Day: March 2, 2011

@LeavenworthSt. I think someone has two twitter accounts & meant to post on their personal account.  Happens to people with multiple accounts.

One of Vernon J cousins, doesn’t read this blog.

I am saddened by this.

The total rings up $112. The customer pulls out her debit card and swipes it. An error message pops up on the screen, “$100 cap exceeded.” The cashier has to explain, once again, about the new rules. The frustrated and embarrassed consumer pulls out a checkbook to make up the difference. They discuss about who to make it out to and the customer also has to pull out her ID and everyone waits as the cashier writes down the address and license number. Shoppers behind her overhear. Some of them dump items out of their cart because they’re worried about exceeding the cap. One guy who’s late for work drops everything and leaves the store. This assumes that the store even accepts checks any more. Multiply this scene across America and you’ve got some serious transactional and frictional costs piling up.

I can appreciate the editorializing of this situation.

http://consumerist.com/2011/02/why-banks-threatening-to-limit-debit-card-swipes-to-50-is-hooey-and-horrible.html Continue reading “Only buy $100 at a time.”