Good Banks?

[BigAls87Z28]

I have TD Bank, and since TD BankNorth took over Commerce, its been getting worse and worse.
I noticed that the last charge for the month was a $15 service charge? Now Commerce and when TD first took over, they pounded their chests with Regis and Kelly saying no fees, no charges, no nothing!!
Wellllllllllllwtf? Im gunna have to call them tomorrow, but if they dont budge, then Im pulling to a different bank.

Im looking at BoA, mainly cause there is an app in the BB App World. They are a massive bank. They dont charge you anything to open up if you it on line.
I also thought of local banks, but I dont know of any good, solid local banks.

[Knipps]

I've had 0 problems with TD

[Frosty]

There's a $15 charge if your checking account dips below $100, Commerce had that policy well before TD took them over.

[Tsar]

Sovereign Bank, never a problem. I think I've had an account there for 5+ years now.

[Masonite]

I have Capital One as my main account and I am pretty happy with them. Their branch staff overall provides excellent service, and have been lenient with overdraft charges for me in the past (waived one or two as a favor/courtesy/excellence in customer service). My only two little gripes is that 1) their website sucks (it seems like it's a different page to log into every time) for online banking, and 2) if you ever use a non-Capital One ATM to make a withdrawal, they charge on top of the ATM charge, so you're paying at least $5 just to pull some quick cash.

A quick note, I've heard really good things about Bank of America, as well.

[Tsar]

There's a $15 charge if your checking account dips below $100, Commerce had that policy well before TD took them over.
I must say that's pretty gay. My account balance is always 10 dollars or less, right until I have to pay my CC's then I transfer money out of my savings into my checking and pay it that very second. I don't want to keep ANY money on my checking account just incase my card or info gets stolen. And my savings account is not accessible by any means other than with my passwords or in person.

[edpontiac91]

There was a poll on Yahoo last week about what was the least trusted Bank in the country. Guess who won? BOA! :shock:

[S.J.SLEEPER]

TD sucks !!!! my wife has it for her business before it was td was,commerce. still sucked.

She will make a deposit.... checks & cash. they will make checks available cash will hold it,
next day..... holds the checks makes cash available,
next day....holds all of it.... and so on and so on....

constantly fighting over fees,insufficient funds fees due to them not depositing the cash as cash !!!!

I have BOA....
great bank, all the people are pleasant no matter which bank you go to.
service ,security, and availabilty is second to none (except td's late hours)
make the deposit via atm by 8pm and it goes same day so thats fixed !!!

save the change program FTW

monthly maintence fee of 17.95 boooo but... if you use your debit card once a month you don't pay the fee!!!!

I had TD myself 3 yrs ago... short story.
someone rearranged the #'s on my check to make it more $ and wrote over the handwritten part !!! TD cashed it right though the drivethru.

I called,showed up at bank, they said sorry but your account is now in fraudulent hold due to their mistake, and they wanted me to reopen business account (2 of them cause they were linked together) and I would have to pay for new checks,stamps etc... which I had just paid $150 for 2500 more checks... took 1 month to get all my $ out of the bank due to the investigation putting acc. on hold. held $7600 of my $..... went to BOA !!! happy 3yrs steady!!!

BiGal......BOA for the win

p.s. BOA online is great too...transfer $, money markets,spending portfolio,payroll services, insurance services etc... easy to use, very secure, and can also view transactions up to like a year !!!

[maroman88]

Valley National here

[BigAls87Z28]

There's a $15 charge if your checking account dips below $100, Commerce had that policy well before TD took them over.

Never had it dropped below 100 bucks at any given time.
And if it ever did, that IS ********. I can see overdraft fees, but charging for checks, charging if you dont use the debit card enough, charging for regular banking things is bullll****.

[S.J.SLEEPER]

charging if you dont use the debit card enough, charging for regular banking things is bullll****.

BOA ,You just have to use your atm card 1 time a month to avoid fee.... but this is for my business account, personal may not have the service fee.

[Frosty]

Never had it dropped below 100 bucks at any given time.


I'd call up and rip them a new one then, usually they refund that charge.

[BigAls87Z28]

Yeah, Im gunna do that tomorrow.

[mc73nova]

I have an account with them. When it was Commerce, they were the best. TD Bank Blows. I have had a bunch of problems since they took over. I want to change banks but I have all my online bill pay hooked up to it and Im not sure how easy it is to redo all my banking info.

[T69SS]

USAA FTW!

[NastyEllEssWon]

I had B of A for a long time. Not very happy with them. Never had a problem for years...in the last year or two they were giving me problems with making large withdrawls and froze my account for almost 3 weeks (14 business days) and wouldnt let me touch anything for no reason at all. i promptly closed out my account and moved on to Sovereign and Washington Mutual. WaMu is my favorite though...they have a similar policy to Yardville National. Free checking with no minimum balance. awesome.

[Knipps]

I had B of A for a long time. Not very happy with them. Never had a problem for years...in the last year or two they were giving me problems with making large withdrawls and froze my account for almost 3 weeks (14 business days) and wouldnt let me touch anything for no reason at all. i promptly closed out my account and moved on to Sovereign and Washington Mutual. WaMu is my favorite though...they have a similar policy to Yardville National. Free checking with no minimum balance. awesome.

So you have Chase? There's no WaMu anymore...

[Stevoone]

I've been with Beneficial for about 8 years, Haven't had any major problems with them other than some lazy ***** in their loan department. I also use BoA which has also been good since I opened the account. They have fees on both the accounts I have but they also give you ways to avoid them.

I had an Auto loan through Valley National Bank, they were always very helpful when I called. But they don't have locations near me so I never had any other accounts with them

[sweetbmxrider]

never had an issue with ocean first, not sure if there are any local to you though.

[nj85z28]

i have pnc and td

never had a single issue with either

[deadtrend1]

I use TD for checking, and have a account with INGDirect.com.

[V]

i have TD, no real issue, when i had WaMu, they were idiots.

Al, with TD, complain about the service fee. i had several overdraft fees, and id call and complain and always get them refunded even if it was obviously my fault. they make their money on people who just let it all slide.

[WildBillyT]

Never had an issue with TD or PNC. I've had cash go in as cash at TD and be available right away.

[Bcozzi71]

I have TD and im switching over to Wachovia I think. TD has charged me for going under $100 many times. Im a college student my account never has over $100 bucks in it. Also the screwed my sister over $200 in fees because they let her take out money from the ATM/ buy things on debit even though she didnt have money in the account. She would get a $5 coffee at wawa and they would let it go threw and then charge her $30 each time.

[deadtrend1]

.... Also the screwed my sister over $200 in fees because they let her take out money from the ATM/ buy things on debit even though she didnt have money in the account. She would get a $5 coffee at wawa and they would let it go threw and then charge her $30 each time.

Not for nothing, that's more your sisters fault then the banks fault.

[Tsar]

Not for nothing, that's more your sisters fault then the banks fault.
It's always someone else fault dude, just accept it.

[WildBillyT]

It's always someone else fault dude, just accept it.

LOL. Yep.

[Bcozzi71]

believe me I know that. My sister is 22 and a idiot when it comes to money. She didnt get why when she would spend money they would add money to her account :knock::knock: It was just nice when Commerce would deny her so she couldn't spend the money lol...

[MonmouthCtyAntz]

I was gonna say TD, they definately have the best hours

[Mike]

believe me I know that. My sister is 22 and a idiot when it comes to money. She didnt get why when she would spend money they would add money to her account :knock::knock: It was just nice when Commerce would deny her so she couldn't spend the money lol...

you know you can actually set up the account so that it wont let you overdraft....

[LTb1ow]

I got a wachovia, other than the lack of branch locations and or lack of actually useful working hours, they have been good to me.

No fees, and what not.

[Tsar]

you know you can actually set up the account so that it wont let you overdraft....
It's banks fault for not doing it automatically..

[ar0ck]

I must say that's pretty gay. My account balance is always 10 dollars or less, right until I have to pay my CC's then I transfer money out of my savings into my checking and pay it that very second. I don't want to keep ANY money on my checking account just incase my card or info gets stolen. And my savings account is not accessible by any means other than with my passwords or in person.

They don't take the fee if its under a "Student Account". I've had TD/Commerce for 6 years now, never really had a problem.

[btownws6]

i have sovereign bank and it's ok but there is always stupid things at every bank

[Anti_Rice_Guy]

I've had 0 problems with TD

This.

[Little G]

If you don't like fees, don't go with BoA.

g

[79CamaroDiva]

PNC and wachovia here.. very happy with them both, we'll see how wachovia is as wells fargo though.

[andy78TA]

I have had TD for the past 6 or so years and never had a problem, and if something went wrong because of something I did they were more than happy to help me fix it. I had BoA before that and they were terrible, I also have Wachovia at school and they are okay. Im on a student account though.

[ib4200]

i have td but im getting rid of it cause it takes so long for the deposits to go through and i keep getting random overdraft fees cause of it

[ShitOnWheels]

James and I both have TD (and both had Commerce before it was TD). We each have our own account plus our joint account. Never any problems. Deposits were there quickly (cash same day, checks next day). Sure, I'd get the service charge every now and then for the account going until $100, but whatever, it's clearly stated in their terms, I'm not going to fight it. It sucks, but whatever.

I thought about switching our accounts to somewhere else, but the hassle to do that is just not worth it at this point. Service has been wonderful, hours are nice, online banking is great. Nothing to complain about, really.

[NastyEllEssWon]

So you have Chase? There's no WaMu anymore...




no crap huh...I had WaMu when I was in Cali. great banks never had a problem. when did that happen?

[Tsar]

no crap huh...I had WaMu when I was in Cali. great banks never had a problem. when did that happen?
WaMu filled for bankruptcy on September 26, 2008. Great banks don't file for bankruptcy.

[91chevywt]

I haven't heard good things about Bank of America. Theres actually quite a few groups out there against Bank of America. I don't really know if anything they say is true but there are so many other financial institutions out there I don't want to play with it.

I had an account with TD and didn't have any problems but closed it since I didn't need it anymore. I'm with PNC and Beneficial and for what I do things have been ok.

[deadtrend1]

no crap huh...I had WaMu when I was in Cali. great banks never had a problem. when did that happen?

within the past year. One of the reasons I was down in Florida in August was because we were doing the Wamu changeover there, California, Oregon, and Jersey.

[1QWIKBIRD]

Coffee cans stuffed with cash and buried at strategic locations throughout the yard has always worked well for me.

Otherwise, Sovereign Bank has been very easy to deal with, although lately I've noticed some ATM usage fees when not at one of their machines, but no big deal. The online banking is simple and straight forward and they have plenty of branches and ATM machines.

[deadtrend1]

Metro Bank is owned by Vernon Hill (Previous owner of Commerce Bank). Still waiting for this to take off since its under Federal Investigation. Current locations are around Harrisburg. Republic First Bank is currently owned by them and was supposed to be changed over last year but there are delays for certain reasons.

I may look into them when they start opening stores.

http://www.mymetrobank.com/

[JerzLT1]

TD bank here, my account never goes below $100 (they told me when i opened the account with commerce), i dont overdraft, and i only use WaWa or TD ATMs (they dont charge anyway). staying above $100 is fairly easy if you are good with money and it kinda solves the over draft issure as well... besides, not overdrafting is not the banks responsibility its yours

[JL8Jeff]

Wow, it sounds like nobody uses a local bank. I have a founders account with Hopewell Valley Community Bank and no fees for anything, overdraft protection with no fees, no mac fees at their machines(two of them are less than 2 miles from my house) and very nice people who actually know you. If I use a mac machine from another bank, I will get charged on the front end by the owner of the mac machine but my bank will not charge me on the back end. It looks like there is a trend where these community banks are not allowing themselves to be bought out by the big banks and quite a few are doing well and taking off. Ask around in your area and find out what your best local bank is. I get dividend checks all the time from my bank because they are doing well and will not sell out to the big banks.

[BigAls87Z28]

Thanks guys.
I thought about local banks, but Im not a fan of limited access. I forgot to call TD today to figure it out. I was thinking about moving out of TD either way to be honest.

[qwikz28]

what happened Al? I have TD and was throwing around the idea of switching to find a bank with more ATMs (or no ATM fees). I hate paying ATM fees all the time cause I never carry cash. I just checked my account and I never had a fee that I could find, but would still switch for the sake of more ATMs

[miketa95]

I just switched from TD to Citizens bank. I like them a lot, my car loan is through them, so for signing up they paid a car payment for me. I also get ten cents every time I use my debit card, they gave me a credit card with 0% interest for the first year, I get cash rewards on that card instead of points, and I get $25 dollars every time I recommend someone to the bank. I also get interest on my checking account, There are no minimum balances or annual/monthly fees, and their closer to my house. I didn't get anything from TD, and the interest on my savings account was complete crap there. I really like Citizens.

[Knipps]

Wow, it sounds like nobody uses a local bank. I have a founders account with Hopewell Valley Community Bank and no fees for anything, overdraft protection with no fees, no mac fees at their machines(two of them are less than 2 miles from my house) and very nice people who actually know you. If I use a mac machine from another bank, I will get charged on the front end by the owner of the mac machine but my bank will not charge me on the back end. It looks like there is a trend where these community banks are not allowing themselves to be bought out by the big banks and quite a few are doing well and taking off. Ask around in your area and find out what your best local bank is. I get dividend checks all the time from my bank because they are doing well and will not sell out to the big banks.

what happened Al? I have TD and was throwing around the idea of switching to find a bank with more ATMs (or no ATM fees). I hate paying ATM fees all the time cause I never carry cash. I just checked my account and I never had a fee that I could find, but would still switch for the sake of more ATMs
TD reimburses you if you use another bank's ATM and you are charged. Not sure if you two are aware of that.

[ShitOnWheels]

TD reimburses you if you use another bank's ATM and you are charged. Not sure if you two are aware of that.

You have to keep a certain amount in your account for that, I think. They never reimburse me, and I keep the bare minimum in as much as possible.

[Knipps]

:shrug: I try to keep at least 1k in at all times

[BigAls87Z28]

what happened Al? I have TD and was throwing around the idea of switching to find a bank with more ATMs (or no ATM fees). I hate paying ATM fees all the time cause I never carry cash. I just checked my account and I never had a fee that I could find, but would still switch for the sake of more ATMs

Like I said, nothing MAJOR, just saw the 15 bucks on there for what I belive was no reason.
STILL havent called them, work has been nuts. Didnt take lunch today either...tahts fun.

[Tsar]

Why would you use an ATM anyways? You can pay for everything with a CC... 20 days later pay the CC in full. No cash needed.

[NastyEllEssWon]

Why would you use an ATM anyways? You can pay for everything with a CC... 20 days later pay the CC in full. No cash needed.





cause not every place accepts credit cards?

[Mike]

cause not every place accepts credit cards?

thats rare now

[91chevywt]

Many gas stations also charge extra for the use of a credit card so maybe paying cash is the better alternative in that situation

[NastyEllEssWon]

thats rare now



about 80 percent of my favorite deli's, corner stores that make food and small restaurants take cash only. its not as rare as you think.

[Tsar]

cause not every place accepts credit cards?
Only place that I've seen that doesn't accept CCs would be tolls on the highway, and bouncers to pay your way through. The last one is easily resolved though. I haven't carried cash since 2004-ish, I think.

I haven never seen a restaurant that doesn't accept a credit card, even local mom & pop diners take those. Where the hell are you eating?

[deadtrend1]

Some places have like a $10.00 minimum to pay with credit. So a sandwich from a deli probably wouldn't meet that.

[NastyEllEssWon]

Only place that I've seen that doesn't accept CCs would be tolls on the highway, and bouncers to pay your way through. The last one is easily resolved though. I haven't carried cash since 2004-ish, I think.

I haven never seen a restaurant that doesn't accept a credit card, even local mom & pop diners take those. Where the hell are you eating?


small delis, sandwich shops, chinese food, small spanish delis with awesome rice, beans and empenadas :nod: cheesteak shops places all like that dont take credit cards...thats the reason they all have atm's out front of their stores.

Some places have like a $10.00 minimum to pay with credit. So a sandwich from a deli probably wouldn't meet that.



yup thats another reason why, a lot of small places that are local have a minimum purchase for credit cards but lunch costs no more than 6 or 7 bucks from these places.

[enRo]

Never had a single problem with Wachovia... had them ever since they changed their name from First Union, which was I wanna say 7 years ago.

[BonzoHansen]

Can't pay tips w/o cash. And some places just don't take cards due to the cost and trouble. Like my kids' little league snack stand. Or the beer guy at the stadium. I don't use a lot of cash anymore, but I still keep some on me and there are instances where it is necessary.

[Tsar]

small delis, sandwich shops, chinese food, small spanish delis with awesome rice, beans and empenadas :nod: cheesteak shops places all like that dont take credit cards...thats the reason they all have atm's out front of their stores.
Your chinese guy must be different from my chinese guy. We just bought chinese few days ago, no cash was used. :lol: Same with the cheese stake shops in PA, when I used to go there at least. But I guess in "smaller" markets the might not take CC's or if they want to cheat on their taxes...

Can't pay tips w/o cash. And some places just don't take cards due to the cost and trouble. Like my kids' little league snack stand. Or the beer guy at the stadium. I don't use a lot of cash anymore, but I still keep some on me and there are instances where it is necessary.Can't pay tips without cash? WHAT? My CC has never stopped me from putting tips on it, you must be using it wrong :lol:

Same goes for the stadium, I must be living in a different universe than you guys :lol:

P.S. obviously I don't go to little league concession stand so I can't speak about that.

[BonzoHansen]

You are wrong. You can't tip people at coat checks, sky caps, hotel maids, luggage guys or even strippers w/o cash. And I have been places where they do not allow CC tips. You normally can't get a soda & dog from a street vendor with a CC. I'm going to a great Mexican restaurant tonight that only takes cash. You need to get out more, lol.

And you can use a credit card with the guy at the game who walks around with beer? I hate missing an inning standing in line. I know that the 'good seats' you can because you have waiter service, which is different. And not at minor league fields.

Funny thing about using credit cards for everything. A number of studies over the years has proved time & time again that people who consistently pay with a CC spend more. I didn't say run a balance. I mean the average bill is higher. I suppose it is too easy to add that extra whatever when you pay w/plastic.

[Tsar]

You are wrong. You can't tip people at coat checks, sky caps, hotel maids, luggage guys or even strippers w/o cash. And I have been places where they do not allow CC tips. You normally can't get a soda & dog from a street vendor with a CC. I'm going to a great Mexican restaurant tonight that only takes cash. You need to get out more, lol. I was talking about tipping at the restaurant. And as far as restaurants go I've never been to place where they didn't take CC's, maybe because I go to "large" or somewhat expensive places mostly. I've tipped with CC in Vegas, PA, all over NY, FL and every state on the eastern seaboard, besides Maine.

And you can use a credit card with the guy at the game who walks around with beer? I hate missing an inning standing in line. I know that the 'good seats' you can because you have waiter service, which is different. And not at minor league fields.Well I hate beer and baseball, so I've never tried :lol: But I would assume that you were right here. I was talking about Pru center where devils play. If I recall correctly we paid with CC's for our food.

Funny thing about using credit cards for everything. A number of studies over the years has proved time & time again that people who consistently pay with a CC spend more. I didn't say run a balance. I mean the average bill is higher. I suppose it is too easy to add that extra whatever when you pay w/plastic.I'd never dispute that. When I have cash, I guard it like a hawk. When I take out my card it's all "ehh, w/e just charge me and let's go". I have a pretty good memory so I usually remember how much I have on my card to the nearest 100 :lol: Plus I have it set up so it texts me and tells me to quit abusing it if I reach certain checkpoints...

I do agree about the strippers though, it's hard to do business without cash. Last time I was in that situation I had another girl pay for me and I paid for her later with drinks and such.

With all that said, cash is rarely needed in the situations that I find myself in. If I need cash, there's usually a willing, living person that I can find that I can arrange some kind of deal with. After all I have the money, I just prefer not to throw my banking info around and have another one of those "Sir, are you in England right now re-attempting to charge another 750 dollars on your card" conversations. Btw - I've never been to England.

[miketa95]

I recently got a credit card myself for the same reason, I realized my debit info was stolen, and money was missing from my account. For me, I always utilized the debit card because it was convenient, and now I've been using the credit card because of what Tsar said and because it helps build up my credit since I'm young and have a hard time getting loans for my buisness.

I always bring cash to bars though, I hate leaving my card with the bar tender all night, or the annoyance of having to repeatedly sign.

[Knipps]

Peter Luger's = Cash only. Unless you have the house credit card that is :lol:

[Tru2Chevy]

Just something to toss in the mix with people talking about bank fees. Pretty much every bank offers many different types of accounts, as well as different promotions to sign people up over the years, so just because one person says they have to keep a minimum balence in their account wiht XYZ Bank to avoid fees, doesn't mean that everyone at that bank does.

I have a BoA checking account (savings is through INGDirect - onling savings account, better interest rates) and I have never paid a penalty for not carrying enough of a balance in my account. I originally opened the account over 10 years ago when it was Summit Bank, and then it was bought by Fleet, which was then bought by the BoA. I have occasionally overdrawn my checking account, and when I do, BoA sends me an email and a postcard in the mail to let me know - and they give me 5 days to replenish the account before they charge the $35 overdraft fee.

I know that BoA has a shady reputation these days, but I have never had any trouble with them.

- Justin

[BonzoHansen]

Peter Luger's = Cash only. Unless you have the house credit card that is :lol:Win.

LOL, that's not a "large" or somewhat expensive place. :lol:

Arrogance fail.

[79CamaroDiva]

Obviously this thread has gone off topic a bit, but on the cash vs cc argument, i only pay with cc when i order things off the interwebs or if i realize i dont have cash on hand. I almost always carry cash, simply because I like to actually SEE my money, instead of just numbers on a computer screen. Seems like we're actually on a trend where physical money will be phased out soon, it will all just be little virtual transactions between bank accounts since most people have direct deposit, pay online, and credit or debit cards. Like Scott brought up, people spend less when they use cash. I'm one of those people.

[Tsar]

Win.

LOL, that's not a "large" or somewhat expensive place. :lol:

Arrogance fail.
Wasn't trying to be arrogant, from my experience 2 kinds of establishments don't take credit cards. 1. Small places, that don't want to pay fees associated with CC transactions, and 2. Places that do not want to pay taxes.

It's beyond me why "number 1 steakhouse in NY" would not take credit cards. Some people, me included, don't carry 300 to 500 dollars in cash for dinner and few drinks. If I came to any 4 or 5 star restaurant and they told me they wouldn't take my money (CC), I would take my money else where, it's that simple. Steakhouses aren't a rarity these days. And I bet I can find another "number 1 steakhouse in NY" within 5 blocks that would be happy to charge my AMEX.

[NastyEllEssWon]

cash talks. thats why. in a day and age when credit cards and credentials can be stolen maybe a place like ''The Number 1 Steakhouse in NYC'' realizes that, decides to cut out the hassle and the middle man cutting into profits or a few jerkoffs with a stolen credit card looking for a big night out on the town going to places they normally couldnt afford without the stolen cc.

[Mike]

cash talks. thats why. in a day and age when credit cards and credentials can be stolen maybe a place like ''The Number 1 Steakhouse in NYC'' realizes that, decides to cut out the hassle and the middle man cutting into profits or a few jerkoffs with a stolen credit card looking for a big night out on the town going to places they normally couldnt afford without the stolen cc.

or they dont want to pay all their taxes...

[BonzoHansen]

Wasn't trying to be arrogant, from my experience 2 kinds of establishments don't take credit cards. 1. Small places, that don't want to pay fees associated with CC transactions, and 2. Places that do not want to pay taxes.

It's beyond me why "number 1 steakhouse in NY" would not take credit cards. Some people, me included, don't carry 300 to 500 dollars in cash for dinner and few drinks. If I came to any 4 or 5 star restaurant and they told me they wouldn't take my money (CC), I would take my money else where, it's that simple. Steakhouses aren't a rarity these days. And I bet I can find another "number 1 steakhouse in NY" within 5 blocks that would be happy to charge my AMEX.

If you choose to not buy something because having some cash is an inconvenience, that's too bad. But at least we can agree this is wrong:
Why would you use an ATM anyways? You can pay for everything with a CC... 20 days later pay the CC in full. No cash needed.

Another CC use tidbit. One of the top areas for CC and ID theft? Restaurants. Another place I'd avoid using plastic is at a bar/nightclub, like Jenkinsons and such. Both for fraud reasons and to keep things from getting out of hand (how the hell do I have a $300 bill! lol).

The old saying 'cash is king' still holds true.

[Tsar]

Another CC use tidbit. One of the top areas for CC and ID theft? Restaurants. Another place I'd avoid using plastic is at a bar/nightclub, like Jenkinsons and such. Both for fraud reasons and to keep things from getting out of hand (how the hell do I have a $300 bill! lol).

The old saying 'cash is king' still holds true.

1. Cash is not king, I just ordered something worth 1000 dollars. I will receive a percentage of that money back via my credit card, I will be protected if the other side decides to screw with me, and it's way better that to send them "cash".

If you used cash to buy flowers for your wife, you would pay face value, I would pay 80% of it, because that's what CC offers me. Overpaying by 20% is not "king".


2. I find it funny that you bring up an issue of ID theft. Did you know that Peter Lugers accepts debit cards? Debit card usage entails that I give out my password, in a restaurant of all places, how's that for ID theft? Or do they just run it as credit, so you don't have to give out your password? In which case someone needs to call the IRS :lol:

edit* We can review how it's bad to use your debit instead of credit, but I think you know that already..

[Tsar]

cash talks. thats why. in a day and age when credit cards and credentials can be stolen maybe a place like ''The Number 1 Steakhouse in NYC'' realizes that, decides to cut out the hassle and the middle man cutting into profits or a few jerkoffs with a stolen credit card looking for a big night out on the town going to places they normally couldnt afford without the stolen cc.

Here you go.

These are my actual rates from my own Merchant Statement.

Quailified cards cost 20 cents to swipe, and 1.67% (this is a very good rate, FYI) and overwhelmingly, most my my transactions fell into this category)
Partially Qualified cost 31 cents to swipe, and 2.83%
Non Qualified cost 31 cents to swipe, and 3.35%.

Debit cards cost 61 cents to swipe, but no percentage.

So, say you make a $100 sale- the businesses cost (transaction fee + percentage)would be between $1.87 to $3.66, depending on what type of card it is. That doesn't seem prohibitive, right? The business made at least $96.34 on that $100.

So almighty business man, tell me is it better to make 96 dollars on 100 dollar tab, or is it better to make 0 because a customer doesn't come? For a place like PL that sees higher check balances cost/middle man isn't what's prohibiting them in accepting credit cards.

[79CamaroDiva]

Here you go.



So almighty business man, tell me is it better to make 96 dollars on 100 dollar tab, or is it better to make 0 because a customer doesn't come? For a place like PL that sees higher check balances cost/middle man isn't what's prohibiting them in accepting credit cards.

you're forgetting the monthly cost of owning or leasing a c.c. machine, plus the cost of service. If there's a lot of volume it doesn't matter much. But for a small business, it's definitely something to take into account.

[Tsar]

you're forgetting the monthly cost of owning or leasing a c.c. machine, plus the cost of service. If there's a lot of volume it doesn't matter much. But for a small business, it's definitely something to take into account.
Well as I was told Peter Luger isn't a small place. In addition to the fact that one has to make reservations weeks in advance, and typical check is in 200+ dollar range. I don't think they are hurting for business.

Correct me if I'm wrong, but can't one get a free CC terminal such as Hypercom T4100 which might raise your rates by .01% and install minimum monthly transactions, but you gotta see if the "free" one is profitable for you. Don't think PL will have a problem moving 1200 to cover the monthly minimum. Again I can post the numbers but it will be useless.

We aren't talking mom and pop 5 dollar steaks here. This is a place where an ATM trip is required to cover your bill.

[BonzoHansen]

Matters not, now we are in red herring territory. We have moved to semantics and irrelevant information. From your example, we could also add charge back costs into your cost calculations. Charge backs are the #2 reason some places don't take amex (following transaction costs). Amex will side with a card holder in a dispute regardless of how much proof a vendor has. I've seen it first hand many times. There will be a certain about of charge back, even if you run a perfect business - people bitch, CC bow to their card holders.

I'm not sure how you save 20% using a credit card in normal everyday situations - let's not talk about short term special offers and all that. I can clip coupons too, but now we are way off the mark. You can't use situational anecdotes don't support general theories. You are not getting 20% cash back from your cc on every purchase are you? What one?

Bringing it back more in line with the OP questions, the point is there are valid reasons to need access to cash. Is cash needed less these days? Sure. But there is still unequivocally a need for cash access, highlighted in previous posts.
*cash businesses/business does not accept plastic
*personal preference, spending control
*tipping/service payment
*convenience

[Tsar]

I'm not sure how you save 20% using a credit card in normal everyday situations - let's not talk about short term special offers and all that. I can clip coupons too, but now we are way off the mark. You can't use situational anecdotes don't support general theories. You are not getting 20% cash back from your cc on every purchase are you? What one?



I gave you a specific example, flowers. yes my card offers 20% cash back on flowers. It's not a monthly offer, it has been there since I opened the card. The card is called discover..

We can just agree to disagree on the rest.

[Mike]

the guy in charge of beating the dead horse only takes cash...