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HomeOff Topics News & Politics › Banks are at a nice little trick
10-25-2011 05:01 PM  6 years agoPost 1
rchelichop

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seeya

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I have noticed lately that the bank has been putting a $1 charge on my debit card from more and more retaillers (mostly food and gas, the essentials) and then the full amount is charged later.

After thought of why they do this, in this digital age where everything I purchase should be instant, I realize it is to either A. sell overdraft protection which they try to do every turn it seems now or B. get money using fees for people who overdraft their account and then end up buying overdraft after.

The reasoning is that alot of people don't keep a running tab on their finances. And if they do it is usually through going online or going to a ATM to check balance quickly. So lets say someone thinks that have so much available, but enough $1 debits become large purchases later, it is easy to see how someone can get in trouble by overspending and not know it.

Of course the banks told customers they were going to do this, but they are banking on the long run of people to slip up. Hey even if half of the clientele pay a overdraw fee slipping up just once, they have earned millions upon millions in sucker charges. Of course this targets lower income people who are running check to check, lots or rich people or well to do love to sucker the lower to middle class.

If you are one of the responsible people who keep perfect tabs on your checking account, then this need not matter to you. History has shown there are plenty of people out there that don't though, and the bank is betting on this.

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10-26-2011 03:23 AM  6 years agoPost 2
1800bigk

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ohio

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At first I thought you were saying they charge you $1 to use your card but now I get what you're saying. From what I can tell that happens whenever you use your card and the amount is either A: unknown at first (buying gas) or B: the amount is subject to change (restaurant / tipping).
For gas you swipe your card to get access to the gasoline but the gas station has no idea what to charge you until you finish but they want to make sure you have a bare minimum amount on your card so they put a small hold on some funds in your account then charge the correct amount afterwards. Same thing at when you go out to eat, you give the waitress your card she swipes it then you add a tip and it gets added on.

I think if you use your card as credit this doesn't happen.

You can always go back to the old days and pay with cash or carry a check book and log every purchase(my wife still does this, drives me crazy.) After all it is a person's responsibility to keep track of their money. You made the comment about betting, you know every single type of insurance / extended warranty is a calculated bet too where the odds are mathematically calculated against you 99% of the time.

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10-26-2011 04:06 AM  6 years agoPost 3
nitro fun

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Oc ca

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If they can sucker $20 a year from everyone holding a ATM card then they make billions extra a year free..

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10-26-2011 07:27 PM  6 years agoPost 4
classic

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That is why I pay cash for everything.

Which is worse, ignorance or apathy? I don't know and I don't care!

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10-26-2011 07:41 PM  6 years agoPost 5
Dennis (RIP)

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Oregon

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If they can sucker $20 a year from everyone holding a ATM card then they make billions extra a year free..
I am not justifying charging for debt use.

But, how do you figure its free ??

Any business has its costs of doing business.

Also, most do not realize that the Frank/Dodd so called Wall Street reform bill allowed banks to charge for debit use. Before that law was passed with a super majority of Dems in the Congress and the Senate, and signed by the Obummer, banks could not charge for debit use.

So, once again, the Democritters have ruled against the American people.

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10-27-2011 06:26 AM  6 years agoPost 6
mrloudly

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Naseby Northampton England

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He never said it was "free" Dennis, they're catching people out un-fairly when they use their Debit cards. They should charge the full amount to your card at point of purchase, not two weeks later!

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10-27-2011 06:29 AM  6 years agoPost 7
Dennis (RIP)

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Oregon

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He never said it was "free" Dennis, they're catching people out un-fairly when they use their Debit cards. They should charge the full amount to your card at point of purchase, not two weeks later!
Well, thats what they do when ever I use my debit card.

I have never seen that $1 dollar charge on my account at any time. Never. Not once.

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10-27-2011 01:55 PM  6 years agoPost 8
whirlyspud

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USA

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I have only started seeing it in the last month or so. Not a big deal to me.

Mike

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10-28-2011 01:31 AM  6 years agoPost 9
1800bigk

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ohio

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It only happens at some gas stations and restaurants. Keep track of your balance and you will be fine, stop wanting somebody else to do the work for you.

http://answers.yahoo.com/question/i...27094139AASyNON

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