Kasz216 said:
SamuelRSmith said:
kowenicki said:
can we just clarify
In the UK:
Most banks have a free overdraft "buffer zone'
Authorised Over drafts are not at ridiculous interest rates
Credit Unions exist in the UK
Banking in the UK is free if you remain in credit, No banking fees. No ATM fees (unless you use one of those shitty ones you find in Motorway service stations). No debit card fees.
If you write a cheque that talks you overdrawn and the cheque is honoured then you only get charged by your own bank.
If you end up with an extortionate rate for going over your buffer zone.. tough. |
Unfortunately, these costs are usually passed on to retailers. Which is why some businesses charge you for using your card/make you buy a minimum amount. In the USA they outlawed this... which resulted in banks trying to charge for debit card accounts, consumers (obviously) kicked off, so the banks withdrew on this policy... but they're gonna have to cover this cost somewhere.
I know this post has little to do with your original post, it's just that a lot of people kick off about debit card charges in shops, etc.
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Actually the "buy minium" isn't illegal in the US. (if i'm reading you rights) It's just that is against the rules in the terms and services of every major credit card company, so they could hit you for breach of contract for it.
I'd guess if anything there is a law in the EU that prevents such a stipulation to be put in the contracts.
The new debit card fee's actually came in due to congress limiting the "Swipe fee" which is how much they charged the retailers for using the debit card. Similar but differnet... so now a debit card/credit card swipe costs a maxium of 50 cents per swipe.. so they decided to take it out of the debit card users pockets.
Which actually is fair when you consider the fact that otherwise the prices were passed on to ALL consumers for just those that used debit... however it didn't work because people weren't used to it.
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Yeah, I meant the swipe fee law. That law doesn't exist in the UK, so the banks charge the stores. I actually think this is the better system, as the banks have to cover the costs, either way, and the US way is just imposing more regulation. If the markets say that the best way about it is to charge the retailers (which seems to be the case), then that should be the way forward.
I din't realize it was just a limit, however, I thought it was a complete banning of swipe fees.
