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 Replies: 425 / Views: 38,458 |
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Pillar of the Community
Canada
1733 Posts |
Well spoken and good points all C_C. We use a lot of Interac transactions here in Canada and frankly they are pretty fair both from a merchant and consumer point of view. Instant electronic payment from your bank to mine. We can even send email money orders for a $1.50 service fee from almost any Canadian bank to any other. Instant cash, no paper needed. If it's a trusted transaction, who needs PayPal?
I'm targeting more the credit card industry as wholesale scam artists. I don't mind people using them, but the fees they charge are basically ridiculous considering their infrastructure costs. The value for the money just is not there from a merchant point of view and when compared to other forms of electronic payment they are simply gouging everyone.
I'd happily take 50 of these twenty dollar coins for the payment of a 1000 dollar debt before I'd take a credit card and be artificially forced to discount the bill to the tune of the percentage they charge.
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Valued Member
423 Posts |
C_C: You are right about the convenience aspect of plastic. I have little doubt plastic will become more and more the norm. There is a cost for this service (hidden or not) though. Credit card company's can change the rules of the game anytime they want. Paypal "fees" have increased over the years and credit card companies aren't much different. Interest rates are extreme. Credit card companies have slowly lowered the amount of time to pay off the card (one day I can see a instant interest rate charges and no more 30 or 20 days to pay). Is it good for society that banks control the flow of money and not a government? Just some examples to point out that there is some big down sides as well to plastic. Ugly: I am curious to know Scotia Banks answer. The banks answers in regards to this coin is important. Do banks have the power to dictate what is legal tender or not (by not accepting it they could easily undermine this coin or any government money for that matter) and will the RCM fight back? The banks plastic vs the RCM coins... |
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Pillar of the Community
United States
2408 Posts |
Granted, paying your balance every month is the only way to go with credit cards. Yes interest rates are totally outrageous... but the more reasons to buy only what you can afford.
This is a behavioral component that is hard to regulate. Governments could impose a lower % limit yes, but the fees would increase - which I don't want to happen. And even with a lower rate, chronic buyers would still manage to max out their credit and pay endless interest until bankruptcy.
Fun discussion.
It'll be interesting to see where this NCLT problematic goes. No word yet from the Mint...
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Valued Member
423 Posts |
The RCM basically has to back this coins legal tender aspect or they in effect kill their NCLT market. The RCM might as well stop producing circulating coinage and let the banks take over with a private system (it would be after-all the banks dictating the rules of the game and not the RCM). |
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Valued Member
423 Posts |
My friend got their coin today and came over to show me it. Still waiting for mine to come though. It is better looking in hand than I had thought it would be. Until C_C gets us a nice picture here is a small scan.  |
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Pillar of the Community
Canada
693 Posts |
Question - Is the coin pictured worth more than bullion value?   |
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Valued Member
Canada
276 Posts |
If it was a real, government issued coin, it would be worth a minimum of face value. If you could find someone to cash it... which might be hard. You could always use it to pay your taxes...
And since you havn't mentioned any specs (weight, composition ...) then it's hard to tell :P
I mean, if it was made of unobtanium?
Edited by rodime
02/25/2011 2:10 pm
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Pillar of the Community
Canada
693 Posts |
It doesn't seem to matter what the denomination is for the $20 coin. From what people have said, they aren't being accepted @ face value by merchants or banks.
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Pillar of the Community
Canada
1733 Posts |
Got my answer from Scotia today. The response was "they're not equipped to deal with that denomination of currency in coin form". The unofficial party line was "If it's a big account, take whatever they have, any Canadian coin is fine."
Edited by Ugly
02/25/2011 4:09 pm
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Valued Member
423 Posts |
Tracking of rejected legal tender at banks. 1. DBM - RBC and CIBC. 2. Ugly - Scotia Bank Ugly: Your third sentence is unclear to me? The RCM needs to make banks except these. If the RCM can't get banks to except them NCLT's are just plain giftware as there is no legal tender aspect. Maybe the Bank of Canada should start making $1 and $2 bills again. The RCM can stop making the cent and most likely nickel. Then really, would the RCM be needed just to make a dime and quarter? Maybe the Bank of Canada can take over and the RCM can be a giftware company. |
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Pillar of the Community
Canada
1733 Posts |
There was a typo in it do to some SQL timeout jumping around. Basically for the large accounts they'll accommodate you with whatever you have rather than risk having you walk if you push the issue.
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Valued Member
423 Posts |
^^^ Interesting, so Scotia Bank thinks legal tender is legal tender only if you are rich and have tons of money sitting in an account - otherwise it isn't legal tender. Crazy logic going on at that bank. It would be funny if you could buy a $20 legal tender coin with a credit card, but couldn't pay your credit card with a $20 legal tender coin. It would prove that a private credit system (VISA, etc...) is more powerful than the governments legal tender system. The best would be if I called my credit card company and got the charges reversed for misleading claims about the RCM coin. I am sure the credit card company's would love this. Private credit system vs government money... the RCM had better act and make a clear statement or they have clearly shot themselves in the foot with this move. Edited by realpenny
02/25/2011 4:39 pm
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Pillar of the Community
Canada
598 Posts |
Got my three today. They were stuck onto a black RCM folder with the easily removable double backed tape circular stickies. The enclosed invoice clearly shows a total of $60. But, my credit card was billed $60.57... what kinda tax is .95%? I won't lose any sleep over it and will probably order 3 more on line with the extended shipping time wait. Anywho, I'm very happy with the whole deal really... nice pieces and I'm glad I did pick up a few. The others would be for, well, not myself. If anyone is so inclined, let me know and I'll enquire about the extra(?) 57 cents. Or, if you know what's up with the 57 cents... post away and let us all know  . BTW, I'm in Ontario. I also won't bother with pictures. The previous posters of such have great pix... of which I may have borrowed  . Thanks guys!  |
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Valued Member
Canada
150 Posts |
IBGolden, the 57 cents is probably the shipping cost. I think only Masters Club members got free shipping when purchasing these coins.
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Valued Member
423 Posts |
IBGolden: In Ontario the total for three coins should be $60. There is no shipping cost or tax in Ontario. Either the RCM made a mistake or your credit card company is making some money off you. |
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Replies: 425 / Views: 38,458 |
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Posted 02/23/2011 4:03 pm
