Banks screwing me again

Originally posted by: cherrytwist
Direct Deposit

:thumbsup: X 1,000,000

 

[tfinch2]

Originally posted by: jumpr

Originally posted by: cherrytwist
Direct Deposit

:thumbsup: X 1,000,000

FTMFW!

 

[CTrain]

Originally posted by: jumpr

Originally posted by: tfinch2

Originally posted by: Eli

Originally posted by: tfinch2
Yet another I keep nickels in my bank account thread

What's that supposed to mean?

It means keep more than $100 dollars in your bank account so you don't overdraft when buying a stick of gum with your debit card.

Agreed. I'm sympathetic to people who get screwed by banks, but you're setting yourself up for it by keeping less than $3 in your account.

BUT there are those of us who do not like to keep wasted money in checking accounts.
I never had a NSF fee for about 10yrs until ING direct.
Now, I keep the balance in checking as minimal as possible and I've had a NSF twice within the last month.

One was totally my fault.

The second was bogus.
I signed up for the President saving account online.
I remembered seeing that I had to send the first deposit by check or something like that and I also had to hand sign a form and send it to them before it becomes official.
2 weeks later, I get a $30 NSF because they tried to pull $6500 out of my checking account.
I'm trying to decide if I want to call them up and bitch about it.

 

Originally posted by: CTrain
BUT there are those of us who do not like to keep wasted money in checking accounts.
I never had a NSF fee for about 10yrs until ING direct.
Now, I keep the balance in checking as minimal as possible and I've had a NSF twice within the last month.

One was totally my fault.

The second was bogus.
I signed up for the President saving account online.
I remembered seeing that I had to send the first deposit by check or something like that and I also had to hand sign a form and send it to them before it becomes official.
2 weeks later, I get a $30 NSF because they tried to pull $6500 out of my checking account.
I'm trying to decide if I want to call them up and bitch about it.

It's not worth it to keep your money in a 3% ING Direct account if you're paying $60/mo. in NSF fees.

I can't believe how insanely stupid people can be. You're losing money because of ING Direct. Either pay more attention to your account balances or keep losing money. Your choice.

 

[RaynorWolfcastle]

I don't get it, don't you people have credit margins 😕

edit: I'm a student with only 10k-15k yr income and even I got offered a credit margin of $600

 

[Eli]

Originally posted by: RaynorWolfcastle
I don't get it, don't you people have credit margins 😕

edit: I'm a student with only 10k-15k yr income and even I got offered a credit margin of $600

Credit margin ?

 

Originally posted by: Eli

Originally posted by: RaynorWolfcastle
I don't get it, don't you people have credit margins 😕

edit: I'm a student with only 10k-15k yr income and even I got offered a credit margin of $600

Credit margin ?

He's from Quebec; ignore him. 😛

 

[Wonderful Pork]

Originally posted by: dullard

Originally posted by: Wonderful Pork
I had like $2k in my account. I guess it was just my bad luck that my rent, car payment, and CC payment were processed on the same day BEFORE my paycheck was added. Usually they are a couple days apart.

Blame federal law. The law clearly states that banks have up to 11 days to deposit a paycheck (depending on the original check source, the law may not be a full 11 days, but they still have several days to wait around if they wish). But the new Check 21 law states that your payments should be processed as fast as possible (it could be even instantaneous).

Thus your problem is happening all over the country to lots of people. You need to deposit that paycheck up to 11 days BEFORE your rent, car payment, and CC payment. Sucks doesn't it. We need to revise the federal law on the deposit side.

I have direct deposit for my paycheck. My company even uses the same bank I have an account at to deposit the checks. It was just my bad luck that all those transactions happened on the same day, but they chose to pull the money before crediting the paycheck.

 

[RaynorWolfcastle]

Originally posted by: Eli

Originally posted by: RaynorWolfcastle
I don't get it, don't you people have credit margins 😕

edit: I'm a student with only 10k-15k yr income and even I got offered a credit margin of $600

Credit margin ?

If my chequing account goes in the red, I have $600 credit (at some insanely high interest rate, mind you, maybe 20% annually or so) so that my cheque doesn't bounce.

So hypothetically, if I write a cheque on Wed for $200 and I have $100 in my account, the cheque goes through and I have a balance of -$100. Let's say I get paid on Fri, and add $500, my account balance is $400 but I have to pay 2 days worth of interest on $100.

 

[cherrytwist]

Originally posted by: RaynorWolfcastle

Originally posted by: Eli

Originally posted by: RaynorWolfcastle
I don't get it, don't you people have credit margins 😕

edit: I'm a student with only 10k-15k yr income and even I got offered a credit margin of $600

Credit margin ?

If my chequing account goes in the red, I have $600 credit (at some insanely high interest rate, mind you, maybe 20% annually or so) so that my cheque doesn't bounce.

So hypothetically, if I write a cheque on Wed for $200 and I have $100 in my account, the cheque goes through and I have a balance of -$100. Let's say I get paid on Fri, and add $500, my account balance is $400 but I have to pay 2 days worth of interest on $100.

I love how you canucks spell cheque. It makes me all warm and fuzzy inside.

 

[CTrain]

Originally posted by: RaynorWolfcastle
I don't get it, don't you people have credit margins 😕

edit: I'm a student with only 10k-15k yr income and even I got offered a credit margin of $600

I have a credit margin of $1000.
The bank will pay it, but they still charge you a NSF.
Its better than then not paying it, and you get 2 NSF. (1 from your bank, 1 from the other party)

 

[CTrain]

Originally posted by: jumpr

Originally posted by: CTrain
BUT there are those of us who do not like to keep wasted money in checking accounts.
I never had a NSF fee for about 10yrs until ING direct.
Now, I keep the balance in checking as minimal as possible and I've had a NSF twice within the last month.

One was totally my fault.

The second was bogus.
I signed up for the President saving account online.
I remembered seeing that I had to send the first deposit by check or something like that and I also had to hand sign a form and send it to them before it becomes official.
2 weeks later, I get a $30 NSF because they tried to pull $6500 out of my checking account.
I'm trying to decide if I want to call them up and bitch about it.

It's not worth it to keep your money in a 3% ING Direct account if you're paying $60/mo. in NSF fees.

I can't believe how insanely stupid people can be. You're losing money because of ING Direct. Either pay more attention to your account balances or keep losing money. Your choice.

Well, no kidding.

I'm just saying that some of us who like to keep our checking account to a minimum(as oppose to those who have no money at all) can't afford banks to make mistakes, even small mistakes.

BTW, I have close to $40K in ING so I get about $100 in interest every month.