Fees on Debit Cards

You people are really trying to destroy the economy with your ignorance. You are making this economy worse. You will decrease the usage of the system. You will increase usage of real cash.

http://www.bloomberg.com/apps/news?pid=20601103&sid=aGVnSC6fA1uo
Credit:Peter Eichenbaum - Bloomberg

When did The Senate stop looking 25 years in the future?

At a penny, the owners of the system are making $10 billion a day. The system was designed to cost .0000000001c per transaction. The actual charge of the system is .0001c per transaction. You are already making $1 million a day on a router.

You do this and you will decrease usage of the electronic system and real banks will need to replace the electronic cash. You are not limiting fees, you are introducing fees.

The person who thought of this should be fired/impeached. You should retaliate against lawmakers who voted on this. This will immediately choke the system.

This (our) system requires an equality between physical dollar and bank. What this will do is cause a disparate set of bank currencies. This will say my dollar is worth 1.8 Citibucks or 2.4 Wells Fargo bucks or 15639 HSBC bucks. This will create volatility within a bank.

I want to know who signed this bill, these people have no clue how the system works. I want to also know who introduced it, these people are paid puppets.

Debit Card transactions are used to replace physical cash. Debit card transactions cost nothing compared to physical transactions. There must be a 1:1 relationship between the debit card transaction and the physical dollar. You lose this and everything goes.

Credit cards transactions are support of this system. Fees are charged to this user because they are borrowing money. The user knows this.

This system cost about 1/2 penny for each user per month. This allowed the banks to charge the user. The bank charges $20+ per user for this network.