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Banks may limit debit card purchases

Discussion in 'Politics and Current Affairs' started by busted bones, May 14, 2011.

  1. busted bones

    busted bones Android Enthusiast
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    The first article has soo many ways to backfire on Apple. Discriminate against your own customers!?! Should surprise me with the elitist snobs who buy apple products, also with a new law currently being pushed through congress almost all banks are considering limiting purchases on debit cards to $50-$100. So unless you had a CC you would be SOL. The only one that wouldnt backfire is number 5.
     

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  2. Dark Jedi

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    Well your average purchase is most over $50 so can't see that bill going through. Plus I know my debit card I can't spend no more than what's in my checking account.
     
  3. lordofthereef

    lordofthereef Android Expert
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    What on earth is the justification for this? I make 95% of my purchases with a debit card. I am either going to be forced to put a "large" (and it's in quoted because I know families who spend more than that on groceries per week) amount on a credit card or carry cash?
     
  4. gvillager

    gvillager Android Enthusiast
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  5. lordofthereef

    lordofthereef Android Expert
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    Thanks for this. As I expected, never the consumer in mind. Banks just want to make more money themselves. That said, I do see where they are coming from. If the law passes, there would be huge net losses for these companies. However, if they do make these changes, they stand to profit immensely, even after accounting for the losses resulting from the new law.
     
  6. log1c

    log1c Android Enthusiast
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  7. mike114

    mike114 Well-Known Member
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    Once again, Congress has it's finger prints all over this. How about we let banks and merchants decide on their own agreements?? What a novel concept. Let the market decide who the winners and losers are. I'm so tired of this gov't over stepping it's limits.
     
  8. Vihzel

    Vihzel Destroying Balls Everyday
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    If I swipe my debit card and run it as credit... does it still count as a debit card transaction? I've always been puzzled by that.
     
  9. lordofthereef

    lordofthereef Android Expert
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    FWIW, as far as I am aware, if you have a fancy visa, mastercard, etc. logo on your debit card, they should just be able to run it as credit no matter what. This only effects those who use a bank that doesn't provide a card backed by a major lender, such as the ones I listed.
     
  10. lordofthereef

    lordofthereef Android Expert
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    No. It's processed as credit. If you notice, there is *generally* a larger delay when it gets run as credit.
     

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