Reply
Valued Contributor
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.
FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Moderator Emeritus
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!

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

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
Posts: 3,099
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.

 

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%
Frequent Contributor
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. 


AmEx PRG (NPSL) | AmEx Costco ($8.2K) | AmEx Delta Gold ($19.3K) | AmEx BCE ($5K) | Chase United Explorer ($10K) | Chase Sapphire Preferred ($7.5K) | Chase Freedom ($8.2K) | Discover it ($3K) | Capital One Quicksilver ($2.5K) | PayPal Extras ($2.5K) | Lowes ($3.3K) | Walmart ($4.3K) | Amazon ($2.5K) | Restoration Hardware ($8.8K) | Crate & Barrel ($8.3K)
--
Homeowner since 05/29/13
Established Contributor
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
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
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.
FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
0

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.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

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%
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.