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The Credit Union sent me a letter in the mail about OverDraft Protection and I was a little confused because I was always able to protect myself from a overdraft. I mean why would I not be able to keep my account over $0.00 if I know how to subtract once I make a purchase? And if I write a check for a certain amount of money I know to freeze that amount so that I won't touch it. So apparently it must be a lot of people overdrafting on their checking account for the credit union to have their protection.
Who else is in the "never overdraft" club?
Mistakes happen and checks and deposits may not clear as expected.
I can give you two personal over-draft instances where it wasn't my fault.
1. This was about a decade ago. My debit card number was used by someone to by a few thousand dollars worth of stuff online. Not only did they drain my checking, but at the time, I had overdraft protection turned on on my high-yielding savings account, where all of my money was. That was gone as well. (Credit Union turns it on as a default. You have to manually turn it off.) It took weeks for my money to be recovered. (The over draft was turned off immediately on my high-yield savings.) This is a case where overdraft protection is not a good thing. I also learned my lesson- credit cards only when shopping in store and online. My debit card is only used at the ATM, and even that is rare. I pay for everything with my CC for points.
2. While I was a state employee for the lovely state of North Carolina, our checks were delayed. We were paid once a month- on the last business day of the month. (Crappy pay schedule) We were not told this in advance. We didn't find out until about lunchtime on pay day. We were not allowed to use computers for personal business and I didn't use a banking app yet, so I had no idea the money wasn't deposited as it should have been. I had scheduled all of my bill payments online to come out on payday. There was not enough in checking to cover it. Actually, there wasn't enough in savings, either. This happened after I had the high-yield savings account taken off of overdraft. I actually racked up several insufficient fund fees with that fiasco. Which, after some time and paperwork, was reimbursed to me by the state.
My point- even people who check bank balances daily can overdraft.
That's why I never wanted no parts of automatic bill payments. I am not excited to pay bills so why should they get a automatic payment every month? lol They get the money when I decide to give it to them or whenever the bill is due which is always manually. My T-mobile Bill has been the same every year since 2010 and they have never received a automatic payment from me at all. So I see your point because it was times I lost my wallet and if I had automatic payment set up I would have had a lot of issues since I would have had to cancel the card.
Ummm......because people forget things, maybe? Except you, obviously. That's a pretty rare talent, you might want to call Guinness with that one.
Um, no.
People should be recording EVERY TRANSACTION that affects their account, so they DON'T have to remember they spent $30 out of $50 3 days ago. It should have been recorded at the time it was spent, just like recording a check when writing it.
Some people are plain stupid to not record a transaction, if they are, maybe They should be in Guinness book of world records for being stupid, not the poster you are attempting to lambaste.
It's relatively simple, when you make a transaction, positive or negative, you record it at that time, not try to remember later.
Ultimately, I'm with the OP, people should NOT BE OVERDRAFTING, except in the rare case like we had where an automatic monthly bill came out as WEEKLY, which is why ONLY my health insurance is deducted now automatically, and ONLY because if I'm in the hospital my insurance will still be covered. I'm skeptical on even THAT. Even with the weekly instead of monthly autodeductions, because of a cushion,it took 6 weeks for it to catch up with us and cause an overdraft.
PEOPLE need to record ALL transaction s as they happen and keep am accurate verified balance at any given moment. NO EXCUSES.
I DON'T USE A DEBIT CARD for purchases, but rather a credit card, and I ALWAYS check my receipt before I leave the register to be sure the amount charged ( or the amount used on the debit card) is what the ACTUAL TOTSL WAS. I don't need to be overcharged on my c.c. either by a fat fingered cashier as many put it. It takes seconds to verify BEFORE leaving the register, and a moment to GET IT CORRECTED.
I cannot believe that many people are so stupid when others are handling their money at the register!!!.
Sheesh, it takes a few seconds to always verify your charges and balance. living paycheck to paycheck is NO EXCUSE and ALL THE MORE REASON to keep tally on your money!!!
Um, no.
People should be recording EVERY TRANSACTION that affects their account, so they DON'T have to remember they spent $30 out of $50 3 days ago. It should have been recorded at the time it was spent, just like recording a check when writing it.
Some people are plain stupid to not record a transaction, if they are, maybe They should be in Guinness book of world records for being stupid, not the poster you are attempting to lambaste.
It's relatively simple, when you make a transaction, positive or negative, you record it at that time, not try to remember later.
Duh.
Quote:
Originally Posted by galaxyhi
Ultimately, I'm with the OP, people should NOT BE OVERDRAFTING, except in the rare case like we had where an automatic monthly bill came out as WEEKLY, which is why ONLY my health insurance is deducted now automatically, and ONLY because if I'm in the hospital my insurance will still be covered. I'm skeptical on even THAT. Even with the weekly instead of monthly autodeductions, because of a cushion,it took 6 weeks for it to catch up with us and cause an overdraft.
PEOPLE need to record ALL transaction s as they happen and keep am accurate verified balance at any given moment. NO EXCUSES.
I DON'T USE A DEBIT CARD for purchases, but rather a credit card, and I ALWAYS check my receipt before I leave the register to be sure the amount charged ( or the amount used on the debit card) is what the ACTUAL TOTSL WAS. I don't need to be overcharged on my c.c. either by a fat fingered cashier as many put it. It takes seconds to verify BEFORE leaving the register, and a moment to GET IT CORRECTED.
I cannot believe that many people are so stupid when others are handling their money at the register!!!.
Sheesh, it takes a few seconds to always verify your charges and balance. living paycheck to paycheck is NO EXCUSE and ALL THE MORE REASON to keep tally on your money!!!
You may have a point.
That being said, I doubt that most people choose to be stupid.
Whether or not to be a sanctimonious, overbearing jerk, on the other hand, is a choice people make every single day.
Mistakes happen on both sides. A bill could unexpectedly or incorrectly post against your account.
After 10 years of no problems, my direct deposit did not go in last week. A check came in the mail a few days later. Last year my insurance company billed my mortgage company twice. Stuff happens.
I can see a lot scenarios where overdraft protection might come in handy - and just because the mistake is not your fault does not mean the bank will refund your overdraft fees.
Why are people overweight? How do chicks accidentally get pregnant? How does anyone ever get a speeding ticket, or lose their wallet?
These are equally avoidable senarios, yet millions upon milions of people seem to be guilty of them.
Welcome to life.......most humans are inherently irresponsible in one way or another.
It’s fine with me if people repeatedly overdraft, it isn’t my money, but if they are not trying to fix the problem when the solution is so extremely simple and easy, they get no sympathy from me about overdraft charges or why they have no money, yada yada. They are many frequent overdrafters who complain about the “evil banks,” and are not accepting responsibility for their own contribution to the problem. I don’t lose any sleep over it.
Anyone can have an overdraft once or twice because people aren’t perfect, but when something adverse occurs over and over and over again? How many “chicks” accidentally get pregnant five or ten times? How many speeding tickets do people usually get before they decide it’s too expensive and change their ways. I had a speeding ticket in 1976. It was expensive and so I don’t speed now because I have better uses for my money.
I guess since everybody is so inherently irresponsible we shouldn’t bother with any of the problems. Thanks, I feel so much better.
It was shocking to receive that in the mail and I was curious how someone who knows how to add and subtract can allow their account to fall below $0.00.
You are curious to understand something which cannot be explained, namely people's stupidity, laziness, short-sightedness, and irresponsibility.
I have overdrafted in the past and I can say it was 100% caused by having a joint checking account with 2 ATM cards. My husband and I lived pretty autonomously and spent as we saw fit and it did work until ATM's became a thing, then it worked 95% of the time...
Now it's just me and online banking is my thing so it's just not going to happen anymore. Even so, I do have overdraft protection because why not?
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