Thank U Durbin Amendment: USAA Nukes Debit Rewards

[Anonymous]

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@Anonymous wrote:

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@AndySoCal wrote:

The Durbin Amendment is all part the philosphy the goverment knows best. Goverment can make better decisions  for you than people themselves can

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Well yes.

if there were no rules our environment would be as bad as China, and our food supply would be as tainted. As of now, although I have heard of water from a sink being flammable, we have a much lower rate of rivers catching on fire and  and people being crushed up and finding their way into canned food ALA The Jungle.

Obviously enough people were being crushed by the overdraft fees and check order issues that they were made aware of the problem

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Irrelevant here.  The Durbin Amendment deals primarily with an arbitrary cap on debit card swipe fees and nothing to do with overdraft fees and the order in which checks are paid.

[Anonymous]

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@Anonymous wrote:

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@AndySoCal wrote:

The Durbin Amendment is all part the philosphy the goverment knows best. Goverment can make better decisions  for you than people themselves can

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Well yes.

if there were no rules our environment would be as bad as China, and our food supply would be as tainted. As of now, although I have heard of water from a sink being flammable, we have a much lower rate of rivers catching on fire and  and people being crushed up and finding their way into canned food ALA The Jungle.

Obviously enough people were being crushed by the overdraft fees and check order issues that they were made aware of the problem

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Have you ever been to China?

The reason I ask is because they are probably laughing about how we permit manufacturers of supposedly sterile medical supplies to sell contaminated products directly responsible for many deaths even months after the FDA had been made aware.

And municipal governments allowing the dumping of dioxins in locations all but guaranteed to allow seepage into public drinking water?  I bet the Chinese are laughing their butts off over Love Canal and how cancer can strike dead virtually an entire community.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@AndySoCal wrote:

The Durbin Amendment is all part the philosphy the goverment knows best. Goverment can make better decisions  for you than people themselves can

---

Well yes.

if there were no rules our environment would be as bad as China, and our food supply would be as tainted. As of now, although I have heard of water from a sink being flammable, we have a much lower rate of rivers catching on fire and  and people being crushed up and finding their way into canned food ALA The Jungle.

Obviously enough people were being crushed by the overdraft fees and check order issues that they were made aware of the problem

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Have you ever been to China?

The reason I ask is because they are probably laughing about how we permit manufacturers of supposedly sterile medical supplies to sell contaminated products directly responsible for many deaths even months after the FDA had been made aware.

And municipal governments allowing the dumping of dioxins in locations all but guaranteed to allow seepage into public drinking water?  I bet the Chinese are laughing their butts off over Love Canal and how cancer can strike dead virtually an entire community.

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umm, it was common knowledge that the USSR had stricter standards for microwave oven radiation leakage then the US. Every country has standards and things they care about,

I was using China as an example

[Watchmann]

I can see why people may be upset for losing these rewards, but when these laws were passed it was well known that the purpose of these sorts of legislation was to bail out the weakest customers at the expense of the solid customers.  It's a zero sum game, some win and some lose, but we are too carried away now with 'fairness'.  Rewards, low interest rates, and availaibility of new credit for above average customers will continue to come under fire as banks try to maintain their margins.  That's why so much of the giddiness of those who welcomed these new laws was so misplaced.  If you are above average you will be punished. 

[DI]

I have no  complaints about USAA discontinuing the rewards.  We all have several other cards with rewards.   We can do what Ray plans to do.

07-07-2011 08:06 AM

"Yep, too bad this had to happen...

Oh well, now all the more reason to replace the debit card with a credit card but treat the credit card as a debit card".  

JMO - 

Ray

[DI]

"Yep, too bad this had to happen...

Oh well, now all the more reason to replace the debit card with a credit card but treat the credit card as a debit card".  

JMO - 

Ray

[Anonymous]

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@Watchmann wrote:

I can see why people may be upset for losing these rewards, but when these laws were passed it was well known that the purpose of these sorts of legislation was to bail out the weakest customers at the expense of the solid customers.  It's a zero sum game, some win and some lose, but we are too carried away now with 'fairness'.  Rewards, low interest rates, and availaibility of new credit for above average customers will continue to come under fire as banks try to maintain their margins.  That's why so much of the giddiness of those who welcomed these new laws was so misplaced.  If you are above average you will be punished. 

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I'm not sure what you are talking about.  What does the Durbin Amendment have to do with bailing out weaker customers at the expense of solid customers?

The only -- yes, only -- ones guaranteed to profit from the Durbin Amendment are merchants. 

[Anonymous]

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@DI wrote:

I have no  complaints about USAA discontinuing the rewards.  We all have several other cards with rewards.   We can do what Ray plans to do.

07-07-2011 08:06 AM

"Yep, too bad this had to happen...

Oh well, now all the more reason to replace the debit card with a credit card but treat the credit card as a debit card".  

JMO - 

Ray

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I don't care either.  I never use a debit card for purchases.

[Anonymous]

"Yep, too bad this had to happen...

Oh well, now all the more reason to replace the debit card with a credit card but treat the credit card as a debit card".  

JMO - 

Ray

[MrShush]

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@Anonymous wrote:

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@Watchmann wrote:

I can see why people may be upset for losing these rewards, but when these laws were passed it was well known that the purpose of these sorts of legislation was to bail out the weakest customers at the expense of the solid customers.  It's a zero sum game, some win and some lose, but we are too carried away now with 'fairness'.  Rewards, low interest rates, and availaibility of new credit for above average customers will continue to come under fire as banks try to maintain their margins.  That's why so much of the giddiness of those who welcomed these new laws was so misplaced.  If you are above average you will be punished. 

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I'm not sure what you are talking about.  What does the Durbin Amendment have to do with bailing out weaker customers at the expense of solid customers?

The only -- yes, only -- ones guaranteed to profit from the Durbin Amendment are merchants. 

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All of this comes on the heels of the collapse of the industry. No one cared about interchange fees before except the smaller merchant. Banks/issuers have to make it up somewhere to offset the losses resulting from the CARD legislation.

[Anonymous]

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@MrShush wrote:

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@Anonymous wrote:

---

@Watchmann wrote:

I can see why people may be upset for losing these rewards, but when these laws were passed it was well known that the purpose of these sorts of legislation was to bail out the weakest customers at the expense of the solid customers.  It's a zero sum game, some win and some lose, but we are too carried away now with 'fairness'.  Rewards, low interest rates, and availaibility of new credit for above average customers will continue to come under fire as banks try to maintain their margins.  That's why so much of the giddiness of those who welcomed these new laws was so misplaced.  If you are above average you will be punished. 

---

I'm not sure what you are talking about.  What does the Durbin Amendment have to do with bailing out weaker customers at the expense of solid customers?

The only -- yes, only -- ones guaranteed to profit from the Durbin Amendment are merchants. 

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All of this comes on the heels of the collapse of the industry. No one cared about interchange fees before except the smaller merchant. Banks/issuers have to make it up somewhere to offset the losses resulting from the CARD legislation.

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Smaller merchants ... and Walmart.  Walmart has been crying like a stuck pig over interchange fees for ages.  They also cry like stuck pigs when they have to provide health insurance for their employees, too, but that's yet another story.

[Anonymous]