61–70 of 136 posts
Time for the great BofA exodus of 2012...
"The formula sets the cap at 21 cents, plus .05 percent of the transaction amount, plus another penny in certain cases, for fraud-control measures." I understand that running to the government for solutions is rarely a good thing, but in this case, shouldn't "digital currency transactions" be something that the federal government maintains as a free utility to society? Isn't something like this just as important as p…
So you know cash has processing fees associated with it, right? Really. They're totally orthogonal to the cost of physically creating paper or metal currency, and they're mostly subsidized by merchants. Cash management is a hard problem. WalMart spends about 3 million every year moving pennies around -- that actual coin type. Every time a salon owner has to spend time driving to the bank or money leaves a cash regist…
I tried googling the data but I didn't find it. Is there a reference for that?
And we wonder why the banks are failing... this is why! You don't charge your customers for the privilege of making money! I told my bank that I flat out refuse to use my debit card unless THEY PAY ME at least 1% of the merchant fee, seeing as they are getting 3%.
Right now, I use a Fidelity Retirement Rewards Amex card for all of my purchases. I get 2% cash back on every purchase. For those merchants that don't accept Amex I use a Fidelity Retirement Rewards Visa, which pays 1.5% cash back on every purchase. I encourage everyone I know to do the same.
The reality is that credit/debit card companies make a ridiculous amount of money in merchant fees (up to 3%). DEMAND that they share that profit with you.
Well, I'm switching (I don't have a credit card). What is a good alternative? I know everyone loves USAA, but none of my family has any relation to the military. BoA is "great" because it is everywhere , is there actually anything as wide spread in the (northeast) US?
Earlier quoted context omitted.
have relatives at another evil bank in another western country. the way they tell it is that the bank really doesn't want the less fortunate out there as customers. if they could figure out a way to drop them without the public backlash they would.
Maybe the poor should start pooling their own money. For example, I heard about some system where a group of people all pay into a pot once per month, and they rotate through who gets the pot. It basically becomes a forced way of savings because there is peer pressure not to come up short. Though I guess this isn't fully a replacement for a bank, but I guess it could help people save up to a level that they don't hav…
What is truly ridiculous is that banks get a 3% merchant fee for every credit or debit transaction charged to their card. So, essentially, they are charging their customers for the very privilege of making money... And we wonder why the banks are failing... this is why! You don't charge your customers for the privilege of making money! I told my bank that I flat out refuse to use my debit card unless THEY PAY ME at l…
What is truly ridiculous is that banks get a 3% merchant fee for every credit or debit transaction charged to their card. So, essentially, they are charging their customers for the very privilege of making money... And we wonder why the banks are failing... this is why! You don't charge your customers for the privilege of making money! I told my bank that I flat out refuse to use my debit card unless THEY PAY ME at l…
A debit card/check card/credit card substantially eases access to one's money (or money one doesn't have). So I think it's reasonable that they charge at least some fee for it, though if it turns out my BofA debit card is one of those that require it I will probably never use it again.