| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 724.1 | Theory or reality | PACKED::COLLIS::JACKSON | DCU fees? NO!!! | Tue Nov 23 1993 10:53 | 18 |
| Do you want to discuss theory or reality?
In theory, it makes sense to attract customers and usage to waive some
small number of ATM charges per month. This would cost DCU some money
(since the other banks charge DCU money), but it would make for a
happier customer base and encourage the use of DCU as a financial
institute in general. Financially, I don't know if it would be a
wash, a net loss or a net gain.
In reality, you're all wet. A board of directors that spends its
time *increasing* fees despite loud, consistent and persistent
opposition is not about to waive the one fee that they can clearly
show a cost for.
Your suggestion is a good one if and only if there is a board
with a different focus. End of story.
Collis
|
| 724.2 | ACH is still free | VMSVTP::S_WATTUM | OSI Applications Engineering, West | Wed Feb 09 1994 13:51 | 22 |
| I probably shouldn't point this out, because DCU will probably read it
and start charging a fee (the cynic in me speaks...), but.....
Right now DCU doesn't charge for ACH transactions - which is just as it should
be in my not so humble opinion - esp. since it seems like ACH's should be
less expensive for them to process then a check (but I freely admit I haven't
a clue), anyway....
A local grocery store chain (King Soopers) has a "King Soopers Card" that
you can very easily apply for, which you can use at the checkstand, just
like a check - only it's processed as an ACH transaction - and debits
my share 5 directly (usually about 2 days delay).
One of the options when I run my card through the machine, is to get some
extra cash back - so, if I happen to need some cash, and also some groceries,
then I can get both at the same time without incuring this incredibly stupid
$1 ATM fee. It's worked pretty well for me so far (of course i've never tried
to ask for more then $20 or so - they might have a problem if I wanted
$300 which is what most ATM's seem to limit me too - which is also a real
pain sometimes).
--Scott
|
| 724.3 | best deal so far | SLOAN::HOM | | Wed Feb 09 1994 14:36 | 10 |
| I have one better. At Victory's supermarket, I can charge the groceries
on my VISA card and take out cash. If the groceries add up to
$12, and I need an additional $30 in cash, they'll charge my
VISA card $42 and hand me $30 in cash.
However, with the Ford VISA card, I get an additional 5% rebate.
Now - why should I use my DCU ATM card at the grocery store?
Gim
|
| 724.4 | I bet they rescind that soon... | SMURF::STRANGE | Steve Strange - USG | Thu Feb 10 1994 09:55 | 16 |
| re: .3
>I have one better. At Victory's supermarket, I can charge the groceries
>on my VISA card and take out cash. If the groceries add up to
>$12, and I need an additional $30 in cash, they'll charge my
>VISA card $42 and hand me $30 in cash.
Woah, what a loophole that is! I'll bet it doesn't last, though. I
mean, Victory is paying the 5% (or whatever it is) credit card
transaction fee on the cash you get back! There was a supermarket in
CA that used to do this, but they wised up and they don't anymore. I
mean, you could essentially borrow money interest-free for ~1.5 months
simply by buying each grocery item one at a time, and taking out the
max cash each time. Very strange.
Steve
|
| 724.5 | They're not supposed to do that... | ELWOOD::KAPLAN | Larry Kaplan, DTN: 237-6872 | Thu Feb 10 1994 12:11 | 4 |
| I think that practice is illegal. Probably some well-intentioned,
poorly-informed cashiers.
L.
|
| 724.6 | | VMSVTP::S_WATTUM | OSI Applications Engineering, West | Thu Feb 10 1994 13:06 | 17 |
| It may be up to the software. When I run my King Sooper's card through
the machine, it asks if I want extra cash, and how much - the only
involvement on the cashiers part is handing me the cash.
There's a real difficulty here, and I wonder if you can unilaterally
call the practice illegal - the difficulty is with things that look
like credit cards, but really act like debit cards (unless you overdraw
your account) - unless there's enough information in the card number
to tell the difference between the two.
I don't see a lot of difference between getting cash back from the
grocery sale, vs. simply slipping my VISA card in the ATM machine -
except for the fact that you don't get charged for a cash advance
(which a lot of credit cards will do).
--Scott
|
| 724.7 | | 38346::MACNEAL | ruck `n' roll | Fri Feb 11 1994 14:47 | 7 |
| �I have one better. At Victory's supermarket, I can charge the groceries
�on my VISA card and take out cash. If the groceries add up to
�$12, and I need an additional $30 in cash, they'll charge my
�VISA card $42 and hand me $30 in cash.
Is there a fee for this type of cash advance? How much interest is
charged?
|