Debt Dumpers 2021

[DLgal]

The idea of balancing a check book is dated. I can simply go to my bank app and see what I have available. I rarely write checks anymore. I don’t have money going out in flux anymore. If I want to send someone money, I use Venmo. It’s pretty immediate. And since I keep a year of expenses in my checking, I don’t worry about not having enough. It’s also keeps me from selling my equities to raise cash.

Okay but most people live paycheck to paycheck. Your method doesn't work for the majority, and people still balance their accounts against the bank because banks make mistakes. Often.

 

[RamblingMad]

Okay but most people live paycheck to paycheck. Your method doesn't work for the majority, and people still balance their accounts against the bank because banks make mistakes. Often.

What bank mistakes? I haven’t had any problems.

 

[DLgal]

What bank mistakes? I haven’t had any problems.

How would you know if you never balance your account and just take their word that the amount you see on your bank app is the amount you should have?

Or how would you know if someone skimmed your debit card and bought themselves a little present? Often thieves will make a few small purchases before they make a big one. If you don't notice these things right away, you are a prime target.

 

[RamblingMad]

How would you know if you never balance your account and just take their word that the amount you see on your bank app is the amount you should have?

Or how would you know if someone skimmed your debit card and bought themselves a little present? Often thieves will make a few small purchases before they make a big one. If you don't notice these things right away, you are a prime target.

I review all of my data. I never use a debit card. They’re awful. I only use my credit cards and review the transactions. It’s easier to contest charges on a credit card than a debit card.

 

[DLgal]

I review all of my data. I never use a debit card. They’re awful. I only use my credit cards and review the transactions. It’s easier to contest charges on a credit card than a debit card.

I don't use my debit card either, but that doesn't make my bank account impervious to being hacked. I check it a few time a week against my own spreadsheet to make sure the balance matches. Paranoid, I guess. I've had our account compromised twice and we NEVER use a debit card. It's easy enough to use routing numbers and account numbers to funnel away money these days.

 

[RamblingMad]

I don't use my debit card either, but that doesn't make my bank account impervious to being hacked. I check it a few time a week against my own spreadsheet to make sure the balance matches. Paranoid, I guess. I've had our account compromised twice and we NEVER use a debit card. It's easy enough to use routing numbers and account numbers to funnel away money these days.

I’ve had one fraud call on my credit card. I called my credit card company up, and they fixed that charge and sent me a new card with a new number. It makes sense to be vigilant. But don’t obsess over it.

 

[DLgal]

I’ve had one fraud call on my credit card. I called my credit card company up, and they fixed that charge and sent me a new card with a new number. It makes sense to be vigilant. But don’t obsess over it.

Just one? Wow. I've had more than one on both my Chase Sapphire and my Disney Visa cards. I've lost count at this point. I don't spend any time worrying about credit card fraud because it always gets taken care of. Checking account fraud takes forever to resolve and often screws up other payments when the account overdrafts before the bank can put the money back.

 

[RamblingMad]

Just one? Wow. I've had more than one on both my Chase Sapphire and my Disney Visa cards. I've lost count at this point. I don't spend any time worrying about credit card fraud because it always gets taken care of. Checking account fraud takes forever to resolve and often screws up other payments when the account overdrafts before the bank can put the money back.

Never had checking account fraud.

 

[DLgal]

Never had checking account fraud.

You're lucky. It sucks.

 

[barkley]

I keep about a year of expenses in my checking account. I keep track of all of my big out going payments. I don’t have my mortgage on auto payment, nor do I have my main credit card on it either.

What are you trying to do?

i would be petrified to keep that kind of money in my checking account (and it would kill me not to be earning interest on it). we've had too many close calls with debit cards being compromised and had it not been for a keen piece of fraud detection on the part of our credit union dd would have lost an entire semester's financial aide disbursement when her debit card got hacked-had it gone through it would have zero'd out 1st her checking then her savings (because of overdraft protection). we spoke with the fraud department and they advised to structure our accounts to maximize security-

checking (with whatever we needed plus a little cushion) connected to a savings with a minimal amount (we do a few hundred) in case of accidental overdraft-both w/atm and debit card access,

all other accounts (savings, money market.....) are not connected to the atm or debit card nor do they provide overdraft for one another.


last week someone tried to do 2 fraudulent hits on one of my accounts-it was stopped but it has taken the better part of a week for me to get online access to the new accounts (and the funds are still not accessible). thankfully it was caught, thankfully i have access to other accounts.

 

[jen7233]

So I'm curious how you all handle monthy automatic withdrawals? I feel like I have so many of them- like at least 12 that I can think of off the top of my head. Do you deduct them all at once at the beginning of the month or do you wait for the due date to deduct it in your register?

My answer is yes, I track for the whole month. On pen and paper pad just for bills tracking, old school, check mark as my bills clear. I also put them in manually in Everydollar.

After the 15th, we have only four bills still that autodraft but the total for those is $225.

 

[barkley]

Or how would you know if someone skimmed your debit card and bought themselves a little present? Often thieves will make a few small purchases before they make a big one. If you don't notice these things right away, you are a prime target.

that's exactly what i'm dealing with-2 tiny little purchases they tried to run through.

It's easy enough to use routing numbers and account numbers to funnel away money these days.

yup-we had a theft ring that was driving in neighborhoods after a.m. commute but before mail pickup. they hit mailboxes and looked for outgoing that looked like it might hold a check (utility and credit card bills, and birthday card envelopes were prime targets). they would take the checks, use a scanner and make their own. people wouldn't catch it for weeks unless they were keeping an eye on their checking account balance (no late notices for weeks/no one sends thank you notes anymore). had one neighbor whose account was almost depleted of thousands and thousands (she watched her balance like a hawk).

 

[DLgal]

that's exactly what i'm dealing with-2 tiny little purchases they tried to run through.




yup-we had a theft ring that was driving in neighborhoods after a.m. commute but before mail pickup. they hit mailboxes and looked for outgoing that looked like it might hold a check (utility and credit card bills, and birthday card envelopes were prime targets). they would take the checks, use a scanner and make their own. people wouldn't catch it for weeks unless they were keeping an eye on their checking account balance (no late notices for weeks/no one sends thank you notes anymore). had one neighbor whose account was almost depleted of thousands and thousands (she watched her balance like a hawk).

Yup. It's a real problem and people who think it won't happen to them are wrong.

One of my good friends had a couple thousand dollars taken out of her account via a direct bank transfer using her routing number and account number. She has no idea how this information was obtained, but her bank said it happens all the time.

 

[DisneyHardin]

I am another one who doesn't "balance" my checking account. I look at it all the time though to make sure there are no debits I don't recognize. DH and I are big debit card users, so I just look every day or two to make sure everything looks good. I do have to say that my card has been compromised several times and 5/3 Bank caught it immediately before I even had a chance to realize anything was wrong.

 

[Tygerlilly]

Spent $140 at the grocery store today and spent most of the afternoon doing massive meal prepping. So far I've knocked out 3lbs of seasoned chicken, 3lbs of taco chicken, a sheet pan full of roasted veggies, homemade granola bars and bites, and cut all my fruits and veggies into ready to eat/use portions. Taking a break for dinner and then going to knock out breakfast burritos.
Tomorrow I have 4lbs of bbq chicken thighs (that are marinating tonight) that I'm gonna throw on the grill, 10lbs of ground beef to cook that will turn into taco meat, beef, cheese, and bean burritos, chicken taquitos, 2 meatloaves, and 2 lasagnas. Plus 2 large pots of chili and spaghetti sauce.

We spent $300+ on fast food over the last two weeks. I'm surprised and not at all surprised to see that number when I added it up. I can make a million excuses, but honestly, I was lazy.

 

[CaleCakes]

I get paid once a month and DH bi-weekly from one job and once a month from another. We definitely don't keep a years worth of expenses in the checking account. I can't fathom that as most have said about fraud and not earning interest- although our credit union does pay a small dividend- like a few cents small. We keep enough for a cushion. I was mainly curious the average of auto pays people have and like I said if they're deducted once a month at the beginning or through out. I would say I do most of the big ones once a month and then the small things bi-weekly. Since there seems to be so many lately I want to be better at doing them all at once. Some change like the electric bill but they do send a bill in advance if I need to allocate more.

As far as balancing the checkbook I admit I am terrible at that, always have been. My old registers were full of white out and lines that said "bank says $x" and I'd go from there. It go to be a bit ridiculous so then I bought that George Alzamora spreadsheet which has been much easier but of course I'm still off a few hundred bucks that I can't figure out. I do check my account daily to make sure nothing looks funky since we are big debit card users.

 

[Eureka]

Hi all, checking in. Not a lot going on here, same old same old. DS18 turned 18 and has heard from all of his colleges (got into four out of five) and now he needs to make a decision. He's got it narrowed to two choices. Then we'll know how much tuition we'll be paying for him next year. DS20 is staying in his off-campus house next year, so the only thing that might change for him is if all classes are in person etc., he might add a commuter meal plan to be able to eat lunch on campus. But those are not too expensive in the grand scheme of things.

Our big projects coming up this spring/summer are replacing the fence in our backyard that's rotted and fallen down in spots, and clearing out the yard of fallen branches, poison sumac etc. We need to have that done (going to hire out) before we can get estimates for the new fence, and then we'll probably have some landscaping done out there too. Might need to have some deck boards replaced too. It's time - we'll have been in the house 20 years this summer. Last year we had the front porch redone. None of that will be cheap, but thanks to the pandemic, we have enough savings.

Looks like neither DH's nor my offices will be having everyone come back full time when this is all over, which has its plusses and minuses. We may still be able to go in a little, but we'll mainly be at home. I am not unhappy to give up the 100-mile round trip commute I used to have, and it's saved us a lot of money in gas. But we'll miss seeing coworkers. I just hope once we're vaccinated and the world is better, we can do normal things and won't be so isolated. We are still pretty much going to the supermarket and picking up takeout and not much else.

I have been trying to read on here, but I am somewhat behind. Hope everyone is doing well.

 

[Eureka]

I get paid once a month and DH bi-weekly from one job and once a month from another. We definitely don't keep a years worth of expenses in the checking account. I can't fathom that as most have said about fraud and not earning interest- although our credit union does pay a small dividend- like a few cents small. We keep enough for a cushion. I was mainly curious the average of auto pays people have and like I said if they're deducted once a month at the beginning or through out. I would say I do most of the big ones once a month and then the small things bi-weekly. Since there seems to be so many lately I want to be better at doing them all at once. Some change like the electric bill but they do send a bill in advance if I need to allocate more.

As far as balancing the checkbook I admit I am terrible at that, always have been. My old registers were full of white out and lines that said "bank says $x" and I'd go from there. It go to be a bit ridiculous so then I bought that George Alzamora spreadsheet which has been much easier but of course I'm still off a few hundred bucks that I can't figure out. I do check my account daily to make sure nothing looks funky since we are big debit card users.

I am low-tech. I use a notebook and my bank app to "balance our checkbook" every time we get paid. Twice a month for me and every two weeks for DH. Years ago we had Quicken hooked up to our bank but it crashed so now I prefer my way. I pay bills usually once a week. We only have a few things on autopay: the 529s and streaming services are the only things that come to mind right now. Everything else I pay myself. Online, but I go in and make the payment. I only track the bills in my notebook (don't track grocery shopping or other smaller daily expenses) but check the app every day to make sure nothing is amiss. I did have my card compromised about five years ago but luckily the bank caught it early and only a couple hundred dollars had to be recovered.

 

[piglet1979]

How would you know if you never balance your account and just take their word that the amount you see on your bank app is the amount you should have?

Or how would you know if someone skimmed your debit card and bought themselves a little present? Often thieves will make a few small purchases before they make a big one. If you don't notice these things right away, you are a prime target.

We do not balance out check book either. We are on it everyday checking to make sure that nothing is amiss. We have had our account compromised and caught by checking. It was a pretty elaborate scheme. The used our ebay account (DH forgot he even had one as it had been well over 10 years since he used it) to buy the newest Iphones. Then used our Paypal account to pay for them. But it was caught right after it happened because of checking it every day or two.

 

[4 Ears]

No big dumps today. Next week we should be able to pay one of 2 DH's credit cards off. I patiently wait...