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Why Are You Paying Just to Pay?

https://youtu.be/khCCvjDXhsM

Paying to Pay | How the System Makes Money Moving Your Money
You go to work.
You get paid.
And then — almost immediately — you start paying money…

just to use that money.

In this episode of Plain Meaning, we examine how paying money became something you have to pay for.

We explore:
• What actually happens when you tap your card at a register
• Why your money doesn’t move when you think it does
• How “authorization,” “clearing,” and “settlement” really work
• What the financial system calls the “float” — and who profits from it
• Why banks are using your money long before you spend it
• The 1978 Supreme Court decision that dismantled state interest rate limits
• How federal regulators expanded fees beyond interest
• The role of the 1990s deregulation era in locking the system into place
• How government mandates pushed Americans into card-based payments
• Why faster technology didn’t make payments cheaper — only more profitable
• How countries like Brazil and Poland built systems that move money instantly and at near-zero cost

For decades, the system has been explained in simple terms:
You pay.
They get paid.
But that’s not what happens.
Your money is held.
Delayed and routed through institutions that profit from the time it spends in transit.
The delay has a name.

It’s called the float.

Watch until the end for the deeper question:
If it is now possible to move money instantly —
and at almost no cost —
why are you still paying to use your own money?

#Payments #DigitalPayments #CreditCards #DebitCards #Fintech #CardFees #InterchangeFees #BankingSystem #FinancialRegulation #PlainMeaning #checking #cash

Why Are You Paying Just to Pay?

YouTube

I just noted that #PlaceToPay is behind a two payment gateways in Chile:

- GetNet (Banco Santander)
- BanChile Pagos (Banco Chile)

I'm not against it, but fuck, their implementation is lackluster asides from the typical "WebCheckout", let alone documentation.

The worst thing, is that PlaceToPay supports almost everything you want. It's the implementors fault to offer something so miserable.

#Payment #Latam #Latinamerica #Payments #Finance #Evertec #CreditCards #DebitCards #WebCheckout

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UK banks keep £100 limit for contactless card payments despite FCA scrapping it

Banking lobby group says lenders are holding off changes as there is no widespread consumer demand for now

The Guardian

I went to sit with an elder who unexpectedly ended up in hospital recently.

I must say, the #Misercordia's new #ER design appears very good for the variety of needs that must be served, and my elder was in one of many individual rooms and seemed as comfortable as possible given the circumstances. Also, the meal they received looked as good or better than many restaurant plates! (Alas, my elder was in no condition to truly enjoy that aspect fully).

BUT … WTAF is going on with parking at this #hospital? Like many, it uses one of those time-increment kiosks where the difference between two and 24 hours is negligible as the prices are already sky high.

But of far MORE concern, the Misercordia's parking system accepts #CreditCards or #coins only (NO #DebitCards ). That's a pretty hefty stack of coins to haul along if one doesn't happen to have a credit card!

This seems a poor choice for #accessibility regardless of disability: owning a credit card should not be a pre-req to visit a hospital.

#yeg
#abhealth

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