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Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Why debit cards are subprime =)


distantarray wrote:

jsucool76 wrote:

Debit cards are really just part of the "Cash is King" view on life....

 

Very big +1 to the holds for things like hotel rooms too. I pre-ordered a cell phone from AT&T, and they don't charge until it ships, so I got an authorization on my cap1 for 317.99, and if that was on my bank account, I would be pissed because it is just like "Oh, you have another $318 there, you just can't use it." 


My guess is your with Bank of America.

 

They like to do a disappearing magic trick with my accounts in the past, that's why I fired them last week.

 

I would see the transaction posted immediately within minute or so, then it would COMPLETELY disappear, check my account on my cell Oh I got plenty of money, then come back few days later REORGANIZED. From highest transactions top to lowest on bottom

 

so if you only had $40 in your account and you purchased these in order

 

1. Movies ($7)

2. dinner ($20)

3. Gas ($50)

 

you would have 1 over draft charge.

 

Bank of America would reorganize it to

 

1. Gas $50

2. Dinner $20

3. Movies $7

 

so now you have  THREE overdraft charges.  

 

This lead to a $410,000,000 class action lawsuit. but that's still less than 10% of the money they stole from clients.

 

http://www.huffingtonpost.com/2011/11/07/bank-of-america-overdraft_n_1079924.html


If you only have $40 and make those 3 purchases, then it's your own damned fault. You should know what's in your account at any given time. I dint condone them re-ordering the purchases, but someone doing this shouldn't be surprised to get hit with at least one. It's the price of living so close to the edge.
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webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Why debit cards are subprime =)


visorboy1974 wrote:

Duncanrr wrote:
Hard pulls everytime you rent a car!

Adding to this facet, when you rent a car or hotel with one, the hold on the account is against real money and not a credit line.  


 

Omg this! I rented a car with my debit card in July 2011... I couldn't believe that hertz hard pulled me. Insane! Glad to have other options now!

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distantarray
Posts: 2,112
Registered: ‎09-25-2011
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Re: Why debit cards are subprime =)


CreditScholar wrote:
If you only have $40 and make those 3 purchases, then it's your own damned fault. You should know what's in your account at any given time. I dint condone them re-ordering the purchases, but someone doing this shouldn't be surprised to get hit with at least one. It's the price of living so close to the edge.

that's true enough but remember transactions would completely disappear from your online banking, and even through ATM machines giving you access to money that shouldn't be there.

 

I had items would post and disappear for 3-4 days. you would think if you go to ATM machine and get a balance inquiry or check on your cellphone you should be good. This magic trick was used to generate Bank of America tons of money with reorganizing payments.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: Why debit cards are subprime =)


webhopper wrote:

visorboy1974 wrote:

Duncanrr wrote:
Hard pulls everytime you rent a car!

Adding to this facet, when you rent a car or hotel with one, the hold on the account is against real money and not a credit line.  


 

Omg this! I rented a car with my debit card in July 2011... I couldn't believe that hertz hard pulled me. Insane! Glad to have other options now!

As far as I know, most SP now.

 

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somnipotent
Posts: 367
Registered: ‎06-02-2008
0

Re: Why debit cards are subprime =)


CreditScholar wrote:

distantarray wrote:

jsucool76 wrote:

Debit cards are really just part of the "Cash is King" view on life....

 

Very big +1 to the holds for things like hotel rooms too. I pre-ordered a cell phone from AT&T, and they don't charge until it ships, so I got an authorization on my cap1 for 317.99, and if that was on my bank account, I would be pissed because it is just like "Oh, you have another $318 there, you just can't use it." 


My guess is your with Bank of America.

 

They like to do a disappearing magic trick with my accounts in the past, that's why I fired them last week.

 

I would see the transaction posted immediately within minute or so, then it would COMPLETELY disappear, check my account on my cell Oh I got plenty of money, then come back few days later REORGANIZED. From highest transactions top to lowest on bottom

 

so if you only had $40 in your account and you purchased these in order

 

1. Movies ($7)

2. dinner ($20)

3. Gas ($50)

 

you would have 1 over draft charge.

 

Bank of America would reorganize it to

 

1. Gas $50

2. Dinner $20

3. Movies $7

 

so now you have  THREE overdraft charges.  

 

This lead to a $410,000,000 class action lawsuit. but that's still less than 10% of the money they stole from clients.

 

http://www.huffingtonpost.com/2011/11/07/bank-of-america-overdraft_n_1079924.html


If you only have $40 and make those 3 purchases, then it's your own damned fault. You should know what's in your account at any given time. I dint condone them re-ordering the purchases, but someone doing this shouldn't be surprised to get hit with at least one. It's the price of living so close to the edge.

One overdraft is understandable.  Three on what should have been one, that's criminal. 


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distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Why debit cards are subprime =)

it was a hardpull for me, actually come to think about it my brother and I both didn't have a credit card 2 years ago.... so why the hell did they hardpull me since I didn't even rent a damn car? he used his debit.... how the hell did they get my info....


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Why debit cards are subprime =)


somnipotent wrote:

One overdraft is understandable.  Three on what should have been one, that's criminal. 


yep pretty much, and this is why everyone should LEAVE bank of america since they're hurting so bad especially after buying country wide (company who gave most bad mortgages in the housing bubble) + losing MILLIONS of customers for being the first bank trying to do a $5 month charge to use your debit cards + reorganizing transactions for overdraft etc.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Why debit cards are subprime =)


distantarray wrote:

somnipotent wrote:

One overdraft is understandable.  Three on what should have been one, that's criminal. 


yep pretty much, and this is why everyone should LEAVE bank of america since they're hurting so bad especially after buying country wide (company who gave most bad mortgages in the housing bubble) + losing MILLIONS of customers for being the first bank trying to do a $5 month charge to use your debit cards + reorganizing transactions for overdraft etc.


I can't speak for anyone else, but I haven't had any major issues with them. While their CS isn't as good as some others, I don't think they're as bad as some people make them out to be.
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Valued Contributor
Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
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Re: Why debit cards are subprime =)


Dustink wrote:

webhopper wrote:

visorboy1974 wrote:

Duncanrr wrote:
Hard pulls everytime you rent a car!

Adding to this facet, when you rent a car or hotel with one, the hold on the account is against real money and not a credit line.  


 

Omg this! I rented a car with my debit card in July 2011... I couldn't believe that hertz hard pulled me. Insane! Glad to have other options now!

As far as I know, most SP now.

 


Not true. Budget car rental did a HP in March this year. It was what got me to start taking my credit seriously and begin rebuild.


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Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
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Re: Why debit cards are subprime =)


distantarray wrote:

it was a hardpull for me, actually come to think about it my brother and I both didn't have a credit card 2 years ago.... so why the hell did they hardpull me since I didn't even rent a damn car? he used his debit.... how the hell did they get my info....


Maybe you were added as a driver.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%

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