get ready to pay more fees

[mh3rdwheel]

In my area alot of businesses are charging you a fee for using a debit card and also they are putting a minimum on what you can buy using you credit/debit card. Say you want to buy a $2 item, they might add $.50 to your bill and they put it in writing at the register when you go to pay

[inneedofhope]

I've been carrying cash more often.

[imagine]

Here are my final thoughts on this subject:

looking at the final version of the amendment that passed. ( I don't think the final version is what many were expecting all a long. It works that way in law and amendment making some times)

It states that signature and pin based cards are included. There is some debate in the financial world if this means debit cards based on signature and pin as the original amendment was for debit cards or if this new change now in the final version includes credit cards as they are signature based.

reading the break downs of the law and the amendment

It mentions prepaid cards some are included others are exempt.

It mentions what merchants can do, they can now give a discount for cash ( can being the optimal word they say) they also can deny credit card purchases for less than $100 ( can is the optimal word)

Reading the law is like reading insurance policies. Many words inclusions and exceptions and makes your head hurt after a while.

A financial news article said we are just going to have to wait a few to several months until all the financial institutions ( banks, credit unions, credit issuers, clearing houses, etc) and merchants all figure out how it affects them in real life before we as consumers/customers find out how it will affect us in real life.

I can agree with that.

We will need patience. It will be interesting to see how it all plays out for them and for us.

[imagine]

A thought after final thought

Ebay and paypal affected by the new amendment?

News Headlines

Yes yes I think we will all have to wait and see how this law and its amendment will affect us.

[khaski]

1) If paypal hikes its fees up even higher, I think I simply will not bother with reselling in general- they already take a good chunk.
2) Sounds like I will be heading back to using cash only.....which is fine, the only inconvenience I can think of I the gas station.....instead of using my debit, I will now have to haul 2 small kids in to pre-pay! What a pain, but life goes on...the banks can charge us fees for using our debit cards....but they can't make us use them. Uggghh, except for online shopping....which is my preferred method that I don't do a to of anyways......hhhmmm, haven't figured a way around that one yet!

[227melissa]

My dh's job just started mandatory direct deposit. How is that legal? Are they in bed with the banks? My bank which is regional, deep south, just started charging 8.95 a month if your balance goes below 1500. I'm ready to put a safe in my house a say to heck with the banks!!!!

[McD]

In my area alot of businesses are charging you a fee for using a debit card and also they are putting a minimum on what you can buy using you credit/debit card. Say you want to buy a $2 item, they might add $.50 to your bill and they put it in writing at the register when you go to pay

That's something they can get in trouble for.

Charging Customers a Fee to Pay with a Credit Card

'VISA states that "you may not impose any surcharges on VISA transactions. You may, however, offer a discount for cash or another form of payment (e.g., proprietary card or gift certificate) provided that the offer is clearly disclosed to customers and the cash price is presented as a discount from the standard price charged for all other forms of payment"1

MasterCard states that "A Merchant must not directly or indirectly require any Cardholder to pay a surcharge or any part of any Merchant discount or any contemporaneous finance charge in connection with a Transaction. A Merchant may provide a discount to its customers for cash payments."2

Discover states that "You may assess a surcharge on a Card Sale conducted using a Credit Card provided that (i) the amount of the surcharge may not exceed the Merchant Fee payable by you to us for the Card Sale, and (ii) you assess surcharges on card sales conducted using other credit cards accepted by you."3

American Express states that "You must not accept the Card for costs or fees over the normal price of your goods or services (plus applicable taxes) or Charges that Cardmembers have not specifically approved."4

Every originator except for Discover forbids surcharging credit card sales, however, as MasterCard so clearly states, "A Merchant may provide a discount to its customers for cash payments." This statement holds the secret to passing credit card processing fees on to customers. The trick isn't charging customers more for using a credit card; it's charging them less for using cash.'

[savvy_sniper]

I have a PayPal BUSINESS account with a debit card that pays interest on the balance (not much) and 1.5% cashback when I use the card as credit and it pulls from my existing balance. PayPal just announced it is doing away with the Money Market Fund on July 21. So I will no longer earn interest or get cashback.

SO the money will just be transferred to my checking and/or savings where it will earn interest. I will start paying with CASH or CHECK.

Banks, credit unions, credit card companies, etc. are just greedy. They are shooting themselves in the foot!

A thought after final thought

Ebay and paypal affected by the new amendment?

News Headlines

Yes yes I think we will all have to wait and see how this law and its amendment will affect us.

[GirlBoyGirl]

I'm confused on what this will ultimately mean but I do know that I will just switch to cash!

[mh3rdwheel]

I work at a gas station, if you use debit you are charged by your bank, but if you do credit you are not charged by your bank.

I noticed that at a lot of businesses have a sign that says that if under a certain amount you will be charged a certain amount (it will say the amount).

At my workplace we receive a lot of checks and it doesn't take much longer than doing debit. I am with Chase and noticed a few things with my online bank statement/activity one day it says that something went through then the next day it was not on the statement. This overdrew my account by $20. This is

[Pemberleyan]

I guess I'm old school. I have never used one.

[Nishu]

My bank just ended it's debit rewards program. I cashed mine in for a set of kitchen utensils. xD

[frugalfranny]

I guess I'm old school. I have never used one.

I haven't either. But I do use my credit card. I will be
ASKING for a discount for cash now.......or I will charge it.

My dh's job just started mandatory direct deposit. How is that legal? Are they in bed with the banks?

Social security is going to mandatory direct deposit too....can't remember the year.

[mh3rdwheel]

My workplace 1 1/2 years ago required direct deposit, if you didn't you did not get paid. Some employees went to places like walmart and got one of those green dot cards and has their paycheck put on it.