This is VERY important, do NOT forgot this. If you, like me, plan your budget around getting that paycheck every week (or two) just remember, when you DEPOSIT something after 2pm, in most banks, the money is NOT credited to your account until the NEXT day.
So, that's something VERY important to keep in mind, especially if you're like me, and tend to go SHOPPING for food and gas on or near payday.
This lesson just cost me 93 f**king dollars to learn (three overdrafts, 31 each, if you're curious.)
Anyway, going to talk to bank manager, dunno if it'll do any good, but still, I thought this would be a good thing to remind everyone about so they don't fall victim to it as well.
Yeah BT, I know your pain. Same sh!t happened to me numerous times. The worst time cost me $120 and the real kicker is that the four purchases I'd made were less than $15 a piece, one of which was $4 and change... If I weren't concerned with someone breaking into my apartment and robbing me blind (a common occurrence around here what with the tumbling economy), I'd tell the banks where to stick it and just stow cash away under my mattress.
Don't trust online banking either.
I'll name names: PNC Bank. They hit me with many of these $31 (sometimes $33) fees over the years. The last straw was when I checked my account online at 5 pm, saw that everything was in the black based on my last deposit, and then the next day saw that the record for the day had changed: the deposit got postponed, 3 checks that didn't show up before now were cleared on that day, and I got 3 of these $33 charges.
I complained and got 2 of them reversed, but that was enough. I stopped banking with PNC that day.
I've heard that fees are a huge moneymaker for banks these days but you still don't have to put up with that. Not all of them have such outrageous fees or play these games. I'll name more names: my main bank now is Citibank, and I've been very happy with them. I'm slightly concerned because I keep hearing about Citigroup being one of the large corporations with big holdings of that bad debt that dragged the economy down, but so far so good.
My advice is to act like a consumer. Be willing to walk if you don't like the treatment from your bank.
Well, I got some good news, talked to one of the bank reps and they removed ONE of the three charges. So, that's good.
I guess what's crazy is usually I'm so carefull about these sort of things. The biggest problem, I suppose is I didn't work Monday like I normally do, so I had to make a trip in special to get my paycheck. Normally I get off work early in the morning and deposit my check that day, buut...
I guess what really depresses me is how often I just don't seem to really be getting very far as far as paying down my debts, trying to save up, etc, etc.
(sigh)
Banks have always made money off these charges.
Only recently they are being reported as unfair due to more increases.
I am very careful. The costs would be too great for me due to my limited income (loan) due to being a student.
Quote from: BTM on January 08, 2009, 10:24:26 AM
This is VERY important, do NOT forgot this. If you, like me, plan your budget around getting that paycheck every week (or two) just remember, when you DEPOSIT something after 2pm, in most banks, the money is NOT credited to your account until the NEXT day.
So, that's something VERY important to keep in mind, especially if you're like me, and tend to go SHOPPING for food and gas on or near payday.
This lesson just cost me 93 f**king dollars to learn (three overdrafts, 31 each, if you're curious.)
Anyway, going to talk to bank manager, dunno if it'll do any good, but still, I thought this would be a good thing toremind everyone about so they don't fall victim to it as well.
Note that's NEXT BUSINESS DAY many banks will not process deposits made after 2PM on Friday until Monday, even if they are open Saturday.
I know a lot of people that have overdrawn and got hit with charges. Knock wood, I've had a bank account for over 30 years and I have never overdrawn, then again I tend to spend cash more than plastic, it's rare for me to use a credit or debt card. Seeing actual CA$H leave your pocket causes you to spend less I think. I have a little harder time letting loose of actual greenbacks than I do signing my name, that's just to easy to get into trouble. So spend cash and you might start realizing that you don't need 1/2 the stuff you buy.
Quote from: CheezeFlixz on January 08, 2009, 05:09:38 PM
Note that's NEXT BUSINESS DAY many banks will not process deposits made after 2PM on Friday until Monday, even if they are open Saturday.
I know a lot of people that have overdrawn and got hit with charges. Knock wood, I've had a bank account for over 30 years and I have never overdrawn, then again I tend to spend cash more than plastic, it's rare for me to use a credit or debt card. Seeing actual CA$H leave your pocket causes you to spend less I think. I have a little harder time letting loose of actual greenbacks than I do signing my name, that's just to easy to get into trouble. So spend cash and you might start realizing that you don't need 1/2 the stuff you buy.
Believe it or not, I was the same way for a good period of time. I didn't have a debit card for a good while, and mainly used cash to pay for things. Only thing with that is, I'm not very comfortable having over fifty in cash in my wallet at any given time. Granted, I don't exactly live in a high crime area or anything, but still... just seems like common sense.
Oh, and, that's a good tip about the "Next Business Day" thing.
Life's too complicated. :bluesad:
Quote from: doggett on January 10, 2009, 01:27:36 PM
Life's too complicated. :bluesad:
And this is just finances, I haven't even talked about relationships yet...