Quick Debit Card Question

Will you be charged anything for the link??

 

Most likely, yes.

 

With my bank, USAA, overdraft protection is free.

You'll have to check with your bank.

Before Wells Fargo bought Wachovia, I know Wachovia charged ~$1.00 every time one over drafted on their checking/ debit account and they would automatically cover the charge from your savings account (or whatever account you had linked for overdraft protection). My best friend lived like that for a month or two before he finally realized that he was losing about $100 every month.

 

Only a buck?? Our banks do an extra blink and it's $5.

 

$35 PER transaction with all my banks

 

Did you try calling them and asking?

 

Looks like you might be charged $5 or $10. As others have said, you should call as soon as possible.

http://www.usbank.com/checking/overdraft-protection.html

 

Are you sure that's a good idea?

 

Good.

Bad. Or it could be.

 

No offense, but if you can't manage your money well enough to keep your checking account safely in the black, that is a horrible idea.

 

I'm not sure I see where you go from having to run to a bank to deposit a measly $5 to save your ass to getting a credit card. Something tells me you shouldn't get one.

 

It doesn't sound like there would be much to lose if access to your checking account were compromised via the loss of a debit card.

Just block the ability to let the card process charges in excess of your account balance. Easy.

 

If you're worried about security I take it your debit card can also be used as a credit card on the machines (has a VISA logo). If that's the case I would bet your bank offers a debit card only option. At least that way you have to know the PIN to use it.

 

With my bank, I frequently pay my bills the day before I go to make a deposit. These are bills that won't show up on the account until the next day such as utilities and my mortgage. When I wake up, the account is negative but as long as I get to the bank with my deposit before the cutoff, there are no overdraft charges. Been doing this for years.

 

Whatever you do for the love of god don't follow this advice, I do it myself and it's a horrible idea. Sure for some it always works, for others it sometimes works for a LOT of people it never works. I usually get away with it however I have been bitten more than once by it.

ALWAYS have the funds before making payments as you never know what will happen, some will say 3-5 days for example and process that night.

 

I wasn't giving advice to anyone, just stating what my bank allows.

 

Most banks have that policy if you get it in by the same processing day it wont charge you. But what you were saying is you pay ahead and OD the account since you're getting paid. IF your employer messed up and didn't direct deposit your funds that day you'd be up the creek.

 

Exactly. There have been times when my mortgage was scheduled to be deducted out of my account on a Monday. My paydays are on Tuesdays. I never worried because my paycheck is always direct deposited on Tuesday or on Friday if it's a holiday weekend.

I did stop all automatic payments this year because I want more control of when things get posted to my account.

 

Lol I don't think that's a good idea...

 

I overdrafted a bunch of times(10+) around a month ago with Bank of America. I had no overdraft protection but had the money to cover the overdrafts in my savings. I didn't get charged any fees.

 

Sounds like you have some other massive problems to worry about as well.

I strongly suggest you learn some money management skills

 

If you put the money in the day you go overdrawn you should avoid any fee, and if you do get a fee you can dispute it.