Do you have a site for this? I expect it’s true for fast food places and corner stores, but it flys against my (admittedly often wrong) common sense in the case of big department stores like Wal-Mart.
Well, I could claim to be an “expert witness” as I work for a company that develops retail software, including loss prevention reports. But here is a cite.
For those that do not want to follow the link, the key figures are that 44.5% of shrink is down to employee theft and 32.7% shoplifting. One of the main reasons that employee theft is bigger is that a dishonest employee can rip off far more than the typical shoplifter - nearly 10 times as much is quoted in the article I linked.
POS use for debit cards do get charged a fee by the bank to the consumer ($1 a month (if used)at bofa). The reason stores want you to use the card as an atm card is that they don’t get charged interchange fees by visa/mc for the purchase (anywhere from 1%-5%). Asking if you want extra cash is simply a courtesy. It doesn’t cost nor benefit either party in a merchant transaction.
Really? I always thought debit cards functioned like credit cards - does this mean I’m paying $.99 per POS transaction? (That’s what my bank charges for ATM use for non-bank customers, I think).
If so, it was never specifically enumerated on my bill - maybe it was just tacked onto the price of the transaction and I never noticed it.
I guess I’ll test it out. Sometimes when I’m short on cash I’ll make $2-5 purchases on debit - which will stop if I’m paying an extra $1 for the transaction.
Unless, like me, you have “really free checking” and that includes a fee-free debit card.
One interesting point … some fast food places around here take debit cards … but they charge a .49 to .79 fee.
My credit union charges a $1.00 each time I use my debit MasterCard as a debit card. Ridiculous, I know, but it’s true. So I always use mine as a credit card unless I need cash back. Banks around here charge something like $2.50 per non-cardholder withdrawals, along with the $1.50 my credit union charges!!! I would much rather pay the $1 fee than the $4 fee.
I’ve been using my Discover card for years to get cash back at the supermarket, and there’s never been a fee or interest. The cash back is just included in the amount charged. The first time, I specifically asked the supermarket management if there was a fee, and they said no. I checked my next statements carefully - no fee. This is how it’s been working, regardless of cash advance-specific terms. I suppose the supermarket could be paying some additional fee and including it in the overall cost of items, as it does for non-cashback credit card transactions.
How can you tell if you’re using a debit card as a debit card or a debit card as a credit card? Is it the difference between punching in your PIN or signing?
Yes, SenorBeef.