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Fourth echelon

Credit card companies are forcing everyone to use "smart" credit cards in their war against cash

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Payment-processing giants like MasterCard and Visa insist that you and your financial data will be safer once you move to "smart" credit cards that contain a computer chip. And like it or not, credit card companies are forcing merchants to make the change.

After an Oct. 1, 2015, deadline created by major U.S. credit card issuers MasterCard, Visa, Discover and American Express, the liability for card-present fraud will shift to whichever party is the least EMV-compliant in a fraudulent transaction.

In other words credit card companies are FORCING merchants to make the change or they'll have to pay for every fraudulent purchase!

The new "smart" credit card rules are forcing banks to also hold you accountable for any fraudulent purchases! You read that right, banks can blame the customer if they feel you might have been negligent.

EMV stands for Europay, MasterCard, and Visa, which is shorthand for bank owned digital currency.



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 MFWIC    6

I used to run a computer repair business.  I used to accept cash only, until my bank told me that they would refuse to handle any more of my business unless I opened a checking account, started accepting checks, and leased a credit card terminal from them.  The next day I simply never flipped the closed sign around to open, finished all of the current repair jobs, cancelled all orders, told my two employees to start looking for new jobs, paid them off, and proceeded to walk across the street to get a cashier's check for the $210,000 that I had sitting in the savings account I was depositing to every night.  The day after that I called the secretary of state and told them my business was insolvent after paying off its creditors, and had no interest in continuing operations.

I now own a new computer business that accepts cash only, has only one employee, and deposits gold and silver coins into a floor safe once a week when the excess cash is converted.

Edited by MFWIC

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