Support NeoGAF

[btkadams]

That's my problem with solely using debit. You're fucked if you need any of that money in that 2-3 days and you don't have a credit card or a secondary bank account.

hmm..perhaps it's different in the states or i've just been lucky. i've never had my bank account "on hold" or anything before. my credit card has gotten frozen because of suspicious transactions but i don't even know if the bank has the capacity to monitor my debit like that. mine is canadian so it's not through the credit companies.

Yes https://www.bankofamerica.com/deposits/index.action?body=check_overview

Fake edit: beaten badly!

How is this for an example:

"You are writing checks your body can't cash."

vs.

"You are writing cheques your body can't cash."

More bad ass the American way!

sophisticated vs badass

 

[zero_suit]

Just to build on this, I've never even owned a dedicated credit card and have only used credit on dinky purchases where I was buying gas or food in places where debit wasn't working.

Credit score: 740

CC's aren't the end-all, be-all to financial fitness.

Indeed, I wish more posters on GAF understood this. Plus, CC companies know most people won't pay off their balances in full every month (unlike most of GAF apparently), so that's why they spout that nonsense.

 

[ToxicAdam]

oh god it's horrible!

Don't let these people give you a lot of heque. Your way is superior and they are all just hopeless redneques.

 

[GaimeGuy]

Basically, use debt in as small amounts as possible, limiting the use of debt by maintaining liquidity. Don't rely on debt and hope that your investments will result in lots of liquidity when you withdraw them in 20 years. That's just unnecessary risk taking.

 

[kamspy]

If they drove me back to using cash I'd be better off. I make less impulse purchases with cash. With my debit it's just swipe away. Go ahead and stop me banks. Save me a couple overdraft fees per year.

 

[David Incorporated Esq.]

Basically, use debt in as small amounts as possible, limiting the use of debt by maintaining liquidity. Don't rely on debt and hope that your investments will result in lots of liquidity when you withdraw them in 20 years. That's just unnecessary risk taking.

Aggressive mutual funds over the course of 20 years is not at all a risky thing, and has been suggested to me by many different financial advisors (concerning my 401k).

 

[btkadams]

If they drove me back to using cash I'd be better off. I make less impulse purchases with cash. With my debit it's just swipe away. Go ahead and stop me banks. Save me a couple overdraft fees per year.

i also don't get this! overdraft fees? when i don't have enough money in my chequing account it just says insufficient funds on the debit machine and i have to pay with something else.

 

[Flo_Evans]

i also don't get this! overdraft fees? when i don't have enough money in my chequing account it just says insufficient funds on the debit machine and i have to pay with something else.

Here they came up with the brilliant scheme of saving you the embarrassment of a non-sufficent funds denial with a REALLY expensive fee for letting the transaction go through!

 

[ToxicAdam]

They didn't really invent the fee for debit cards. It's always existed with paper checks because too many people (in the past) would try to "float checks" to get by.

That's why it's important to make sure you shop around for a bank that has the cheapest (and best) overdraft protection program. Most people never bother to look into it because they figure it will never happen to them.

 

[CrankyJay]

i also don't get this! overdraft fees? when i don't have enough money in my chequing account it just says insufficient funds on the debit machine and i have to pay with something else.

Up until August 2010 banks let you draw more money than you had in your accounts and they would charge you overdraft fees.

A law was passed that made it so you could not take out more money than you had unless you specifically opted into the bank's overdraft option.

 

[btkadams]

Here they came up with the brilliant scheme of saving you the embarrassment of a non-sufficent funds denial with a REALLY expensive fee for letting the transaction go through!

wtf lol ok i'm starting to see how crankyjay was saying not to use debit cards.

it sucks canadians can't use theirs online as easily as americans, but i think it makes ours far more beneficial because of these other factors.


EDIT: oh so you can opt out of the overdraft stuff. well that seems better.

 

[Fernando Rocker]

How do you guys get paid? In cash, with a check, directly to your bank account?

 

[balladofwindfishes]

If they drove me back to using cash I'd be better off. I make less impulse purchases with cash. With my debit it's just swipe away. Go ahead and stop me banks. Save me a couple overdraft fees per year.

They'll eventually start charging to give you paper money

"processing" fee or something.

 

[btkadams]

How do you guys get paid? In cash, with a check, directly to your bank account?

directly to bank account

 

[LProtag]

How else would I buy stuff online without using a credit card/paypal? Super lame.

 

[TheChewyWaffles]

First, they offer less protection than a credit card if the card is stolen or the number is lifted somehow.

This is completely false. You have just as much protection using debit cards as a credit card. I know, because I had my debit card cloned once and got every penny of the fraudulent charges back.

 

[entremet]

Anyone know of good credit unions on the NYC area with online banking access? I'm sick of these corporate banks.

One thing to learn for Cranky Jay and others is that personal finance is personal. I don't care for reward points, warranties and all those other bells and whistles because using a credit still requires you to go into debt. Yes, you can pay back the balance in full each month, but I'd rather just have the money drawn from my account directly and not think twice about it.

I'm pretty much the same with automobiles. I would never have a car note. Everyone is different with their money.

 

[Zoe]

How do you guys get paid? In cash, with a check, directly to your bank account?

Direct deposit. My work doesn't even give checks anymore--you're given a debit card if you don't set up DD.

 

[Alucrid]

How do you guys get paid? In cash, with a check, directly to your bank account?

Direct deposit.

 

[Fernando Rocker]

How else would I buy stuff online without using a credit card/paypal? Super lame.

I buy my stuff online with my debit card. Debit cards also have those magical 24 digits in front of the card!

I know... sounds like black magic, but it's true!

 

[Machine]

I'm another person in the "Credit union for life!" club. You don't get raped for transaction charges and all those other things that banks nickel and dime you for.

I have a debit card but never use it. I charge everything to my CC and pay it off at the end of the month. It's faster and easier and I get those nifty little rewards from the CC company.

 

[Fernando Rocker]

I'm another person in the "Credit union for life!" club. You don't get raped for transaction charges and all those other things that banks nickel and dime you for.

I have a debit card but never use it. I charge everything to my CC and pay it off at the end of the month. It's faster and easier and I get those nifty little rewards from the CC company.

Faster and easier than cash or debit cards?

Because it's exactly the same method with debit cards. In fact... it's faster and easier to type my NIP than to write a signature.

 

[Vilam]

A few musings...

When I see people pay for things without using a credit card, I automatically assume they're irresponsible with money.

If you have multiple credit cards from signing up for those scam cards stores try and shove down your throat by seemingly attaching some deal or reward to it, you really need to get educated on finances.

I love my credit card. Straight from my bank with zero annual fees and great cash back rewards. I put all my purchases on credit, I get money back for buying that way, and I never spend money that I don't already have. I pay my bill in full each month, and my money continues to earn interest for at least a month after my purchases. It's really simple people. I don't understand why anyone would choose to use a debit card unless they freely admit they can't handle the responsibility of not spending money they know they don't have. Practice a little self control.

 

[Baraka in the White House]

How do you guys get paid? In cash, with a check, directly to your bank account?

Direct deposit. 'tis a beautiful thing.

 

[Baraka in the White House]

When I see people pay for things without using a credit card, I automatically assume they're irresponsible with money.

When I see people who pay for things with a credit card, I automatically assume they're irresponsible with money.

Of course that would be silly of me to assume, wouldn't it?

 

[Fernando Rocker]

A few musings...

When I see people pay for things without using a credit card, I automatically assume they're irresponsible with money.

If you have multiple credit cards from signing up for those scam cards stores try and shove down your throat by seemingly attaching some deal or reward to it, you really need to get educated on finances.

I love my credit card. Straight from my bank with zero annual fees and great cash back rewards. I put all my purchases on credit, I get money back for buying that way, and I never spend money that I don't already have. I pay my bill in full each month, and my money continues to earn interest for at least a month after my purchases. It's really simple people. I don't understand why anyone would choose to use a debit card unless they freely admit they can't handle the responsibility of not spending money they know they don't have. Practice a little self control.

And when I see people pay for things with a credit card, I automatically assume they want things they can't afford in that moment.

 

[Alucrid]

And when I see people paying with a debit card or cash I don't care because I'm not a judgmental ass.

 

[Machine]

Faster and easier than cash or debit cards?

Because it's exactly the same method with debit cards. In fact... it's faster and easier to type my NIP than to write a signature.

There are several places I shop where I don't need to sign anything with my CC. I just swipe the card, grab my receipt, and jet. So easy. No typing PIN numbers or waiting for a wage slave to figure out which coins add up to 37 cents.

 

[mcrae]

You don't pay at the pump? Is this the 80's?

not when i want gum mr pretentious. or when its cold out. or when theres no lineup inside.

i also hate how it slows down the last 50 cents pump rate when you pre-pay... like massive pet peeve hate

 

[Speevy]

When I see people paying with wet leaves or Monopoly money, I automatically assume they've got it all figured out.

 

[Vilam]

There are several places I shop where I don't need to sign anything with my CC. I just swipe the card, grab my receipt, and jet. So easy. No typing PIN numbers or waiting for a wage slave to figure out which coins add up to 37 cents.

Yeah that's been a really nice change in using credit cards in recent years. I'd wager I only sign for purchases with credit maybe 50% of the time.

 

[entremet]

There are several places I shop where I don't need to sign anything with my CC. I just swipe the card, grab my receipt, and jet. So easy. No typing PIN numbers or waiting for a wage slave to figure out which coins add up to 37 cents.

If you have visa or mastercard branded debit card, it works just like a credit card, no pin required. I use my debit card at restaurants, bars, ballgames, and I never need to enter a pin number.

It's funny how some of you guys are so critical debit cards without knowing how they work and that they offer the same protections as CCs.

 

[Speevy]

or waiting for a wage slave to figure out which coins add up to 37 cents.

I hope karma finds you.

 

[Fernando Rocker]

There are several places I shop where I don't need to sign anything with my CC. I just swipe the card, grab my receipt, and jet. So easy. No typing PIN numbers or waiting for a wage slave to figure out which coins add up to 37 cents.

Dude... same here with my debit card. In some places I don't have to type a NIP. It's a VISA Debit Card.

It acts exactly like a Credit Card.


Also... what the fuck do you mean with the bolded part?

 

[snackman]

I buy everything with cash ATM are not trusted either Ive seen at least 3 people get their cards stuck in ATM's. Also if the card system where to do down for even a few hours you would need cash on hand.

 

[sixteen-bit]

not when i want gum mr pretentious. or when its cold out. or when theres no lineup inside.

i also hate how it slows down the last 50 cents pump rate when you pre-pay... like massive pet peeve hate

It's not like you save more time entering the shop than waiting for a slower than usual 50 cent pump

 

[Dr. Malik]

Wow at this thread.

I prefer paying for EVERYTHING with my debit card because I no longer enjoy carrying the greens, even if its as small as a $2 purchase and even then I'm getting tired of pulling out my card. The banks need to make an app so they will just need to scan my phone.

Credit cards, I'm in college and have very well being told to avoid them as much as possible.

 

[ghostmind]

1. Use a credit card
2. Pay it off in full each month
3. Enjoy the perks
4. Profit

 

[Deleted member 17706]

Credit unions for life, fuck banks

Having just dumped Bank of America for a local credit union, I completely agree. Pretty much everything about the place is better than a big bank and I no longer feel like I'm entrusting my money with people who are actively trying to rob me. Knowing that my money is also helping the local economy doesn't hurt either.

 

[WanderingWind]

It's not the majority, but there are a few posts in here whose advice boils down to "have more money" as a way to stay debt free. I mean, no shit, ensuring you have a lot of liquidity is a solid plan for staying out of financial trouble...but come on. We're not that sheltered, are we?

 

[entremet]

It's not the majority, but there are a few posts in here whose advice boils down to "have more money" as a way to stay debt free. I mean, no shit, ensuring you have a lot of liquidity is a solid plan for staying out of financial trouble...but come on. We're not that sheltered, are we?

So going into more debt is a better solution for those without much financial means? Seems like you would be digging yourself into a greater hole.

Ideally, you want to have some emergency savings, or else when any financial trouble hits, you will be forced to go further into debt.

 

[FlashFlooder]

This is completely false. You have just as much protection using debit cards as a credit card. I know, because I had my debit card cloned once and got every penny of the fraudulent charges back.

Credit Cards offer protection that Debit Cards do not. Read up on extended warranties, price protection, loss/theft protection, etc. You do not get any of these with a debit card. They are pretty much standard with a credit card.

There are more forms of protection than just fraud.

 

[demon]

First, they offer less protection than a credit card if the card is stolen or the number is lifted somehow.

Second, say you buy gas on a debit card and you only need $30 worth. Because it's debit they put a hold of $70 on your card. If you have less than $70 on your card you can get hit with an overdraft fee. But now that the federal gov't passed that overdraft protection law, gas stations can outright deny your debit card if you don't have enough to satisfy your hold. Hell, even if you did have enough money and needed to use that other $40 later that day, you can't because it's on hold.

You don't build credit with debit cards.

You might as well just carry cash with you, or use a credit card but don't spend more than you have in your account.

What kind of moronic bullshit is this?

Also, I bank at a CU. No holds on my funds for pumping gas.

 

[Jex]

This thread has been far, far more entertaining than I could have imagined. Oh boy.

*carries on paying for everything with debit cards*

 

[ToxicAdam]

Credit Cards offer protection that Debit Cards do not. Read up on extended warranties, price protection, loss/theft protection, etc. You do not get any of these with a debit card. They are pretty much standard with a credit card.

There are more forms of protection than just fraud.

If I use my debit card at the POS as a credit card (which is backed by Visa), aren't I afforded the same protections?

 

[Zoe]

If I use my debit card at the POS as a credit card (which is backed by Visa), aren't I afforded the same protections?

No, extended warranties and price protection are perks offered by specific banks.

 

[WanderingWind]

So going into more debt is a better solution for those without much financial means? Seems like you would be digging yourself into a greater hole.

Ideally, you want to have some emergency savings, or else when any financial trouble hits, you will be forced to go further into debt.

Who said that? All I was pointing out that people posting "have more liquidity" come across as kind of silly. Of course having a lot of money is good. Not everybody can have a lot of money.

 

[ToxicAdam]

No, extended warranties and price protection are perks offered by specific banks.

This is mine:

KeyBank Gold Debit MasterCard® card
All the benefits of the KeyBank Debit MasterCard card, plus...


Higher withdrawal limits
Requires higher checking account average balance
Gold Card Benefits
Extended Warranty
Purchase Assurance Coverage
Satisfaction Guarantee Coverage
Master RoadAssist Service
Travel Assistance Services
MasterCard Global Services
Visit MasterCard.com for details

https://www.key.com/html/debit-cards.html#debit-card-options-pane

 

[Machine]

Dude... same here with my debit card. In some places I don't have to type a NIP. It's a VISA Debit Card.

It acts exactly like a Credit Card.


Also... what the fuck do you mean with the bolded part?

I probably shouldn't be so hard on them, but it is incredibly frustrating when you are paying with cash and it takes someone FOREVER to figure out the correct change. Aren't they teaching kids math in school anymore? I usually end up telling them what the correct change is to speed things up. It's not like we're dealing with differential equations or surface integrals, it's just simple addition and subtraction.

 

[bengraven]

Debits cards are for poor people.

Credit cards are for those who have a succinct taste in luxury.

The Most Interesting Man in the World almost never uses debit cards.






But when he does....

...he uses the Russell Simmons Card.