A clarification regarding something I wrote a few days ago: dlv@bwalk.dm.com (Dr.Dimitri Vulis KOTM) writes:
Another possibility is to issue a charge card (payable in full at the end of the month, getting revenue from the annual fee), rather than a credit card, s it could claim not to be subject to certain Federal Reserve's regulations tha have to do with credit card disputes. But then it probably can't be Visa/MC a can't use their clearginhouses.
A charge card (like the original AmEx, not like Optima) is not the same as a debit card. I have a debit card, tied to my checking account, and using mastercard's clearinghouse. To issue a debit card, the organization needs to keep checking accounts. Even if it doesn't pay interest, doesn't make commercial loans, etc, it still would be subject to weird Fed regulations and probably couldn't maintain anonimity. But the lack of a dispite resolution mechanism is really the killer. --- Dr.Dimitri Vulis KOTM Brighton Beach Boardwalk BBS, Forest Hills, N.Y.: +1-718-261-2013, 14.4Kbps