Here in NC there used to be a large southern bank: Wachovia. But they made mistakes and were in trouble during the banking scandal in 2007/8. Remember “liar loans?” Anyway, the feds had Wells Fargo buy Wachovia and suddenly I had an account with Wells. I had a friend in a smaller local bank so I moved my accounts to her.
Now I just have a free checking account with United Bank locally. So I can walk into the lobby if I need something (notary?) I’ve had a checking and savings account with Ally bank online that I am very happy with. Over 3% interest in the savings.
My account was originally with First Union Bank. That bank was acquired by Core States Bank, and then Core States was bought-out by Wachovia. After Wachovia was merged into Wells Fargo, I wound-up with a Wells account. Each time the name on the bank changed, a temporary banner-type sign was used to display the new bank’s name and to cover the old bank’s name.
The troubled economy during Dubya’s administration led to a lot of mergers & acquisitions, and it led me to believe that the only truly viable business at that time was the making of temporary banners & signs.
Let’s not fixate on one administration unless we want to go back to Wilson and FDR for starters. But in fairness reading about the grandfather and his brother is hair curling. But the alternative?
At any rate the game was to make a loan regardless of the ability of the borrower to repay it. Then they would be packaged up and sold to the feds. Then rinse and repeat. Barney frank comes to mind. So th3 bank had no risk churning bad loans. Then it all came falling down.
I guess it Sunday off th3 rails time, but I remember going to a wealth management seminar. The place was packed and the boys were telling us peons how to make money. Borrow against your house equity and invest in the market. I came out shaking my head. Then came the crash where cash was king. Later in life I remember my old plant manager at the truck plant who changed careers, cautioning to have enough cash or liquid assets to sustain yourself during crashes. How right he was.
That’s a twist of the FACTS. Mortgage bundling started years before the No verified loans started. After a while they ran out of AA loans to bundle. The bundling was so lucrative to banks they needed to expand and find more loans to bundle. Soon they started to bundle the B rate loans with AA rated and it was so lucrative they needed MORE loans. That’s when they started with no verified loans thinking that if they could bundle thousands of them with AA mortgage loans they could still sell them as AA bundles. When the house of cards started to crumble and banks started to fail the feds stepped in before it was too late. And mortgage-backed securities (MBS - aka bundling) is still going on and the next recession could be even worse.
They weren’t. They were pressured in giving FAIR TREATMENT. The main thrust of mortgages to unqualified buyers was from the banks themselves. They firmly believed that by bundling them with better risk mortgages they could downgraded their liability with the subprime loans. It did just the opposite.
I suspect an auto shop has 25 transactions at $200/each; a grocery story would have 250 transactions at $20/each - 55¢ per. Dealing with cash or check slows down the process, requires handling money - it’s a different calculation - 55¢ may be worth it.
Most grocery stores will know the percentage of people who buy cash and those who buy credit. They adjust their pricing to account for that possible 55¢ extra they’ll have to pay in credit card surcharges so it’s spread around to ALL customers.
It is common now, especially at smaller shops. Just make sure they tell you about the fee before paying, some states require it. A few places offer cash discounts instead, which feels better as a customer.
I think that type of service has been gone for quite a few years.
I can remember when merchants received little booklets listing the numbers of stolen credit cards, and–if they were smart/prudent–they checked every customer’s credit card against that list of stolen cards.
If they declined to accept the card, they were told to take it from the customer, and they would receive a reward of–I think–$20 for turning it in to the bank. Even back in The Good Old Days, I think that was a good way to attract a violent response.
About 1958 we were on vacation in Colorado or somewhere and dad stopped at a bank to cash a check. The bank had to call our local bank to make sure it was good. No credit cards bac k then. All cash.
Are you serious? To generate business, credit card companies and establishments offer cash to you if you use their card. Can be in the form of gas savings, air mikes etc.
I just got a notice from BP to use my card or they’ll have to cancel me. Too bad, his sad.
Sure, some companies that issue their own cards might provide an incentive to use their card. I know the gas station brand provides an incentive for a limited amount of time. I have zero desire to carry multiple cards for a few limited incentives here and there. I’m fine with using one card that provides a rebate on all purchases.
If a business adds a fee for using my CC, I either use my debit card or cash. BTW, at restaurants I use my card, but tip in cash.
As noted in a previous post, the car dealership I use adds 3% including CCs issued by the car/truck manufacturer. Yes, I know dealerships are franchises, just seems the manufacturer would incentivize dealership to encourage card use.
So yes, please tell me of a business that will give me cash or a discount to use my CC at their establishment.