The banking system is starting to scare me!

[Marseeya]

I'm starting to feel really controlled by the banking system!

First of all, in order to "protect" us, there's a usually a limit on our debit cards. That has always bothered me, especially when you're travelling and might have to put a hotel room on a card, plus three days of the weekend all count as one day.

I was out shopping this evening and was using a combination of checks and debit card so I wouldn't go over my limit. I went to write a check in FYE and it was declined! The cashier told me that the system they use (not Telechek, I can't remember what it is) will decline checks after you've spent $250 in one day. WTH???

I also think I saw on here where someone said there's a particular system where you'll get turned down after writing three checks.

I'm sorry, but that kind of control is just scary to me. A couple of years ago, we tried living without a checking account and it was impossible.

 

[tar heel]

You should be able to up your debit card limits with a telephone call. A few years ago at WDW my debit card was declined when I tried to buy 5 annual passes. I was horrified since it was the first day of vacation and called the bank's 800 number after we got back to the hotel. It turned out my limit was $1,200. They offered to raise it, and I decided to keep it at that since it is very, very rare for me to make a transaction that large.

What bugs me is that I have to show an ID to get cash back when I make a deposit, which I had to do today. If I were trying to take them, why would I deposit $2,000 and get $200 back.

 

[kbkids]

What bugs me is that I have to show an ID to get cash back when I make a deposit, which I had to do today. If I were trying to take them, why would I deposit $2,000 and get $200 back.

Having worked in banking, I can answer that one. If Jane Doe gets your account number, she could go to the bank and deposit a fraudulent check for $2000 and ask for $200 back. No ID is checked. Two days later, check bounces, your account is debited for $2000 - Jane Doe has a free $200.

 

[Marseeya]

You should be able to up your debit card limits with a telephone call. A few years ago at WDW my debit card was declined when I tried to buy 5 annual passes. I was horrified since it was the first day of vacation and called the bank's 800 number after we got back to the hotel. It turned out my limit was $1,200. They offered to raise it, and I decided to keep it at that since it is very, very rare for me to make a transaction that large.

What bugs me is that I have to show an ID to get cash back when I make a deposit, which I had to do today. If I were trying to take them, why would I deposit $2,000 and get $200 back.

My limit is $450. We can get a temporary limit increase, but they won't do a permanent one, plus we can't do it over the phone so if we were on vacation like you were, we'd be out of luck. Three of the four banks in my town are like this. Do you bank with a national chain or a local bank?

 

[disneynutt1225]

My limit is $450.

That's just ridiculous. Even the small bank I work for (84 branches in NJ and NY) has a limit of $1200 on the debit cards. Time to switch, IMO!

 

[mcnuss]

I have no limit with my Bank of America account.

 

[Blondie]

Over the summer we had a very expensive car repair bill. When we tried to pay by personal check, it was declined. Then we tried our Visa debit card, and that was also declined. We then had to leave the dealership and head to the bank to get a cashier's check feeling very embarrassed.

It was a major incovenience at the time, but now I'm glad it happened that way. Now I know that if someone got a hold of our debit card or a blank personal check and tried to cash in on several thousand dollars worth of whatever, they wouldn't get away with it.

 

[lookingforward]

I think a lot of the "protection" they are giving us by limiting everything is meant to protect them at our inconvience. My bank of america card is a prime example. My husband gassed up the car for $60 in Miami (we live in Boca..not to far away). I then went to McDonalds and bought my kids lunch for $12. Then I went to the grocery store and bought $125 in food and the card was declined! I was SO embarrased because I had plenty of money available. The man behind me said some rude comments under his breath so I went outside to my car and called the bank. They said that since the card was used in Miami and then used for a small purchase it "fit the description" of fruadulant activity and they froze my card. No phone call to me, none to my husband. Just freeze the card. It took 40 minutes for the card to be "unfrozen". The Bank employee said that they were "protecting" my interests. I said, no, you are protecting your interests since I am not liable for fraudulant activity. I think they went a little overboard.

 

[ericamanda01]

At the previous bank that I worked at I had a customer come in very mad that he had a limit on his debit card. It was set at $2500. So after explaining the problem with ID theft and fraud he continued to call me every name in the book. And I mean EVERY name! As if it I was personally resopnsible fo the limit. So we removed the limit from his card. He left by yelling "Your a freakin witch" (you can translate what he really said). Not a very nice man. Well Karma was not on his side. He came back a week later because his wallet was stollen and because he had no limit on his card every penny was gone from his account. He became very humble and nice after that. I know it can be frustrating because it happened to DH and I on our honeymoon, but the time and money spent to repair a theft like that is worth a little hassle to me. However some banks do set their limits way to low.

 

[tar heel]

We bank with one of the nation's largest, Wachovia.

I think the reason the showing ID bothers me is b/c of the unusual situation at the branch I do most of my banking. It is an in-town, drive-through only branch. I work directly across the street and I go over there and walk through on payday. It's not a busy branch (Wachovia has gobbled up so many small banks that there are now at least four branches in downtown and another three within two miles). I wasn't surprised to be asked to show an ID the first time I did it, but I'm a regular at this point. I often even walk through the drive through going from the parking lot to my office.

 

[Marseeya]

We bank with one of the nation's largest, Wachovia.

I think the reason the showing ID bothers me is b/c of the unusual situation at the branch I do most of my banking. It is an in-town, drive-through only branch. I work directly across the street and I go over there and walk through on payday. It's not a busy branch (Wachovia has gobbled up so many small banks that there are now at least four branches in downtown and another three within two miles). I wasn't surprised to be asked to show an ID the first time I did it, but I'm a regular at this point. I often even walk through the drive through going from the parking lot to my office.

I get what you're saying. I live in a very small town and we have four banks, and at all of them I've known the people working there most of my life. I'd probably get annoyed by having to show ID to anyone who's done business with me before too!

 

[iNTeNSeBLue98]

I work at Boscov's and cannot use my Visa debit card in conjunction with my employee discount so I normally rite checks for purchases. I have no problems writing checks at the store where I work, but there are two other locations in the same town with different zip codes. I have tried to write checks there and they have been declined. They use Equifax Check Services and when I called the rep said they were protecting me - meanwhile I was out my 15% on a purchase because I didn't have cash and had to use my debit card instead of the check.

As for limits, my bank has $1000 a day limit for purchases, which is more than enough even when we'll be at WDW.

 

[Marseeya]

Well, then what's with the low limits at the banks in my town? They all have lower limits than what you all are saying. The bank we have now is $450, our last bank was $400, and the bank before that was $600. I'm not sure what the fourth bank is, but we won't bank there anyway because they don't do online banking and they only have one ATM machine.

I wonder if income level has anything to do with it? Although that can't really be, because we're making double what we did 5 or 6 years ago and our limits are still low.

When we went to WDW, we just used traveller's checks because we didn't want to deal with any of the hassle of the debit card.

 

[mickeyfan2]

This is why I use credit cards exclusively. I try to write the least amount of checks and only use my Debit card to get some cash. I see no need for a high limit on cash from my debit card.

 

[Chuck S]

Credit cards also have Fraud Protection programs. Citibank freezes my card whenever they detect "unusual" activity, which means every time our room keys at Disney charge out, even though the credit limit is 10 times the resort limit. It did catch me by surprise the first time. All I had to do was call Citibank and it was taken care of...now that I know the drill, it doesn't bother me. I'd much rather have them temporarily freeze the account tha have someone run up tons of bogus charges, even if I would technically be liable for the charges..the hassle of correcting the problem is worth the inconvenience of verification.

Disney will also freeze room charges if you reach your resort limit. You can dial Operator from ANY in house WDW phone to charge out and renew key.

 

[iNTeNSeBLue98]

Well, then what's with the low limits at the banks in my town? They all have lower limits than what you all are saying. The bank we have now is $450, our last bank was $400, and the bank before that was $600. I'm not sure what the fourth bank is, but we won't bank there anyway because they don't do online banking and they only have one ATM machine.

I wonder if income level has anything to do with it? Although that can't really be, because we're making double what we did 5 or 6 years ago and our limits are still low.

When we went to WDW, we just used traveller's checks because we didn't want to deal with any of the hassle of the debit card.

Are you sure that the $450 is not just the ATM withdrawal limit? I believe the withdrawal and purchase limits are separate amount, but I don't know if the withdrawal is included in the total spending limit for the day.

 

[MsLeFever]

When we travel we call the credit card company and the bank and let them know ahead of time. Usually that solves the problem.....but now I've probably jinxed myself!

 

[Marseeya]

Are you sure that the $450 is not just the ATM withdrawal limit? I believe the withdrawal and purchase limits are separate amount, but I don't know if the withdrawal is included in the total spending limit for the day.

Yes, that's what the $450 is -- the ATM is even lower. It's around $300 (up from a previous $200) and it's not included. But still, that's only $750, when we deposit quite a bit more than that every two weeks.


I just don't like having limits on my own money. I prefer the idea of personal responsibility -- if my card gets stolen, then it's for me to deal with the consequences. I don't want my bank holding my hand.

 

[mickeyfan2]

Yes, that's what the $450 is -- the ATM is even lower. It's around $300 (up from a previous $200) and it's not included. But still, that's only $750, when we deposit quite a bit more than that every two weeks.


I just don't like having limits on my own money. I prefer the idea of personal responsibility -- if my card gets stolen, then it's for me to deal with the consequences. I don't want my bank holding my hand.

But that $750 is a per day limit right? Our ATM has a $300 limit per day. So in two weeks I could get $4200 (14x$300) at the ATM alone. Why not cash you check each week. Then you do control your money.

 

[Marseeya]

But that $750 is a per day limit right? Our ATM has a $300 limit per day. So in two weeks I could get $4200 (14x$300) at the ATM alone. Why not cash you check each week. Then you do control your money.

I do have to carry cash when we want to make big purchases (computer). But do you want to carry around, say $1500? I'd rather carry cards. If my purse gets snatched, I can make a two second phone call to cancel the card, but if the cash is taken, it's just gone. My card did get stolen on our WDW trip and it was no problem at all to just call and cancel it.