Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Both, but one of the few things I like better is the banking system in Europe. it protect the stupid people a little bit more, so the smart and responsible people don't have to pay for the losers!
Your credit card limit is the limit you can use...if you go one euro over it your card will be denied!
Your credit card won't work for more than what you actually have in your account and if an automatic bill will be deducted well than you will start to pay interest, but no overdraft fees....no further payments will be done and you will start to be charged interest by the companies who didn't receive your payment...not the banks!
Over here you have to be aware all the time how much money you have in your checking account...although I have enough in other accounts I don't want to keep to much in my checking account because it isn't giving me much interest...
So there is an easy solution and banks should stop hiding behind the statement that they don't want to humiliate their customers when a payment will be denied just to crap all they can in overdraft fees + interest.
My checking account went negative 9 dollars and some change after I make a purchase at a grocery store with a debit card. Wells Fargo charged me $35 because of this. I thought what a way to treat your customers after they got bailed out to the tune of billions and billions of dollars by the feds (which is our taxpayer money) for their stupid and irresponsible loan decisions. The banks always win--especially in this climate where the feds bail them out, but it's a different story for the little guy.
my main issue is the timing that has been mentioned
largest transaction first - really no cutoff for money coming out of the account, but if you get that deposit in at 6:01 it will not count until the next day, etc
the way they determine what to pend, what to run, etc is just too much
if I have a balance of $15, deposit $100 and then make transactions of $1, $3, $5, $6 and $80 all in that order - when all is said and done there is zero reason why the account should now read a negative balance of $155 under any circumstance
however that has happened - pend the deposit or say that it came in after cutoff - clear the $80 first and then hit that with a $35 overdraft fee and then drop 4 more overdraft fees for the other small transactions which came first and would of been covered by the $15 already in there
We who belong to a finance forum know this but the average Joe doesn't.
Have you ever heard of people saying they can not balance a checkbook? I have. Some people are just ignorant and/or stupid. Banks know this and take advantage of that. I think the transactions should be declined if there is not enough money in the account.
Just talked to a banker. If your check card/debit card is a Visa/Mastercard-sponsored card, there is no way for them to know what you have in your account; therefore, it is impossible to 'decline' your transaction. So much for that theory.
Just talked to a banker. If your check card/debit card is a Visa/Mastercard-sponsored card, there is no way for them to know what you have in your account; therefore, it is impossible to 'decline' your transaction. So much for that theory.
So your saying someone with $20 in their bank account can charge $1000?
You're thinking small suzie, add 7 or 8 more zeros to that
When we charged $10,000 all at once on a cc they actually called us before authorizing the charge, so I assumed it wouldn't go through on a debit card either.
Calling you to authorize a large charge happens almost any time you deviate from your normal charging activity. But yes, if you are in the habit of making $1000 purchases, you can do it even if you only have 20 dollars in the bank. Your bank cannot (for reasons of security/privacy) tell Visa how much money is in your account.
But yes, if you are in the habit of making $1000 purchases, you can do it even if you only have 20 dollars in the bank. Your bank cannot (for reasons of security/privacy) tell Visa how much money is in your account.
Thats bs. I've seen hundreds and hundreds, maybe thousands, of debt cards declined for small purchases and they all were Visa or Mastercard.
Also many debt cards have daily and/or transaction limits.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
