01-13-2012, 06:54 PM | #61 |
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Originally Posted by taustin What you describe sounds more like you work for someone who takes credit cards, not someone who issues them. I do. I've never claimed otherwise. Then you're not participating in the same conversation that I am. My comment was specifically about calling the bank that issued the card to inquire about a fraudulent charge that caused the card to be cancelled. How could you possibly call anyone else to find out where the card was used? Your replies make no sense at all in the context of what I've said. |
01-13-2012, 06:56 PM | #62 |
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Losing merchants is actually a bigger concern, I suspect. While the interest paid by card holders is a lot of money, the main source of income to banks is merchant fees. And sending out a a new card to the card holder is something the card holder expects for free, while the merchant has to foot the bill for his processing terminal, and a merchant who doens't can process chip-and-pin cards. It requires the coordination of millions of businsses to make it happen. That takes years.
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01-14-2012, 11:28 AM | #63 |
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Taustin,
I'm in Canada. We have 6 major banks & a few trust companies not like the US that has one for almost every county in every state making god knows how many 100's or 1000's of banks. And we're highly regulated. That's why we never failed or had to deal with the mortgage crisis that you guys did. And we have not been "sued out of existence" for not telling clients where their card was compromised. Again, your first line of contact - the person at the bank or the person on the phone - does NOT see where your card was compromised. Period. End of story. We will see charges on the card yes. If you say you didn't make that charge, that's another story. If your card has been classed as compromised whether or not funds have been illegally taken, we do not see where that compromise has taken place. I'm not going to cite you any law or regulation because I know you wouldn't believe me even if I did. So I'm not wasting my time. You go on believing what you want and have a merry life doing so. I know what I know to be true, some of which you're not even understanding of what I'm saying but you go on thinking you're right. Oh and in Canada, if your bank or credit card is compromised and funds have been fraudulently taken, you're not responsible for a penny. Even if you lose your card. We don't charge you the $50 you say you get stuck paying. Bilbo1967: Yes the US still uses swipe & sign. Even with Canadian cards that have chip & pin & now the paywave/flash option. The US system does not use it. |
01-14-2012, 12:41 PM | #64 | |
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I don't think it's the cost, after all all the major European concerns (Tesco, etc.... for example) embraced the move fairly happily.... more secure for them and us, speed, convenience, something to spend the increased profits on .... Actually, I do remember being faced with a kind of Chip and Pin scenario in Portugal, well before the UK had them, which was interesting/embarrassing ! The demand for "Banqo nombre " meant nothing to me, at the head of a very long, impatient supermarket queue.... My thought about cards being ...diverted... was wondering there was any value in them as blanks etc.. But the the criminal fraternity probably have their own factories churning them out ! Last edited by carpetmojo; 01-14-2012 at 12:46 PM. |
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01-14-2012, 02:55 PM | #65 |
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01-14-2012, 03:25 PM | #66 | |
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The other way of looking at it is that we are happy to put a lot more trust in our banks that they will just get it right (and have stronger consumer legislation), whereas in the US they want to retain a lot more control. |
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