Mike
Radford,#2Consumer Suggestion
Sun, January 23, 2005
You already know this now but debit cards are tricky. Unless you're Donald Trump and you can count on having a few thousand left in the account at the end of the month, don't use it. It is just too hard to keep track of exactly when and where the money goes and then you have an overdraft. Instead, write checks for monthly bills and take cash out of the ATM to pay for everything else. Withdraw cash only once a week or so. This makes it easier to keep track of how much money is in the account. And you have to keep track yourself, the amounts reported over the phone or on-line are for the most part USELESS. Set up a register and keep your balance on paper, account for every deposit and every withdrawl and add them up immediately. By using cash for the most part you simplify this task a great deal since there are many fewer transactions. When you write a check, consider the money GONE immediately. Subtract it from the balance in your register. You don't know when it will be cashed, so it will mess you up if you spend the money again. If someone isn't cashing your check, either put a stop payment on it or ask them to give it back to you. Until that happens, the money simply isn't yours to spend again. If a bank account is just too complicated, you might consider a prepaid or stored value debit card instead of one with a conventional bank account. A stored value card truly won't let you spend money that you don't have, thus there is never an overdraft fee. However they do charge about $10.00 per month in fees regardless. These cards are sold to anyone without checking their credit rating. Be sure to shop carefully though since some of them are a really bad deal.
Janine
Youngstown,#3Consumer Suggestion
Sun, January 23, 2005
Hello, Unfortunately, this is how most banks do business. I know my bank is set up to deduct highest to the lowest. And yes, if you overdraw multiple transactions it could cost you a couple hundred of your pay. Also, it is important to remember that Debit Card transactions are tricky. I know with the banks I have done business with, the amount is immediately debited and then the next day the amount is reposted to the account, so your account balance increses again, until the merchant submits final verification. So, phone records will not be accurate in this matter. The only way to keep accurate records is on paper. I do hope things go better for you. Take Care,