Comments on: Durbin Interchange Amendment: Precursor to $132 Annual Fees? http://www.nerdwallet.com/blog/2010/durbin-interchangeamendment-precursor-to-132-annual-fees/ Reviews and More Sun, 05 Feb 2012 22:16:59 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Wake Up http://www.nerdwallet.com/blog/2010/durbin-interchangeamendment-precursor-to-132-annual-fees/comment-page-1/#comment-2440 Wake Up Mon, 21 Jun 2010 23:18:59 +0000 http://www.nerdwallet.com/blog/?p=1581#comment-2440 I am not going to answer any responses to my post as I am leaving the site after this, but here it is in a nutshell. You can complain about it , discuss it, get mad about it , or do nothing and in the end whatever happens happens anyway. If everyone really feels so strongly about this topic or something else then do something about it. I will say this...maybe you won't see it, but maybe your kids will. If things keep going the way they are, there will be no reason to go to work as all of your money will be going to taxes or businesses. I think a lot of the homeless, beggars, prison inmates, and welfare recipients are all well aware of this already and that's why they do what they do. So next time you see one, think about what the future holds for all of us if something isn't done to stop it. There always seems to be money available when it is needed or when there is a stimulus payout or we are bailing out wall street banks. Does this mean that certain entities will not even slightly be affected if we were all bankrupted...probably so due to an abundance of surplus cash. Control all the cash...control all the people. I am not going to answer any responses to my post as I am leaving the site after this, but here it is in a nutshell. You can complain about it , discuss it, get mad about it , or do nothing and in the end whatever happens happens anyway. If everyone really feels so strongly about this topic or something else then do something about it. I will say this…maybe you won't see it, but maybe your kids will. If things keep going the way they are, there will be no reason to go to work as all of your money will be going to taxes or businesses. I think a lot of the homeless, beggars, prison inmates, and welfare recipients are all well aware of this already and that's why they do what they do. So next time you see one, think about what the future holds for all of us if something isn't done to stop it. There always seems to be money available when it is needed or when there is a stimulus payout or we are bailing out wall street banks. Does this mean that certain entities will not even slightly be affected if we were all bankrupted…probably so due to an abundance of surplus cash. Control all the cash…control all the people.

]]> By: anonymous http://www.nerdwallet.com/blog/2010/durbin-interchangeamendment-precursor-to-132-annual-fees/comment-page-1/#comment-2333 anonymous Fri, 18 Jun 2010 19:58:25 +0000 http://www.nerdwallet.com/blog/?p=1581#comment-2333 It seems that everything's gone wrong since Canada came along.... It seems that everything's gone wrong since Canada came along….

]]> By: Charlie http://www.nerdwallet.com/blog/2010/durbin-interchangeamendment-precursor-to-132-annual-fees/comment-page-1/#comment-2294 Charlie Thu, 17 Jun 2010 23:14:31 +0000 http://www.nerdwallet.com/blog/?p=1581#comment-2294 I think one huge point that many people are failing to see is that the small businesses benefit a lot from people carrying cards. People always have cash available for purchases so the business can always make sales. I for one am tired of the goverenment trying to babysit all of us. It is the consumers choice to have credit cards. It is the businesses choice to accept the credit cards. The businesses win by getting more customers and the customers win by having a safe and easy way to pay. If we take away the fees we will lose the free checking and other benefits we get from them. So the consumer will pay like .05 cents a check. The governement is trying to control everything and people are following just like brainless Zombies. This guy is just another idiot who wants his name on a bill. I think one huge point that many people are failing to see is that the small businesses benefit a lot from people carrying cards. People always have cash available for purchases so the business can always make sales. I for one am tired of the goverenment trying to babysit all of us. It is the consumers choice to have credit cards. It is the businesses choice to accept the credit cards. The businesses win by getting more customers and the customers win by having a safe and easy way to pay. If we take away the fees we will lose the free checking and other benefits we get from them. So the consumer will pay like .05 cents a check. The governement is trying to control everything and people are following just like brainless Zombies. This guy is just another idiot who wants his name on a bill.

]]> By: Truth In Facts http://www.nerdwallet.com/blog/2010/durbin-interchangeamendment-precursor-to-132-annual-fees/comment-page-1/#comment-1973 Truth In Facts Thu, 10 Jun 2010 13:29:16 +0000 http://www.nerdwallet.com/blog/?p=1581#comment-1973 And just incase any "small business owners" think about complaining to me... I have no pity for you: I am a small business owner, I have a merchant account. I pay aprox 1-2% depending on how many AMEX I take in a month. But how many people want to walk around with $1000 in cash just to pay for a service and who is going pay for a money order to send me in the mail? So I pay my $20 dollars a transaction and I don’t have to deal with bounced checks. Now your telling me that you want my clients that cant get credit cards to cancel their debit card service so they don’t have to pay the fees attached to have a check cards, and than pay me by check (and no they wont want to get a cert check because the banks will all be charging for those if this passes) so that I can pay a collection agency to collect on all the bounced checks that will be given to me. Personally I'm not in favor of trading one evil for another, especially when I'm trading it for a evil that the government will have a hand in. And just incase any "small business owners" think about complaining to me… I have no pity for you:
I am a small business owner, I have a merchant account. I pay aprox 1-2% depending on how many AMEX I take in a month. But how many people want to walk around with $1000 in cash just to pay for a service and who is going pay for a money order to send me in the mail? So I pay my $20 dollars a transaction and I don’t have to deal with bounced checks. Now your telling me that you want my clients that cant get credit cards to cancel their debit card service so they don’t have to pay the fees attached to have a check cards, and than pay me by check (and no they wont want to get a cert check because the banks will all be charging for those if this passes) so that I can pay a collection agency to collect on all the bounced checks that will be given to me.

Personally I'm not in favor of trading one evil for another, especially when I'm trading it for a evil that the government will have a hand in.

]]> By: Truth In Facts http://www.nerdwallet.com/blog/2010/durbin-interchangeamendment-precursor-to-132-annual-fees/comment-page-1/#comment-1972 Truth In Facts Thu, 10 Jun 2010 13:28:53 +0000 http://www.nerdwallet.com/blog/?p=1581#comment-1972 1: None is required to accept credit cards. 2: I like getting 2-5% cash back on purchases 3: If you are a small business owner and your business plan does not take into consideration the interchange fees that have been in place almost since credit cards became mainstream... Than maybe you shouldn't be a small business owner (or at least one that requires accepting Credit Cards), because chances are if your plan can't coupe with that you are going to just end up failing in another area anyways 4: Even if they did cap the fees, like Nerd Wallet said do you really think that anyone is going to lower their prices? You won’t see prices lower, but you will see credit card fees; and on top of that banks will have to start charging annually/monthly fees on checking accounts. 5: Where are they getting these numbers that banks are gouging fees... the fees don’t just pay for processing and admin fees, they pay for the rewards, 0% apr, concierge, and protection you get from your credit card. 1: None is required to accept credit cards.
2: I like getting 2-5% cash back on purchases
3: If you are a small business owner and your business plan does not take into consideration the interchange fees that have been in place almost since credit cards became mainstream… Than maybe you shouldn't be a small business owner (or at least one that requires accepting Credit Cards), because chances are if your plan can't coupe with that you are going to just end up failing in another area anyways
4: Even if they did cap the fees, like Nerd Wallet said do you really think that anyone is going to lower their prices? You won’t see prices lower, but you will see credit card fees; and on top of that banks will have to start charging annually/monthly fees on checking accounts.
5: Where are they getting these numbers that banks are gouging fees… the fees don’t just pay for processing and admin fees, they pay for the rewards, 0% apr, concierge, and protection you get from your credit card.

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