Banks prepare to limit amount of every debit card purchase to max of $50...

[old mark]

They now get a fee of .44 cents from every purchase-from the seller-but new changes in the banking laws going into effect limit that fee to 12 cents...so to make more money, Bank of America and others may limit each purchase to a maximum of $50...Maybe we should all go back to cash?

http://www.wctv.tv/home/headlines/Limited_Spending_on_Debit_Cards_in_The_Near_Future_117777758.html


Remember; banks are NOT your friend.

mark

[aquart]

1. Merchants are going to have screeching fits.

[Denninmi]

2. Assinine.

It won't actually happen. It's probably just some kind of fear tactic so they can lobby for changes in the law that will get rid of this provision.

[jannyk]

3. Ooooh, that'll stimulate the economy. Make it harder to buy shit - yeah that's the way!

[Skip_In_Boulder]

4. So when I go in to buy that $1000 T.V.

What happens then. I can't buy it or the merchant has to run through 20 transactions? That's not going to fly.

But then again, they don't really need us as consumers anymore, they need us for labor.

[Frank Cannon]

8. They don't even need us for labor anymore

I think they really just want us all to die.

[Skip_In_Boulder]

9. Well not all of us

Just those of us who can't work any more or have a chronic illness.

[Divernan]

12. Not until they've milked us dry of every penny of our dwindling assets.

[madrchsod]

15. we buy from qvc...

competitive price,easy pay,and depending on the item,free shipping. we buy all our major purchases through qvc

[Paper Roses]

5. Who came up with this stupid idea? I pay for my groceries with

my debit card. Since I go shopping for food every 2 weeks or so, my tally is always over $50.00. One of the stores does not take checks.

Do I have to take a calculator with me to add up purchases as I go?

The bank has my money. It can decline if I go over by balance. What would something like this accomplish except make our lives even more complicated.
I sweat the lunatics are running the asylum.

[ixion]

6. which at today's prices buys almost nothing...

just sayin'...

[loudsue]

17. No joke! $50 doesn't buy many groceries anymore.

Thanks to all that cheap Chinese stuff! :sarcasm:

Didn't all our jobs go to China so everything would be so cheap? Didn't we all want cheap shit? Even groceries with lead and melamine in 'em?

Why again are we sending all our money and jobs to a communist totalitarian country?

[old mark]

7. ...and I keep getting credit card offers from them for a "great rate" of 28.9%...

They are just trying to discredit the Democrats and make a little more money for their bonuses, IMO...but this is really stupid, even for them.

FWIW, we use a credit union exclusively and would never go back to a bank for anything.

mark

[Divernan]

14. I agree - go with a Credit Union!

In Pennsylvania we have the Penn. State Employees Credit Union (PSECU) - treats its customers with respect and gives great service!

[MaeScott]

10. Move Your. Money. nt

[annabanana]

11. They are going to LOVE dealing with paper checks again, aren't they?

I'm sure processing that paper so SOOO much cheaper. It's checks that the debt card replaced, not the credit cards...

[Obamanaut]

13. More discussion at these earlier threads ->

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=439&topic_id=605308

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=439&topic_id=607524

[safeinOhio]

16. Blame the unions and NPR>

:sarcasm: