Debit card daily spending limits?

Discussion in 'Teacher Time Out' started by RussianBlueMommy, Apr 4, 2018.

  1. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 4, 2018

    Does anyone else have a bank that sets a daily spending limit on your debit card? We recently got a fairly large inheritance and are trying to pay off our car in full. The bank is telling me they can't allow a large purchase like that and my daily spending limit is $1500. They told me it would take up to 72 hours for the account officer to review the request for an increase to cover the full amount (More than 10K but less than 20).
    It is annoying, and it seems my research shows that many banks impose limits to try and prevent fraud. Grr.
     
  2.  
  3. Caesar753

    Caesar753 Multitudinous

    Joined:
    Jun 10, 2007
    Messages:
    14,471
    Likes Received:
    2,488

    Apr 4, 2018

    Can you make a few payments over the course of several days? Or get a cashier's check from the bank?
     
    czacza likes this.
  4. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 4, 2018

    I suppose I could make the full $1500 allowed per day, each day but then would be helixically wrapped around an incline plane if I needed something else lol. Like groceries or bills paid.
     
  5. Caesar753

    Caesar753 Multitudinous

    Joined:
    Jun 10, 2007
    Messages:
    14,471
    Likes Received:
    2,488

    Apr 4, 2018

    Cashier's check then?
     
  6. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 4, 2018

    That could work. Problem is they charge a $10 fee sigh. And the max they write them for is $5000 so I would need at least 3. Oh well, I will just wait for the release I suppose lol
     
  7. ChildWhisperer

    ChildWhisperer Groupie

    Joined:
    Jun 25, 2015
    Messages:
    1,202
    Likes Received:
    407

    Apr 4, 2018

    Why not a credit card then?
     
  8. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 4, 2018

    Our credit is shot. We just have a little $300 limit for a credit card
     
  9. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,808
    Likes Received:
    1,048

    Apr 4, 2018

    This is an interesting situation so please keep updating us on your predicament! And good news: There is a way around the credit limit and I use it to great effect. In fact, I recently spent well over $10,000 in four days (and routinely spend multiple thousands every two weeks), even though my bank imposes a debit card limit. Here’s how I do it:

    Log into the website or app that your car dealership uses, if applicable, and then make the payment through the website/app. The dealership will then do the withdrawal on your behalf. Your bank won’t have a choice but to comply. The money will be withdrawn and paid to the dealership in spite of the limit. To demonstrate, I spent $18,800 last month paying off various debts and bills, with most of the balance going towards my car loan because I am sick of paying a car note each month.

    To do this, I store my banking information with the dealer and allow them to make the withdrawals, thus bypassing the debit card limit.

    Like the commercial says, “It’s my money and I need it now!”
     
    Last edited: Apr 5, 2018
  10. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,808
    Likes Received:
    1,048

    Apr 4, 2018

    Also, what are your plans with the remaining money? I love talking about money, haha! :)
     
  11. ChildWhisperer

    ChildWhisperer Groupie

    Joined:
    Jun 25, 2015
    Messages:
    1,202
    Likes Received:
    407

    Apr 4, 2018

    Oh :( Can't you write a check? Or isn't there a way to make payments directly without going through your debit card? - Like withdrawing from your account instead?
     
  12. vickilyn

    vickilyn Magnifico

    Joined:
    Jul 19, 2014
    Messages:
    8,826
    Likes Received:
    2,179

    Apr 4, 2018

    Honestly, if you need to write 3 checks for a grand total of $30, that seems quite reasonable. Many banks charge more than that for a cashier's check, so it seems a much better choice than many of the others. Personally, in NJ and most states, I believe the daily limit is $2000 withdrawal/day for debit cards, but banks can, I suppose, vary that.
     
    Been There and futuremathsprof like this.
  13. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 4, 2018

    me too. I mean we are not millionaires or anything how. Ha It was originally a foreign check (his family is all in the UK which is where he is from. THe check was for 17,000 pounds which is around 21 KUSD. (FYI foreign checks are a nightmare) it took 3 weeks for our bank to “collect” on it, which means physically sending it overseas for conversion ....

    We owe (because of the aforementioned credit issues) 18% interest on our car note!!! Payoff amount is right under 15K.
    Now for the rest of it, we have a major vacation to D.C. coming up and I am prepaying as much as I can, like hotel and food gift cards etc.

    The rest will likely end up in savings to cover random bills (like paying 6 months ahead on rent etc). And an amount set aside for our DC trip in the way of prepaid debit cards.

    But , a little frivolity is warranted too so we will be getting a new mattress (actually need one) and new lawn furniture.
     
    futuremathsprof likes this.
  14. ChildWhisperer

    ChildWhisperer Groupie

    Joined:
    Jun 25, 2015
    Messages:
    1,202
    Likes Received:
    407

    Apr 4, 2018

    18% interest!!!!!!!!!!! :eek::eek::eek:
     
    futuremathsprof likes this.
  15. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 4, 2018

    Yes :( I want to get out from under it ASAP
     
    futuremathsprof likes this.
  16. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,808
    Likes Received:
    1,048

    Apr 4, 2018

    Haha, I love it! Isn’t it nice getting a little inheritance? My parents and relatives are too darn dirt poor to will me anything, so I’m jealous but happy for you!

    And I think it’s a smart idea that you are paying off your car. 18% interest?! That’s absurd and costing you a ton. You can’t beat paying it off and investing the money elsewhere because virtually no investments have interest rates that high for returns.

    Yes, definitely take a vacation and buy some furniture for goodness sakes. We’re teachers and we work hard!!! We owe it to ourselves to live a little when not in the classroom.

    My goal, too, is to prepay my rent ahead at least 6 months in advance. I currently pay $620/month, so I only pay from month to month, but when I move soon it’s most likely going to go up. And I still have a long ways to go before I save up $75,000 for a down payment on a home (still have $50,000 left...) here in California, but I digress.

    Have fun with that money! Enjoy YOUR car and not having a car note every month. I still have about $9,800 on mine left, so I will be paying $980/month for the next 10 months to pay it off. Then, it’s back to saving for a house. (I’m secretly hoping for another housing burst because homes will be much cheaper, lol!)
     
  17. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 4, 2018

    We actually have no desire to purchase a house. We just rented what we hope will be our final "settle down" home. It's a newly remodeled, 3 bed/2 bath. Solid wood floors and all brand new appliances. In a great neighborhood (gated community). I know there are advantages to buying, but our credit is shot. + I don't feel like shelling out $500 + if my AC breaks or my water heater goes out!
     
    futuremathsprof likes this.
  18. ChildWhisperer

    ChildWhisperer Groupie

    Joined:
    Jun 25, 2015
    Messages:
    1,202
    Likes Received:
    407

    Apr 4, 2018

    Yeah, I hope you're able to pay it off ASAP!!!!
     
  19. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,808
    Likes Received:
    1,048

    Apr 4, 2018

    Renting works best for your situation so go with that! And contrary to popular belief, renting is not a sunk cost because you have to have a place to live, and paying rent ensures that that basic need is met.

    As of right now, the cost to rent is less than the cost to buy; thus, it makes more sense for me to rent than to buy a home. But when the cost to buy is less than the cost to rent, I will purchase a home. As aforementioned, I pay $620/month to rent, which is dirt cheap and so I will continue doing that until another opportunity arises. With that said, I anticipate having a mortgage of around $1,500/month, which is still very affordable for me. I can easily pay that, but I want to find the cheapest home that I can and then make accelerated payments so I am not at the whims of a landlord anymore. I want to be in charge entirely of my own life.

    Eventually, I am going to buy a home and pay it off very quickly (5-7 years), then prepay ALL of my bills for the entire year so that I can have fun with the rest of my money after retirement contributions and investments. It’s a lofty goal, but I know I can do it!
     
  20. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,808
    Likes Received:
    1,048

    Apr 4, 2018

    One thing that I learned after renting from my last landlord is that there are no guarantees when renting. I lived at my last place for 6 years and only paid $450/month. The landlord was perfect: He never raised the rent and was very amicable. Then, when I went to renew my lease for the 7th time, he asked if I could move out so that he could give the house to his son. I was extremely disappointed and very surprised that he would do that, even though I never created a single problem for him, kept the place in excellent shape, and always paid the rent and utilities on time each month. He just had a change of heart.

    Your landlord might raise the rent on you, so be prepared for that. That is the risk we run when renting. In my case, my current landlord suddenly increased the rent from $600/month to $620/month after I renewed my last lease. There was no justification, she just increased it. It’s pittance to me so I don’t care, but this can happen year after year, with no warning. You may not pay $500 for that repair cost, but your landlord can just as easily raise our rent each month to pay for that repair cost, so we would pay for it in the end anyhow.
     
  21. czacza

    czacza Multitudinous

    Joined:
    Sep 30, 2001
    Messages:
    24,940
    Likes Received:
    2,089

    Apr 4, 2018

    Why not put part of your 'inheritance' in checking and simply pay off the car?
     
  22. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 4, 2018

    That’s what I’m trying to do..?
     
  23. Caesar753

    Caesar753 Multitudinous

    Joined:
    Jun 10, 2007
    Messages:
    14,471
    Likes Received:
    2,488

    Apr 5, 2018

    So why can't you write a check from your checking account?
     
  24. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 5, 2018

    My bank doesn’t offer checks.
     
  25. Caesar753

    Caesar753 Multitudinous

    Joined:
    Jun 10, 2007
    Messages:
    14,471
    Likes Received:
    2,488

    Apr 5, 2018

    That's...odd. What kind of bank is it?
     
  26. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 5, 2018

    A silly bank which at the time is was all I could get approved for with my credit (one of those second chance banks). I have a real bank as well, but it is a local and they were unable to do the foreign exchange. Currently trying to pull cash from this one to the other one.
     
    futuremathsprof likes this.
  27. vickilyn

    vickilyn Magnifico

    Joined:
    Jul 19, 2014
    Messages:
    8,826
    Likes Received:
    2,179

    Apr 5, 2018

    Not sure where you are, but I have never heard of a bank that would refuse you because of your credit history. After all, you can't take out money you don't have, so why would you need to deal with a substandard bank? I understand high interest car loans for those with poor credit scores, but I have never heard of a second chance bank. You know your situation, but I've just never heard of such a thing.
     
    Caesar753 and futuremathsprof like this.
  28. a2z

    a2z Maven

    Joined:
    Sep 16, 2010
    Messages:
    5,628
    Likes Received:
    1,513

    Apr 5, 2018

    There are times that past spending problems results in banks barring access to certain people. It does happen. Those second chance banks put a strangle hold on the money so that their clients can't get themselves into the same situation. They come at a huge cost, but sometimes it is the only way to start getting back to financial normalcy.

    As with anything, living is much more expensive for the poor or those who have had past problems.
     
  29. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 5, 2018

    A lot of times if you have had a past bank charge off, you are put into ChexSystems. Usually if you are in that database, banks won’t let you have an account. The “second chance” checking allows you to have a bank account without checking that database and they charge you a monthly fee.

    You also deal with substandard customer service because they know they have you over a barrel and they are your only option. After years of rebuilding, we do have a regular bank account at A “real bank” as well, but they were h able to do the foreign check processing.

    We are in Texas. My bank is going to write a cashier check and overnight it to them.

    https://www.valuepenguin.com/banking/second-chance-checking
     
    futuremathsprof likes this.
  30. RussianBlueMommy

    RussianBlueMommy Comrade

    Joined:
    Apr 15, 2016
    Messages:
    441
    Likes Received:
    164

    Apr 5, 2018

    Very true! We are staring to rebuild financial success. It is a slow process
     
  31. vickilyn

    vickilyn Magnifico

    Joined:
    Jul 19, 2014
    Messages:
    8,826
    Likes Received:
    2,179

    Apr 5, 2018

    You are 100% right on that point. Those with the least money pay abhorrent fees and prices because they don't have, can't get, or want the fancy credit card. I, personally, simply use a debit card. If I can't afford it, I don't buy it. I don't want to pay fees to others for something that can wait for me to write a check (if over the daily ATM limit) or save (if it is a larger purchase). Many people got hurt in the recession around 2007, and it was a wake-up call about heavy credit debt loads.

    OP, glad things are looking up.
     
    futuremathsprof likes this.
  32. TrademarkTer

    TrademarkTer Groupie

    Joined:
    Jul 28, 2017
    Messages:
    1,485
    Likes Received:
    1,020

    Apr 6, 2018

    I used to be like that, but then I realized how much money I'm throwing away using a debit instead of a credit card. Those cash back rewards can add up (it's basically free money!), and I pay my credit card off in full each month so I never have to pay any fees or interest.
     
    futuremathsprof likes this.
  33. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 6, 2018

    Ha! Ha!:D
     
    Last edited: Apr 6, 2018
    futuremathsprof likes this.
  34. vickilyn

    vickilyn Magnifico

    Joined:
    Jul 19, 2014
    Messages:
    8,826
    Likes Received:
    2,179

    Apr 6, 2018

    When you can pay the balance off each month, they are great, no doubt about it. But not everyone does or can, because they have impulse control issues. Something is on sale that they want, so they buy it, even though it really doesn't fit in the budget. The rationale is that it is a good deal, so if it takes a few months to pay it off, no problem. In a perfect world and for a person with great control of their spending habits, you are right. For those of us not so perfect, we are probably better off sticking with our debit card. No, I don't keep my money in the mattress, but I was affected by the recession, so I am wary.
     
  35. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 6, 2018

    "A money order may also be an option, though money orders usually have a limit to their value. The U.S. Post Office, for instance, issues money orders, but their limit is only $1,000. Money orders typically act the same as a cashier’s check.

    You pay cash and the money is drawn from the issuer’s account, not from your personal checking account. Certified checks, on the other hand, can be for any amount as long as the funds are in your checking account."

    What is a Certified Check? AAACreditGuide, 11/17
     
  36. Master Pre-K

    Master Pre-K Virtuoso

    Joined:
    May 18, 2007
    Messages:
    6,291
    Likes Received:
    278

    Apr 6, 2018

    Credit unions are good way to rebuild credit. Unlike banks, they focus on gaining and keeping the members, rather than charging fees to customers. More flexible and lenient when opening share/savings accounts, checking accounts, credit cards and loans. Usually less than $5 to start, and many will open with a payroll deduction.

    Some have open membership to anyone in the area. Others are restricted to school personnel (so check with your H.R. rep or even union rep!), hospitals, and of course family members who already have an account.

    Nice thing about credit unions is that even after you leave the company, they're motto is "Once a member always a member."

    This is why I like debit cards vs. checks. I set up my account to decline purchases when my account won't cover them. You can write checks all day, as long as you have them. If you forget a payment, and start bouncing checks all over town, those NSF fees add up really fast. And ChexSystems and it's evil twin, Telecheck will haunt you forever. But if you have a debit card, that embarrassing moment in the store when the clerk says, "It's declined, do you have another card or payment?" is actually a blessing to me in disguise. You have no way of knowing your account is jacked up until you check your balance when you write checks. At least with no overdraft coverage, you know you are broke - so stop spending money!!
     
  37. ChildWhisperer

    ChildWhisperer Groupie

    Joined:
    Jun 25, 2015
    Messages:
    1,202
    Likes Received:
    407

    Apr 7, 2018

    That's what I've been doing since I graduated from college and got my first credit card.
    I didn't know the PIN for my debit card for a long time because I never used it.
    All my credit cards are cash back, which I love.
     
  38. Ima Teacher

    Ima Teacher Maven

    Joined:
    Oct 25, 2005
    Messages:
    5,393
    Likes Received:
    909

    Apr 7, 2018

    Anytime that we are going on vacation or planning a large purchase, we call the bank and/or credit card companies and tell them, just so they know that we are the ones doing the purchasing.
     
    kpa1b2 and Master Pre-K like this.
  39. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,808
    Likes Received:
    1,048

    Apr 7, 2018

    Omg, you’re a genius. Why haven’t I been doing this?! I mean, I get rewards for using my credit card, but I even think to do it like you in place of the debit card.
     
  40. Ima Teacher

    Ima Teacher Maven

    Joined:
    Oct 25, 2005
    Messages:
    5,393
    Likes Received:
    909

    Apr 7, 2018

    I have three credit cards with reward options, but my debit card does the same. I like that.

    I paid my cards off in full monthly until I stupidly added EX to a couple of my accounts. He took the credit limit as a personal challenge, and by the time I removed him from my accounts, he had run up two of the cards to the limit. I was furious. DH had the same issue with his late wife. We think they would have been a good match. :rolleyes:
     
    futuremathsprof likes this.
  41. futuremathsprof

    futuremathsprof Aficionado

    Joined:
    Jun 27, 2014
    Messages:
    3,808
    Likes Received:
    1,048

    Apr 7, 2018

    Pfft, lol! I mean, I’m so sorry to hear that.
     

Share This Page

Members Online Now

  1. bella84,
  2. mathdad,
  3. futuremathsprof,
  4. Ima Teacher,
  5. MissCeliaB,
  6. vickilyn
Total: 645 (members: 7, guests: 611, robots: 27)
test