People enjoy paying to pay

[CPA]

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.

You are exactly right. The other issue is that most people think banks should have no revenue. Can't blame BoA when the Feds take away other avenues for making money.

Back in the 80s it was unheard of to have a free checking account. Now, all banks have them. Well, don't be surprised if they start going away, as well, and the shit will hit the fan when they do.

 

[CPA]

It's not just the bank that charges, but the store, or if using an ATM, the ATM company.

For example when I take out money from the ATM where I work, two extra $1.75 charges show up. I'm guessing one is the bank and the other is the ATM company. It sucks, but it's life. It's like paying taxes, nobody likes it, but you have to. That's why if I have multiple purchases to do, I just take out a wad of cash so I only get charged the service fees once. Or I'll buy at a place that does cashback, and do that.

When I go to walmart, I often get cashback if I want to go to mcdonald's after for example.

Personally, I think these silly service fees need to be outlawed. A card should simply be a convenient way to pay without using cash. It should not cost more.

Of course, just outlaw them. Now, tell me where the bank is going to get it's revenue from to make up the difference?

Service is not free, there are costs associated with it and if you don't want the service then DON'T use the card. Carry cash. It wasn't long ago that that was the preferred method of payment.

 

[Nebbers]

... no, he is not exactly right.

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.

This does not compute.

Your total is not calculated based on the method of payment you use. WTF are you people smoking?

The store pays that charge, not you.

If anything, the guy paying in cash is the only one that's getting screwed here as his prices go up slightly to compensate for the fees the stores have to pay for everyone's card use.

 

[CPA]

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

a $1 soda costs that convenience store about 35 cents, so they're not losing much. I used to handle vending at a company I worked for. Mark up on soda is incredible, but the consumer is willing to pay it.

 

[CPA]

... no, he is not exactly right.



This does not compute.

Your total is not calculated based on the method of payment you use. WTF are you people smoking?

The store pays that charge, not you.

If anything, the guy paying in cash is the only one that's getting screwed here as his prices go up slightly to compensate for the fees the stores have to pay for everyone's card use.

The cost of the food is more than just the cost of the product plus labor, you have overhead costs which include banking fees. It's built in regardless if you pay cash or card.

 

[Nebbers]

a $1 soda costs that convenience store about 35 cents, so they're not losing much. I used to handle vending at a company I worked for. Mark up on soda is incredible, but the consumer is willing to pay it.

Is it really that cheap? I know fountain soda is serious profit, but always assumed bottled/canned stuff wasn't quite the same.

 

[Nebbers]

The cost of the food is more than just the cost of the product plus labor, you have overhead costs which include banking fees. It's built in regardless if you pay cash or card.

Yes, I understand this. Very basic business.

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.

This, however, doesn't make any fucking sense.

May as well say IMAGINE FOR A SECOND, YOU BUY STUFFS AND THEY CHARGE YOU $8.50 BUT THEN ADD 50 CENTS BECAUSE ITS HOT OUT THAT DAY AND ITS AN AIR CONDITIONING SURCHARGE BECAUSE YOU'RE BREATHING TOO MUCH HOT AIR COMPARED TO TEH REST

 

[Born2bwire]

You are exactly right. The other issue is that most people think banks should have no revenue. Can't blame BoA when the Feds take away other avenues for making money.

Back in the 80s it was unheard of to have a free checking account. Now, all banks have them. Well, don't be surprised if they start going away, as well, and the shit will hit the fan when they do.

True, but I would imagine though that the banks' operating costs to have decreased over time. The decrease in computer costs and the reduced costs associated with the increase in electronic methods would lead me to believe that a large portion of the banks overhead from the 80's and before can be eliminated today. I think it would be better for banks to try and push for more economical means of transactions. For example, trying to get more transactions done electronically than via check. Heck, a lot of banks that offer "online billing payments" are doing nothing more than printing out a paper check and mailing that in. My bank does that for me despite the fact that I can do actual electronic transfers for my bills via the biller's websites.

 

[ElFenix]

Yes, I understand this. Very basic business.



This, however, doesn't make any fucking sense.

May as well say IMAGINE FOR A SECOND, YOU BUY STUFFS AND THEY CHARGE YOU $8.50 BUT THEN ADD 50 CENTS BECAUSE ITS HOT OUT THAT DAY AND ITS AN AIR CONDITIONING SURCHARGE BECAUSE YOU'RE BREATHING TOO MUCH HOT AIR COMPARED TO TEH REST

welcome to overhead.

 

[Nebbers]

welcome to overhead.

Are you guys just fucking with me at this point?

Nobody, myself included, is having any problem understanding overhead. I'm familiar with how business works.

But the idea that you, SPECIFICALLY, are charged more for using electronic payment on that particular purchase is illogical and just not true.

 

[wirednuts]

im with a credit union, and the reason i chose these guys was because when i came to this town and used their atm's, they only charged me $1. my bank doesnt charge for atm use, so i could honestly use any of their atm's up here for $1 and i wasnt even affiliated with them. thats pretty much the only reason i chose these guys, and it turns out they make good decisions on a lot of things they do.

 

[Theb]

My credit union doesn't charge me any fees for debit usage or electronic payments.

I use the money I save to buy cases of vinegar which I then sell on the black market to people who are unable to fill out the proper forms.

I'm rolling in cash and vinegar. (Don't worry, I take a lot of showers.)

 

[ElFenix]

Are you guys just fucking with me at this point?

Nobody, myself included, is having any problem understanding overhead. I'm familiar with how business works.

But the idea that you, SPECIFICALLY, are charged more for using electronic payment on that particular purchase is illogical and just not true.

some places have cash discounts. local liquor store chain is famous for it.

 

[FDF12389]

???

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

Sure it was. Seek mental help man.

 

[Nebbers]

All right, that's true. That's not particularly common, though, at least around here. Don't think I've ever actually seen that, to be honest.

 

[GotIssues]

Are you guys just fucking with me at this point?

Nobody, myself included, is having any problem understanding overhead. I'm familiar with how business works.

But the idea that you, SPECIFICALLY, are charged more for using electronic payment on that particular purchase is illogical and just not true.

They are taking what you say word for word, using their interpretation, without any consideration for what you were trying to say in your post... much like you are trying to do to that other poster. Stop raging over it, because you are doing the same fucking thing to someone else in the same fucking thread.

While he states they are charing you $.20 to use the credit card, what he is trying to say (poorly) is that the costs of the credit card fees are built into the price of the food. His math is also wrong on the costs, did you want to rant about that, too?

 

[Born2bwire]

some places have cash discounts. local liquor store chain is famous for it.

Yeah, I'm seeing this a lot more with small merchants, particularly with electronics. When I bought my laptop I got a "3% discount" for using cash.

 

[Nebbers]

They are taking what you say word for word, using their interpretation, without any consideration for what you were trying to say in your post... much like you are trying to do to that other poster. Stop raging over it, because you are doing the same fucking thing to someone else in the same fucking thread.

While he states they are charing you $.20 to use the credit card, what he is trying to say (poorly) is that the costs of the credit card fees are built into the price of the food. His math is also wrong on the costs, did you want to rant about that, too?

No, they are not taking what I've said word for word because it's very clear if you actually read what I posted. I'm sorry that you think I'm "trying to do" something like misinterpret what he said. I'm not interpreting anything, I'm reading the sentences that he wrote and responding to them.

We're not translating glyphs here, buddy. Words have literal meaning and everything I said was very straightforward.

Sorry for placing value on the language we speak.

 

[KlokWyze]

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

Your title is actually completely true. People like paying more because it makes them feel more satisfied. Choice is important too.

Gladwell on Spaghetti Sauce [TED]

Now it's especially true with people with expendable income. I wouldn't say it's true for college students, struggling families, etc.

 

[CPA]

Yes, I understand this. Very basic business.



This, however, doesn't make any fucking sense.

May as well say IMAGINE FOR A SECOND, YOU BUY STUFFS AND THEY CHARGE YOU $8.50 BUT THEN ADD 50 CENTS BECAUSE ITS HOT OUT THAT DAY AND ITS AN AIR CONDITIONING SURCHARGE BECAUSE YOU'RE BREATHING TOO MUCH HOT AIR COMPARED TO TEH REST

I think he worded it poorly, but the premise is the same.

 

[CPA]

Yeah, I'm seeing this a lot more with small merchants, particularly with electronics. When I bought my laptop I got a "3% discount" for using cash.

They've been doing that for 20 years. When Computer Shopper magazine was the place to buy all of your computer stuffs, almost every company advertising included "3% discount if you pay be check/money order" line.

 

[GotIssues]

No, they are not taking what I've said word for word because it's very clear if you actually read what I posted. I'm sorry that you think I'm "trying to do" something like misinterpret what he said. I'm not interpreting anything, I'm reading the sentences that he wrote and responding to them.

Several people did the same thing to you that you did to someone else. You rage and blame it on everyone else but you. I'm shocked by this development, because kids like you are generally quick to realize that you made a mistake and own up to it
[/sarcasm]

Quit being a fucking asshole, already. It's obvious that he's not good at explaining things, but if you spent half a second to try to understand what he said, you'd know what he was trying to say, or at very least, realize it's not something to be a complete fucking douchebag over.

We're not translating glyphs here, buddy. Words have literal meaning and everything I said was very straightforward.

Sorry for placing value on the language we speak.

No, we aren't translating glyphs. However, we are dealing with people who express ideas in different ways.

The only thing he said was that when you use your CC, you pay for it in higher prices, and didn't specifically state that it was built into the food prices regardless of the form of payment, and you being a giant bag of disease ridden dicks over it.

You don't have value on the language we speak, you place value on raging over insignificant shit on the internet so you feel better about yourself. Seriously, with a slight clarification, people know what he was trying to say, but you keep running your mouth like this is world-changing issue. You are not adding anything to the conversation, so shut the fuck up already.

 

[Nebbers]

I think he worded it poorly, but the premise is the same.

Poor wording, whatever it was -- I was responding to what his post said, which was that people who use electronic payment methods are _specifically_ charged extra by the merchant for doing so. Which is not true.

If that's not what he meant to say, then this entire argument is not necessary.

 

[GotIssues]

They've been doing that for 20 years. When Computer Shopper magazine was the place to buy all of your computer stuffs, almost every company advertising included "3% discount if you pay be check/money order" line.

I've run into cash discounts MAYBE 3 times in my life. Maybe it's a small town thing (haven't lived in a small town prior to putting my all my purchases on CCs), because here I really haven't run across it outside of tuition payments adding 2% or so if you use a CC.

 

[Nebbers]

Several people did the same thing to you that you did to someone else. You rage and blame it on everyone else but you. I'm shocked by this development, because kids like you are generally quick to realize that you made a mistake and own up to it
[/sarcasm]

Quit being a fucking asshole, already. It's obvious that he's not good at explaining things, but if you spent half a second to try to understand what he said, you'd know what he was trying to say, or at very least, realize it's not something to be a complete fucking douchebag over.



No, we aren't translating glyphs. However, we are dealing with people who express ideas in different ways.

The only thing he said was that when you use your CC, you pay for it in higher prices, and didn't specifically state that it was built into the food prices regardless of the form of payment, and you being a giant bag of disease ridden dicks over it.

You don't have value on the language we speak, you place value on raging over insignificant shit on the internet so you feel better about yourself. Seriously, with a slight clarification, people know what he was trying to say, but you keep running your mouth like this is world-changing issue. You are not adding anything to the conversation, so shut the fuck up already.

So you're throwing out 'fuck' every other sentence, calling someone you don't know names, and getting pissed at me because I didn't magically know what he meant to say.

Who's the asshole?

Seriously, go read the posts again. The way people responded to me is not the same thing at all that I did to him, because I didn't say something that is different than what I meant.

I was never once insulting toward anyone for simply not being clear about what they meant, because I wasn't aware of what he meant until these recent posts where others explained what they thought he meant.

So, uh, fuck off.

BTW, nobody is raging but you. Settle down.