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To: benwood who wrote (106531)1/15/2010 2:43:48 PM
From: John McCarthy  Read Replies (1) | Respond to of 116555
 
Ben

I am not confident I TRULY understand what is going
on. Here is an example as I understand it.

Fix my example where it is incorrect.

(a) I deposit $10,000 in my checking account.

(b) One week later I buy $200 of goods at the XYZ
store.

(c) I use the DEBIT card my bank (a) gave me.

(d) Even though I am accessing MY OWN MONEY - (i.e. not
borrowing) the MERCHANT is getting slamed with a
3% transaction fee. (Which we know he must pass on
to the consumer)

EXTRA CREDIT

(e) Ironically, if I had used my plain vanilla credit
card - the fee the MERCHANT gets hit with is less.

Ben - please CORRECT an errors in my outline.

regards
John



To: benwood who wrote (106531)1/15/2010 3:06:03 PM
From: bruiser98  Read Replies (1) | Respond to of 116555
 
I've never used my VISA debit card for anything other than ATM cash withdrawels. I grocery shop at WINCO. They have a sign at the entrance which says they accept debit cards; but not credit cards, because they'd have to raise prices to cover the merchant fee.


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