Mental math - Page 5 - PeachParts Mercedes-Benz Forum

Autoputzer · #61 01-13-2020, 12:24 AM

Quote:

Originally Posted by Mxfrank

The term actually refers to a clock mechanism. Many inexpensive pendulum clocks use anchor escapements, which rebound a little with each tick or tock. A deadbeat mechanism is technically more advanced, with a positive tick and tock, so less wasted motion and greater accuracy.

Anchor:

https://s14-eu5.startpage.com/wikioimage/293ae64969c5755937fbc4e0ed5993f0.gif

Deadbeat:

https://www.mpoweruk.com/images/deadbeat_escapement.gif

In banking, the term "deadbeat" refers to someone who monotonously pays bills on time. They're desirable as customers only because supply reliable volume, but produce little fee revenue. The bank makes more money from everyone else, who are called "our best customers". if a banker ever calls you this, seek help.

As an aside, you may be interested in knowing that debit cards are designed to maximize overdrafts. In the old days, they would reorder your charges to optimize fee revenue. But even without this trick, a heavy debit card user is pure joy to the bank. A checking account is a very busy place, and the timing of deposit and debit events is unpredictable. Sooner or later, you'll overdraft if you use a debit card. It's designed that way.

I cut up Frau Putzer's debit card right after we were married. I had Wells Fargo accounts when my mother was alive. I was a joint owner on her accounts. After her death, it was easy to move money from here estate to me. Once all the money stopped trickling into her accounts, I took great joy in closing all the WF accounts. I only use credit unions, now.

barry12345 · #62 01-13-2020, 01:30 AM

Starting to really have to watch bank employees locally. Too many of their new hires seem to know almost nothing. We have a vehicle called a tax free savings account. With a yearly limitation in your contributions. Any earnings in it are totally tax free.

If you over contribute to it you get penalized. Last Friday the wife mentioned to me she put 22K into hers as they told her she had that much room. I did not think she had. So the bank person might have made a misteak when informing her.

I hope Monday I can get it corrected. Normal contribution yearly limit is currently 5.5K. They were going to boost it to 10K a year until too many people complained this was just for the more well off. Ceiling of total contributions is 69.5K a person this year and you can self administer it yourself. My wife neglected to contribute last year so is allowed that room in make up this year. She just should not have had 22.5 K of room. An estimated fifty percent of Canadians use this vehicle.

Capt. Mike · #63 01-13-2020, 08:27 AM

Although I am not, and never have been an engineer or employed in a STEM position, I am a proponent of Casey Stengel’s saying, “ You Could Look it Up ”. My mother would say “Seek and ye shall find.” Others say RTFM.

Means the same thing, IMO. Trust some mope I don’t know with something important? Nope.

sloride · #64 01-13-2020, 08:41 AM

Quote:

Originally Posted by Capt. Mike

When I go to farmers markets down here, everything is cash only, and in even dollar amounts. Three for a dollar this, a dollar each that, four for five dollars another. All the cashier has to do is count in whole numbers.

I often ask why is this, say $3.96 after tax. Why don't retailers just raise the price so the final cost is a rounder number. I realize psychologically it sounds better if something is priced at $3.99 rather than $4.03 but I doubt that will cost many sales, but longer checkout likes could do that also.

Capt. Mike · #65 01-13-2020, 08:49 AM

Quote:

Originally Posted by sloride

I often ask why is this, say $3.96 after tax. Why don't retailers just raise the price so the final cost is a rounder number. I realize psychologically it sounds better if something is priced at $3.99 rather than $4.03 but I doubt that will cost many sales, but longer checkout likes could do that also.

In Europe, they build all taxes into the price, and the price is what the price is. I do like that better.

barry12345 · #66 01-13-2020, 09:52 AM

Quote:

Originally Posted by sloride

I often ask why is this, say $3.96 after tax. Why don't retailers just raise the price so the final cost is a rounder number. I realize psychologically it sounds better if something is priced at $3.99 rather than $4.03 but I doubt that will cost many sales, but longer checkout likes could do that also.

Canada some time ago cancelled the penny in circulation. Prices are now rounded off. The nickel will go next I suspect. The one and two dollar bills where replaced with equivalent coins many years ago as well.

What was interesting at least to me. When they cancelled the penny. It was totally out of circulation so fast it was amazing. As far as I am concerned elimination of the nickel and dime would not mean much with todays prices here as well. To round things up either higher or lower.

Also impacting things is the extensive uses of cards for money. The wife and myself really seldom use actual money anymore. We will not live to see it at our ages but physical money at some point will probably not exist. It leaves no trail in many types of transactions.

I could buy into implementing that if it reduced the illegal drug business. Unfortunatly I have come to believe there is no serious interest in doing that. With drugs comes crime and far too many lives destroyed.

sloride · #67 01-13-2020, 09:56 AM

Quote:

Originally Posted by Capt. Mike

In Europe, they build all taxes into the price, and the price is what the price is. I do like that better.

Sneaky, that way low information peeps have no idea how much of that is a tax not the price of the item. Much like our FICA only shows half of the amount you were separated from, does not include employers share contributed.

Autoputzer · #68 01-13-2020, 09:57 AM

The problem with European VAT's is that you can't see what the real tax is.

I remember local merchants not using pennies in making change in the 1980's up in high-cost Monmouth Country, New Jersey.

sloride · #69 01-13-2020, 10:03 AM

Quote:

Originally Posted by Autoputzer

The problem with European VAT's is that you can't see what the real tax is.

I remember local merchants not using pennies in making change in the 1980's up in high-cost Monmouth Country, New Jersey.

See post 67, I must have sent it seconds before your post.

vwnate1 · #70 01-13-2020, 10:37 AM

Thanx Frank .

I'm keenly aware for how debit cards are structured and was upset when my credit union replaced my ATM card with one and has steadfastly refused to change it back even though many other C.U. Members I know still have regular ATM cards instead of this bad dual purpose thing .

I guess I'm a deadbeat because I always pay my bills as soon as they come in and don't live out side my means.....

Capt. Mike · #71 01-13-2020, 10:48 AM

VAT or not, the meal prices are not far different when you total the whole bill. Beer and wine is far cheaper there. I hear that Coke is much more expensive, but I never touch the stuff.

INSIDIOUS · #72 01-13-2020, 11:25 AM

Quote:

Originally Posted by sloride

I often ask why is this, say $3.96 after tax. Why don't retailers just raise the price so the final cost is a rounder number. I realize psychologically it sounds better if something is priced at $3.99 rather than $4.03 but I doubt that will cost many sales, but longer checkout likes could do that also.

Doesn't always work out with combined purchases and fractional % sales taxes. Some things are taxed and some are not, etc. But, in the right setting.... There is a saloon near here ... well closest one actually, 20 miles RT. They price everything to 25 cents and do not add sales tax. They pay sales tax on their revenue and the only coins in the till are quarters. smart. Wait staff loves it too. Most tips are bills and quarters. No pocket full of small change.

INSIDIOUS · #73 01-13-2020, 11:27 AM

That used to happen, but not any more around here. Not sure if there has been some law, or if it is universal now, but it does not happen here. Drop off a paper check at the bank, walk out the door and spend it on your bank card one minute later, no problem. Here anyway.

Quote:

Originally Posted by Mxfrank

The term actually refers to a clock mechanism. Many inexpensive pendulum clocks use anchor escapements, which rebound a little with each tick or tock. A deadbeat mechanism is technically more advanced, with a positive tick and tock, so less wasted motion and greater accuracy.

Anchor:

https://s14-eu5.startpage.com/wikioimage/293ae64969c5755937fbc4e0ed5993f0.gif

Deadbeat:

https://www.mpoweruk.com/images/deadbeat_escapement.gif

In banking, the term "deadbeat" refers to someone who monotonously pays bills on time. They're desirable as customers only because supply reliable volume, but produce little fee revenue. The bank makes more money from everyone else, who are called "our best customers". if a banker ever calls you this, seek help.

As an aside, you may be interested in knowing that debit cards are designed to maximize overdrafts. In the old days, they would reorder your charges to optimize fee revenue. But even without this trick, a heavy debit card user is pure joy to the bank. A checking account is a very busy place, and the timing of deposit and debit events is unpredictable. Sooner or later, you'll overdraft if you use a debit card. It's designed that way.

Autoputzer · #74 01-13-2020, 02:53 PM

Quote:

Originally Posted by sloride

See post 67, I must have sent it seconds before your post.

Motor fuel (gasoline and highway diesel) also have huge hidden taxes (federal and sate).

Capt. Mike · #75 01-13-2020, 08:29 PM

Quote:

Originally Posted by INSIDIOUS

That used to happen, but not any more around here. Not sure if there has been some law, or if it is universal now, but it does not happen here. Drop off a paper check at the bank, walk out the door and spend it on your bank card one minute later, no problem. Here anyway.

We no longer drop off any checks. We take a photo through the bank app, and that’s it. No trips to the bank.

Just make sure you use only your home, password protected wifi, or cellular.