What will happen if I spend over what’s in my bank card? Does it goes through or cancel orders

[Baymax]

Nearly all banks have an overdraft matrix applied to your account. They want you to overdraft. Some allow you to set your card to decline - you have to opt in. Once you go negative, every transaction will cost you an additional ~$35. Ever enjoy a  $37 soda? I did when I was a teen. Lesson learned.  

 

If you ever need to overdraft your bank account, say you’ve fallen on hard times; then, you withdraw from an ATM the entire amount you need to get by. That way you minimize your needs to one transaction and one overdraft fee. 

[Canada EH]

14 hours ago, AngryBeaver said:

credit cards

How do you rent cars or check into hotels, or pay for that rainy day.

[Tcrumpen]

On 11/4/2018 at 2:52 PM, WolfLoverPro said:

I’m not purposely gonna spend over want I have lol but I want to know what happens ?

 

say if I had 5k in a bank and I spend 4999 on one order then 50 On another online wat would happen ?

 

would I goto - money or just the order wouldn’t go through? Or would it take as much as it can to 0 then don’t go past that

If it's a credit card it will simply decline the payment, if you overspend on your regular account (IE with a debit card) if you have an overdraft you will go into that

[AngryBeaver]

5 hours ago, Canada EH said:

How do you rent cars or check into hotels, or pay for that rainy day.

Rent cars and hotels are more than happy to place a fund hold using my debit card. As for that rainy day, I either take it out of savings, that I keep a certain amount in with my bank or I take it from my credit union. If it is more than I can muster on those two then I would contact my investor and have him take it from there (something I basically never want to do lol).

 

I mean this would have been much more relevant a decade ago, but now I am older which means more mature, make better decisions, have a great paying job, and have been putting money back on the reg.  I basically keep 15k in my banks saving account, because of the "Platinum savings" perks I get. So what I generally do, is I know I make X amount on salary. I have about half of it go to checking to cover those expenses and the rest goes in to my credit union account. This happens every 2 weeks. Then I get a Xmas bonus that is normally around 10-20% of my annual income depending on the year we had. I normally put all of this in my mutual funds or I use it to pay off a loan of one type or another. If I borrow from my savings I just transfer money back to it before end of month to keep my perks.

 

Now with my setup if I had say 3k in my checking and spent 4k.. it would take all of the 3k from checking and then take the rest from my savings account. So unless I am spending a HUGE amount I don't have to worry about being overdrafted, which means I have gotten much more lax with budgeting. I do have mint and my wife loves to pretent she is handling the budgeting, but I have been switching more and more of my bills to autopay so it isn't like she needs to do much of anything anyways.

 

So after that long post. I will give this advice to pretty much everyone. Always try to put something back out of every pay check. Even if it is only 20 bucks that you tuck away each time, it still adds up and it will come in handy for an emergency or the like. I mean if you tucked away just 20 bucks say every 2 weeks that is still $520 a year you save. Might not sound like a ton, but for someone that can only afford to tuck 20 away it might be about the size of an extra paycheck. Now when you get to the point you are tucking away about $2700 every 2 weeks. It starts to make a pretty big difference :-D.

[Canada EH]

That is just a good way to end up in a bind, I'd hate to be stuck oversea's, whatever the situation is.

[Mira Yurizaki]

10 hours ago, Canada EH said:

How do you rent cars or check into hotels, or pay for that rainy day.

Most places will accept debit cards. Also if you're using a credit cards for a rainy day, you're doing it wrong. You should be putting away money for such situations rather than rely on the credit card which will likely cost you more in the long run.

 

However I'm on the side of the fence that use a credit card regularly. As long as you pay it off every month, it's basically another debit card. Though it requires discipline to not just go crazy with it especially when your limits combined are half your of your salary. And also, I don't use any credit card. I pick ones with a reward system that I like. The credit card has to give me more of an excuse to use it than just boosting my credit score. As long as you're paying off the card on time and in full, you're basically getting freebies.

[Canada EH]

2 minutes ago, M.Yurizaki said:

debit cards

a few g's on there most never have!

 

even shit holes want 200, nicer 500, cars 2k

 

cc's are better security anyways

[Mira Yurizaki]

1 minute ago, Canada EH said:

a few g's on there most never have!

 

even shit holes want 200, nicer 500, cars 2k

 

cc's are better security anyways

Security is really dependent on the company behind it. My credit union has about the same level of precautions as any one of my credit cards on a basic level. One time, someone tried to buy  crypto with my debit card (it probably got skimmed). The credit union stopped the transaction from happening so I could I tell them if it was legitimate or not.

 

Also any other perks from credit cards depends on the type you get too. Obviously better perks come from more exclusive cards. The most basic one I can find from Amex is basically the same as any other debit card from any bank worth their salt.

[AngryBeaver]

41 minutes ago, Canada EH said:

a few g's on there most never have!

 

even shit holes want 200, nicer 500, cars 2k

 

cc's are better security anyways

I won't deny a lot of people live pay check to pay check, but there are still ways to save even in that scenario. On top of that those holds from my experience are NEVER that much. I mean yes, i might get a $200 or $300 hold for a rental car. but a hotel is normally 50-100 bucks. I've had the rare hotel put a $200 hold, but even then the money never leaves my account so there is no 2-3 day wait to get it back.

 

Credit cards are one of the biggest rackets that is currently plaguing this world. The percentage of people who are responsible with them is much smaller than those that are not. Most people just get themselves into major debt with them and can't afford payments only to go in to collections or kill their credit most likely both. I mean people think any cc is good and take some with 20+ interest rates or take one that sounds good at 7.9% interest, but the first time they make a late payment it shoots up to 30% interest and they are screwed.

 

That is another reason I do not support credit cards. I do not agree with what they stand for and how they operate. The people that use them most are normally the people that cannot afford all of the added interest or who will never catch up because they pay the minimum payment. Like I said, I was young once and had my run in with them. It took me a very very long time to catch up and recover for the decisions I made as a late teen early 20's adult.

 

Also CC's are NOT better security. Most banks are Federally Insured for one and second a bank is required to instantly refund and money that was taken from you fraudulently. A CC is not, they can take as long as they need to do an investigation to determine if they are going to. Some do refund it right away, but they are not required to. You do not have the same protection from a CC that you do from your bank.

[Andreas Lilja]

7 hours ago, M.Yurizaki said:

Most places will accept debit cards. Also if you're using a credit cards for a rainy day, you're doing it wrong. You should be putting away money for such situations rather than rely on the credit card which will likely cost you more in the long run.

Isn't credit more secure than debit? 

 

Especially these days with "Paypass", allowing purchases of less than $100 without PIN.

[Mira Yurizaki]

1 hour ago, Raskolnikov said:

Isn't credit more secure than debit? 

 

Especially these days with "Paypass", allowing purchases of less than $100 without PIN.

Secure in what way?

 

Also PIN is only required if you're at a POS. You can use a debit card online without one. Credit cards also don't require a signature for purchases at POS stations all the time (it's also up in the air how effective that is)

 

At the minimum the system should block obviously fraudulent transactions

[mr moose]

What really happens is this:  Every time you go over your balance, a little Ethiopian boy dies and a satellite falls out of the sky,  that's why banks have big profits and do their best to ensure you get none of it.  They are really only looking out for little children in third world countries.  

 

 

Now, the real question here is why have you put your money into an institution without reading the fine print? and assuming you didn't (because most of us don't anyway) why don't you just ask the bank?

[mr moose]

2 hours ago, M.Yurizaki said:

Secure in what way?

 

Also PIN is only required if you're at a POS. You can use a debit card online without one. Credit cards also don't require a signature for purchases at POS stations all the time (it's also up in the air how effective that is)

 

At the minimum the system should block obviously fraudulent transactions

It's interesting, becasue Victoria police say that there are 1000 more offenses per month involving paypass/paywave fraud while both Visa and MasterCard claim fraud is less. Which means either the new chip and pin has put a huge dint in credit card fraud in purchases above $100 or someone is lying.

 

To be honest, given how strongly both visa and mastercard protect their customers financials and given how they are both profit driven corporations it wouldn't surprise me if the increase in petty theft (sub $100) purchases hasn't increased enough to offset  the savings they have made from chip and pin security in general.

[Mira Yurizaki]

9 hours ago, mr moose said:

It's interesting, becasue Victoria police say that there are 1000 more offenses per month involving paypass/paywave fraud while both Visa and MasterCard claim fraud is less. Which means either the new chip and pin has put a huge dint in credit card fraud in purchases above $100 or someone is lying.

 

To be honest, given how strongly both visa and mastercard protect their customers financials and given how they are both profit driven corporations it wouldn't surprise me if the increase in petty theft (sub $100) purchases hasn't increased enough to offset  the savings they have made from chip and pin security in general.

Ah, I didn't consider the wireless options. Probably because I never bothered to look for one. Otherwise I can see that one being less secure overall than the usual methods. And what's scary is I've seen a Samsung phone emulate the magnetic strip on cards in such a way that if you "slide" the phone near a reader, it'll take it. Nothing like blasting out your CC information in the clear like that.

 

But you know, security and convenience are mutually exclusive.

[mr moose]

7 hours ago, M.Yurizaki said:

Ah, I didn't consider the wireless options. Probably because I never bothered to look for one. Otherwise I can see that one being less secure overall than the usual methods. And what's scary is I've seen a Samsung phone emulate the magnetic strip on cards in such a way that if you "slide" the phone near a reader, it'll take it. Nothing like blasting out your CC information in the clear like that.

 

But you know, security and convenience are mutually exclusive.

Skimmer readers have to be pretty close in order to scan the chip/output of the phone,   That's the good thing about the phone option, unless you have NFC chip ready to go scanner's can't scan it.  Also if you keep your credit card in a phone wallet thee phone will shied the card and simply having several different chip cards in their at once will confuse the scanner.

[Baymax]

Actually credit cards are more secure than debit cards, in regards to consumer protection. You don’t always have the right to chargeback on a debit card. If you do, then sometimes it is restricted to a specified radius of miles. No company can profit from fraud. However, debit card terms are very specific. 

 

Amex you can file a dispute up to 6 months. 

 

Discover can can allow up to six months. 

 

Visa/MasterCard is 4 months. 

 

Your debit card 30-90 days. 

 

However, certain chargeback codes have different timeframes. Can you tell I work in the industry?

[Canada EH]

Credit Cards have protections plus added features, like some have extra insurance when you rent cars

Can't live without the ole credit card, have to be fiscally responsible though, its so easy to just buy shit you dont need because you do not view swiping a credit card as handing over multiple hundred dollar bills.