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debit card
i had a debit card, keyword had. i gat it because i would lose my wallet often, and my money, i though that debit cards didnt allow you to go over your limit. that is evidently not true, i racked up $218 dollars in debt, without a single transaction being more that 10 dollars, i was then charged $60 for every overdraft, but the card was still accepted. is that supposed to happen?
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yes. debit cards are just like checks, your payments can bounce. if you get another one, you need to write down all your purchases and make sure u don't go over your amount. I'm sure you will though after this incident lol. a credit card may be for you if you don't wanna worry about writing down all the stuff you buy.
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When you use a debit card it takes out money from your account. Each time you use it and you dont have enough in your account when it goes through your account it will bounce. When it bounces you have pay 60 dollars for each one. When you use you debit card say in the dollar store sometimes it doesnt go through you account until the next day. So some things in your checkbook that you didnt check off still havent gone through and that means that you have to subtract this from your available and thats what you have to spare. Call you account and see whats come through or not. Its always good to write the tings down that you spend as soon as you are done. I just learn that because two things bounced in my account because i went shop crazy and forgot to write it down and so i thought i had more money but i really didnt
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Okay, I work at a bank so I can try to explain this.
Overdraft is when you write checks (or use your card) when there's no money in your account. Since there is no money, the bank has to cover it. The bank has to pay for it and thats why they charge you. At my bank, I know we tend to let the first offense slide then charge for the rest. Also, many banks have something called overdraft protection where if you are going to be overdrawn it will take money out and put it into your account, then you will be billed like a loan at the end of the month depending on how many times you use the overdraft protection account.
I hope this helps.
xoxo
ali
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1) I would talk to someone at your bank about how your particular debit card works. 2) I would be very conscious about recording each and every transaction in your checkbook so that you are completely aware of what your bank balance is. It has always been my understanding that a debit card will not be accepted if there is not enough money in the bank. However, if you make a lot of transactions in one to two days, they may not be recorded with the bank in time for another transaction, thus you may indeed go over your limit...as you seem to have done. The key here is to keep track of these transactions. If you don't keep your checkbook with you at all times, then keep a tiny notebook with you so that you can write down each transaction and later record it in your checkbook.
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yes.. it happens everywhere.. you just have to be aware.. a suggestion might be to make a goal of how much money you are going to put in your bank each month, and how much money you are going to spend..
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