OMGNSF (the sequel)
An observation from last year:
I have no idea what would happen if I overdrew my checking account, and I’m not particularly interested in finding out.
I opened a new account this spring, and one of the questions I posed to the New Accounts guy was “What’s the overdraft policy?” They said that they’d cover a small one, albeit with a fee, unless I specifically opted out.
I’m not really worried about this — I’ve bounced only one check in the past three decades, and the only time I’ve ever had a debit-card transaction declined was when I miskeyed my PIN — but I’m wondering if maybe I should be. After all, I was dumb enough not to inquire as to what my debit card’s daily limit would be.
Jeffro »
15 March 2010 · 8:18 pm
If you have to ask, you cannot afford it.
CGHill »
15 March 2010 · 8:27 pm
Coincidentally, my old bank has announced a change in procedures: they will not authorize these things without prior arrangements by the depositor.
Which seems reasonable to me.
Donna B. »
16 March 2010 · 6:38 pm
On my checking account, I have a line of credit that will cover an overdraft should I ever get short of funds. However, I’m payee for SS recipient and that checking account is at the same bank and, like a fool, I ordered the least expensive, and therefore, identical check layout for both accounts.
When my husband grabbed a book of the wrong checks (which have his name nowhere on them) and wrote three of them that bounced, I was pretty happy that the bank paid them. That reduced the number of problems I had from four to one.
I was downright thrilled when the bank refunded the overdraft fees after we finally figured out what happened.
But I could never understand why the merchants accepted the checks in the first place. A lot of good it does to check an ID when they don’t check to see if it matches the name on the check.
CGHill »
16 March 2010 · 6:47 pm
I wonder if I’m subject to that sort of thing. The checks from the new bank are almost identical to the checks from the old bank, and numerically they start approximately where the old ones leave off.
(I haven’t actually received them yet, though the printer swears they left there on the 28th of February. I did my usual entreat/harangue mix on the customer-service line this afternoon, and they’re supposedly going to be reprinted.)
Donna B. »
17 March 2010 · 4:25 am
When you do get them, hopefully the boxes will at least be different. If not – a black sharpie is your friend. Big Bold letters identifying the checks. That and storing in separate places was my solution.
CGHill »
17 March 2010 · 7:23 am
The black Sharpie is one of mankind’s most useful creations.
Artistic, even.