Debit card fees

At least among my friends the fees were really unpopular. One more reason to take your money to smaller banks.

Yep. CU for me for the past 30 years.

I like smaller banks and credit unions too. Used to have them, until Wells Fargo gobbled mine up.
So far I have avoided all fees, and will continue to do so. It would be nice to get some interest someday though, but that is mostly the FEDs doing.

So, I hereby invent Yoyotrade. By using Yoyotrade you can buy things with Yoyobucks, they are always worth $1.03 by the way.

What I do is every time someone uses a Yoyobuck, which they bought from me for $1.02, I charge the merchant $1.04 to trade it back for a "real" $1.00 (minus some minor processing fees and taxes, don't worry about that;).

People love this stuff, they are getting a 1% instant return on investment by using Yoyotrade (plus we have rewards programs and free giveaways).

Merchants hate it, but screw them, the people are loving Yoyobucks and seem to look confused when you say you don't accept them (Yoyotrade is the biggest up and coming search engine you know). They loose 3+4=7% or so on the purchases, but it is better than not selling at all (you know most shops do take Yoyobucks and they are real easy to use on the net).

Here in the deep south, where we completely revamped a quaint farm town to our corporate headquarters compound (and data storage facility), we are looking at a 1% plus 4%, netting 5%, return on just processing the data of the transactions. We did this using only a few people and lots of machines. The cool thing is this happened in almost an instant, this is not an annual return, we can do this transaction with the same fake money 100,000's of times a year or more, netting a return that is pretty damn large.

Now which is more right as I get my 5%, the merchants or the shoppers paying more? Ahh, who cares, as long as they keep thinking they need to use Yoyobucks, that is all that matters. Shoppers think they are saving, which they "are" as they don't even notice that all prices slide up to cover the costs. The cool thing about that is that all our returns are on a % basis, higher $ mean higher %s, which means still higher $ and %s, oh my there is no limit to how much $ and % we will make...and I even bet we can get the government to debate this stuff like it matters. And while they are focusing on that.....% and $.

....then we can sell shares of our $'s and %'s to people that cannot even begin to understand our simple* business model and with just @ few more symbols from ^ the # keys on the keyboard, we can harvest even more money (from them) & they will never figure out where we are from or that they are really the ones that decide what they buy and what they.....neeeed"!

[url=http://www.yoyotrade.com" onclick="window.open(this.href);return false;]http://www.yoyotrade.com[/url]

I need a yoyo - english translator..

What about cash discounts? Any of you merchants out there, why can't we get a 2% discount. Say I buy a big screen TV or Couch, why not offer a cash discount for those that want it and avoid the fees.

Initially misunderstood as merchants cannot by law and contract charge more for CC, but can in many cases charge less for cash. Just the fear of the lawsuit is enough to discourage programs.

Translation, I just described our system with some different numbers and the word yoyo dubbed in...the system we wholly ask for every day.

Don't forget....any business owner would gladly make that deal, well most would. But since you asked for mega discounts and stopped shopping at local small businesses you not only demanded protests on wall street, but also you asked that you are not served by business owners anymore, you are sold your TV by 20 somethings and couches by 30 somethings, working in a system, with no authority to deal the way a traditional invested party would.

Translation, you asked for mega companies and you got them.

Well who says that the government needs to be involved in every damn aspect of our lives?

The liberals do- in fact through regulation- they caused the banks to institute these fees. This was the banks reaction to government intrusion.

But the free market has the last word.

If your customers are not happy- you will not have a business, the goverment can create a cause and effect- but it's the consumer who has the real power. All the government can do is screw things up.

Yes the banks had plans to raise debit card fees- but the customers had the last word on the matter......

Bank of America drops $5 debit card fee plan
http://finance.yahoo.com/news/Bank-of-America-drops-5-debit-rb-2224200831.html?x=0&sec=topStories&pos=3&asset=&ccode=

You are paying the fees hidden in higher prices or by a monthly fee. For some people who spend a lot, the $5 might have been a bargain.

Irony about cash discounts? I recently bought a new car with cash. Since I didn't finance with them, they wouldn't deal on price. so effectively I was paying a premium to use money.

Before Bank of America changed its mind, there was a move afoot to encourage people to move their funds to credit unions on Nov. 5th... using the "Remember, remember, the fifth of November" slogan.

Now if the conservatives will just get out of a woman's uterus and people's bedrooms, we'll be OK.

Conservatives are in a woman's uterus?