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Debit Cards - For the love of God

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Debit Cards - For the love of God

Old 08-29-08, 03:58 PM
  #51  
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Originally Posted by HDWound View Post
It appears the Bat of Financial Knowledge that black_box speaks of could be very helpful for many.

Wow, many of you have been duped by millions upon millions of dollars of advertising by the credit card companies. Big surprise.


You're the type of consumers who'd charge $50,000 on credit cards just to get $750 cash back, overspending way more than the $750 in the process. Even if you pay your card off monthly, it's been proven that the average person spends 12-18% MORE using a credit card than using cash.

Why do you think places like McDonald's started taking credit cards?

Guess how much their average sale went up when they started accepting them? Try over 40%

According to Consumer Reports 75% of airline miles go unused - another great credit card bargain.
I could go on, but what's the point?


You can use debit cards and they work fine if you use them and manage your finances responsibly.
I can say the same thing about credit cards.
I always pay off my balance at the end of the month. When I purchased my motorcycle I did split it between my debit card and a credit card, due to there being a limit of 5k per day on debit card, and dealer charging extra if purchase on credit card is more then 2k. No biggie payed of the card as usual at the end of the month (since I did have the funds to pay for entire thing in "cash"), and got award points.

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Old 08-29-08, 04:02 PM
  #52  
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Glad that things worked out for you in the long run, and that the Credit Union worked with you and helped you start establishing some credit. I'm another one of those people who *almost* never have any sort of debt on anything. I do have a couple of credit cards which get paid off in full at the end of the month, and as many others have stated supply additional buffer between the internets and your money. As far as debit cards go - I've let both of mine expire and never bothered activating the new ones. Once you do get enough credit to get a credit card, I suggest one that offers one-use numbers. Discover and a few others offer these. A small program you download, put in your ccard number, hit "generate" and it spits out a new number that can be used exactly once. I use these any time I wish to purchase from any sort of subscription or website that I don't have 110% confidence in.
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Old 08-29-08, 06:22 PM
  #53  
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With all sorted out I'm now thinking about taking extra precautions to protect my money. One word you guys have mention a lot is stuck in my mind: buffer. At the moment I can't do the credit card thing, but I'm thinking about those "prepaid debit cards" offered by online banks. Many advertise as "no overdraft fee ever!" and they work pretty much like the old school ATM cards, no money = no transaction. They have a monthly charge that's about 5 bucks. A fee I would gladly pay to keep online merchants away from my main bank accounts.

Anybody using those? Any recomendations?
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Old 08-29-08, 06:35 PM
  #54  
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Yea those auto-renewing charges suck and I hate the fact that banks let you overdraft. I'm almost positive that you can have your bank make it so that you can't overdraft, "get in the red". Or if your bank doesn't offer that then I they probably have an overdraft protection plan. Something that lets you overdraft, but avoid the fees, probably for another monthly fee.

Let us know what happens with your dispute.
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Old 08-29-08, 06:40 PM
  #55  
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Originally Posted by deraltekluge View Post
And making six transactions for a total of less than $10 is kind of strange, too. Coins and currency are still legal, ya know.
Some of the local coffee shops in my area, charge a minimum of $5 bucks. Even if I buy a $1.25 coffee. They told me a few times before they did it, and I had cash on me then, but I could see a few stores not telling their customers.
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Old 08-29-08, 06:50 PM
  #56  
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Since it looks strange for so many, here's another explanation for you guys:

If your wife doubles as a money/spare-change-vacum-cleaner, you can't carry cash with you. It just dissapears withing 24h. All my transactions are done electronically... ALL of them.
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Old 08-29-08, 07:50 PM
  #57  
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My credit union lets me overdraft my checking, but the ATM card is for the main share account only. No funds, no transaction can occur, no overdraft privileges on the share account. (share account = savings account) If I need to do so, I can do phone transfers between accounts, which requires me to use a password different from my ATM PIN.
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Old 08-29-08, 08:19 PM
  #58  
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Originally Posted by RubenX View Post
Since it looks strange for so many, here's another explanation for you guys:

If your wife doubles as a money/spare-change-vacum-cleaner, you can't carry cash with you. It just dissapears withing 24h. All my transactions are done electronically... ALL of them.
My wife's therapist wants her to carry cash instead of cards. Apparently it helps them control the urges while with any sort of card they go completely crazy. meh
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Old 08-29-08, 08:44 PM
  #59  
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I know that many people are going to use debit cards, so here's a little insight for you:

Most of the big banks don't want you to know this, but they actually use algorithms in their processing software that MAXIMIZE your overdraft and other penalty fees if your account goes low. If a batch of transactions comes in all on the same day, they can process them in any order that they wish. So instead of paying the 5 small transactions and bouncing the one big one for a single $30 fee... the software will pay the biggest ones first in the hopes that it will cause you to bounce many or all of the smaller amounts for hundreds in fees.

NEVER NEVER NEVER use your debit card AT ALL if your account is low. You're asking for trouble.
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Old 08-29-08, 09:23 PM
  #60  
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Wow, I didn't know debit cards caught you an overdraft fee if you went over your balance. If I try to spend more than is in the account, the card just plain doesn't work. Easy, and as long as I don't leave too much money available to the card, it's not a huge deal if the number gets stolen. (Not that I'm not careful with it anyway, of course.)

I've never had a credit card, as I've never needed a credit card. I'm perfectly happy living within my means.
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Old 08-29-08, 09:37 PM
  #61  
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Maybe I'm the 'odd man out' here, but the debit card has been one of the best things I ever obtained! Online purchases -- no problem. Low-total purchases -- no problem.

ONE TIME, I had a problem with an online vendor, and it was due to their stupid policy about "validating" purchases. Didn't end up costing me a dime, but I no longer deal with them anyway....

Just don't 'sign up' for anything on the debit -- manage your money yourself, not letting someone else do it for you, which is what you do when you get things like renewable subs or auto-bill-pay.
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Old 08-29-08, 10:20 PM
  #62  
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Originally Posted by Hydrated View Post
I know that many people are going to use debit cards, so here's a little insight for you:

Most of the big banks don't want you to know this, but they actually use algorithms in their processing software that MAXIMIZE your overdraft and other penalty fees if your account goes low. If a batch of transactions comes in all on the same day, they can process them in any order that they wish. So instead of paying the 5 small transactions and bouncing the one big one for a single $30 fee... the software will pay the biggest ones first in the hopes that it will cause you to bounce many or all of the smaller amounts for hundreds in fees.

NEVER NEVER NEVER use your debit card AT ALL if your account is low. You're asking for trouble.
You can sort of get around it by applying the charge as a credit transaction, which gives you a three day window to put the funds back into your account. Bank of America also gives you until 8pm that same day to deposit the overdraft difference.

What I do wish they had was some kind of email notification system that alerts you when the account has been overdrafted. But that would prevent them from raking some extra millions; why would they ever do that?
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Old 08-29-08, 10:22 PM
  #63  
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Originally Posted by x136 View Post
Wow, I didn't know debit cards caught you an overdraft fee if you went over your balance. If I try to spend more than is in the account, the card just plain doesn't work. Easy, and as long as I don't leave too much money available to the card, it's not a huge deal if the number gets stolen. (Not that I'm not careful with it anyway, of course.)

I've never had a credit card, as I've never needed a credit card. I'm perfectly happy living within my means.
What bank do you use? Does it also block credit transactions?
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Old 08-29-08, 11:35 PM
  #64  
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Originally Posted by MrCrassic View Post
What bank do you use? Does it also block credit transactions?
It's a local credit union. The card works fine as a credit card when need be, so long as there are sufficient funds present.
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Old 08-29-08, 11:44 PM
  #65  
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Dispute the charge - in writing! - and because of that, the subsequent overdraft charges.

You know the site's going to give you the run around and if they reverse the charge, you still "overdrew" your account. By disputing the charge, you're saying it should never have happened... and therefore there should have been money in the account when the charges triggering overdraft fees happened.
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Old 08-30-08, 04:44 AM
  #66  
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Some of the local coffee shops in my area, charge a minimum of $5 bucks. Even if I buy a $1.25 coffee. They told me a few times before they did it, and I had cash on me then, but I could see a few stores not telling their customers.
This practice is illegal by the fair credit act, and can cause the merchant to loose his card accepting privileges if reported to the Card company(visa, mastercard etc).




[
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Old 08-30-08, 05:45 AM
  #67  
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Originally Posted by DataJunkie View Post
My wife's therapist wants her to carry cash instead of cards. Apparently it helps them control the urges while with any sort of card they go completely crazy. meh


Hmmm...Imagine that.
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Old 08-30-08, 09:09 AM
  #68  
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OP, Why do a transition like this with such a low balance to begin with, especially taking out $200 more? Not to responsible...just keeping it real!!
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Old 08-30-08, 03:39 PM
  #69  
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Originally Posted by wfin2004 View Post
Hmmm...Imagine that.
what?
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Old 08-30-08, 05:43 PM
  #70  
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Originally Posted by DataJunkie View Post
what?


Imagine that. A shrink wanting a shopaholic to carry cash instead of a card around that would cause outright impulse buying and later...the dreaded remorse from said purchases.

Imagine that.
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Old 08-30-08, 06:02 PM
  #71  
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It is more to limit the expenditures than anything. Cards tend to give her an idea that she can keep spending and spending. However, I feel the carrying cash does not address the underlying issue with impulsive idiotic spending and doubt that carrying cash will do a damn bit of good.
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Old 08-30-08, 07:03 PM
  #72  
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Originally Posted by Dude Abides View Post
OP, Why do a transition like this with such a low balance to begin with, especially taking out $200 more? Not to responsible...just keeping it real!!
Cuz a really cute 2yo little girl hugged me, said she loved me and told me I was the best dady in the whole world... then asked if she was going to have a birthday party.

I was only a few days away from payday anyway...
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Old 08-30-08, 07:35 PM
  #73  
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Originally Posted by DataJunkie View Post
It is more to limit the expenditures than anything. Cards tend to give her an idea that she can keep spending and spending. However, I feel the carrying cash does not address the underlying issue with impulsive idiotic spending and doubt that carrying cash will do a damn bit of good.


The point is no one carries as much cash on them as much as their credit card limits. This is turn limits spending and also the shopper can actually see the cash being dispersed at that exact moment, and not some invisible wampum that is not due for 30 days or so.

Either way, it limits the shopper's ability to spend. And impulse shopping is severly curtailed without an 'endless" supply of dinero.
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Old 08-30-08, 08:24 PM
  #74  
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My wife has a problem with money spending too. Few months ago I had to close down the shared account and opened a new one where I'm the only one. She has no access to this account. It is the ONLY way I can control expenses. Her reasoning was something like this:

"We both work, all money goes to one account. After rent+bills, half is mine to do as I please".

But her math was wrong. See, she was only making about 1/4th my salary. And by having her working, we were adding some additional expenses like gas for her car, her clothing for the office, her lunch money, day care x 2 children... her work related expenses were a bigger ammount than her salary. She wasn't helping me at all. Her work was actually COSTING me money. Not to mention, it was quite common for her to forget a few bills when doing the math and then say "woops" when the money was spent and the bill was still there... unpaid.

She is not working now and I control the finances. Now all my bills are being paid on time.

One thing she still doesn't get is the concept of saving. We received a few big checks during the 1st half of the year... tax-return, stymulus check, her last check. When I get a big check like that, the first thing that comes to my mind is to pay a month of rent ahead, or pay the car insurance for the next 6 months, or just put it on the bank for any emergency that might happen in the future. She is not like that, she thinks about new furniture, vacations, big-arse TV, year-round tickets for themed parks. She can spend thousands on one week alone, so ease, with no remorse at all. Then if the children get sick or if a car brokes down, I have to borrow money from friends to fix the issue because my wife spent it all. Screw that! I have the control now.
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Old 08-31-08, 03:36 AM
  #75  
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Originally Posted by Lithuania View Post
ugh i hate places that automatically renew crap for your convenience!
That's where they hook you. My bank was offering some service in which I could earn points with my debit just as with my credit card. Every time I did a walk-in transaction, the teller upsold this "service." The fee was around $25/month, which they claimed would be more than covered by the benefits. The first 3 months were free, but after that, it would be billed to my account.

Every time I was offered this, I refused, because I didn't want a fee popping up after 3 months, and I know how hard it is to "unenroll" from these things. (I also had a credit card company still billing "credit protection" to a closed card a year later. I called 3 times to get it taken off, and it actually made it to my credit report, where I had to protest the charges once again.)

Anyway, some teller must have pushed the wrong button, because I got this "service" added to my debit card even though I had vehemently said, "NO" every time it was offered. I called 3 times to have it removed, and I was assured that it was, only to get a monthly statement that included billing for the service. + scream and yell smiley

That's when I went into a major branch with good acoustics and started screaming about having an unrequested service tacked onto my account, despite saying "no" every time it was offered, and now having a bill that I never asked for. (The loudly spoken words, "I don't think my money is safe with you people!" seem to have some effect.) ...That time, they actually took it off. ... I still avoid tellers when I can, since the ATM seems to give me what I want more accurately.

When did they turn banking professionals into telemarketers, anyway???

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