Timeline for How can I avoid overdraft fees while moving all of my funds to a new bank?
Current License: CC BY-SA 4.0
19 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Dec 16, 2021 at 3:31 | comment | added | BrenBarn | The recommendation at the end of this answer (move most money out, transition all payments, then close the account) is great, but I think a lot of the rest is tangential and doesn't really need to be there. | |
| Dec 11, 2021 at 20:50 | comment | added | Harper - Reinstate Monica | @J.Todd Yeah, Zelle's terms & conditions put you at too much of a disadvantage in fraud disputes. It's no risk to leave a little money in the account until things quiet down. The bank won't steal it, it's your money. If you do nothing to claim it for years, it escheats to the state, meaning the state holds it for you. You file some paperwork with the state, and they mail you a check for the amount + interest. | |
| Dec 11, 2021 at 14:00 | comment | added | J.Todd | Also as another answer indicated, the info my bank's support personnel gave me was wrong. When I went to my bank's physical location I was told if I had not gone into a deficit I could have requested to close the account and the bank would have sent me a check with the remaining balance. The only requirement was nothing pending at that moment. | |
| Dec 11, 2021 at 13:58 | comment | added | J.Todd | Great answer. 1. From a lot of the comments, I've decided to move to Europe. 2. Once I tring to "wing it" unexpected charges did come through and I went into a deficit. I initiated a bank-to-bank transfer but it was too slow. I went to my bank to speak to a real person about this and was advised to wait for the moment there are no pending charges and either use the Zelle service to instantly deposit the deficit to zero and call to immediately close the account, or come to the bank with cash to fix the deficit and immediately close the account. This worked. | |
| Dec 11, 2021 at 13:54 | vote | accept | J.Todd | ||
| Dec 11, 2021 at 8:04 | comment | added | Mazura | in cash - I ain't waiting three days for nothing, get your little sponge out and start counting... and we're done here. kthxbye. (any more info on this 'blacklist' - just credit score stuff, or is it underhanded?) | |
| Dec 10, 2021 at 22:01 | history | edited | Harper - Reinstate Monica | CC BY-SA 4.0 |
added 52 characters in body
|
| Dec 10, 2021 at 21:55 | comment | added | Harper - Reinstate Monica | @MSalters and you're correct, it's a very US-centric answer, but then, it's a very US-centric question. | |
| Dec 10, 2021 at 21:55 | history | edited | Harper - Reinstate Monica | CC BY-SA 4.0 |
added 52 characters in body
|
| Dec 10, 2021 at 21:51 | comment | added | Harper - Reinstate Monica | @bunyaCloven Yeah, and that's why a lot of subscription services will not accept "cash resgister aisle type" Visa gift cards. Companies that make unsubscribe hard tend to be shady in the first place, e.g. porn sites. Linking an EFT to them is madness, that's what credit cards are for. Because the correct answer for those is a chargeback. A chargeback hits the merchant very hard in the face. | |
| Dec 10, 2021 at 21:47 | comment | added | Harper - Reinstate Monica | @MSalters It's a 7-year ban for overdrawing and then letting the situation get out of control. Because that case is indistinguishable from check fraud. For instance, Goober is abandoning an account, which is then overdrawn by unwanted charges. Since Goober is leaving that bank anyway, Goober just ignores the situation and does not dispute the charges or pay them or the overdraft fees. To Goober it's not fraud, but to the bank it is. Keep in mind "overdraft protection" is very popular here, where the bank covers the overdrawn charge up to ~$1000. Some crooks game that. | |
| Dec 10, 2021 at 21:40 | comment | added | grahamj42 | In Europe, I would say exactly the opposite - never give a "continuing credit card authority" - the only way you can stop it against the debitor's will is cancel the credit card. With a UK Direct Debit, you can withdraw permission to debit at any time. Within the last few years, it has also become possible in France to establish a whitelist of authorised debitors. | |
| Dec 10, 2021 at 21:40 | comment | added | Harper - Reinstate Monica | @R.. That doesn't work for an EFT direct debit. Only works if you have a debit card set up as Visa-Mastercard (which the vast majority are), in which case yeah, they follow the Visa-Mastercard rules with no-consequence declines. | |
| Dec 10, 2021 at 15:31 | comment | added | R.. GitHub STOP HELPING ICE | A failed charge on a debit card is not check fraud. It's the same as a failed charge on a credit card. From the merchant's perspective they're the same: both Visa/MC. | |
| Dec 10, 2021 at 15:02 | comment | added | Andy | Just to note, there are some places that are not as easy to "unsubscribe" to (think professional resource subscriptions) and many of them are behind the times, require emails or even snail mail letters to cancel an expensive service which they can "conveniently" claim they received after a deadline in order to ding you for an extra month. These are not always obvious before the fact. | |
| Dec 10, 2021 at 14:32 | comment | added | David Jacobsen | @MSalters it's not a 7 year ban as punishment for overdrafts. it's a punishment for check fraud. | |
| Dec 10, 2021 at 10:26 | comment | added | bunyaCloven | The whole idea of virtual credit cards are about making "Unsubscribing by breaking payment methods" easier when the vendor is not letting you unsubscribe easily. | |
| Dec 10, 2021 at 9:39 | comment | added | MSalters | This seems to be a very US-centric answer. In Europe, bank accounts require vastly less personal responsibility. 7 year ban for an overdraft? A European bank that would propose that would lose its license over such blatant consumer abuse. Of course, with electronic payments instead of checks, the whole notion of a bounced check is also laughable. | |
| Dec 10, 2021 at 3:27 | history | answered | Harper - Reinstate Monica | CC BY-SA 4.0 |