Originally Posted by
uoficowboy
I read through the last 10 pages and didn't find an answer - forgive me for not reading every page.
Who is footing the bill here?
I mean, is the US Mint getting the shaft here, or is it the credit card companies? I'm stoked if it's the latter, not so much if the former.
Nobody is "footing the bill":
The Mint makes money selling cash for less than it costs to manufacture.
UPS makes money off of the shipping fees and keeps those guys in brown shorts in shape.
Credit card/Banks make money off of the cc discount rate for basically doing nothing else.
Airlines make money by selling the points to the credit card departments of the banks hoping that those points will expire.
Hotels make money when you travel and redeem points for nights that they can't sell otherwise.
Armored transport companies make money transporting the coins to the Fed to store them (because they are too lazy to require the banks to use them).
Warehouse owners make money renting empty warehouses to the Federal Reserve to store all of these coins.
Security guards make money watching these coins go nowhere.
Tellers should be happy because they have a job to begin with, counting the coins when we make deposits.
Costco makes money every time I fill my gas tank to go to the bank and make a deposit.
THE BANKS ARE MAKING MONEY BECAUSE THEY ARE CHARGING HOMEOWNERS, CREDIT CARD CUSTOMERS AND EVERYONE ELSE > 5-24% FOR MONEY THAT THEY GET ELECTRONICALLY FROM THE FED FOR NEXT TO NOTHING. (<1%)
They only one getting the shaft is the customers buying the coins being forced to play this ridiculous game of ordering every 10 days.
Last edited by mrpickles; Mar 2, 2011 at 3:47 pm