but it definitely won't hurt small businesses nor will it hurt retail.
It will hurt the banks for they make less money from the debit fees.
Some of these debit fees then go from the local banks to Visa and Mastercard to run the networks.
So in sum the banks and visa/mastercard may get hurt.
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It will help small businesses and retailers for they don't have to pay those extremely expensive fees for the banks. And while Cash may cost the tax payer with reprinting of bills, it doesn't hurt the small business and retailers directly except in taxes (which they are a much smaller percentage of the tax base)
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It may hurt consumers, it may help. They may see cheaper prices (I seriously doubt this, and if they do see cheaper prices it will be less than 2% or in sum 1 year of inflation in a normal economy.) They may pay more money though long term for banks may absorb the cost of the lost debit fees from merchants, or they may find a new way of getting income such as charging for checking accounts or some other way of doing fees (though probably directly with the customer.)
It will hurt the banks for they make less money from the debit fees.
Some of these debit fees then go from the local banks to Visa and Mastercard to run the networks.
So in sum the banks and visa/mastercard may get hurt.
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It will help small businesses and retailers for they don't have to pay those extremely expensive fees for the banks. And while Cash may cost the tax payer with reprinting of bills, it doesn't hurt the small business and retailers directly except in taxes (which they are a much smaller percentage of the tax base)
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It may hurt consumers, it may help. They may see cheaper prices (I seriously doubt this, and if they do see cheaper prices it will be less than 2% or in sum 1 year of inflation in a normal economy.) They may pay more money though long term for banks may absorb the cost of the lost debit fees from merchants, or they may find a new way of getting income such as charging for checking accounts or some other way of doing fees (though probably directly with the customer.)
Fed Proposes 12-Cent Max Fee On Merchant Debit Fees
- 17/12/2010 06:00:35 PM
717 Views
I'm a little iffy on this
- 17/12/2010 09:08:56 PM
418 Views
It may hurt consumers, it will hurt the banks
- 18/12/2010 06:03:40 AM
471 Views
I'd like to use credit cards more without feeling guilty that it's costing the business money. *NM*
- 20/12/2010 03:26:04 PM
195 Views
I'm so glad Visa and Mastercard are so worried about consumers, especially given THEIR tight budgets
- 17/12/2010 09:14:53 PM
579 Views
You do know Barney Frank (Democrat and major liberal and progressive) is against the change 
- 18/12/2010 06:18:37 AM
537 Views
- 18/12/2010 06:18:37 AM
537 Views
I didn't; guess that just means he's wrong. I fail to see how opposing this is progressive at all.
- 18/12/2010 12:49:36 PM
445 Views
It has nothing to do with being progressive, it has everything to do with his banker constituents. *NM*
- 20/12/2010 01:30:04 PM
184 Views
I figured, but, as you say, nothing progressive in that.
- 20/12/2010 02:44:47 PM
431 Views
I am just pointing out that Evil is not unique to a single political party
- 20/12/2010 06:56:29 PM
481 Views
It wouldn't be nearly as effective it it were; it's quite systemic, for a reason.
- 20/12/2010 07:46:29 PM
474 Views
Sounds good to me, but it does seem like a natural monopoly, so that competition idea... eh.
- 17/12/2010 09:37:20 PM
479 Views
Curious.
- 20/12/2010 07:02:05 PM
448 Views
True, that does amount to largely the same thing.
- 20/12/2010 07:12:27 PM
573 Views
I am not sure what the proper amount should be but there does need to be limits
- 20/12/2010 11:10:18 PM
581 Views