Debit cards are hidden financial infrastructure
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Debit cards are hidden financial infrastructure
1–10 of 398 posts
Re: Debit cards are hidden financial infrastructure
#2I wonder how regulated they are.
Re: Debit cards are hidden financial infrastructure
#3> An interesting wrinkle about net interest is that most customers don’t contribute much. In much of the U.S., median checking account balances at account creation are only around $3,000
Thats a lot of money not in crypto or stocks. Surprising.
Re: Debit cards are hidden financial infrastructure
#4Use credit card, it’s the card issuers that are on the hook for fraud. It’ll help you build credit. Use debit when you don’t have the means or credit history.
Re: Debit cards are hidden financial infrastructure
#5Besides the gig economy I heard that a lot of retail businesses like Walmart now pay employees by debit card instead of check. So instead of a check cashing place taking 3% of people's paychecks some bank is taking 1.x% in interchange, and if the bank happens to be owned by Walmart well who would notice.
Re: Debit cards are hidden financial infrastructure
#6> An interesting wrinkle about net interest is that most customers don’t contribute much. In much of the U.S., median checking account balances at account creation are only around $3,000 Thats a lot of money not in crypto or stocks. Surprising.
Need to save something for emergencies too.
Re: Debit cards are hidden financial infrastructure
#7Besides the gig economy I heard that a lot of retail businesses like Walmart now pay employees by debit card instead of check. So instead of a check cashing place taking 3% of people's paychecks some bank is taking 1.x% in interchange, and if the bank happens to be owned by Walmart well who would notice.
> a check cashing place taking 3% of people's paychecks
You have to pay to deposit your pay in the US?
Re: Debit cards are hidden financial infrastructure
#8Use credit card, it’s the card issuers that are on the hook for fraud. It’ll help you build credit. Use debit when you don’t have the means or credit history.
Good advice, but only if you pay off your balance in full every month to avoid the huge interest charges.
Re: Debit cards are hidden financial infrastructure
#9Besides the gig economy I heard that a lot of retail businesses like Walmart now pay employees by debit card instead of check. So instead of a check cashing place taking 3% of people's paychecks some bank is taking 1.x% in interchange, and if the bank happens to be owned by Walmart well who would notice.
Isn’t that still better for the employee? I don’t care if Walmart is getting a little taste if they’re genuinely making it better for the employee.
Re: Debit cards are hidden financial infrastructure
#10> An interesting wrinkle about net interest is that most customers don’t contribute much. In much of the U.S., median checking account balances at account creation are only around $3,000 Thats a lot of money not in crypto or stocks. Surprising.
Seems like a modest amount of day-to-day liquidity and emergency money for a working class family? I wouldn’t advise someone to have zero cash.