New 'check-out' fees coming?

[bcp (Premo)]

Originally Posted by TPD

I think I started a thread a couple of months ago about this same thing - the cc processing fees I am paying as a merchant. This new turn of events is quite interesting. Eventually, consumers will learn that nothing is free - you/we will pay for government regulations in one form or another. Businesses have one purpose - make money! Government will throw obstacles in the way, but most businesses will find ways around them, and the consumer is the ultimate loser.

Two ways to look at it.
does the use of credit card increase your over all sales? if you were stricktly a cash and carry business would you notice a difference.

and,
As a consumer, I appreciate being able to slide a card instead of having to carry the cash (Im married so I dont have any anyway) so I would be willing to cover the fee just for the ability to use it.

I would be happier if the fee were split between merchant and consumer.

[DEEKAYPEE8569]

Originally Posted by GURPS

you could go back to CASH .....

Works for me. If I don't have the cash to get it, I don't need it.

[bcp (Premo)]

hey I just thought of something.
maybe this is part of obamas wealth distribution plan.
1) steal from working people all you can and give it to the non working.
2) get rid of guns so lawful people cant protect themselves
3) force people to carry cash so the unlawful people can hit the jackpot when they rob them.

Hmmmmmm

[DEEKAYPEE8569]

Originally Posted by bcp

hey I just thought of something.
maybe this is part of obamas wealth distribution plan.
1) steal from working people all you can and give it to the non working.
2) get rid of guns so lawful people cant protect themselves
3) force people to carry cash so the unlawful people can hit the jackpot when they rob them.

Hmmmmmm

Sadly, #'s 2 and 3 look like where we're headed.

[Tilted (Premo)]

Originally Posted by Dakota

A charge per transaction for using your debit BY THE BANK.... just want to make sure I was clear on that. My main bank is MD SECU which is an employee credit union but they are located in Annapolis. Sometimes this is a pain when you have little checks here and there and I used to run a business so.... I had an account with BoFA that I made deposits in and used a debit card when I needed to. In 2011, I closed that account because it wasn't something I kept a lot of money in, I terminated my business in 06 and they announced they were going to charge for debit usage. People were angry and were going online closing out their accounts until they shut down the online ability to do that. BofA Plans $5 Monthly Fee for Some Debit-Cards - Bloomberg I closed it out and at the same time we also had an account with BB&T. BB&T seemed to charge for everything including debit usage whether you had direct deposit or not so my husband decided to move his accounts to PNC. I also moved the funds from BoFA to PNC. Now although married, my husband and I bank individually because that is the way we both want it. MD SECU rid customers of the debit fee charge when they saw a loss in customers - other banks were not charging this fee so eventually, they decided not to charge a fee for those with direct deposit.

It wasn't that many years ago that there was a huge public outcry about those debit fees with various banks. That is when I got used to using my check card as a credit instead of a debit. I have to wonder if the banks were trying to do this knowing this credit law was coming??? Think about it, 25 cents per transaction would be better than up to 4 percent of your purchase price in most instances.

Like Kwilla said, more regulation.

I just want to make sure people are clear about this, this particular situation isn't about new regulations or laws. This is the result of a settlement between credit card companies and retailers. For a long time credit card companies included restrictions in their contracts with venders that prohibited them from charging customers fees for using credit cards. Venders got together and sued and eventually a settlement was reached that, among other things, allows the venders to charge this kind of fee. Some retailers weren't happy with the settlement and it appears that they intend to keep pursuing the matter in court.

I believe American Express could also be affected by this (unless their policies have changed) because, while they didn't prohibit venders from charging a credit card fee, they did prohibit venders from charging a fee for American Express if they didn't charge a fee for other credit cards (which they couldn't do because of the contracts with those other credit card companies). Additionally, some states (not Maryland, I don't believe) have laws prohibiting these kinds of fees.

There is another issue that does have to do with new government regulation though. Basically, credit card companies can no longer prohibit venders from giving a discount to customers paying cash and can no longer prohibit venders from having a minimum amount for which they will allow someone to use a credit card. Also, the fees that banks (or processors) were charging venders for debit card transactions are heavily regulated now - they can only charge a certain amount, an amount meant to reflect the actual cost of handling the transactions.

[b23hqb]

These don't exist in Fl and nine other states. Florida would require a legislature-passed bill to allow it, but doubt if they would do it.

[GURPS (Premo)]

Originally Posted by Tilted

For a long time credit card companies included restrictions in their contracts with venders that prohibited them from charging customers fees for using credit cards.

I am guessing 'Store' CC for Petroleum Companies were are different animal


I am old enough to remember when Gas Stations charged a different price for CC

[Bay_Kat (Premo)]

Originally Posted by b23hqb

These don't exist in Fl and nine other states. Florida would require a legislature-passed bill to allow it, but doubt if they would do it.

So glad!