Debit cards: $50 spending limit coming?

Originally posted by CanadianDream420

Originally posted by ProtoplasmicTraveler

Actually the cash supply evenly divided works out to about 500.00 for every man woman and child in the U.S., fortunately every man woman and child's portion of the national debt is 78,000.00.

This sounds right. However, do you have a source for this?

Thanks.

If you look up the national debt clock it updates the amount of money the U.S. owes and how much currency is in circulation by the milisecond.

Then look up population of the U.S.from the last census infromation then go to your computer accessories and pull up the calculator then divide the amount of money in circulation by the number of people living in the U.S.

You will then have an up to the minute figure, source: you!

its just a bunch of money grabbing . most businesses are switching to making employees get paid through direct deposit well those of us who don't like banks pull our money out of bank the minute it hits so to guarantee they get to hold on to money longer the banks are going to cap debit cards like they do with cash with drawals reason i stopped using banks in the first place was that when i went to cash pay check they made me deposit half to cover checks thing is i never use checks i keep a couple in a file box for account number but rest i destroy . when debit cards came about they weren't able to keep money as long in account so this is their way to stop that.

reply to post by proteus33


That's another way of looking at it.

I think the thing people should remember is that if you want to get poor you cater to the rich, if you want to get rich you cater to the poor.

The poor pay more, expect less for it, and complain less to boot than the rich do, and when it comes to the poor having to figure out how to spend money and pay bills in this electronic world they get feed to death.

Unless you want to run down to your Internet Service Provider, Cell Phone Company's office etc and pay cash well then you have to maintain some kind of bank account, or some kind of prepaid card service.

The prepaid or reloadable VISA Gift or Debit Cards like you can buy in the Drug Store either charge you a heavy activation fee on a non-reloadable throw away card, or .50 to 2.50 per transaction on reloadable cards.

Which is really sad for poor families etc because a dozen fees could add up to another tank of gas or another meal on the table or a better one in a weeks time.

I maintain a seperate account to pay my wife child assistance and one time before they changed the overdraft laws, a 2.00 ballance inquiry fee ended up triggering six 35 overdraft fees because of the way Bank of America used to go hi-lo in processing debits, but used a time based formula in processing credits.

The bank was going to make 205.00 dollars simply by juggling the ledger.

Of course that was before they had to deal with Proto for a few hours on the phone, but someone who doesn't have my persistence and knowledge of contract law would have ended up getting screwed royally.

The banks make a fortune off of poor people by feeing them in every way they can imagine.

reply to post by CastleMadeOfSand


My husband took me to Taco Bell on our first date. He'd learned his lesson the hard way with gold digging women. If I had protested, I'd have walked home. I didn't think anything of it. I was just happy to be with him.

To the person who said they should be doing the opposite and ban transactions under $50, please don't give them any more ideas on how to stiff us. I switched to a small local bank because I got tired of having to yell at someone in India every single time I had a problem. I know the president of my local bank, so we have easier problem resolution.

I just hope that Visa and Master Card don't follow suit. My debit is a Master Card. If they get the idea, it's definitely cash only from now on.

reply to post by tncryptogal


The sad truth is this could be yet another form of austerity measure as slowly over the course of a few hard and harder years now many Americans have had to tighten their belts and budgets spend less and get by with less.

This could really cramp impulse spending and cause a lot of people to rethink larger retail purchases if it means going to the bank and pulling out cash or driving to a retailer versus ordering online.

This could have a huge impact on both online retailers and smaller mom and pop brick and mortar stores.

Originally posted by boondock-saint

Originally posted by ProtoplasmicTraveler
There has got to be a better way for business to be done, to where a super
class of kaniving crooks doesn't end up with most of the money.

there is !!!
everybody become their own bank.

basically, that's what I did

First Nat'l Bank of Beezzer.
Free toasters when you open an account!

I'm just waiting until we go back to gold/silver.
Or hell, when the doc sets a broken bone, pay him in chickens, some eggs or a side of beef.
Ahhhhhhhhhhh, the good ol' days. . . . .

reply to post by beezzer


You know there is something to be said for bartering or taking things out 'in trade'. I do that in my business sometimes and sometimes the things you can get in exchange for your goods or services are things you would be hard pressed to maybe find in the first place to buy with money.

It actually makes work (which I hate) a little more fun because while you are doing the job you are thinking wow I am going to get this___________ as opposed to just more money. Money comes and goes but a home baked hot apple pie? Not so easy to find.

If the banks did that, no doubt they would have an 'icecream fee' if you wanted a scoop of vanilla on top!

Originally posted by Fractured.Facade
Imagine being on a date with a new totally hot babe who you really want to impress with an expensive dinner at a fancy restaurant, you go all out, top dollar for EVERYTHING, wine, all of it... The tab comes to over $300, no problem, you've got it covered with your debit card... no need to carry cash or checks.

Sir, your card has been declined for this purchase.

What?

Or you can do things Charlie Sheen style, save 50-100 bucks, and get a professional.

Just saying.....

I stopped using my card for local purchases when the new database regulations went into effect. The only card purchases I make are online now - the same debit card is a credit card.

reply to post by ProtoplasmicTraveler


The federal government's budget deficit grew by $222.5 billion in February, the largest one-month increase in history.


MORE DETAILS:

www.clickondetroit.com...

It gets better and better doesn't it, timely article today..

Citi is back at it again also. They took a card I had from 6.9% to 29.9% for no reason. Score always over 800 and a perfect payment record for over 30 years. Total debt under $10,000 owed on a car, which is nothing. Then I moved a small balance from the Citi Card to a card with a low interest rate on a month I had to pay for some airline tickets and they within one day reduced my limit from $10,000 to $500 as a punishment.

I went on the Internet and started reading what complaints I could find and they are right now doing similar things to lots of people with perfect credit and high scores. In other words they are driving their best customers away. Why? It makes no sense, but there must be a reason.

Just before the laws changed I did not go through any of what others where experiencing and I get low interest rate offers almost weekly while others had their cards canceled. I just can't come up with an explanation that makes sense. I can walk onto any car lot and drive off with any vehicle I want without a dime down. I'm pre-approved for a Home Loan way larger than I would ever consider and Citi plays this game?

Anyway, that happened about six weeks ago and the card is cut up into little bits and canceled. I've already received a replacement from a Citi competitor with a limit of $25,000 at 8.9%. It's just weird Citi does not want my business?

Sorry for using your thread for a rant, but it seemed relevant.

www.youtube.com...

reply to post by Fitch303

Glad that dont have bank account or debit / credit cards .. Guess people there will have to go back to good old-fashioned cash as cant see debit cards being that useful to them with a u.s $50.00 limit to them...
Yep cash is still king boys and girls...

reply to post by 547000


Get Cash from bank
Go to grocery store
Stock up on Amazon Gift cards
Use gift cards
Receive hard to find books from Amazon

reply to post by thegoods724


And cedit cards do not profit also? Debit or credit, there is money being made. Just on the machine to scan them alone makes money. I have two friends as sales reps pushing those machines.
That is why most small businesses limit using any card to a purchase of $10 or more.

Here for me and the wife it would be no problem going with straight cash.....we do it now anyways.
Why use "Debit or Credit" when cash is interest/charge/personal information free?
We have a debit card which I think we used once and a credit card (Visa) Limit is about $11000.00 @ 19% ....shudder.
The credit card if we use it is payed off in full every month.

We have always used cash for most of our purchases, as for getting robbed well learn how to hide your stash and not advertise that you might have money.
I mean if your going out to spend say $1000.00 bucks on something then wear jeans and a ratty tee shirt.
The retailers don't care what you look like if you can flash that kind of cash.
To the OP, great thread and great read S&F
Regards, Iwinder

Originally posted by beezzer

Originally posted by boondock-saint

Originally posted by ProtoplasmicTraveler
There has got to be a better way for business to be done, to where a super
class of kaniving crooks doesn't end up with most of the money.

there is !!!
everybody become their own bank.

basically, that's what I did

First Nat'l Bank of Beezzer.
Free toasters when you open an account!

I'm just waiting until we go back to gold/silver.
Or hell, when the doc sets a broken bone, pay him in chickens, some eggs or a side of beef.
Ahhhhhhhhhhh, the good ol' days. . . . .

Lol .. Am a physician and dont charge my patients - let them pay what they can if they want or give items in trade.. Have recieved chickens, eggs, water buffalo and a monkey among other things over the years.. Gave the water buffalo back as they needed it more than I do.. Wouldnt practice medicine in the west am a doctor not a damn pill-pusher for the pharmacuetacal companies.. Also am too old and grumpy to deal with the idiocy that western docs do in regard to regs and paperwork..
Apologies proto not trying to sidetrack your thread.. Just a quick comment that there still some of us old docs around .. Just in places that were needed more.

Originally posted by Expat888
Glad that dont have bank account or debit / credit cards .. Guess people there will have to go back to good old-fashioned cash as cant see debit cards being that useful to them with a u.s $50.00 limit to them...
Yep cash is still king boys and girls...

Not really. Cards are not just a convenience if you have to fly often, rent cars and stay in Hotels as many of us do. They are a necessity.

Not to mention if you pay for air travel with cash you guarantee being singled out. You can't reserve a decent room at a decent rate and other problems, like you can not rent a car. Just with Hotels having a card saves me far more than the cost of having and using a card. You pay cash when you arrive and you may not get a room and have to go to a dump and you also get hit with the street rate. With a card I seldom pay more than half the published rate if that and stay in nice places. Last time I was in Miami I got a room for $80 a night, on the water, balcony with a spectacular view and all the amenities of a four star. You simply can't do that if your working with cash and don't guarantee payment with a card.

I like the cards as it gives me easy to use paper trails and makes things like my bookkeeping and tax preparation far easier. Cards are not inherently bad, they are in fact a wonderful tool. The problem is not with the idea of cards but the administration of them.

www.tdbank.com...
en.wikipedia.org...

I know that because this is a Canadian bank, with USA branches, a lot of people won't want to even consider them, but Canadian banks have never needed a bailout, and this one is supposed to be strong, even in USA. Customer service is their specialty.

For those that might consider them, check them out thoroughly by writing down all questions for them, so you don't miss anything, and grill them on how they work down there. Fees, cards, do their debit cards work everywhere, services, etc.

I don't know if they use Canadian rules and regulations in their workings down there, but it might be worth checking out, for those that still want or need to use banks. Especially if the US banks are turning on their people.

Up here, debit cards are encouraged, because otherwise, the banks would not get any business. I can't even imagine not being able to buy anything like gas or groceries without the debit card. If I was forced to use cash, why have a bank? There are cheque cashing stores all around. Groceries for a week are over $100, gas is $80 for a fill up. For the US banks to put a limit on that, is going to backfire on them.

Up here, withdrawal from a ATM is $1000 per day, depending on the bank, and purchase with a debit card is unlimited because as long as the funds are in the bank, the card will go through.