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Public Message to all ATOT: Keep money in your bank account for spending/bills

nick1985

nick1985

Lifer
It helps to prevent whining when you get hit with fees for spending money you dont have because your broke ass didn't have $3.49 for a double cheeseburger and a coke.

Thanks!
 
LOL, love it.

"if you are going to spend money, make sure you have enough funds to cover the costs of your purchases."

we're a wise group.
 
What cracks me up about the constant stream of complainers who got hit with overdraft fees is that nobody decides to just carry cash and spend that. No more cash = no more buying = no overdraft fees. It's pretty self-enforcing, requires no fancy bank agreements, and I don't have to go online to know how much money I have.

But nobody seems to consider that as an option any more.
 
kranky said:
What cracks me up about the constant stream of complainers who got hit with overdraft fees is that nobody decides to just carry cash and spend that. No more cash = no more buying = no overdraft fees. It's pretty self-enforcing, requires no fancy bank agreements, and I don't have to go online to know how much money I have.

But nobody seems to consider that as an option any more.
Click to expand...

Incorrect. In fact, I don't even use banks. Period. I've been cash only for about 4 or 5 years now, and 95% cash only for close to 10.

You are correct that it solves the issues. Best decision I ever made.
 
A couple years ago (2006 maybe) there was a study done which concluded something like 15 million adult Americans deal in cash/check only and don't have bank accounts. Some of them give banking advice on this forum. :awe:
 
kranky said:
What cracks me up about the constant stream of complainers who got hit with overdraft fees is that nobody decides to just carry cash and spend that. No more cash = no more buying = no overdraft fees. It's pretty self-enforcing, requires no fancy bank agreements, and I don't have to go online to know how much money I have.

But nobody seems to consider that as an option any more.
Click to expand...

I dont think most people complain about overdraft fees. They complain about how the banks rearrange the transactions to go from 1 overdraft fee to well say 5 overdraft fees. If they would just take the money in/out of the account based on timed transactions it would be so much simplier. But no. The technology is there but the banks like to not use it so they can pull this crap on their customers. Gladly im a "member" not a customer of a credit union 🙂
 
kranky said:
What cracks me up about the constant stream of complainers who got hit with overdraft fees is that nobody decides to just carry cash and spend that. No more cash = no more buying = no overdraft fees. It's pretty self-enforcing, requires no fancy bank agreements, and I don't have to go online to know how much money I have.

But nobody seems to consider that as an option any more.
Click to expand...

The method I do is that I saved up some money that I consider a buffer. When I look at my balance and see I have "$x", I mentally subtract that amount and say I have "$y" available. If I do spend too much, I have to spend WAY too much to get into those fees. A side effect is that if something fairly substantial comes up, it's a non-credit option for paying for it.

Most people just lack the self control to not spend money that is sitting around, or available credit balances. It's not something that is really taught well these days.
 
kranky said:
What cracks me up about the constant stream of complainers who got hit with overdraft fees is that nobody decides to just carry cash and spend that. No more cash = no more buying = no overdraft fees. It's pretty self-enforcing, requires no fancy bank agreements, and I don't have to go online to know how much money I have.

But nobody seems to consider that as an option any more.
Click to expand...

Over the years I've come to conclude that many, many people are not responsible enough to have a bank account and should be dealing only in cash. You're right though, people don't consider this. If they would simply keep a balance sheet they would be fine, but that requires work and thinking, two things a lot of people have an aversion to.
 
iFX said:
Over the years I've come to conclude that many, many people are not responsible enough to have a bank account and should be dealing only in cash. You're right though, people don't consider this. If they would simply keep a balance sheet they would be fine, but that requires work and thinking, two things a lot of people have an aversion to.
Click to expand...

People don't even know how to balance a checkbook. That's why you see young people with a complete lack of any money skills. That basic skill needs to be taught in school or at the very least by their parents and rigorously pounded into their skull until they understand it.
 
ElFenix said:
checking? savings account maybe, but checking?
Click to expand...

It doesn't matter what account the money is in as long as it's on your budget sheet you know what the money is for. A responsible person could get away with having a single account and a good budget if they wanted to, or just a budget and no accounts at all.

Basically the idea is that you should have two months (I say three) of cash on hand for expenses before you have to dip into money that is "saved". This is where the budget comes in.
 
I believe I recently read a statistic that 95% of overdrafts are on 14% of the people.

I got hit with some ugly overdraft situations when I was young, some not my fault but mostly they were. Went to cash only for awhile until I got my head on straight. Now I can't imagine how anyone could be foolish enough to get hit by one.
 
Or, the bank could just decline your $3.49 purchase instead of allowing it to go through and then charging you a $35 overdraft fee. You should at least have this option, but as far as I know with most banks you don't.
 
spidey07 said:
People don't even know how to balance a checkbook. That's why you see young people with a complete lack of any money skills. That basic skill needs to be taught in school or at the very least by their parents and rigorously pounded into their skull until they understand it.
Click to expand...

They don't teach kids a lot of things sadly. My wife deals with kids all the time that want mortgages, they just expect the bank to give them a loan on the merit of who they are (or who they think they are). Forget the fact they have overdrawn their accounts 10 times in the last 12 months or have 30-40k in unsecured credit card debt, their view is the bank owes them a loan, just because.
 
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M0RPH said:
Or, the bank could just decline your $3.49 purchase instead of allowing it to go through and then charging you a $35 overdraft fee. You should at least have this option, but as far as I know with most banks you don't.
Click to expand...

I agree to an extent but it's not always that simple. Overdrafts can occur through no fault of the bank's. They can occur because of how the processing system in the US works in conjunction with people not tracking their spending. The bank doesn't always know you don't have the money.
 
iFX said:
They don't teach kids a lot of things sadly. My wife deals with kids all the time that want mortgages, they just expect the bank to give them a loan on the merit of what they are (or who they think they are). Forget the fact they have overdrawn their accounts 10 times in the last 12 months or have 30-40k in unsecured credit card debt, their view is the bank owes them a loan, just because.
Click to expand...

Entitlement mentality will be our downfall. Only we can prevent it. Punch a random kid in the face and say "that's all you really deserve in life" everyday and eventually, together, we will rid ourselves of this disease.
 
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