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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 375.93-1.8%Nov 14 4:00 PM EST
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To: Elroy Jetson who wrote (114761)12/14/2015 8:43:16 PM
From: bruiser98  Read Replies (1) of 217818
 
I pay cash for groceries. I think when you use a credit card or a debit card the bank credits the merchants account (a bookkeeping ledger entry costing the bank zero). When the bank debits your debit card account and when you send in a check to pay your credit card, the money goes to the banks's capital account. The merchant makes his normal profit, (3% or so for groceries, more for other merchants). The bank makes 100% of the merchant's charge, 100% of state and local sales taxes, and charges the merchant a transaction fee. Easy to see why banks want to outlaw that barbaric relic cash.
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