[kwlug-disc] Cash becoming illegal?
youcanreachmehere at hotmail.com
Fri Nov 5 15:37:08 EDT 2010
I have run into a few vendors recently, who also put an extra $0.25 on debit transactions at the counter. The register comes up with one price, and they tack on $0.25 prior to punching the value into the debit machine. I objected to this, and the proprietor told me sorry, but that is the policy of the store... Is this legal? it seemed strange to me, and I won't shop at these stores anymore.
> From: jon at plexnet.com
> To: kwlug-disc at kwlug.org
> Date: Fri, 5 Nov 2010 15:22:18 -0400
> Subject: Re: [kwlug-disc] Cash becoming illegal?
> On Fri, 2010-11-05 at 15:05 -0400, John Van Ostrand wrote:
> > ----- Original Message -----
> > > But before we get some garments in a bunch. How many purchases would
> > > you pass on if you didn't have the convenience of the credit card?
> > >
> > > I don't like carrying cash so there would be several purchases I
> > > wouldn't make if I had to use cash.
> > >
> > > Actually, that is one of the premises in the "'til debt do us part" TV
> > > program. The host forces couples to make all the purchases in cash so
> > > they see what they are spending on and the spending becomes more real.
> > >
> > > That's a good thing except when you are already stingy like me. Many
> > > vendors wouldn't get my business if I didn't have a CC.
> > I admit liking the convenience of electronic payments and there was a time the credit part was significant. I don't have a problem carrying lots of money. Not to brag, but I found myself carrying $1,300 in my wallet for weeks. It was a cash payment for some used equipment sold personally. Aside from the extra lump it made, I wasn't concerned at all. Eventually it went to scuba gear and I liked that it was "off the books."
> > Unlike Paul, I'm fine with debit. The vendor pays a 40c per transaction fee regardless of the size of transaction. Although the fairness of the amount is in question, the flat rate is suitable for something like that.
> > Does anyone know if if Visa/MC has a flat rate on top of the percentage? What is the rate?
> Visa and MasterCard have transaction fees along with a discount rate.
> Visa has a variable discount rate in their Debit Card Product.
> Depending on Merchant Category Code and Bank sponsor, there may also be
> monthly statement fees. This is usually negotiable. American Express
> only charges a discount rate - although this rate tends to be higher
> that Visa and M/C.
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