone decided that porn membership's "fair" price is $10/month and you can't charge more than that? or that you can't charge more than $25/hr for your work?

They'll start targeting cell phone companies telling them that 10 cents per SMS is not fair, that 2 cents is more fair? or that paypal can't charge 2.9% fee, that 0.9% is "fair"? wtf are you guys smoking?

"fair" is charging whatever you want and letting the customers decide if that price is fair...

Same here.

Credit card only for 7+ years with no problems. Free loan for a month, better protection, no bank error throwing an overdraft at me, points program, etc. etc. etc.

There is no advantage to debit except personal comfort and personal safety.

Fuck 'em.

I always use cash.

I'm with you. Cut up my cards years ago. If I can't buy it in cash, I pass. That includes large purchases.

I'm not going to play the game again. No thanks. Been there, done that. Debt free is the only way to live.

BTW... I also get points on my debit cards that I use for air travel. 1 mile for every $1 spent.

A lot of banks are capping debit cards with limits on number of transactions a month, dollar amount for each transaction, etc. It could make sense to withdraw paper cash dollar bills from the teller and use it to make many small purchases. In recent news, Canada is considering making plastic dollar bills with more security features to avoid counterfeits. The Bank of Canada will begin circulating its first plastic money in November, a new $100 bill made from a special polymer that will replace the cotton-paper blend used to make Canadian existing currency.

Not only limits on debit card transactions, but free checking as we know it, gone. Rewards, gone. Why? Because banks like Bank of America took a $10.4 billion projected loss of revenue due to the Durbin amendment.

As far as free checking, obviously it was 'subsidized' by overdraft and interchange fees. However, it's hard to muster an argument in favor of the cost-shifting to responsible middle and lower-income consumers.


You're exactly right and it explains precisely what is wrong with the current administration. You can argue it's well intentioned, but it comes at a complete disregard to the consequences of attacking capitalism in America.

For example.

Obama passed the 'Credit Card Accountability, Responsibility and Disclosure Act'. A bill that was well intentioned, it was against abusive credit card company practices. Sounds 'fair' right?

It was regulation that backfired against consumers. Credit card issuers prepared ahead of time for the new law by raising interest rates to 10 year highs and then cut average lines of credit by 13%.

What was the end-result? Obama made it financially harder for consumers to use their credit cards in the midst of a deep recession when businesses were struggling to get Americans to buy more. It also affected millions who couldn't afford to pay higher rates on credit card balances.



Then we have the health care overhaul that will cause every single person to see a rise in premiums until the law has taken effect in it's entirety. My rates went up this year, and I'm sure they will continue to rise. Again, it's due to regulation taking away from their bottom-line.



Now you have Obama desperately pushing a cap and trade bill that would tax businesses to pollute. I don't think I have to explain what would happen if such a bill were passed.

Gas prices are already going over 4 fucking dollars. :disgust My opinion is it's 100% a product of this administration's overzealous goal to curb greenhouse gasses.



We heard a lot of people asking, 'Why is Obama to blame for the current unemployment rate?' Obama forced a regulatory nightmare for American businesses shoving regulations and government mandates down their throats.

What was the end result? Massive downsizing. Increased costs for consumers. You take away from a companies botton-line and as you said, they will do whatever is necessary to get it back up. Call it greed, call it unfair, call it whatever you want, but it's how America works.




Anyways, the smart American voters who actually knew the situation took action last fall. Obama and the democratically controlled congress were on a warpath against Capitalism in this country. People recognized whether it was well intentioned or not how extremely destructive it can be.

I think a lot of the big companies and corporations gave a big sigh of relief last fall. Up until then, they were in fear of a bureaucratic nightmare of regulations and mandates.

$50 limit

I use a credit card for everything and pay it off in full every month so I never pay interest on them at all. We get hundreds of dollars back a year in cash back bonuses, and if I ever have a problem with a merchant my credit card company will remove the charge from my account same day. My bank will not do that for charges on my debit card. Once an unauthorized charge resulted in multiple overdrafts and my bank wouldn't reverse the overdraft fees that resulted... that doesn't happen with my credit card companies.

Bingo....


.

I'm the same way, have been like this since 1995.

One time in Phoenix while working for Lightspeed Cash I decided to open up a credit account at a jewelery store a few weeks before Valentine's day because I wanted to buy my wife something nice with her seeing it in our bank account. The chick who opened up the account read my application and said "Mr Buss, your supposed to put down your monthly income, not your yearly income". Seems what I listed for my monthly income was what most of her customers make in a year.

I do the same.

Ah this made up story never gets old.

I call bullshit. The banks allow the merchants to collect a fee for taking a debit card, no one is losing any money or going to -- the disclosure is what makes it doable.

The first bank to try and cap debit transaction amounts will be the last one.

Not going to happen.

big wow.

Or you could, oh I dont know, get a fucking credit card. And who the hell goes via bus?

If a person is choosing to travel by bus there is a reason they dont have a cc, and it's not by choice.

And how do you stay at a hotel? Most decent hotels ask for a cc (and not a debit card) for incidentals.

What your basically saying is you have absolutely zero self control to obtain a cc for travel and pay it off every month. You'll just go max it out.

http://www.businessweek.com/magazine...gn_id=rss_null

This may be bigger than you think ...

Then debits cards would be as good as useless. For example I very rarely do less than $50, I prefer to buy in bulk to get lower price. $50 lol you've gotta be kidding me, the half of all web scripts cost more than $100... Even good food cost more.

Only because it's linked to another card or bank account.

I NEVER use my debit card.

CC always

1. You get Points
2. If it gets stolen I don't have to worry about the charges
3. It gets paid off every month

I don't pay fees, fees are for the poor:2 cents:

This is how I use credit. It's great to take a trip or two a year for free on the fact I just used my credit cards to pay for shit.

Wow that would fuck up so much. Finally people are getting away from credit and now the man knocks them back down.

But also I am sure it will be different for different people and accounts.

It could definitely effect sales and recurring revenues.

Well I am glad most people are using credit cards the correct way. To everyone else that is afraid of touching them just remember you could burn your house down with the stove yet you use it to cook every day. The rewards outweigh the risks any way you stack it as long as you use it correctly... Kinda like your stove :P