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Friday, April 29, 2011

Bank Debit and Credit Card Fees - A Sink Hole for Us All

Although we are not opposed to any business, including big banks, making a profit, maybe it is time for the American consumer to rethink the use of plastic on every transaction. With the fees being charged by card providers sucking billions out of the wallets of consumers and merchants, Cash is King certainly is a principle that can help us small folks. As the linked article below points out, some merchants would rather give merchandise such as a banana away then swipe a card for small transaction. According to a typical PIN debit card transaction costs the merchant between .35 and .55 cents. On transactions less than $10, the merchant is paying a large percentage of the total bill out in fees. Who ends up paying those fees? We do. They pass that cost on to us. So why not give the merchant a break and in turn give yourself a break. Pay with cash on small dollar transactions especially. Your merchant will appreciate it and the beneifits will be passed on to us in slower price hikes. Swiped: Banks, Merchants And Why Washington Doesn't Work For You

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