The Motley Fool Discussion Boards

Previous Page

Financial Products & Services / Online Banking

URL:  https://boards.fool.com/gocowboys-said-i-strongly-disagree-with-you--17363085.aspx

Subject:  Re: VISA/Mastercard Suit Date:  6/14/2002  11:06 AM
Author:  galagan Number:  17144 of 24357

GoCowboys said:

I strongly disagree with you. ... The spirit behind antitrust laws is consumer choice, and WE are the consumers - WE THE CUSTOMERS/CONSUMERS are what drives antitrust issues. Antitrust issues were not meant to protect the large corporations (look at AT&T in 1984) - they were meant to protect US FROM the corporations.

You're focusing on Wal-Mart as a representative member of the class action. Wal-Mart is not representative. On their own, Wal-Mart has the power to get what it wants. I assure you, if the class action is denied, then Wal-Mart will quietly settle and get most of what it wants, while small businesses and their customers will get the shaft. The class action is the only way that small businesses, which the antitrust laws intend to protect from large businesses, will get to come along for the ride.

Azotic said:

I don't like paying these fees. Would prices on many items be 1 or 2 percent less if credit cards didn't charge that fee? Perhaps, but that aspect of the picture isn't going to change. I just hate paying these fees that everyone wants to line up to assess when I elect to type in my PIN number.

Then don't type in your PIN number. :)

Seriously though, the way for customers to voice their unhappiness about fees is to boycott the services that charge them. I have gone well out of my way to find a credit card that won't charge me extra fees on my foreign currency purchases. I have refused to pay monthly fees for checking accounts. In some cities, this is very difficult, but there's usually a way.

You certainly can't expect Visa/Mastercard to change its policies based on customer complaints if the customer keeps using the service. Consumers have to put their money where their mouth is and seek out services that give them the value they want.

dan
Copyright 1996-2021 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us