[67860] in Cypherpunks
Re: "Drift net fishing," GAK, FBI, and NSA
daemon@ATHENA.MIT.EDU (Steve Schear)
Fri Oct 11 11:13:20 1996
Date: Fri, 11 Oct 1996 07:40:22 -0700
To: dlv@bwalk.dm.com (Dr.Dimitri Vulis KOTM)
From: azur@netcom.com (Steve Schear)
Cc: cypherpunks@toad.com
>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.
>
How about companies that issue credit cards, but don't extend credit? The
kind customers must maintain a postive balance at all times in order to
charge against their account.
-- Steve
