I thought ppl were DONE with NSF fees

I thought ppl were DONE with NSF fees (Full Version)

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pahunkboy -> I thought ppl were DONE with NSF fees (4/1/2010 10:43:01 AM)
http://consumerist.com/2010/04/i-spent-94-and-was-stuck-with-nearly-500-in-overdraft-fees.html I guess not. And to think- they still are not solvent.

mnottertail -> RE: I thought ppl were DONE with NSF fees (4/1/2010 11:02:29 AM)
lott things you think aren't true.

pahunkboy -> RE: I thought ppl were DONE with NSF fees (4/1/2010 11:05:29 AM)
well then. don't just sit there. come up with a decent thread.

sirsholly -> RE: I thought ppl were DONE with NSF fees (4/1/2010 12:02:58 PM)
"This transfer Occurred on a Thursday at approximately 5 PM. I made a series of purchases over the weekend (Friday, Saturday) with the card, and spent about $270 dollars, or so I thought. When i went to the bank this morning, I found out the following. The transfer that occurred on Thursday didn't post until the middle of the day on Friday, after I had already used the card several times resulting in a 35 dollar overdraft fee each time I used the card." Why wasn't the card declined at the time of purchase?

pahunkboy -> RE: I thought ppl were DONE with NSF fees (4/1/2010 12:21:17 PM)
quote: ORIGINAL: sirsholly Why wasn't the card declined at the time of purchase? Good question. I do more and more with cash and money orders. Last time I had an account go crazy- I just walked away. Luckily- I have not had this happen alot.

Honsoku -> RE: I thought ppl were DONE with NSF fees (4/1/2010 12:31:27 PM)
quote: ORIGINAL: sirsholly "This transfer Occurred on a Thursday at approximately 5 PM. I made a series of purchases over the weekend (Friday, Saturday) with the card, and spent about $270 dollars, or so I thought. When i went to the bank this morning, I found out the following. The transfer that occurred on Thursday didn't post until the middle of the day on Friday, after I had already used the card several times resulting in a 35 dollar overdraft fee each time I used the card." Why wasn't the card declined at the time of purchase? Most debit cards 'allow' you to overdraft rather than have your purchase declined, just as if you were writing a check. The bottom line is that he was careless, and it cost him. If he is going to intentionally keep a near zero balance in that checking account (which he states in the article that he was doing), then it behooves him to be diligent about how much is in the account. While what happened is certainly unpleasant, I don't feel terribly sympathetic. When you shave closely, you sometimes cut yourself.

pahunkboy -> RE: I thought ppl were DONE with NSF fees (4/1/2010 12:33:24 PM)
which is why up to 10% of the US is unbanked.

LaTigresse -> RE: I thought ppl were DONE with NSF fees (4/1/2010 12:59:44 PM)
If you do not have sufficient funds, you will get a NSF. Create a savings account to compensate for 'just in case'. Or keep better track. Pretty simple really.

thornhappy -> RE: I thought ppl were DONE with NSF fees (4/1/2010 1:06:22 PM)
After all the bad press from various consumer agencies, banks are beginning to simply reject the transaction instead of running up the fees, which were a large source of profits.

pahunkboy -> RE: I thought ppl were DONE with NSF fees (4/1/2010 1:13:28 PM)
cash and carry- my dad always said.

gobsmack -> RE: I thought ppl were DONE with NSF fees (4/1/2010 4:47:20 PM)
This whole thing could have been preventable by not using a debit card in the first place. He was keeping the bank account empty to prevent fraud, so when he did a transfer and it didn't post in time before he started using the card, he ended up with all those overdraft fees. What he should have done was use a credit card instead. If fraud happens on a credit card, it is the bank's money that gets stolen. What gets some people in trouble with credit cards is when they spend more than they have. Pay off the credit card in full every month and it is like a debit card but better.

thornhappy -> RE: I thought ppl were DONE with NSF fees (4/1/2010 6:15:54 PM)
True, and they don't have a daily limit like debit cards - I tried to buy a dvd/vcr player one day with a debit card and it wouldn't go through because it was just over 300 bucks.

KatyLied -> RE: I thought ppl were DONE with NSF fees (4/1/2010 6:20:41 PM)
I work in banking and prefer not to educate people, but, really, you can get credit lines that will cover your overdrafts. Of course there is a fee for them. Banks make money off fees, shocking! With the advent of on-line banking, there is no reason to be overdrawn when you can check your balance.

DomImus -> RE: I thought ppl were DONE with NSF fees (4/1/2010 6:24:32 PM)
quote: ORIGINAL: Honsoku When you shave closely, you sometimes cut yourself. Yep. If you are going to kite money between accounts in the fashion that he did you have to be uber careful about your balances. I honestly quit reading as soon as I got to "Thursday at 5pm". Valuable lesson learned about money management but I can't blame the bank.

Arpig -> RE: I thought ppl were DONE with NSF fees (4/1/2010 9:09:11 PM)
I use cash for everything except the rent (check) and the hydro (online payment), and oddly enough I am never overdrawn.

ShaharThorne -> RE: I thought ppl were DONE with NSF fees (4/1/2010 10:54:47 PM)
I have 2 checking accounts, one of which I get my SSDI on and one that has a debit card. I try to stick to a budget and let the debit card one handle my bills and try to accure a savings with the SSDI account. I have 4 entities that will draw from my debit account so before these bills are due, I go ahead and transfer the funds with no problem. Just simple budgeting.

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