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Old 06-18-2008, 12:32 PM   #11 (permalink)
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I wonder about debit cards, and those fees.

My bank gives me a "credit" if I use the card as a "credit card", because it supposedly saves the bank on CC fees.

Most retailers try to force you to use "debit" when using the debit-card, because it supposedly saves the retailer on CC fees. Something about "processing the signature", or crap like that.
I'm not sure how it impacts the fees side of things but "debit" transactions are processed much quicker. "Credit" transactions take several days to post to bank account and this may delay the receipt of funds by the merchant who wants his money now.
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Old 06-18-2008, 01:00 PM   #12 (permalink)
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Interesting.

Maybe banks push for "credit" processing, verses "debit" because they think it might produce more negative balances? (Being harder to keep track of purchases). Thus more penalty charges?

I've read that banks typicall get 50% of profits specifically from penalty charges. hmmm
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Old 06-18-2008, 01:09 PM   #13 (permalink)
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Quote:
Originally Posted by HP_Lovecraft View Post
Interesting.

Maybe banks push for "credit" processing, verses "debit" because they think it might produce more negative balances? (Being harder to keep track of purchases). Thus more penalty charges?

I've read that banks typicall get 50% of profits specifically from penalty charges. hmmm
Pretty much. And their system is designed for failure to generate fees.
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Old 06-18-2008, 01:21 PM   #14 (permalink)
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credit charges for businesses are usually percentage based while debit charges are usually a flat fee
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Old 06-18-2008, 01:21 PM   #15 (permalink)
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I'm fairly certain in Indiana that you can't charge credit customers more simply becaues they use a credit card. My dad runs a funeral home, and tried to do that. yeah it's only 6% or something, but it's 6% of a $3-10,000 transaction. That's a cost that is instead passed on to cash customers because he can't treat anyone differently. how crappy is that?
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Old 06-18-2008, 01:33 PM   #16 (permalink)
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I know a lot of our local stations are offering five cents off if you pay with cash.

About the card thing, I have run into issues with some of the local places ( one pizza place mainly) that now asks for not only your full number, and expiration date, but the three digit secure code on the back. I have questioned them about this and been told simply that it saves them money. I no longer do business with them because of that and the way they overcharge customers. I called in an order, paid over the phone by CC. When I got their the woman ran my order through the machine ( they print ALL the information on the receipt here). Thought nothing of it until I got home and looked at my account online. It was run through twice, and they added a "service charge and tip" which added almost eight dollars to the twelve dollar order.
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Old 06-18-2008, 01:38 PM   #17 (permalink)
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Walmart does the 3 cents off if you buy their card inside.......
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Old 06-18-2008, 01:41 PM   #18 (permalink)
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Yep... the cheapest gas by me is a valero that knocks off 5 cents if you pay in cash..... Which is DAMN awsome for me because other then my debit card I dont carry any plastic.
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Old 06-18-2008, 01:46 PM   #19 (permalink)
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I live in Citrus County...I'm building a house in Sumter County.....

Citrus County has a 12 local gas tax....Sumter County doesn't.....plus 3 cents off with the card.....so I'm getting 15 cents off a gallon by buying out of county.....Because Walmart would be out of my way in Citrus County...no need to drive extra miles......
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Old 06-18-2008, 01:46 PM   #20 (permalink)
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I'm kind of jealous, where my in-laws live in NH they get five cents off for being a stop and shop member, and they get a coupon for twenty cents off per gallon every time they spend more than $100 on groceries. Maybe I should move up there
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