Well 2 points. First, I do not believe that any retailer will pass on any savings to you. Their prices already take CC fees into account, so dream on that they care about you, and that they will lower prices. Second, it isn't just Apple users crying foul. Google Wallet users are complaining just as loudly.
So you do not believe in the forces of competition? This is what causes companies to pas son cost savings. Why do you think on-line retailers offer good cheaper than inner-city shops? Because they have lower costs which are passed on to you. Because if they don't, someone else will and they will go out of business. Your entire country is based on that principle.....
3% -7%? What are you smoking!!! Maybe they're that high for a Drug Dealer, but most businesses the fee is at MAX 3%, and generally lower then that. 7% is just silly, is this you MCX?
ask any restaurant about their amex fees. But you are right, it seems they are now down to about 3.5% to 5%. Still.
The exclusivity is an issue, but quite normal business behaviour when starting a new initiative to increase likelihood of success and protect the investment. I am sure it is very short-lived. Monopolies of non-essential goods can be very efficient. Look at it this way: if a politician were to promise a 2% reduction in sales tax, everyone would love him. If a consortium of businesses build a system to reduce credit card fees by more that this amount, Apple-icionados howl.
I'm somehow a little uneasy with all those new payment method involving third party interest in a transaction between a merchant and a consumer. I think Apple and Google will have a really hard time to penetrate Canadian and other foreign market who already has a widely adopted direct payment like interac who is controlled and insured by banks not by merchant like MCX tend to be.
Maybe I'm wrong here, but I feel much safer to limite the number of intervenant I want to disclose my bank or credits account information even to Apple Pay or Google Wallet, with Interac all my banking infos is keep by my bank where I do my every day business.
The only ones that can use your bank account details to DEBIT your account are registered merchants. In order to DEBIT a bank account, you need to be registered as a serious merchant, OR have a signed authorisation from the account holder for that single transaction (which is just like a cheque by another name).
While that may be true, if I have your bank account number (the routing number is easy), then I can go to many on-line sites and pay by inputting the acct# and routing# with no other checks. The merchant will verify that the numbers are valid, but not that it is me using them. I can also transfer money to a different account, as long as I know the correct information. Lots of stories of that happening to people all over the place. The bank may or may not notify the actual user if the merchant is a respected one.
Anyway, good luck with using CurrentC. I hope you save lots of money, and don't lose you shirt when their system gets hacked.
In the U.S. You are protected by FRAUD using a Credit Card by LAW!!!! You are't liable for more then $50 MAX and most of the time you don't even pay that. I never have. With a Debit only Card or a Direct withdrawal from your bank, you don't have that protection. It's now on YOU to fight it and get your money back. Going and doing the police report and fighting with the bank and whatnot. CurrectC, ZERO protection against fraud. You could have your bank account wiped out, and maybe you can get your money back, but it could take weeks!!! Have fun with that!!!
Not to mention the whope Tracking all your spending habits. It's even worse then a credit card. It's part of the design of CurrentC. I hear the App even makes a grab for your Health Info that's on your iPhone. You're giving them your SSN# and other personal info. It's far, far, far worse then any Credit Card. Top it off, they like to advertise how it's all safe in their CLOUD, HAHAHAHAHA, ya right. The whole QR code thing is just dumb. It's not easier to use then a Credit Card. There's zero reason to use it and lots of reasons to NOT use it.
That's a Minor one. Their main objective is to SPY ON YOU!!! They do this now with Credit Cards. This is why when they get hacked, the hackers get a huge list of credit card info. Because these large chain stores save this info to track you. CurrentC expands on this. I hear the App even tries grabbing your health into on your phone!!! They don't like Apple Pay because there's nothing to track. You're 100% Anonymous.
Agree, thats is excellent about Apple Pay. I am not saying Apple Pay is bad. It is excellent. But why the storm against MCX, if all they are doing is coming up with an alternative payment system?
I'm somehow a little uneasy with all those new payment method involving third party interest in a transaction between a merchant and a consumer. I think Apple and Google will have a really hard time to penetrate Canadian and other foreign market who already has a widely adopted direct payment like interac who is controlled and insured by banks not by merchant like MCX tend to be.
Maybe I'm wrong here, but I feel much safer to limite the number of intervenant I want to disclose my bank or credits account information even to Apple Pay or Google Wallet, with Interac all my banking infos is keep by my bank where I do my every day business.
I agree. There is a reason Apple Pay not prioritising Germany and other countries with bank-led payment systems.
While that may be true, if I have your bank account number (the routing number is easy), then I can go to many on-line sites and pay by inputting the acct# and routing# with no other checks. The merchant will verify that the numbers are valid, but not that it is me using them. I can also transfer money to a different account, as long as I know the correct information. Lots of stories of that happening to people all over the place. The bank may or may not notify the actual user if the merchant is a respected one.
Anyway, good luck with using CurrentC. I hope you save lots of money, and don't lose you shirt when their system gets hacked.
REALLY? That is astonishing. Send me the url of such a site. I want to try it out.
(bank account numbers are not a big secret, they are everywhere, e.g., company stationery. They are like phone numbers).
You are aware that the firms you mentioned are exactly those that have provided massive cost savings to the American consumer, right? If you believe in the free market, then you must believe that competition will erode surplus profits away. Companies save costs not to increase their margins, but to stay alive against their competition. That (and product innovation) is the whole point of capitalism and free markets.
Maybe your bank sucks. I have only once had a undue Direct Debit taken from my account (in 30 years) and it took one phone call and one letter to reverse it. Same as with a credit card (which btw is also not guaranteed, credit cards do not HAVE to reverse fraudulent debits; and in many countries, they don't).
You realize an exclusivity clause that ban competition are the anti-thesis of free market right.
REALLY? That is astonishing. Send me the url of such a site. I want to try it out.
(bank account numbers are not a big secret, they are everywhere, e.g., company stationery. They are like phone numbers).
Then post your bank account and routing number here for the world to see. We'll all repost it on other sites and ask for others to repost it. Let's see how that works out for you.
REALLY? That is astonishing. Send me the url of such a site. I want to try it out.
(bank account numbers are not a big secret, they are everywhere, e.g., company stationery. They are like phone numbers).
Really??? How about you go to amazon.com for instance. You can add your bank account as payment. There are many others, and I am surprised that you aren't aware of this.
And bank account numbers are secret. The routing numbers are public information.
Really??? How about you go to amazon.com for instance. You can add your bank account as payment. There are many others, and I am surprised that you aren't aware of this.
And bank account numbers are secret. The routing numbers are public information.
First, I was serious when I asked about the sites, I really would like to see them.
Second, I did not say they were public, I just said they were not confidential.
Amazon requires also the (confidential) driver's license number in addition to the not so confidential bank account number. But yes, I find that surprising.
Second, I did not say they were public, I just said they were not confidential.
OK, then send me your nonconfidential bank account info in a private message so I can forward it to everyone I know on my private Twitter, Facebook, and AI messaging accounts, with a message to forward your nonconfidential information to others through private accounts.
Really??? How about you go to amazon.com for instance. You can add your bank account as payment. There are many others, and I am surprised that you aren't aware of this.
And bank account numbers are secret. The routing numbers are public information.
I wont post my account number, but for example here is the account number of the german red cross as shown on their website. Its the IBAN so includes both account number and routing number.
CurrentC is one of those hopelessly misguided attempts to counter the overwhelming natural forces of evolution, just like Circuit City's DiVX fiasco of 1998. And we all know what happened to Circuit City.
i just posted the account number of the german red cross which is on their home page.
I doubt that is their only account. It might be a special account that can only accept deposits for donations and such, making it easier to set up a payroll deduction.
If I wanted to, I could pay all of my bills with my mom's bank info and no one would blink an eye. There's no verification that it is really you who is inputting the information or that it is authorized in the first place.
I think at this point, you've demonstrated that [@]sflagel[/@] is fully self-aware of the risks of flaunting your financial account information, that he isn't merely super naive. This indicates deception.
Comments
Well 2 points. First, I do not believe that any retailer will pass on any savings to you. Their prices already take CC fees into account, so dream on that they care about you, and that they will lower prices. Second, it isn't just Apple users crying foul. Google Wallet users are complaining just as loudly.
So you do not believe in the forces of competition? This is what causes companies to pas son cost savings. Why do you think on-line retailers offer good cheaper than inner-city shops? Because they have lower costs which are passed on to you. Because if they don't, someone else will and they will go out of business. Your entire country is based on that principle.....
3% -7%? What are you smoking!!! Maybe they're that high for a Drug Dealer, but most businesses the fee is at MAX 3%, and generally lower then that. 7% is just silly, is this you MCX?
ask any restaurant about their amex fees. But you are right, it seems they are now down to about 3.5% to 5%. Still.
The exclusivity is an issue, but quite normal business behaviour when starting a new initiative to increase likelihood of success and protect the investment. I am sure it is very short-lived. Monopolies of non-essential goods can be very efficient. Look at it this way: if a politician were to promise a 2% reduction in sales tax, everyone would love him. If a consortium of businesses build a system to reduce credit card fees by more that this amount, Apple-icionados howl.
I'm somehow a little uneasy with all those new payment method involving third party interest in a transaction between a merchant and a consumer. I think Apple and Google will have a really hard time to penetrate Canadian and other foreign market who already has a widely adopted direct payment like interac who is controlled and insured by banks not by merchant like MCX tend to be.
Maybe I'm wrong here, but I feel much safer to limite the number of intervenant I want to disclose my bank or credits account information even to Apple Pay or Google Wallet, with Interac all my banking infos is keep by my bank where I do my every day business.
The only ones that can use your bank account details to DEBIT your account are registered merchants. In order to DEBIT a bank account, you need to be registered as a serious merchant, OR have a signed authorisation from the account holder for that single transaction (which is just like a cheque by another name).
While that may be true, if I have your bank account number (the routing number is easy), then I can go to many on-line sites and pay by inputting the acct# and routing# with no other checks. The merchant will verify that the numbers are valid, but not that it is me using them. I can also transfer money to a different account, as long as I know the correct information. Lots of stories of that happening to people all over the place. The bank may or may not notify the actual user if the merchant is a respected one.
Anyway, good luck with using CurrentC. I hope you save lots of money, and don't lose you shirt when their system gets hacked.
In the U.S. You are protected by FRAUD using a Credit Card by LAW!!!! You are't liable for more then $50 MAX and most of the time you don't even pay that. I never have. With a Debit only Card or a Direct withdrawal from your bank, you don't have that protection. It's now on YOU to fight it and get your money back. Going and doing the police report and fighting with the bank and whatnot. CurrectC, ZERO protection against fraud. You could have your bank account wiped out, and maybe you can get your money back, but it could take weeks!!! Have fun with that!!!
Not to mention the whope Tracking all your spending habits. It's even worse then a credit card. It's part of the design of CurrentC. I hear the App even makes a grab for your Health Info that's on your iPhone. You're giving them your SSN# and other personal info. It's far, far, far worse then any Credit Card. Top it off, they like to advertise how it's all safe in their CLOUD, HAHAHAHAHA, ya right. The whole QR code thing is just dumb. It's not easier to use then a Credit Card. There's zero reason to use it and lots of reasons to NOT use it.
That's a Minor one. Their main objective is to SPY ON YOU!!! They do this now with Credit Cards. This is why when they get hacked, the hackers get a huge list of credit card info. Because these large chain stores save this info to track you. CurrentC expands on this. I hear the App even tries grabbing your health into on your phone!!! They don't like Apple Pay because there's nothing to track. You're 100% Anonymous.
Agree, thats is excellent about Apple Pay. I am not saying Apple Pay is bad. It is excellent. But why the storm against MCX, if all they are doing is coming up with an alternative payment system?
I'm somehow a little uneasy with all those new payment method involving third party interest in a transaction between a merchant and a consumer. I think Apple and Google will have a really hard time to penetrate Canadian and other foreign market who already has a widely adopted direct payment like interac who is controlled and insured by banks not by merchant like MCX tend to be.
Maybe I'm wrong here, but I feel much safer to limite the number of intervenant I want to disclose my bank or credits account information even to Apple Pay or Google Wallet, with Interac all my banking infos is keep by my bank where I do my every day business.
I agree. There is a reason Apple Pay not prioritising Germany and other countries with bank-led payment systems.
While that may be true, if I have your bank account number (the routing number is easy), then I can go to many on-line sites and pay by inputting the acct# and routing# with no other checks. The merchant will verify that the numbers are valid, but not that it is me using them. I can also transfer money to a different account, as long as I know the correct information. Lots of stories of that happening to people all over the place. The bank may or may not notify the actual user if the merchant is a respected one.
Anyway, good luck with using CurrentC. I hope you save lots of money, and don't lose you shirt when their system gets hacked.
REALLY? That is astonishing. Send me the url of such a site. I want to try it out.
(bank account numbers are not a big secret, they are everywhere, e.g., company stationery. They are like phone numbers).
You are aware that the firms you mentioned are exactly those that have provided massive cost savings to the American consumer, right? If you believe in the free market, then you must believe that competition will erode surplus profits away. Companies save costs not to increase their margins, but to stay alive against their competition. That (and product innovation) is the whole point of capitalism and free markets.
Maybe your bank sucks. I have only once had a undue Direct Debit taken from my account (in 30 years) and it took one phone call and one letter to reverse it. Same as with a credit card (which btw is also not guaranteed, credit cards do not HAVE to reverse fraudulent debits; and in many countries, they don't).
You realize an exclusivity clause that ban competition are the anti-thesis of free market right.
Then post your bank account and routing number here for the world to see. We'll all repost it on other sites and ask for others to repost it. Let's see how that works out for you.
REALLY? That is astonishing. Send me the url of such a site. I want to try it out.
(bank account numbers are not a big secret, they are everywhere, e.g., company stationery. They are like phone numbers).
Really??? How about you go to amazon.com for instance. You can add your bank account as payment. There are many others, and I am surprised that you aren't aware of this.
And bank account numbers are secret. The routing numbers are public information.
Really??? How about you go to amazon.com for instance. You can add your bank account as payment. There are many others, and I am surprised that you aren't aware of this.
And bank account numbers are secret. The routing numbers are public information.
First, I was serious when I asked about the sites, I really would like to see them.
Second, I did not say they were public, I just said they were not confidential.
Amazon requires also the (confidential) driver's license number in addition to the not so confidential bank account number. But yes, I find that surprising.
OK, then send me your nonconfidential bank account info in a private message so I can forward it to everyone I know on my private Twitter, Facebook, and AI messaging accounts, with a message to forward your nonconfidential information to others through private accounts.
Really??? How about you go to amazon.com for instance. You can add your bank account as payment. There are many others, and I am surprised that you aren't aware of this.
And bank account numbers are secret. The routing numbers are public information.
I wont post my account number, but for example here is the account number of the german red cross as shown on their website. Its the IBAN so includes both account number and routing number.
acct: 5023307
Routing number: 37020500
and the BIC: BFSWDE33XXX
of course not, because it's CONFIDENTIAL.
of course not, because it's CONFIDENTIAL.
i just posted the account number of the german red cross which is on their home page.
i just posted the account number of the german red cross which is on their home page.
I doubt that is their only account. It might be a special account that can only accept deposits for donations and such, making it easier to set up a payroll deduction.
If I wanted to, I could pay all of my bills with my mom's bank info and no one would blink an eye. There's no verification that it is really you who is inputting the information or that it is authorized in the first place.
In the financial industry account numbers are classified as NPI, or non-public information. There are strict laws (Gramm-Leach-Bliley Act) in the U.S. regarding how companies may handle NPI:
http://business.ftc.gov/documents/alt115-safeguarding-customers-personal-information-requirement-financial-institutions
I think at this point, you've demonstrated that [@]sflagel[/@] is fully self-aware of the risks of flaunting your financial account information, that he isn't merely super naive. This indicates deception.