Banks To Limit Debit Card Purchases At 50 - 100 Dollars ?

[Immortal Technique]

http://www.youtube.com/watch?v=LChlxqrWe3A&tracker=False

Airing Date March.10, 2011

Banks To Limit Debit Card Purchases At 50 - 100 Dollars ?
Yep, force everyone on to credit cards, oh wait not everyone can get credit cards..........

[TonySutton]

I will use those crappy FRN thingies

[Danke]

I will use those crappy FRN thingies

Isn't that soon to be an act of terrorism?

[TonySutton]

Isn't that soon to be an act of terrorism?

I am terrorized every day by the federal government.

[moostraks]

Not much reason to keep my money in the bank if I cannot access it conveniently. I will not be persuaded to use a credit card as a replacement.

[Krugerrand]

I don't see it happening. The banks and the credit card companies are not always the same. People would quickly stop using the banks that implemented such policies.

[Dr.3D]

Not much reason to keep my money in the bank if I cannot access it conveniently. I will not be persuaded to use a credit card as a replacement.

They use those things to track what people buy anyway. Cash is king.

[Jack Bauer]

http://www.youtube.com/watch?v=LChlxqrWe3A&tracker=False

Airing Date March.10, 2011

Banks To Limit Debit Card Purchases At 50 - 100 Dollars ?
Yep, force everyone on to credit cards, oh wait not everyone can get credit cards..........

Wrong.

Banks THRIVE on giving everyone credits cards.

Especially those who cannot pay their bills.

[surf]

debit cards have inherrent fraud problems. anyone remember the Bob Dole ad where he went to buy lunch but they won't take a check because he doesn't have id? the problem of not bringing id would have been removed by Dole using a debit card.

that is part of the problem - vendors are not supposed to be allowed to ask for id on debit card transactions.

edit: i believe the transaction charge banks receive is greater for credit than debit cards

[moostraks]

They use those things to track what people buy anyway. Cash is king.

Yep...A move like this would be quite detrimental to more pricey online purchases. I mostly use my account for online purchasing and we pay cash for local needs.

[Icymudpuppy]

I'll end up taking more checks in that case. Perhaps this will encourage more people to pay with Bullion...

[Kludge]

This will simply move people to use debit cards as credit cards. Banks charge higher rates to stores for credit card transactions.

[moostraks]

This will simply move people to use debit cards as credit cards. Banks charge higher rates to stores for credit card transactions.

I've never fully grasped the idea of why one should use a debit card as a credit transaction. I want the money out when I make the purchase not lingering around considering the idea of being withdrawn from my account. For some reason that just unnerves me.

[unklejman]

I've never fully grasped the idea of why one should use a debit card as a credit transaction. I want the money out when I make the purchase not lingering around considering the idea of being withdrawn from my account. For some reason that just unnerves me.

It's convenient if you know the funds may not be there just quite yet. ;)

[Dr.3D]

It's convenient if you know the funds may not be there just quite yet. ;)

Yeah, it conveniently makes it difficult to determine if you are going over budget for the month.

[unklejman]

Yeah, it conveniently makes it difficult to determine if you are going over budget for the month.


Well isn't that what balancing your checkbook is for?

[ihsv]

With the outcry this could generate, sounds to me like the banks are using us as hostages in order to force government to change aspects of the new regulations.

[QueenB4Liberty]

I don't see this happening. I've tried to use my debit card online before and it wad declined and I pop in a credit card and it went through fine.

[Live_Free_Or_Die]

I like the take your money out of the bank suggestion. One could only hope for a run on banks...

[Dr.3D]

Well isn't that what balancing your checkbook is for?

I don't use a checkbook.

[Austrian Econ Disciple]

The only thing keeping anyones money in banks is the convenience of debit cards and online transactions. I don't think the banks are this stupid, but you never know. You will see massive runs on banks if they implement this (what sucks though is a lot of workplaces make you get direct deposit which is bullshit, but whatever).

[Anti Federalist]

And the cashless control grid tightens another notch.

[AZKing]

Let's see...

If I pay for a hotel room with cash, I'm a terrorist...
I want to pay for a hotel room with a debit card, but my limit is $50...
I can't get a credit card...

Can we start bringing chickens to the hotel?


http://www.youtube.com/watch?v=qZezfjWox5s

[Anti Federalist]

Let's see...

If I pay for a hotel room with cash, I'm a terrorist...
I want to pay for a hotel room with a debit card, but my limit is $50...
I can't get a credit card...

Can we start bringing chickens to the hotel?


http://www.silvercoinstoday.com/images/2008/American-Eagle-Gold-andSilver-Coins.jpg

[Fox McCloud]

Way to go government!

Government: "we'll punish those evil banks for charging "unfair fees" to their customers; after all, they created this mess"

Free market economist "But sir, don't you realize that while amount payed might be high, those cost could be used for other purposes that benefit consumers, and thus, cutting it would mean consumers would be hurt in the long run?"

Government: "no, never it's unfair! Let's put a price control on it!"

Way to go GOV, way to go.

[AZKing]

http://www.silvercoinstoday.com/images/2008/American-Eagle-Gold-andSilver-Coins.jpg

Shh, you're gonna get arrested for using that stuff.

[Philhelm]

Shh, you're gonna get arrested for using that stuff.

Only if someone tells on him. Oh wait, they're already encouraging that sort of behavior.

[cindy25]

banks don't want or need deposits; they can borrow interest free from the fed so why bother with tellers, customers, branches etc.

[The_Ruffneck]

This affects me because i buy alot of stuff over the internet with a debit card and refuse to get a credit card.

Transferring money to paypal through a regular bank account is too much hassle.

I'f probably just end up making less purchases , they won't get me to get a credit card under any circumstances.

[kpitcher]

Walmart offers prepaid credit cards. But they charge a few bucks a month fee and also a few dollar fee when you put cash into it. But it is an option.

If it's just paypal you could go for the paypal debit card and then any ATM should be able to fill it.

[unklejman]

I don't use a checkbook.

Ok but the idea is still to write down your purchases (somewhere) to keep track on your own, then check your numbers against your statement (or your online balance periodically) to make sure there is no funny business.

I would think that if some one has a strict budget that they would be doing that.

Either way, I'm telling you the reason some one might use credit on a debit transaction, not why you should.

[jtstellar]

well on the topic of credit card being prone to tracking.. it's actually been on my mind for a while that i don't want to end up on some no-fly watch list because of constant donations to liberty candidates and websites.. next time perhaps i'll just mail cash

[Kludge]

well on the topic of credit card being prone to tracking.. it's actually been on my mind for a while that i don't want to end up on some no-fly watch list because of constant donations to liberty candidates and websites.. next time perhaps i'll just mail cash
Just don't bring the cash with you to an airport.... ;)


http://www.youtube.com/watch?v=KWcUFB92S2o

[sailingaway]

Not because they want to but because the Fed Empowerment Act pricefixed debit card fees.

[Kludge]

Not because they want to but because the Fed Empowerment Act pricefixed debit card fees.
Huh. I never heard about that being in the bill until now (apparently, it was an amendment by Durbin added during the Senate's time spent on it). I wanted to be certain of it so I Googled it and lo & behold (an encouraging article from Redstate today, too!)....

http://www.redstate.com/erick/2011/03/14/durbin-and-federal-reserve-plot-to-fix-prices-and-harm-consumers/

[AGRP]

Anything to stop the terrorists!


http://www.youtube.com/watch?v=lolnRc1_3Hk

[libertarian4321]

Sounds like a logical reaction by the bank to a stupid government rule.

Doesn't affect me, though, I never use debit cards, which, in my opinion, are useless.

Why use a debit card (which is riskier than using a credit card because it gives direct access to you bank account) when you can get the same convenience from a credit card AND get money back? I use credit cards all the time, and it never costs me a penny- no fees, no interest charges, not even a charge for postage to pay the bill in years.

As long as you pay your balance each month, credit cards are NOT bad. They are only "bad" if used irresponsibly.

[Kludge]

The alternate reaction is what a local credit union here did, which is giving you >5% APY on a checking account if you use your debit card as a credit card at least 12x/month to net them those higher fees. I don't much mind the Durbin amendment..... :D

[EvilEngineer]

EASY SOLUTION: Don't bank with Chase, BoA, or Citi.

Your local banks that don't piss all over their customers like the aforementioned big banks, won't be capping my debit card any time soon.