Why does Home Depot refund Cash for Debit Card purchases?

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On 7/21/2011 5:50 AM, snipped-for-privacy@optonline.net wrote:

A local bank got shut down for money laundering a few years back (they were simply forgetting to report large cash transactions for selected "clients") who were actually using handtrucks to bring the money in.
I think folks are forgetting the $10k rule isn't aimed at small time folks. Drug dealers and folks of their ilk deal with lots of cash and they need a way to launder it.
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On 7/20/2011 11:03 PM, Shaun Eli wrote:

All businesses have the same reporting requirements.
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On Wed, 20 Jul 2011 19:50:26 -0700 (PDT), " snipped-for-privacy@optonline.net"

The *CASINO* launders money. Any cash business can easily do it. Casinos are nothing but a pile of cash.
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On 7/21/2011 12:11 AM, snipped-for-privacy@att.bizzzzzzzzzzzz wrote:

Not as much as they used to be- they are switching to virtual cash wherever possible. Here in flyover country, almost all the machines and table games are are chip/player card, not coins or paper. All that cash handling is expensive. And without the implied protection of mob ownership (for the 'indian' casinos), having cash anywhere except cashier/chip/in-house player (debit) card office is a security risk. Emptying all those machines and under-table cash drip boxes, is expensive. The cash office staff would pretty much be the only place to pull it off.
--
aem sends...

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Sure, what's the problem. If you *own* the casino...
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On 07/19/11 3:40 PM, snipped-for-privacy@rochester.rr.com wrote:

I believe that I should be asking the "mentally deficient" question of you.
Look up IRS Form 8300.
It has nothing to do with taxes or income.
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Not sure if the IRS is the right agency or if HD is subject to the pertinent law or regulation but financial institutions are required to report all transactions over $10,000 to the federal government (again, not sure If it's the IRS or some other agency)
--
There are no stupid questions, but there are lots of stupid answers.

Larry Wasserman - Baltimore Maryland - lwasserm(a)sdf. lonestar. org
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On 07/19/11 12:46 PM, Red Green wrote:

Lots of the responses have mentioned the "fee" for the refund transaction.
If that is indeed the case, then why is HD one of the very, very few (and the only one that I know of) that makes it's their standard practice to avoid the fee?
Obviously, all of the other thousands of businesses know about the fee, so why aren't they refunding cash?
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On 7/19/2011 10:21 PM, DerbyDad03 wrote:

Maybe they dislike banks inserting themselves into every possible transaction as much as I do?
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maybe the others are not that cost-conscious? or just willing to eat it. Maybe it doesn't occur often enough for those other businesses to worry about it.
--
Jim Yanik
jyanik
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On 7/20/2011 9:14 AM, Jim Yanik wrote:

Likely you will see more of it and similar things to remove banks from every transaction. For some reason folks assume credit and debit cards don't cost anything and even if they do it must sure cost a lot to handle cash anyway.
I know an enterprise that has 400+ locations. In modern competitive times you look at everything and today have much better tools to do it. They have determined that handling credit cards is significantly more expensive than handling cash.
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Another interesting aspect to all this. I was talking to a guy that runs a local glass business. He said that when someone uses a credit card he doesn't even know what the fee is that he will be charged. The amount depends not only on the card, VISA for example, but also how VISA rates that particular customer's card. For example, if it's a VISA card that accrues airline miles with each purchase the glass guy gets hit with a higher fee than another guy with a different VISA. Even worse, he said there is no way for him to know exactly what the fee he's going to pay will be on any given customer's card.
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On Wed, 20 Jul 2011 16:20:09 -0700 (PDT), " snipped-for-privacy@optonline.net"

Apparently true. My brother was a veterinarian. He hated cash-back cards (so I showed him mine ;-). He hated bounced checks more, though.
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On 7/20/2011 7:49 PM, snipped-for-privacy@att.bizzzzzzzzzzzz wrote:

But bounced checks are nowhere near the issue they used to be. I always thought the most reasonable way to deal with "rewards" cards was to simply require the user to pay for their own "rewards" in the form of a surcharge.
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A few gas stations here give a discount of a few cents a gallon for cash. They post prices per gallon for cash and for credit
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On Thu, 21 Jul 2011 07:56:35 -0700 (PDT), " snipped-for-privacy@optonline.net"

But they can't tell the difference between a normal card and a "rewards" card.
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Since you have no idea whether their card is a "rewards" card, how do you propose implementing your "solution". How much is a lost customer worth?
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On 7/21/2011 6:32 PM, snipped-for-privacy@att.bizzzzzzzzzzzz wrote:

Typically every rewards card has that wording printed on it. And since the great majority of these transactions are electronic I can't imagine it would be that involved to determine how to process them.
Would you patronize a store named say "Fair-Mart" that posted and promotes the following:
We don't expect you to pay for items in the other persons cart so we also don't expect you to pay bank fees and "rewards" that are not applicable to your transaction so those additional costs are directly added only to those transactions.
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Not mine. It's not in the card issuer's interest to make that information easily known. This is especially true if retailers start penalizing users.

Would you patronize "Fair Mart" if they sold merchandise that didn't perform as agreed?
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On 7/22/2011 8:01 PM, snipped-for-privacy@att.bizzzzzzzzzzzz wrote:
How would it be a penalty if customers had to pay for what they get? If someone has a "rewards" card the merchant is providing additional value in the purchase?
Do you think that folks should pay for what they get?

Not sure what if anything that has to do with CC transactions.
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