Consumers get the shaft again

"Visa (V, Fortune 500), MasterCard (MA, Fortune 500) and nine major banks agreed to a $7.25 billion deal to settle charges that they were fixing credit card processing fees. As part of the settlement, credit card issuers said they would reduce these "swipe fees" -- fees paid by merchants to issuers when cards are used -- but only for eight months.
In addition, the settlement also gave retailers the option to tack on a surcharge if a customer uses a credit card. The retailer can only charge enough to cover the processing costs, which is about 1.5% to 3% of the total purchase, according to watchdog group Consumer Action."

http://money.cnn.com/2013/01/27/pf/checkout-fee/index.html?hpt=hp_t3


So, I wonder how many retailers will follow through on this option?

I think the whole of the purchase should come out of the buyers pocket if they choose to use a debit or credit card.

*****SMILE*****

https://www.youtube.com/watch?v=JkhX5W7JoWI

Think they said on news this morning Florida is one of the states that do not allow this so we may not have much to worry about.

Great article, nochain. Thanks for sharing.

Woo hoo, I'm home free! (See below)

Quoted from the article:

This fee doesn't apply to purchases made using debit cards. And it will still be illegal to charge the new fee in 10 states, including New York, California and Texas.

At any rate, I highly suspect that this will hit small business owners the hardest. It seems to get tougher and tougher all the time to be a small business owner here in the states... Shouldn't be that way in my opinion.

This was a topic I brought up a few days ago, but believe the top end was 4%???

Still, I wonder about inet shopping and how those of us who live in States where it is illegal will fare when the "point of purchase" is in a state where it is allowed.

stormwatch89 wrote:This was a topic I brought up a few days ago, but believe the top end was 4%???

Still, I wonder about inet shopping and how those of us who live in States where it is illegal will fare when the "point of purchase" is in a state where it is allowed.

I don't know anything about that, but I sure would like to know the answer. I nearly 100% of the time pay with cash, and if not with my debit card. The only time I ever use a Credit Card is when I make an online purchase and it won't accept my Visa debit card, so have to use my AmEx or MC.

Enjoy it, Riceme....it's the only break you'll be getting in California.

Nekochan wrote:Enjoy it, Riceme....it's the only break you'll be getting in California.

I will, trust me! While it is relatively cheap to live where I do (to which I'm sure your friend can testify), California dings you at every opportunity they can dream-up. Funny though that my vehicle registration and insurance is actually cheaper here than in Florida OR Kansas, including the smog test, it's a push... I save between $5 - $10, but hey, still! :]

And I do hate it for you all... this sucks!

riceme wrote:Great article, nochain. Thanks for sharing.

Woo hoo, I'm home free! (See below)

Quoted from the article:

This fee doesn't apply to purchases made using debit cards. And it will still be illegal to charge the new fee in 10 states, including New York, California and Texas.

At any rate, I highly suspect that this will hit small business owners the hardest. It seems to get tougher and tougher all the time to be a small business owner here in the states... Shouldn't be that way in my opinion.

........................................................

LOL.

Good pun.

W_T_M wrote:

riceme wrote:Great article, nochain. Thanks for sharing.

Woo hoo, I'm home free! (See below)

Quoted from the article:

This fee doesn't apply to purchases made using debit cards. And it will still be illegal to charge the new fee in 10 states, including New York, California and Texas.

At any rate, I highly suspect that this will hit small business owners the hardest. It seems to get tougher and tougher all the time to be a small business owner here in the states... Shouldn't be that way in my opinion.

........................................................

LOL.

Good pun.

Danke, Shane.

riceme wrote:

Nekochan wrote:Enjoy it, Riceme....it's the only break you'll be getting in California.

I will, trust me! While it is relatively cheap to live where I do (to which I'm sure your friend can testify), California dings you at every opportunity they can dream-up. Funny though that my vehicle registration and insurance is actually cheaper here than in Florida OR Kansas, including the smog test, it's a push... I save between $5 - $10, but hey, still! :]

And I do hate it for you all... this sucks!

Yes, that is what my friends say...their house was not outrageously expensive. They say it's a good place to raise a family. We have some friends in San Diego....I do not know how they make ends meet out there. The wages in the San Diego area do not seem to match the cost of living there.

riceme wrote:

W_T_M wrote:

riceme wrote:Great article, nochain. Thanks for sharing.

Woo hoo, I'm home free! (See below)

Quoted from the article:

This fee doesn't apply to purchases made using debit cards. And it will still be illegal to charge the new fee in 10 states, including New York, California and Texas.

At any rate, I highly suspect that this will hit small business owners the hardest. It seems to get tougher and tougher all the time to be a small business owner here in the states... Shouldn't be that way in my opinion.

........................................................

LOL.

Good pun.

Danke, Shane.

......................................

Shane...?

Nekochan wrote:

riceme wrote:

Nekochan wrote:Enjoy it, Riceme....it's the only break you'll be getting in California.

I will, trust me! While it is relatively cheap to live where I do (to which I'm sure your friend can testify), California dings you at every opportunity they can dream-up. Funny though that my vehicle registration and insurance is actually cheaper here than in Florida OR Kansas, including the smog test, it's a push... I save between $5 - $10, but hey, still! :]

And I do hate it for you all... this sucks!

Yes, that is what my friends say...their house was not outrageously expensive. They say it's a good place to raise a family. We have some friends in San Diego....I do not know how they make ends meet out there. The wages in the San Diego area do not seem to match the cost of living there.

It is a wonderful place to raise a family, and if I were so lucky as to have one, this would be where I would do it, without question (providing, of course, I had that choice WRT employment, &c).

I agree with you wholeheartedly regarding San Diego. I have had several job offers there in the past and had to politely decline because although the offered salary was great, the rent and living expenses there are OUTRAGEOUS and I would not have been able to save a dime, let alone contribute much of anything to my 401k... unless of course I chose to live in a sh*thole in the ghetto, which is not happening.

As you know, my brother was based out of Camp Pendleton for years... he owned a lovely little restored home for years, then sold it when he got a (very amicable, to reference the wedding thread) divorce and bought a townhouse (not exactly his style). It was unthinkably expensive, on top of the fact that he was hardly ever there, doing the sort of work he did for the USMC. He sold it at a loss when he remarried and moved to The Middle of Nowhere, Mew Mexico after retiring (hopefully for the last time! Fourth time's a charm??).

W_T_M wrote:

riceme wrote:


Danke, Shane.

......................................

Shane...?

Gotcha! :]

riceme wrote:

W_T_M wrote:

riceme wrote:


Danke, Shane.

......................................

Shane...?

Gotcha! :]

.....................

I feel stoopid. I even have that Wild, Cool, and Swinging CD box set. That song is on my play list.

Got me like a hooked tuna. LOL

W_T_M wrote:
.....................

I feel stoopid. I even have that Wild, Cool, and Swinging CD box set. That song is on my play list.

Got me like a hooked tuna. LOL

I was REALLY surprised that you didn't get that. Yo off yo game, yo.

riceme wrote:

W_T_M wrote:
.....................

I feel stoopid. I even have that Wild, Cool, and Swinging CD box set. That song is on my play list.

Got me like a hooked tuna. LOL

I was REALLY surprised that you didn't get that. Yo off yo game, yo.

.............................................................................

Multi-tasking is hard on a pimp.

Now I can't stop hearing it in my head. LOL

Our local Birmingham ran a story on the surcharge. They said merchants can opt to absorb the charge and not pass it along to the customer. They also said it didn't apply to debit cards... only credit cards... and that merchants are required to post conspicuous signs if they pass the charge on to the customer. They also said the cash register receipt had to itemize the charge and label it as a surcharge.

ZVUGKTUBM wrote:Ya'll need to understand that the banksters will never give up any of their profits....

Every business has a bottom line.

Why someone thinks they can "legislate away" a fee, and not have it turn up somewhere else is a fool.

Decades ago, President Richard Nixon imposed a price freeze. So stupid. Say picture frame #72 cost $1.00 and sold for $2.19. The manufacturers cost would increase so they discontinued picture frame #72. Then they introduced pictrure frame #73 with a virtually indistinguishable difference with a cost of $1.09 and the retail price jumped to $2.39.

The more government tries to fix things that are not broken, the worse things get. The law of unintended consequences.