Debit and Credit Cards just another Bankers Scam

    As the Federal Reserve is guiding us into a cashless society that of course will only benefit banks. They have been training the consumer for years to get used to the so called convenience of using plastic instead of cash. We have been sold another lie that this simplifies our lives and therefore we gain in the end.
    However as always the Bankers have only come up with a way to milk every penny they can out of the consumer. As your true cost of living rises and your paychecks remain the same your purchasing power declines. The Federal government is reaching 20 trillion in debt and that is your debt on top of any personal debt you may have. And who do we owe this debt to? Yes, the Bankers that keep pushing you further into debt as they of course personally profit.
    Why pieces of plastic with numbers and magnetic strips and now the RFD chips? It has allowed the Bankers to become involved and profit with every purchase you make. And once they do go cashless as they are going to. You won’t be able to buy anything without the middleman getting their percentage. Simply put its a tax that you must pay to a bank not the government without any say in the matter. Reminds me of tea and Boston somehow.
     This plastic costs the merchants and service providers fees that of course are passed along to you. Some of these fees are as follows.
    Interchange Reimbursement Fees and Assessments: Each card association (e.g. MasterCard, Visa, Discover, American Express) has different fees. One for wholesale and one for markup. Debit Cards are regulated at a rate of $0.225 on every dollar you spend on a purchase. For every $1,000.00 you spend Visa (example) gets $22.50 right off the top from the merchants profit. Plus usually $0.10 for every transaction. Plus the cost of the other fees below. Credit Cards vary as they range from usually 2.5% to 8.5%.
   In contrast if you pay in cash the merchant gets the full $1,000.00 with no fees to them or you. Higher profit margin for merchant and lower costs to you.
    Terminal Fees: some merchants lease the terminals that you swipe your card or now they are changing to a chip reader. Ecommerce uses a different method.
    Payment Gateways: For ecommerce online businesses instead of terminals.
    PCI Fees: fees paid to Payment Card Industry for compliance and non compliance of PCI rules.
    Annual Fees: Not all companies charge this fee.
    Monthly Fees: Universal  as it covers help lines and maintenance.
    Monthly Minimum Fees: Charged when minimum transaction levels are not reached.
    Statement Fees: Printing and mailing of billing statement. Often a free option is available. Not all use it.
    IRS Report Fees: For reporting transaction information to the IRS.
    Network Fees: Charge for use of the network.
    Address Verification Service (AVS): verifies card to billing address. Used in ecommerce.
    Retrieval Request Fee: First step into the chargeback process. For customer dispute of a purchase or the cost.
    Chargeback Fee: When a sale is voided and payment returned to card used.
    Batch Fee: Merchants and Service providers usually send transactions as a batch at the close of the day. High volume businesses sometime twice a day.
    NSF Fee: Non Sufficient Funds Fee is applied when business’s lack the funds to cover merchant account expenses.
When you total all these fees and assessments it cuts into every transaction that you make. So the Banker profits not only off you directly, they also cut into the businesses profit causing prices to rise as the cost of doing business is increased by cashless transactions. Either way you pay more and not only do you have a sales tax in most cases but you also pay an unseen bank tax.
    As we move forward we do have options. For one we can stop relying on plastic and use cash when ever possible. We can’t keep handing over more power and our money to banks that only act as Vultures upon a kill. Why pay Visa and McDonalds for a Big Mac? Just pay McDonalds its time to remove these middlemen from everything we do. Or we can just give the Banks all the money and do without. Oh wait that’s what a cashless society is.
    Pol Pot created a cashless society in Cambodia. He and his Khmer Rouge murdered millions of Cambodians. Just something to ponder as to what can happen as to have freedom to spend your own money is a part of being free.



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