No more checks

[Kogarashi]

Here, your debit card is your money. Comes out now, it's gone. Just like cash. Credit cards are their money, and must be repaid when they ask. Why the two should be mingled in any way, even just to delay your purchase going through until the next day, is illogical.

It's confusing me too, and I'm Stateside. Every bank I've ever gotten an account with has automatically given me the debit card, even though they're issued by Visa/MC/whoever. I've never had to wait for a credit check to run, never had to maintain a certain balance, and even when I was opening a new account while I had shot-to-crap credit, I still got the card with no problem and no restrictions. And the debit card has always come from my money and I treated it just like cash and checks (more or less).

Maybe I'm just lucky with my bank choices?

[Jetfire]

Well, my problem with it the fact that here, a debit card is issued to you by your bank. Directly. As in, some have a big ol' stack of cards sitting in the back, you want one, and they just pull one out and program it right there. And then it works at any ATM, and any place that takes Interac payments. The money comes out of your account (chequing or savings, whichever) right then. You have your daily limit at ATMs and Interac purchases, and if you exceed those or the amount in your account, you can't use the card. There's no "credit" function. It's not issued by Visa, or Mastercard, or whoever on behalf of your bank. So the whole "Did you want to run your card as debit or credit" that we get in stories on here just baffles me. I understand it all conceptually, so no one feel the need to explain it, but seriously. It just seems like it makes everything way more complicated than it needs to be. Here, your debit card is your money. Comes out now, it's gone. Just like cash. Credit cards are their money, and must be repaid when they ask. Why the two should be mingled in any way, even just to delay your purchase going through until the next day, is illogical.

The sad thing is, I think the CC companies have finally realized what we have up here in Canada and they're itching to get their hands on that pie by any means possible. So we get the rumblings going on with respect to CC Rates and charges they charge businesses, as well as Interac trying to change over to be a for-profit company. So far the backlash has been enough to keep those attempts somewhat backburnered I'd say, but the companies are trying.

[Aethian]

Maybe I'm just lucky with my bank choices?

Probably..

[Broomjockey]

Interac trying to change over to be a for-profit company.

I thought it already was. They charge merchants to be able to use it, and it's not a small fee, either.

[Peppergirl]

Here where Kroger is headquartered, they started that policy a few months ago. Maybe they're thinking ahead and just rolling it out by division?

Nah, corporate drones don't 'think ahead'. Stupid comment.

[CrazedClerkthe2nd]

Well, my problem with it the fact that here, a debit card is issued to you by your bank. Directly. As in, some have a big ol' stack of cards sitting in the back, you want one, and they just pull one out and program it right there. And then it works at any ATM, and any place that takes Interac payments. The money comes out of your account (chequing or savings, whichever) right then. You have your daily limit at ATMs and Interac purchases, and if you exceed those or the amount in your account, you can't use the card. There's no "credit" function. It's not issued by Visa, or Mastercard, or whoever on behalf of your bank. So the whole "Did you want to run your card as debit or credit" that we get in stories on here just baffles me. I understand it all conceptually, so no one feel the need to explain it, but seriously. It just seems like it makes everything way more complicated than it needs to be. Here, your debit card is your money. Comes out now, it's gone. Just like cash. Credit cards are their money, and must be repaid when they ask. Why the two should be mingled in any way, even just to delay your purchase going through until the next day, is illogical.

As a Canadian now transplanted south (fell in love with an American woman, what can I say? ) I feel you on this.

What drives me mad is when a credit transaction is run at a place that doesn't do debit (a restaurant is a good example, debit is offered at most retailers), it takes several DAYS for the money to actually be deducted from your bank account so it's very tough to keep track of your balance.

It's a lot easier when debit and credit cards are separate like in Canada because then you can always have an accurate idea of the money in your account without having to constantly balance a checkbook (now you should balance your checkbook regardless but...).

On the other hand I do like the idea of a card linked to my bank account that I can also use to make hotel reservations and online purchases and such. You can't do that in Canada without an actual credit card with a credit limit on it (I don't think anyway).

[Mike Taylor]

My bank wont give me a card unless I fill out a credit app which could make me lose my account....so no debit/cc card for me.

That's strange, my bank never required a credit app.

[SG15Z]

Here where Kroger is headquartered, they started that policy a few months ago. Maybe they're thinking ahead and just rolling it out by division?

Nah, corporate drones don't 'think ahead'. Stupid comment.

Kroger Corporate!? Thinking ahead. Good one.

Well it started yesterday guys and it sucks!!! Everytime I get a prompt to authorize a pump I have to ask how they're paying. The following happens:

Me: How are you paying today?
SC: What?
Me: How are you paying today?
SC: Uh, I'm paying at window.
Me: (No dur Sherlock) But how? Check? Cash?
SC: CASH!!!!
Me: Ok, thank you.

So, the lead Fuel Clerk told me she's not gonna ask anymore. She's just gnna authorize it like before. They're are signs everywhere saying "No Checks please". If they can't read that's there problem. So I'm following that line of thinking from now on. If they can't read, that's they're fault, not mine. They can go inside and cash the check if they want. I'll wait.

[Jetfire]

I thought it already was. They charge merchants to be able to use it, and it's not a small fee, either.

They charge a fee, but that doesn't mean they are not non-profit; the fee just covers their network costs and expenses. Now they want to change it so they can actually make a profit off the fees.

Some details (and further links ) at http://www.cbc.ca/money/story/2009/0...dit-cards.html

Interac is in talks with the Competition Bureau of Canada about changing from a not-for-profit structure to a for-profit operation, and the committee wants to look at the impact on debit card fees paid by retailers.

*Edit to add*

On the other hand I do like the idea of a card linked to my bank account that I can also use to make hotel reservations and online purchases and such. You can't do that in Canada without an actual credit card with a credit limit on it (I don't think anyway).

It's coming slowly; I think Interac is still ironing out the kinks and such, but you can use Interac online for some companies/purchases. It's not as common as using a credit card yet, but it's spreading slowly. (Though I doubt reservations will ever be done this way)

[Broomjockey]

the fee just covers their network costs and expenses. Now they want to change it so they can actually make a profit off the fees.

Ah, I'd heard the fees previously were fairly serious, percentage-wise. I don't think charging MORE will go over well at all. Probably a bunch of merchants will drop the service, and then customers (at least in Alberta) will drop them, and it'll just be a big mess.

[Aethian]

That's strange, my bank never required a credit app.

Different banks, different rules. This one also has a type of account with no checks offered and only a card with a 25 a month fee if your balance is ever under 1k.