People enjoy paying to pay

[BrokenVisage]

Dude, did you get your house back?

I saw who the OP was and knew someone just hadddd to bring it up.

 

[zinfamous]

OP is back on.


Dave, did you find your house?

 

[Soundmanred]

Why are people talking about Ass To Mouth?
You never go ass to mouth.

 

[foghorn67]

I'll have what he's having.

 

[paperfist]

Why is it when BoA charges 5$ for debit use, the people go nuts? Do People understand that each store or merchant has a hidden fee to cover your debit use? Go to Quiktrip, Blockbuster, Walgreen's, Wal-Mart, Lowes, McDonalds etc... All combined, charge you more than 5$ in a hidden fee. The average merchant fee is charged 2% by Visa, Mastercard, Discover.... American Express can charge up to 3-4%. The same goes with Debit but a little less around 1-2% average.

Imagine this for a second: You buy 10$ of food at your local McDonald's. McDonald's actually charged you 9.80$ but added 19.6cents for using your Visa Card. That is 20 cents for ONE transaction. If you eat at Mcdonald's once a week, spend an average of 10$, that is an extra 1.00$ they just charged you for the convenience of a credit card.

If someone can help me understand, I would appreciate it. If a bank makes you angry, what do you do? Sit and complain or actually move your money? I'm not defending the banks actions, just tired of people complaining and not really understanding the process.

Ah they are charging you $5 to use your own money which is what a debit card is. Mean while they are using your money to make more money.

 

[mcurphy]

Dude, did you get your house back?

Shouldn't your mind be a bit more distracted on things like your missing house?

I too, am curious...

 

[dmcowen674]

OP is back on.

Dave, did you find your house?

???

I didn't lose the house, it was emptied out by drugged up thieves.

 

[jlee]

I <3 my credit union.

https://www.servicecu.org/civilian/content/NoATMfees.asp?

 

[Ms. DICKINSON]

We here don't fuck with sissy debit cards. Everyone carries black AMEX.

 

[GoodRevrnd]

I've got it! His bank has instituted a $1 HEAT SERVICE FEE. Makes perfect sense.

Keeping the vinegar warm costs money yo.

 

[Doppel]

I bet every ATOTer enjoys paying to pay and that is why this is getting higher and higher as well as banks charging to use cards etc.


Effective October 1, 2011, the convenience fee for electronic payment will be changing from $2.90 to $3.50.

ADMIN FEE $3.50

This is on top of other bullshit fee:

HEAT SERVICE FEE $1.00

Could you fail at life anymore than this? Who pays any kind of a convenience fee for electronic payments? Any payment I've ever made, from mortgage to power to cable to car are all free.

Or is it the online pharmacy you use for discount psychotics meds the problem here. The meds aren't working, btw, I'd stop bothering.

 

[biostud]

Heat service fee -> Paid to bank employees taking heat from angry customers.

 

[Timorous]

Banks charge fees to use your own money? Not in the UK unless you have a business account. Some atm's charge but only ones run by private companies, ones owned by banks are free. Some companies have either a minimum spend or charge a handling fee to cover the visa/mastercard costs but that is only smaller places.

If my bank charged me to use my card and charged me for using an atm I would move banks. I do pay for my bank account but I get travel insurance, breakdown cover and mobile phone insurance as well as othee benefits so it is worth it. Just has my galaxy s2 repaired through the insurance so it works well.

The banks did try and start charging for atm withdrawals from atms owned by other banks but they stopped after customer backlash.

 

[IndyColtsFan]

???

I didn't lose the house, it was emptied out by drugged up thieves.

SURE it was. Just like you paid $5/gal gas and had to sign a release form for vinegar? Did you ride in Santa's sleigh last year too?

 

[IndyColtsFan]

Why is it when BoA charges 5$ for debit use, the people go nuts? Do People understand that each store or merchant has a hidden fee to cover your debit use? Go to Quiktrip, Blockbuster, Walgreen's, Wal-Mart, Lowes, McDonalds etc... All combined, charge you more than 5$ in a hidden fee. The average merchant fee is charged 2&#37; by Visa, Mastercard, Discover.... American Express can charge up to 3-4%. The same goes with Debit but a little less around 1-2% average.

Imagine this for a second: You buy 10$ of food at your local McDonald's. McDonald's actually charged you 9.80$ but added 19.6cents for using your Visa Card. That is 20 cents for ONE transaction. If you eat at Mcdonald's once a week, spend an average of 10$, that is an extra 1.00$ they just charged you for the convenience of a credit card.

If someone can help me understand, I would appreciate it. If a bank makes you angry, what do you do? Sit and complain or actually move your money? I'm not defending the banks actions, just tired of people complaining and not really understanding the process.

Sorry, but is this post serious? You really don't see the difference?

 

[GotIssues]

Sorry, but is this post serious? You really don't see the difference?

He's serious, but didn't really explain things well at all.

The fees cropping up now are a result of legislation that limits certain fees (capped the CC rates, among other things) that the banks have been collecting. The problem is, now they have lower revenues, and are trying to bridge that gap through other revenue sources - aka other fees. Some banks seem to think they can get by without adding them (probably more sound than the banks charging them, thus can take the revenue hit in order to hopefully attract more customers). Right now, a lot of those fees are falling on merchants, who, in turn, pass it off to customers in the form of higher prices. Customers will end up paying for it in one form or another, he's merely saying that, in theory, the merchants should be able to lower prices, which should amount to the $5/mo fee you are getting charged, thus being an economically neutral change.

The economic system as a whole is larger and much more complicated than the armchair economists of ATOT can grasp. ATOT economists generally have no f'ing clue what they are talking about, but seem to think they know everything.

In any case, $5/mo fee is going to make a lot of people bitch and moan, but most of them won't do anything about it, because they are lazy and really only want to complain about problems, not actually solve them.

 

[IndyColtsFan]

He's serious, but didn't really explain things well at all.

The fees cropping up now are a result of legislation that limits certain fees (capped the CC rates, among other things) that the banks have been collecting. The problem is, now they have lower revenues, and are trying to bridge that gap through other revenue sources - aka other fees. Some banks seem to think they can get by without adding them (probably more sound than the banks charging them, thus can take the revenue hit in order to hopefully attract more customers). Right now, a lot of those fees are falling on merchants, who, in turn, pass it off to customers in the form of higher prices. Customers will end up paying for it in one form or another, he's merely saying that, in theory, the merchants should be able to lower prices, which should amount to the $5/mo fee you are getting charged, thus being an economically neutral change.

The economic system as a whole is larger and much more complicated than the armchair economists of ATOT can grasp. ATOT economists generally have no f'ing clue what they are talking about, but seem to think they know everything.

In any case, $5/mo fee is going to make a lot of people bitch and moan, but most of them won't do anything about it, because they are lazy and really only want to complain about problems, not actually solve them.

Thanks -- I figured he was leaving some detail out.

 

[ShawnD1]

I'll have what he's having.

muhahahah PCP claims another victim

 

[shiner]

Wow, add that $5/gallon gas on top of everything and your life must suck.

Mine doesn't. Move. At least to a different bank.

Don't forget the $7 milk

 

[GotIssues]

Thanks -- I figured he was leaving some detail out.

Yeah, he went the rant route rather than the explaining route.

Even my explanation probably isn't complete, just more complete than 99&#37; of ATOTers can give. I'm sure there is a real economist on OT that knows more about the topic and would be able to give a much longer, more in-depth and accurate explanation.

 

[DrPizza]

Part of the problem with these fees is that when people commit fraudulent transactions, rather than take the time to go after them (i.e. stolen credit card, and a couple hundred in purchases shipped to some address), credit card companies and banks go "meh, not worth our time to investigate" and just pass on those costs to the other consumers.

 

[Nebbers]

What the fuck are you talking about? Your 'imagine this' doesn't even have a direction. That isn't what happens at all --> the price you pay is the price before you choose what type of payment you will use. Everyone knows that there is a small retailer fee to use a debit card or a credit card. Are you suggesting to have sympathy for the retailer?

Furthermore, it is a companies choice to accept card payments (many places won't accept AMEX or Discover for that reason); they willingly choose to engage in that contract knowing that some customers (like me) will only really use credit. If I am going to choose where to spend my money, I'm going to prefer to go to the retailer that accepts credit. So from their perspective, the X% they pay as part of the transaction is worth it, because it gains them sales they may otherwise not have had since they are limiting the forms of payment they will accept.

This...

WTF was he talking about?

 

[Nebbers]

More gas stations should really have a minimum purchase amount for credit/debit transactions so assholes like me stop buying $1 soda with a card and making them basically lose money on the sale. lol

 

[Nebbers]

To the OP, your bank blows. My bank (Wells Fargo) sucks, but even they don't charge me any fees for any transactions other than using an ATM that isn't theirs.

They rape me for that, I have to pay that ATM's fee and an additional "Fuck you for cheating on us" fee to Wells Fargo. So a $20 costs like $26 to get from a non-WF ATM.

Thankfully I have finally mastered the incredibly difficult task of withdrawing some cash from my account so this doesn't occur.

 

[zinfamous]

???

I didn't lose the house, it was emptied out by drugged up thieves.

How do you know they were drugged up? Was it the neighbors who politely let them go about their business (stealing your house) that told you they were drugged up?

Is it because they stole all your drugs and you invariably assume that they used them while stealing your house?