Sometimes you just need to scream!!!
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Dexman PE
I don't have a savings account withthe same bank as my checking. The $40 fee IS the overdraft protection. They will pay any charge (up to something like $1000) and let you "float it" for up to 7 days for a $40 fee. Unfortunately it's $40 per charge.
What can I say, I like boobs. And unfortunately, I'm willing to pay for it.
She bought them over a year ago and have not purchased any new ones since. They are very nice and are basically the only two she wears not counting sportsbras (she does laundry alot). She plans on buying 2-3 more after the surgery, but that's built into the budget for that venture...
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benbo
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At my bank I think they call that bouncing a check. I don't think they'll cover anything, but they cover several checks depending on your usual balance.
If they charge you $40 when it happens, what do they do after the 7 days are up?
I never would have guessed that, especially given your old avatar.
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frazil
Master of the Boondoggle
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I really hate that debit cards will still let you charge something when the account is empty. I would much rather be denied. Our account is set up like Benbo's now, because of similar overdraft charges in the past. One I remember - a $25 fee for $1.16 purchase.
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Dexman PE
After 7 days they start charging you an addtional per day fee. I have never gone that far, in fact I haven't paid an overdraft fee in over 2 years. Sounds like that streak may continue as my wife just called and was able to get $50 from her account deposited into mine.
EM_PS
shining like a lighter...
why does it take 2 days for savings to transfer? that should be a within same business day affair, even if not with same bank. Hell, physically do it yourself...i'm missing something i think :huh:
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hmmm...
...I guess I'm glad I use credit cards instead of mucking about with this shit.
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I suppose another viable alternate would be to use cash for everything, but I'm to lazy to go to the bank and withdraw money that frequently.
...I guess I'm glad I use credit cards instead of mucking about with this shit.
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I suppose another viable alternate would be to use cash for everything, but I'm to lazy to go to the bank and withdraw money that frequently.
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Dexman PE
Several years ago (back in 04 or 05) we ended up paying over $200 in fees to cover $40 in charges. I have paid only 1 overdraft since then and it was a pure fuck-up on my part.
Ble_PE
I need a beer.
Yea, I've got overdraft protection on my checking account too. I think it charges me $0.50 to transfer money from my savings to checking if needed. We make most of our purchases on a rewards credit card though, so I typically don't have to worry about overages.
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Dexman PE
My savings is with ING. They used to have some of the best rates (at one point 4.5% interest for a basic savings), but in exchange for the higher rates their accounts require 2 days to transfer.
benbo
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I also pay almost everything with a credit card or Bill Pay through my bank. There's a couple utility bills I have been too lazy to set up in direct pay, and I still write checks for charitable contributions (habit I guess). So I guess that's why I don't worry too much about bouncing stuff.
I've gotten so much free stuff using my credit card for everything I would never do it any other way. Plus, they say it's safer than a debit or ATM card.
I've gotten so much free stuff using my credit card for everything I would never do it any other way. Plus, they say it's safer than a debit or ATM card.
I use credit cards & bill pay too. I've actually gotten so bad about the bill pay I've used it to send checks to friends and family. It's easier, faster and free. Why bother having a checkbook? I do have a checkbook, but it collects dust. I may write one "real" check a year.
I stopped using debit cards when a friend of mine in college had his debit card number stolen. The advertisements are correct, you are protected against fraudulent charges with a debit card, the problem is that if you read the fine print the bank has 90 days to investigate claims of fraudulent charges. In the interim you do not have access to that money. Basically, your account gets cleaned out and they have 90 days to put it back. I don't know about you guys, but I have lots of bills to pay in 90 days. It's the reason I have more than one checking account (with different banks) and I don't use debit cards.
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Dexman PE
I'm not a fan of automatic bill pay. The main reason being that I'm paid bi-weekly, but the bills are paid monthly so they never line up. If I was paid bi-monthly, I would be all over paying them automatically.
I've had some bad experiences with credit cards, so I tend not to use them unless I have to (for big non-scheduled purchases like new tires or a repair bill). I basically run my finances so that I only spend money that I have. If it's not in the checking account, I don't buy it. I've tried using credit cards to buy everything and just make 1 big payment each month, but I suck at managing my spending on a month-by-month basis. I need to budget on a weekly basis. I'm sure I could do it if I really wanted to, but the system I use now has worked great for the last 3 years.
I've had some bad experiences with credit cards, so I tend not to use them unless I have to (for big non-scheduled purchases like new tires or a repair bill). I basically run my finances so that I only spend money that I have. If it's not in the checking account, I don't buy it. I've tried using credit cards to buy everything and just make 1 big payment each month, but I suck at managing my spending on a month-by-month basis. I need to budget on a weekly basis. I'm sure I could do it if I really wanted to, but the system I use now has worked great for the last 3 years.
everybody is different, do what works for you.
I don't have my bill pay set up to automatically send stuff out. I prefer to have control over what goes out and when, so I do have to remember to pay the bills, I just find it easier and cheaper (no stamps or real paper checks to buy) to pay most stuff using my banks online bill pay options.
I've never had an issue with it, and I like having a receipt that says "I really did send you the money on this day", even though the banks disclaimer says it shouldn't be used that way.
I've never had a problem keeping up with my credit cards. In over 10 years I've never paid a late fee or interest on any credit card. According to Clark Howard, I'm what the credit card companies call "a deadbeat" (i.e. they don't make a lot of money off me).
I don't have my bill pay set up to automatically send stuff out. I prefer to have control over what goes out and when, so I do have to remember to pay the bills, I just find it easier and cheaper (no stamps or real paper checks to buy) to pay most stuff using my banks online bill pay options.
I've never had an issue with it, and I like having a receipt that says "I really did send you the money on this day", even though the banks disclaimer says it shouldn't be used that way.
I've never had a problem keeping up with my credit cards. In over 10 years I've never paid a late fee or interest on any credit card. According to Clark Howard, I'm what the credit card companies call "a deadbeat" (i.e. they don't make a lot of money off me).
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I hear you with the ooverdraft fees. My son overdrew his account and then proceeded to do 3 more transactions each for ~$10. the fees were $22 each so he had a total of $88 in fees. Icalled and complained and they split the difference charging him $44. He had over $300 in a savings account with the same bank at the time.
They advised me to get overdraft protection for $35/year as it's cheaper than two overdrafts. f'n asshats.
Fraz: I couldn't agree anymore. All they have to do is have the program check the account balance first and display a notice that "you are about to overdraft. Continue?" asshats.
They advised me to get overdraft protection for $35/year as it's cheaper than two overdrafts. f'n asshats.
My other son had 19.88 in his checking account when he fast cashed $20 at an ATM owned by the same bank. They charged him a $22 overdraft fee for the 0.12. I called and gave them a WTF. I had to speak with a supervisor and she somewhat reluctantly said she'd give him a break this ONE time. What a sport!
Fraz: I couldn't agree anymore. All they have to do is have the program check the account balance first and display a notice that "you are about to overdraft. Continue?" asshats.
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MechGuy
Well-known member
Dude, you just described my feelings just about every damn day of the week! I feel like an ass, but now I make her tell me what she's buying so I can make sure we have enough in the checking to cover it. I don't keep much in my checking, just enough to pay the bills. The rest goes into different savings accounts.
I can't tell you how many times she's just "run to the store to pick up something real quick" and came back with over $100 of crap that we didn't need...
Budget? what's a budget?
EM_PS
shining like a lighter...
they've probably kept you at a low max limit or even lowered it in response. We had an invalid collection filed against us by Comcast when we moved (we returned the digital boxes in the new city). Oddly, we never received any correspondence on this "collection". Anyways, our wonderful bank lowered our max limit to whatever the balance was on our cards without informing us. I guess in a way it was ok, it made us discover there had been a collection filed (though invalid)...but we're still waiting for bank to clear it up so our accounts don't suffer or we incur fees for their little limit adjustment they performed.
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MechGuy
Well-known member
udpolo15
Well-known member
Why don't you get the Ing checking account. You get a debit card and can send check to anyone. You get a 1,000 of overdraft protection free and can transfer instantaneously between checking/saving. Plus the checking account probably get the same interest as a regular bank pays on a savings account.
Only downside is no paper checks (which I would probably pay for). I have a BOA checking account we use for that and only keep a minimum amount in there.
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Dexman PE
We have 2 accounts. One account is hers, the other is ours. Hers was originally setup so that she could spend her paycheck as she saw fit (including half of the bills), and my account was for my stuff (and the other half of the bills). Well, after about 6 months of me constantly bailing her out of her spending habits, we changed it so that her account is her allowance. She has to pay for her car, her gas, and any fun stuff she wants to do. My account then takes care of everything else (including my fun stuff). It's not the ideal situation, but it helps curb her spending (especially on Starbucks - how someone could spend a couple hundred bucks per month there simply blows my mind).
