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Thread: Why do some merchants not want to accept debit cards?

  1. #11
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    One way they make a bit is on interest while the money is in their keeping, even just overnight. In these days of electronic funds transfer, it irks me when they do this, but not half as much as when I ask for a transfer in a foreign currency and a UK or French bank buys the currency in NY at a rate that has no relation to the Interbank rate...

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    dsieg58 (29 April 2014)

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    Top Contributor Dave McM is a Premium Member
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    Quote Originally Posted by dsieg58 View Post
    How do you know it's not lumped into another cost, like "administration" or "transfer" fee, or something else? How do know they are just not telling you it's added in somewhere else?
    Most UK retail banks don't charge holders of personal accounts for normal banking operations such as cheques, cashpoint (ATM) withdrawals, direct debits and standing orders. So it's not hard to have free banking in the UK at least. (Not so very long ago it was even possible to have a modest amount of interest on a current (checking) account, so in effect the bank was paying you for the privilege of moving your money around for you.) When I investigated setting up a bank account in Germany in the late 1980s I was quite outraged at the thought that a bank might want to charge me for running a bog-standard current account. (Even the post office savings bank did.)

    On the other hand, international transfers don't count as normal operations. And, as Chabrenas points out, "free banking" doesn't mean the bank makes no money while it's got its mitts on your dosh. It just means that you don't have to pay them anything.

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    dsieg58 (29 April 2014)

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