$50 Debit Card Spending Cap is Coming
- Thread starter Cashizslick
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this.
i rarely use my card, only if i absolutely have to.
i make 2 or 3 withdrawals a month. nothing more.
if i dont have the cash for it, then i dont get it.
95b16coupe
Well-Known Member
The cash deposits are used to fund lending. No cash means no loans. The deposits aren't the profit builder, its the lending behind the assets that makes them money.
UNDR8D
...has a job!
Ya right maybe in the 50s dude. Cash is not remotely close to lending. I hope they didnt teach you that shit in your MBA program
Edit: I was waaay drunk when I posted that^
I still stand behind my point though, that maybe in some minute way cash is used to fund lending but, as a whole, banks lend thousands of times more than they intake in cash.
Storefront consumer banking is just a formality and most of the revenue derived from it stems from fees, not deposits.
Edit: I was waaay drunk when I posted that^
I still stand behind my point though, that maybe in some minute way cash is used to fund lending but, as a whole, banks lend thousands of times more than they intake in cash.
Storefront consumer banking is just a formality and most of the revenue derived from it stems from fees, not deposits.
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95dc4iwantoboost
Boost Envy
So Im horrible with money. I dont spend outside my means, but I have more bills then cash most of the times and its a balancing act for who gets paid this month and who gets paid next month.
Does this make me a bad person? No, more a victim a shit economy. As a flat rate tech, if the public has no money, I have no money. The most common answer I hear for lack of funds. Furlos have killed my budget. No one is spending to fix cars, and no one can afford to bu new ones. Thats how bad it is where I am.
Now we are talking about taking money out of the banks hands, and where does the difference in cash go? Back to the consumer. Be it a small amount, but if we dont have to pay the higher rates on these cards. I use mine all the time because its easier to manage money on an exact amount basis, instead of saying I have a $20 for a $4.67 purchase. Now Im having to deal with change, and I shouldnt need to. Ill use my card for the $4.67. Exact change, and I can keep the rest of it in the bank.
Now, is it fair for the banks to charge $0.44 for my $4.67 purchase? Fuck no. So where does the savings go? Not to the bank, so that leaves the retailer and me. The retailer isnt going to be able to keep it, because it has to be documented where the difference in price is shown. So that means my $4.67 is now $4.55. While not a huge saving, over time. Say a month or so. This can translate into $50. (ballparking)
As for the spending cap. Wont happen. They wont be able to enforce it on the mass public. It will cause major unrest and trust issuees with banks. Its just not feasable or financially responsible for banks to enforce this idea. The mechant side of it would fall to ruin and banks will lose even more money is they even try.
Does this make me a bad person? No, more a victim a shit economy. As a flat rate tech, if the public has no money, I have no money. The most common answer I hear for lack of funds. Furlos have killed my budget. No one is spending to fix cars, and no one can afford to bu new ones. Thats how bad it is where I am.
Now we are talking about taking money out of the banks hands, and where does the difference in cash go? Back to the consumer. Be it a small amount, but if we dont have to pay the higher rates on these cards. I use mine all the time because its easier to manage money on an exact amount basis, instead of saying I have a $20 for a $4.67 purchase. Now Im having to deal with change, and I shouldnt need to. Ill use my card for the $4.67. Exact change, and I can keep the rest of it in the bank.
Now, is it fair for the banks to charge $0.44 for my $4.67 purchase? Fuck no. So where does the savings go? Not to the bank, so that leaves the retailer and me. The retailer isnt going to be able to keep it, because it has to be documented where the difference in price is shown. So that means my $4.67 is now $4.55. While not a huge saving, over time. Say a month or so. This can translate into $50. (ballparking)
As for the spending cap. Wont happen. They wont be able to enforce it on the mass public. It will cause major unrest and trust issuees with banks. Its just not feasable or financially responsible for banks to enforce this idea. The mechant side of it would fall to ruin and banks will lose even more money is they even try.
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wow, there is so much that can be said about that post that i dont even care to start.
i'll let somebody else do it.
i'll let somebody else do it.
95dc4iwantoboost
Boost Envy
Im not an economic major, or a MD anything. Im a confused, middle aged, tax paying american. That is as confused by the way our financial situation in this country is going as brittney spears is about her sanity. Its there, its not there. It was there, wtf is going on.
If you have something to say, then by all means, say it. I am here to learn, and figured by putting in my .02 that I might get some light shed my misunderstandings.
If you have something to say, then by all means, say it. I am here to learn, and figured by putting in my .02 that I might get some light shed my misunderstandings.
more bills than cash means you spend outside your means
as for a bad person, i'll leave that up to your own judgements
me personally, i don't buy anything or get anything i know i can't pay for, and i don't play the who gets paid this month game, i pay all my debts, on time, every month
people that dont do this, or default on their debts, cost the rest of us in the long run
the 44 cents is a percentage, more like 3% like your average credit card
so your 4.67 purchase is more like a 14 cent cost to the retailer
the glitch in this system is that checks are more expensive to process than cards, but there is no fee to pay by a check
thats cause the check is meant to replace cash, just like a debit card is meant to replace cash
the gov't would like to get cash out of the equation all together, to streamline commerce so when it starts to cost 10 for a gallon of milk, its not as bad when its just the swipe of a card compared to pulling out 10 dollars from your wallet
as far as enforcing it
they already do
gas stations in NY already have a $75 limit on debit card purchases for "security" reasons, in case your card is stolen, or so they claim
95dc4iwantoboost
Boost Envy
Makes sense. As for living outside of my means, it wasnt on purpouse. I was making a full 40+ hr a week paychecks when I got my raise and my new position. It was great for the first 3 months. I was paying everything on time and in full. Since Oct, business took a dump. Now Im down to the 30-35 hr a week checks. 10-20 hours a week difference in pay is huge. So now until the business starts to pick up again, I ate thru my savings.
As far as the $75 limit at the gas station. Thats the gas station that does that. Not your card. We have the same issue here in Cali depending on the station you go to. If you try to fill you boat before hitting the water, better have 2 cards, or cash. As the limit stops you. We asked the Station manager about it, and his response was that it was the Stations choice to help eliminate fraud. Ask them about it and see if its the same. Then again, it was a few years ago when this first happened. We just accepted it and moved on. Maybe it is different now. Ask any how.
Thanks for the math example. I figured mine was wrong, but with your explination, it makes a bit more sense. A percentage makes more sense, as I was assuming it was a $0.44 flat charge. Regardless of price. Am I correct in that understanding?
the actual amount is different depending on what deal the merchant has with either their bank or the 3rd party that the cards go through.
the place that i work, debit is a flat fee, credit is a percentage. if the purchase is less than 35 then its cheaper for us to use credit, over 35, debit is cheaper.
in no way, does this affect the price of items sold.
whether paying in cash, or card, prices will be the same, at least where im at.
if it becomes too expensive to accept debit cards, we just wont take them. it will either be credit or cash. we already dont take checks.
some places charge fees to use a card, to cover the charge that they receive.
none of this may be true for anywhere else, im just going by the places that i have worked at.
the place that i work, debit is a flat fee, credit is a percentage. if the purchase is less than 35 then its cheaper for us to use credit, over 35, debit is cheaper.
in no way, does this affect the price of items sold.
whether paying in cash, or card, prices will be the same, at least where im at.
if it becomes too expensive to accept debit cards, we just wont take them. it will either be credit or cash. we already dont take checks.
some places charge fees to use a card, to cover the charge that they receive.
none of this may be true for anywhere else, im just going by the places that i have worked at.
look again... you'll notice that the stations that do not play the cash/credit price game generally have the same price as the cash price at the ones that do
you do not get a discount for paying cash at those stations... you get penalized for paying with credit/debit
i do not do business with stations that play that game
once in a while when im bored, i like to go to stations that charge the higher price for credit/debit and fill my tank one gallon at a time... its kinda fun... sure it takes for fucking ever to do this... but knowing that they just got charged fees out the ass brings a smile to my face
if more people fucked with them like that you would see that game end quickly
lmao E.
personally ive never seen any gas station offer a cheaper price for cash purchase. and if they do, ive never seen it advertised. this area is flooded with gas station / car wash combos though, so its commonplace to see 20c off per gallon for buying a car wash. if im gonna get a quick car wash anyway, ill jump on it.
i havent seen too many caps on gas purchases either. i used to, but cant say ive seen it lately (granted im only filling up at like $50/tank), they just make you put in your billing zip code to thwart fraud.
personally ive never seen any gas station offer a cheaper price for cash purchase. and if they do, ive never seen it advertised. this area is flooded with gas station / car wash combos though, so its commonplace to see 20c off per gallon for buying a car wash. if im gonna get a quick car wash anyway, ill jump on it.
i havent seen too many caps on gas purchases either. i used to, but cant say ive seen it lately (granted im only filling up at like $50/tank), they just make you put in your billing zip code to thwart fraud.
its pretty common around here
youll see it advertised plainly like this
some places like to put dishonest misleading shit like this up
theres a few stations that have you enter the zip code when using your card... it seems kinda pointless to me
if i steal your wallet, i have your license... or if i just know where you are from... i know what your zip code is... if they asked for it along with the pin i would understand it a little more... but by itself i just dont see the purpose
