Recurring fees can be either ACH or debit card transactions. If you give your gym your debit card number, that does NOT give them access to your routing and account number.
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Debit Card Overdraft Protection-Will You Opt-In?
- Thread starter LIFERBABE
- Start date
Recurring fees can be either ACH or debit card transactions. If you give your gym your debit card number, that does NOT give them access to your routing and account number.
Okay, now that I've read through the entire thread, let me introduce myself:
I work for a credit union. I see a dozen people every day who overdraft their account. It stinks. I feel terribly for the people who end up having to pay excessive fees for their mistakes.
That said, it is completely an individual's responsibility to keep track of one's own account. The financial institution has no responsibility to balance your account. We have our records, and we send a statement every month. If you call with questions, we are happy to help you and let you know what your balance is, the last few transactions, whether a specific check (or checks) have cleared, etc... We will let you know if we *see* something pending in your account (we cannot always see items that are pending). If you stop in, we will print a history of your account (albeit for a small fee). Our intention is not to mislead you or fee you - at least not at credit unions, as credit unions are not for profit. Yes, we do have revenue from overdrafts, but we would much rather you were able to manage your accounts than have to deal with the yelling and crying and charges. If a transaction takes a few days to process in your account, we cannot always see that it's out there, as much as we'd like to. DO NOT rely on our balance, as there may be checks or debit transactions that haven't cleared.
****A Hint****
For those people who sometimes have a hard time remembering their debit card transactions, and hate to carry a register around with them. Wrap a rubber band around your credit card. When you are finished with a purchase, wrap the receipt around the card, rubber band it, and make it a priority to enter it into your record keeping.
In order to continue having your overdrafts covered (for a fee), you MUST OPT IN. If you do not Opt In, you are automatically opted out. We cannot provide overdraft services (or charge you) without your explicit consent. That is the point of the law.
****A Hint****
Ask your financial institution if they provide a personal line of credit that will allow your checking account to add a balance to the loan in case of an overdraft. That means that your card will not be declined, and the only 'extra' you pay is the interest that accrues. This can amount to as little as a few cents, depending on the balance of the loan and the amount of time it takes to pay it back. Let's face it; no one is perfect, and most people will make a mistake when balancing their checkbooks every once in a while. Be smart about it, and have a plan for those occasional times when someone forgets a purchase or makes a math error.
It is completely up to you whether you opt in or not, but just make sure that you are clear on all of your options. Your financial institution may have the choice of simply linking your checking account to your savings, so that any negative balance will be covered by pulling funds from your savings account. My employer offers that option; and we do NOT charge a fee to transfer this way, although Federal Regulations only allow 6 of these types of transfers every month.
OK, I am stepping off my soapbox and going back to focus on our upcoming WDW vacation!
I work for a credit union. I see a dozen people every day who overdraft their account. It stinks. I feel terribly for the people who end up having to pay excessive fees for their mistakes.
That said, it is completely an individual's responsibility to keep track of one's own account. The financial institution has no responsibility to balance your account. We have our records, and we send a statement every month. If you call with questions, we are happy to help you and let you know what your balance is, the last few transactions, whether a specific check (or checks) have cleared, etc... We will let you know if we *see* something pending in your account (we cannot always see items that are pending). If you stop in, we will print a history of your account (albeit for a small fee). Our intention is not to mislead you or fee you - at least not at credit unions, as credit unions are not for profit. Yes, we do have revenue from overdrafts, but we would much rather you were able to manage your accounts than have to deal with the yelling and crying and charges. If a transaction takes a few days to process in your account, we cannot always see that it's out there, as much as we'd like to. DO NOT rely on our balance, as there may be checks or debit transactions that haven't cleared.
****A Hint****
For those people who sometimes have a hard time remembering their debit card transactions, and hate to carry a register around with them. Wrap a rubber band around your credit card. When you are finished with a purchase, wrap the receipt around the card, rubber band it, and make it a priority to enter it into your record keeping.
In order to continue having your overdrafts covered (for a fee), you MUST OPT IN. If you do not Opt In, you are automatically opted out. We cannot provide overdraft services (or charge you) without your explicit consent. That is the point of the law.
****A Hint****
Ask your financial institution if they provide a personal line of credit that will allow your checking account to add a balance to the loan in case of an overdraft. That means that your card will not be declined, and the only 'extra' you pay is the interest that accrues. This can amount to as little as a few cents, depending on the balance of the loan and the amount of time it takes to pay it back. Let's face it; no one is perfect, and most people will make a mistake when balancing their checkbooks every once in a while. Be smart about it, and have a plan for those occasional times when someone forgets a purchase or makes a math error.
It is completely up to you whether you opt in or not, but just make sure that you are clear on all of your options. Your financial institution may have the choice of simply linking your checking account to your savings, so that any negative balance will be covered by pulling funds from your savings account. My employer offers that option; and we do NOT charge a fee to transfer this way, although Federal Regulations only allow 6 of these types of transfers every month.
OK, I am stepping off my soapbox and going back to focus on our upcoming WDW vacation!
I work for a bank and the guideline for say bank is all accounts will automatic be opted-out of everyday debit card transaction and atm withdrawls meaning if you do not have the funds at the time of purchase they you are decline. If you have a check billpay ach or recurring debit transaction (gym, netflix) they may still go through if there is not enough funds and fees will apply up to four per a day.
Also you wil no longer get an overdraft fee on your everyday debit card transaction or atm withdrawls. Meaning you if you have $20 in your acct you purchase gas for $15 but it only pends for $1 and you go to make another transaction for $10 both will go thru but your account will be overdrawn. No fee will be apply for those transactions.
There is another option we offer and it is decline everything, which is debit card transactions, atm, checks, ach, reoccuring debit card, basically anything that is present and not enough funds at the time it is present or purchse if debit card it will be decline for debit card and returned for checks, billpay, ach, reoccurring debit card. If returned then a return item fee up to four per a day plus whatever the merchant charges.
So if you mortgage, rent check, car payment, insurance comes through and your are short 1 penny it will be decline and sent back for not enough funds.
The best thing to do is keep track of the money coming in and out of the accounts. Whatever works for you, and your not receiving fees then great if you are it is not the banks fault maybe its your methood of keeping track of the accout. With all the ways to keep track of it and protect it I dont understand how people can overdraft and not know. With that said I have overdraft my account knowingly cause it was an emergancy and it needed to be done. I received fees that could not be returned.
Know your banking guidelines get and read the terms and conditions if needed. know the cut off time for every transaction know the posting order, know that check could be place on hold and for how long before it happens to the account. Never assume with Your money!
Also you wil no longer get an overdraft fee on your everyday debit card transaction or atm withdrawls. Meaning you if you have $20 in your acct you purchase gas for $15 but it only pends for $1 and you go to make another transaction for $10 both will go thru but your account will be overdrawn. No fee will be apply for those transactions.
There is another option we offer and it is decline everything, which is debit card transactions, atm, checks, ach, reoccuring debit card, basically anything that is present and not enough funds at the time it is present or purchse if debit card it will be decline for debit card and returned for checks, billpay, ach, reoccurring debit card. If returned then a return item fee up to four per a day plus whatever the merchant charges.
So if you mortgage, rent check, car payment, insurance comes through and your are short 1 penny it will be decline and sent back for not enough funds.
The best thing to do is keep track of the money coming in and out of the accounts. Whatever works for you, and your not receiving fees then great if you are it is not the banks fault maybe its your methood of keeping track of the accout. With all the ways to keep track of it and protect it I dont understand how people can overdraft and not know. With that said I have overdraft my account knowingly cause it was an emergancy and it needed to be done. I received fees that could not be returned.
Know your banking guidelines get and read the terms and conditions if needed. know the cut off time for every transaction know the posting order, know that check could be place on hold and for how long before it happens to the account. Never assume with Your money!
rparmfamily
In paradise
- Joined
- Aug 9, 2005
3_disprincesses
Mouseketeer
- Joined
- Dec 27, 2008
I don't have to do anything to Opt Out do I? I read the notice and laughed at the option but assumed as long as I didn't respond saying I wanted it I would automatically be listed as Opt Out. Just want to make sure they don't make me Opt In because I didn't respond. I have never overdrawn our act because I am anal and write everything down right when the transaction happens and DH knows if he does not tell me right away I will take his card from him.
You don't have to do anything if you don't want overdraft debit/atm transactions paid. Everyone is "OUT" unless they "Opt In".
I do want to be clear on this: If you want a LOC or Savings account to cover any overdraft on your checking account, you must "Opt IN", correct? I have seen several posts that stated they were opting out and relying on either the LOC or their savings account to kick in and cover. I know I work at one bank, I did not opt in there, and I also have an account at another institution, I did opt in there because I have LOC attached to that account and have used it to cover emergency expenses until I could get home to my computer and transfer funds from my savings to pay it back.
You DO NOT need to opt in to take advantage of your LOC or Savings account. The law does not allow a financial institution to essentially 'force' you to opt in, and the bank/cu can NOT penalize you for not choosing to opt in. If your financial institution says otherwise, you should report them.
I work for BOA, and we don't even have the option to "Opt In". EVERYONE is opting out.
I also have an account with Chase, and I DID opt in. My account is never THAT low, and I don't even have checks. I don't want to be stuck in an emergency, though. I can always deposit cash in an atm before 10 pm, and they will credit it and not charge the fees.
I also have an account with Chase, and I DID opt in. My account is never THAT low, and I don't even have checks. I don't want to be stuck in an emergency, though. I can always deposit cash in an atm before 10 pm, and they will credit it and not charge the fees.
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