It’s no longer legal to charge additional for debit card usage- PSA

About time...


The fee was already added into the price.

The extra 3-5 points was just bullshite


ETA: can still charge a CC fee, evidently...

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This is fantastic news for the shareholders of the banking companies that make the credit card systems!

Not so great for the small businesses that have to pay a percentage on every card payment they process.

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Yep. Now businesses will have to raise their prices to make up for the loss in profits. It's almost like lawmakers don't understand how any of this stuff works.

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I'm not in Louisiana, but my shop will give a lower cash price as long as taking cash doesn't incur a 2.29% + $0.09 per transaction fee.

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I have no issue paying a trans fee to private businesses to cover the transaction cost because I know that exists. That said the larger companies, especially Walmart take advantage of this one way or the other.

If you run your card at Walmart I believe it defaults to credit so they avoid costs on their end and there’s a mechanism built in there for theft. The rules as to who fronts the money for fraud depends on the transaction type.

It’s insane behind the scenes at banks and credit companies as well as the transaction middlemen.

Wonder if that will apply to govt agencies charging users a fee for online services. I'm sure there is an exemption for that since the govt is a non profit organization.

I'm never swiping my debit card for fear of fraud charges.

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If you run your card at Walmart I believe it defaults to credit so they avoid costs on their end

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I have noticed that the self checkout at my local Walmart won't ask for my PIN when the transaction is under like $50 dollars or so. If it is more, it will ask for the PIN for my debit card.

It is just my standard bank card that you can run as debit or credit that it does this with. I always wondered what that was about.

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Yep. Now businesses will have to raise their prices to make up for the loss in profits. It's almost like lawmakers don't understand how any of this stuff works.

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Or lawmakers could put a 1% cap on fees that retailers have to pay. If they can cap payments to doctors and hospitals they can cap anything. Credit card companies have a de facto monopoly

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Only for the small businesses that don't really understand stuff like math.

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What you mention seems to be for small businesses that don't understand customers.

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In order to arrive at a price, one usually adds up all the direct costs, then marks up the price for profit, then has a price.

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Customers want to see lower prices. Especially those that use cash which most small businesses want to encourage.



Really, it seems like what you're saying is:

I use my card for convenience and I pay 3% extra to banks on every purchase I make for that convenience but I want businesses to hide that from me so I can pretend I'm not doing it.