It's just a bank acct. you can challenge any wrong debits, there is no personal data attached to it, no one can debit without your explicit authorisation. Same as credit card, but cheaper and yes, safer.
I'll bet you have to grant said authorization when you sign up. Sure, you can always challenge charges, and after you take the time to do that, you can also try to get overdraft charges reversed, followed by visiting all affected check recipients to explain why their checks bounced. I also doubt any discounts are for us, the consumers. The only reason the retailers did this was to save money for themselves. It was spelled out in the original article. This is all downside for consumers.
I'll bet you have to grant said authorization when you sign up. Sure, you can always challenge charges, and after you take the time to do that, you can also try to get overdraft charges reversed, followed by visiting all affected check recipients to explain why their checks bounced. I also doubt any discounts are for us, the consumers. The only reason the retailers did this was to save money for themselves. It was spelled out in the original article. This is all downside for consumers.
That reminds me of those automobile underwriters that charge low fees to the ignorant who think they are getting a deal until they need to file a claim.
The merchant pays 3% - 7% to the credit card company. And yes, if you ask for a discount for paying with cash or debit card, many will give you a discount. Especially independent retailers.
But merchants are not allowed to differentiate. A merchant can't charge more for a cc transaction. Perhaps if everyone pays with CurrentC prices would drop but until such time the price has to be the same. In other words - the customer gets nuttn.
He should stop with this BS about consmers' best interests. Everybody knows that's a lie. With all the statements to clarify months and not years, it leads me to believe that MCX is feeling a lot of heat--probably from consumers and partners alike.
The only way anyone is going to use CurrentC is if there is a discount. I can people choosing to use it to save 5% or 3%. People love to save money and will willingly give up their privacy to save a few pennies.
With all the recent bad press, I wouldn't be surprised if stores jacked up the discount to 10% for using CurrentC on launch, that will quickly herd the sheep. But that's not sustainable, so reality will eventually catch up with them.
But merchants are not allowed to differentiate. A merchant can't charge more for a cc transaction. Perhaps if everyone pays with CurrentC prices would drop but until such time the price has to be the same. In other words - the customer gets nuttn.
Is there a law or Visa/Mastercard agreement that says they're not allowed to differentiate? I've seen gas stations with different prices for credit vs cash. I also see it at trade shows. But never in retail stores.
A direct debit is more "guaranteed" than any credit card transaction. You can reverse ANY bank transaction within 30 days, no questions asked. No proof needed.
My recent experience is contrary to your assertions. I had a bogus debit card transaction reversed recently (thanks Home Depot!), and it was definitely not "no questions asked". First, my bank sent me to the local police department to report the fraud. With a case number in hand, my bank would now reverse the charge. Later, the merchant challenged the reversal, and I had to provide a written letter to my bank to dispute the merchants claims. Luckily, the fraudulent charge was linked to incorrect personal information and the merchants challenge was denied (so far). Had this attempt not been so clumsy and included correct personal information - the kind CurrentC would have access to - the merchants challenge could have prevailed and I would have lost money.
Is there a law or Visa/Mastercard agreement that says they're not allowed to differentiate? I've seen gas stations with different prices for credit vs cash. I also see it at trade shows. But never in retail stores.
Yes i've seen that too, but only for gas. ( i get more cash back then what they discount per gallon) My guess is that i would be a nightmare to do it for every single item.
Apple cash: 1$
Apple visa credit: 1.03$
Apple MasterCard credit: 1.04$
Apple visa debit: 1.02$
Apple amex: 1.07$
Apple currentc: all your personal information and 1.07$
So on and so on! To much info to input and manage which equals more money in techs
Just think if CurrentC gets hacked. A small charge appears on your bank account, say between $1 and $10. Some people would let this charge go unchallenged - not worth the effort (It's only a couple of dollars and my time is worth more than that!). Others will assume it's just a valid charge they forgot about (That must be that latte I got the other day). Now multiply this small crime that went unchallenged by 10,000 or 100,000 or 1,000,000 and we have very profitable but illegal business enterprise.
My recent experience is contrary to your assertions. I had a bogus debit card transaction reversed recently (thanks Home Depot!), and it was definitely not "no questions asked". First, my bank sent me to the local police department to report the fraud. With a case number in hand, my bank would now reverse the charge. Later, the merchant challenged the reversal, and I had to provide a written letter to my bank to dispute the merchants claims. Luckily, the fraudulent charge was linked to incorrect personal information and the merchants challenge was denied (so far). Had this attempt not been so clumsy and included correct personal information - the kind CurrentC would have access to - the merchants challenge could have prevailed and I would have lost money.
Thanks for the input! I'll add this to my list of reasons of why not to use currentc and continue use of apple pay! ????
In another note, I just cant get enough of people's reactions when i use apple pay! Just today one girl went " DID YOU SEE THAT? He just payed with his phone! WHAT? That is crazy" ????
Guys! MCX will allow you to pay LESS at the cash register because the 3% - 7% credit card fees fall way. Be happy! Support it. And no, scanning a bar chart is not less convenient than scanning an NFC chip.
So your choice: pay $100 using MCX or $107 using Apple Pay. Your choice. But don't hate.
You clearly haven't used either system. And you don't take into consideration the fact that most credit card companies award points for usage.further credit card companies don't charge 7%.
A direct debit is more "guaranteed" than any credit card transaction. You can reverse ANY bank transaction within 30 days, no questions asked. No proof needed.
Dream on. I recently was in Baltimore shopping at whole foods and someone took my debit card and put my account $100 under the balance. My debit card was from KeyBank and by the time I got home to Michigan I had several messages on my phone claiming they were charging me a $25 day penalty for my overdrawn account. When I found out about the unauthorized transactions and let KeyBank no they didn't care at all and he spent a lot of time cussing at me on the phone.I had to make several phone conversations, get a police report, and actually go to a local branch to straighten the issue out.
Your bank will always give you your money back. You and any bank have 30 days to ask for money back. In ANY bank transaction. It's standard bank procedure.
My recent experience is contrary to your assertions. I had a bogus debit card transaction reversed recently (thanks Home Depot!), and it was definitely not "no questions asked". First, my bank sent me to the local police department to report the fraud. With a case number in hand, my bank would now reverse the charge. Later, the merchant challenged the reversal, and I had to provide a written letter to my bank to dispute the merchants claims. Luckily, the fraudulent charge was linked to incorrect personal information and the merchants challenge was denied (so far). Had this attempt not been so clumsy and included correct personal information - the kind CurrentC would have access to - the merchants challenge could have prevailed and I would have lost money.
Forget all the hand waving and references to "what's supposed to happen" -- when debit card fraud / theft occurs, duplication's experience is how this commonly plays out. Who's your advocate when debit card fraud occurs? YOU.
One thing a lot of people seem to be 'missing' is the fact that the CurrentC system is a DEBIT system, tied DIRECTLY to your bank account. Thus, the payment is deducted immediately from your account. Contrast that to the present ApplePay system, that uses a debit OR A CREDIT card. Thus, with a registered CREDIT CARD on ApplePay, you get the 25 day /- float, before you must pay.
Also, (and I'm not completely sure about this part)... I believe the ApplePay system is more secure, and easier to execute at the checkout counter)
The more Davidson opens his mouth to "explain" CurrentC and how its "exclusivity"
arrangement with retailers works, the fuzzier it gets. Why should MCX demand "exclusivity" now when they don't even have their product out, but are going to let merchants open the till later to competing products? I think Davidson got kicked in the balls by ApplePay and is now trying to figure out how to salvage what looks to be a fairly lame service for CONSUMERS, regardless of the benefits to retailers. Sort of like when the Iphone came out and the entrenched phone makers soon realized they had to up their game in a hurry.
A direct debit is more "guaranteed" than any credit card transaction. You can reverse ANY bank transaction within 30 days, no questions asked. No proof needed.
I mean, this is just completely not true. I worked in the banking industry for five years. You can request for a transaction to be reversed, but the bank will definitely ask you questions. They will, more likely than not, ask for some sort of proof. Finally, just because you requested all this, and showed them whatever proof you brought in, that doesn't mean they will reverse anything.
I just don't know where you got your information from, or if you were just trying to get a reaction. Maybe I'll go buy a TV from Best Buy with CurrentC, and then tell my bank to reverse the transaction. Free TV, score!
Comments
I'll bet you have to grant said authorization when you sign up. Sure, you can always challenge charges, and after you take the time to do that, you can also try to get overdraft charges reversed, followed by visiting all affected check recipients to explain why their checks bounced. I also doubt any discounts are for us, the consumers. The only reason the retailers did this was to save money for themselves. It was spelled out in the original article. This is all downside for consumers.
That reminds me of those automobile underwriters that charge low fees to the ignorant who think they are getting a deal until they need to file a claim.
But merchants are not allowed to differentiate. A merchant can't charge more for a cc transaction. Perhaps if everyone pays with CurrentC prices would drop but until such time the price has to be the same. In other words - the customer gets nuttn.
Is there a law or Visa/Mastercard agreement that says they're not allowed to differentiate? I've seen gas stations with different prices for credit vs cash. I also see it at trade shows. But never in retail stores.
Yes i've seen that too, but only for gas. ( i get more cash back then what they discount per gallon) My guess is that i would be a nightmare to do it for every single item.
Apple cash: 1$
Apple visa credit: 1.03$
Apple MasterCard credit: 1.04$
Apple visa debit: 1.02$
Apple amex: 1.07$
Apple currentc: all your personal information and 1.07$
So on and so on! To much info to input and manage which equals more money in techs
Yeah, CurrentC is a good idea.
Thanks for the input! I'll add this to my list of reasons of why not to use currentc and continue use of apple pay! ????
In another note, I just cant get enough of people's reactions when i use apple pay! Just today one girl went " DID YOU SEE THAT? He just payed with his phone! WHAT? That is crazy" ????
You clearly haven't used either system. And you don't take into consideration the fact that most credit card companies award points for usage.further credit card companies don't charge 7%.
Dream on. I recently was in Baltimore shopping at whole foods and someone took my debit card and put my account $100 under the balance. My debit card was from KeyBank and by the time I got home to Michigan I had several messages on my phone claiming they were charging me a $25 day penalty for my overdrawn account. When I found out about the unauthorized transactions and let KeyBank no they didn't care at all and he spent a lot of time cussing at me on the phone.I had to make several phone conversations, get a police report, and actually go to a local branch to straighten the issue out.
Nope. Stop shilling for CurrentC.
http://budgeting.thenest.com/time-frame-reversing-wire-transfer-33881.html
.... Bank wires are reversible, no questions asked....
Nope
My recent experience is contrary to your assertions. I had a bogus debit card transaction reversed recently (thanks Home Depot!), and it was definitely not "no questions asked". First, my bank sent me to the local police department to report the fraud. With a case number in hand, my bank would now reverse the charge. Later, the merchant challenged the reversal, and I had to provide a written letter to my bank to dispute the merchants claims. Luckily, the fraudulent charge was linked to incorrect personal information and the merchants challenge was denied (so far). Had this attempt not been so clumsy and included correct personal information - the kind CurrentC would have access to - the merchants challenge could have prevailed and I would have lost money.
Forget all the hand waving and references to "what's supposed to happen" -- when debit card fraud / theft occurs, duplication's experience is how this commonly plays out. Who's your advocate when debit card fraud occurs? YOU.
Well, there's someone who wasn't paying attention.
Contrast that to the present ApplePay system, that uses a debit OR A CREDIT card. Thus, with a registered CREDIT CARD on ApplePay, you get the 25 day /- float, before you must pay.
Also, (and I'm not completely sure about this part)... I believe the ApplePay system is more secure, and easier to execute at the checkout counter)
... Just my 2 cents.
The more Davidson opens his mouth to "explain" CurrentC and how its "exclusivity"
arrangement with retailers works, the fuzzier it gets. Why should MCX demand "exclusivity" now when they don't even have their product out, but are going to let merchants open the till later to competing products? I think Davidson got kicked in the balls by ApplePay and is now trying to figure out how to salvage what looks to be a fairly lame service for CONSUMERS, regardless of the benefits to retailers. Sort of like when the Iphone came out and the entrenched phone makers soon realized they had to up their game in a hurry.
I mean, this is just completely not true. I worked in the banking industry for five years. You can request for a transaction to be reversed, but the bank will definitely ask you questions. They will, more likely than not, ask for some sort of proof. Finally, just because you requested all this, and showed them whatever proof you brought in, that doesn't mean they will reverse anything.
I just don't know where you got your information from, or if you were just trying to get a reaction. Maybe I'll go buy a TV from Best Buy with CurrentC, and then tell my bank to reverse the transaction. Free TV, score!
Not years, just 23 months.
The exclusivity will end tomorrow if every member of the consortium drops out today.