Dictator Posted May 30, 2008 Share Posted May 30, 2008 I only use credit unions... they are way better Not if you need to use an ATM. Which is why I am primarily with BOA. Anywhere I am in the country will have a BOA Atm somewhere nearby. Link to comment Share on other sites More sharing options...
Corcaigh Posted May 30, 2008 Share Posted May 30, 2008 Chevy Chase is the best!Keep all your money in a sock drawer. He doesn't have any money - hence the fees. Thus he doesn't even need a sock drawer. Link to comment Share on other sites More sharing options...
Corcaigh Posted May 30, 2008 Share Posted May 30, 2008 I've used Chevy Chase for years for simple checking/ATM as they have multiple branches in the Ashburn area for when I need to deposit stuff. So I can't help with an alternative. But I'm glad to hear that they're sticking it to people who have unauthorized overdrafts ... so they can give me a better return for the money I bank with them. Link to comment Share on other sites More sharing options...
Corcaigh Posted May 30, 2008 Share Posted May 30, 2008 Im seriously considering going to them and being like "I can manage a branch (i have experience), but i want 6 figures." See how desperate they are for compentent people. If they don't have competent auditors you can make a lot more than six figures as a branch manager. :laugh: Link to comment Share on other sites More sharing options...
WVUforREDSKINS Posted May 30, 2008 Author Share Posted May 30, 2008 Hate to say this but it isn't the banks fault. You should never be that close to your balance or at least have a savings account that will be in your overdraft protection. I know. I went ape **** and spent all my money in WV this past weekend. I get a nice size check every week though. Its not like I have money problems:paranoid: Link to comment Share on other sites More sharing options...
isle-hawg Posted May 30, 2008 Share Posted May 30, 2008 I mentioned this in other threads. Dump ALL POS Debit cards and replace it /them with a Credit Card. But here is the important part. Use the Credit Card as you would a Debit Card. Advantages: -You have more protection in the case of fraud. -Although you can pay your Credit Card online it does not take money out of your bank accounts automatically (unless you set it up that way, which I do not recommend). -You can challenge a charge and while it is being investigated do not have to pay. The debit card already withdrew the money from your account. -You can get a rewards credit card that pays you back for using it AND it costs you nothing. Disadvantages: -None that I can think of Link to comment Share on other sites More sharing options...
WVUforREDSKINS Posted May 30, 2008 Author Share Posted May 30, 2008 The post above is something to think about. I have never had a credit card and need to start building credit. Link to comment Share on other sites More sharing options...
Kosher Ham Posted May 30, 2008 Share Posted May 30, 2008 Get an American Express. Credit cards charge interest. But I can see how you could use it the same as debit. I use my debit card from time to time, but when they ask credit or debit...I say credit. I certainly don't want to imput a pin everytime I use it. It works just the same. Link to comment Share on other sites More sharing options...
isle-hawg Posted May 30, 2008 Share Posted May 30, 2008 The post above is something to think about.I have never had a credit card and need to start building credit. Thanks for reminding me of another pro-con for you. As you obviously know from your post. A credit card(s) will build credit for you increasing your credit score, which will help you down the road with lessor finance charges when you finance cars and your home. And it will show a history for you over time. Both things that will lower your finance charge interest rate for future loans such as mortgage and vehicle loans. Debit cards do not show up or affect your score or history at all. Unless you become independently wealthy, your credit score/history matter. Most insurance companies also use it when determining your premium. Using a debit card works 100% in favor of the banks (not you). Credit cards work 100% in favor of you (so long as you pay it off the end of the billing cycle) as it is an interest free loan (while your cash is earning interest in the back) for up to 60 days with all the benefits mentioned in this and the last post. Link to comment Share on other sites More sharing options...
skinfan2k Posted May 30, 2008 Share Posted May 30, 2008 Thanks for reminding me of another pro-con for you.As you obviously know from your post. A credit card(s) will build credit for you increasing your credit score, which will help you down the road with lessor finance charges when you finance cars and your home. And it will show a history for you over time. Both things that will lower your finance charge interest rate for future loans such as mortgage and vehicle loans. Debit cards do not show up or affect your score or history at all. Unless you become independently wealthy, your credit score/history matter. Most insurance companies also use it when determining your premium. Using a debit card works 100% in favor of the banks (not you). Credit cards work 100% in favor of you (so long as you pay it off the end of the billing cycle) as it is an interest free loan (while your cash is earning interest in the back) for up to 60 days with all the benefits mentioned in this and the last post. I realized this in January, i had been using a debit card at first to show my parents i can manage my money. Since then I have a American Express and just use auto bill pay Link to comment Share on other sites More sharing options...
Kosher Ham Posted May 30, 2008 Share Posted May 30, 2008 Debit cards do not show up or affect your score or history at all. Unless you become independently wealthy, your credit score/history matter. Most insurance companies also use it when determining your premium. Using a debit card works 100% in favor of the banks (not you). Credit cards work 100% in favor of you (so long as you pay it off the end of the billing cycle) as it is an interest free loan (while your cash is earning interest in the back) for up to 60 days with all the benefits mentioned in this and the last post. Buying a car takes little to no credit and will build your credit just as much. Charge card gives you all of the protection of a credit card without interest, I have no balance on my cards to carry over, and get rewards too. Only purpose of having a credit card to me, is to defer debt. Cash is king and keeps all your bills inline. Link to comment Share on other sites More sharing options...
isle-hawg Posted May 30, 2008 Share Posted May 30, 2008 Credit cards charge interest. But I can see how you could use it the same as debit. Right use it as you would an American Express CHARGE card or an everyday DEBIT card and there is NO interest, NO annaul fee, and I recommend a CASH back or REWARDS Credit card that gives the user a rebate everytime it is used. Link to comment Share on other sites More sharing options...
Kosher Ham Posted May 30, 2008 Share Posted May 30, 2008 So you don't have an AMEX ? Link to comment Share on other sites More sharing options...
WVUforREDSKINS Posted May 30, 2008 Author Share Posted May 30, 2008 Thanks for reminding me of another pro-con for you.As you obviously know from your post. A credit card(s) will build credit for you increasing your credit score, which will help you down the road with lessor finance charges when you finance cars and your home. And it will show a history for you over time. Both things that will lower your finance charge interest rate for future loans such as mortgage and vehicle loans. Debit cards do not show up or affect your score or history at all. Unless you become independently wealthy, your credit score/history matter. Most insurance companies also use it when determining your premium. Using a debit card works 100% in favor of the banks (not you). Credit cards work 100% in favor of you (so long as you pay it off the end of the billing cycle) as it is an interest free loan (while your cash is earning interest in the back) for up to 60 days with all the benefits mentioned in this and the last post. all good points. Since cash really isn't necessary anymore, I think I might do this. Now, tell the truth. Do you work for Visa or something:D Link to comment Share on other sites More sharing options...
skinfan2k Posted May 30, 2008 Share Posted May 30, 2008 Kosher Ham, If i always pay in full, whats better for rewards, American Express regular card or Charge card Link to comment Share on other sites More sharing options...
Blondie Posted May 30, 2008 Share Posted May 30, 2008 I mentioned this in other threads. Dump ALL POS Debit cards and replace it /them with a Credit Card. But here is the important part. Use the Credit Card as you would a Debit Card.Advantages: -You have more protection in the case of fraud. -Although you can pay your Credit Card online it does not take money out of your bank accounts automatically (unless you set it up that way, which I do not recommend). -You can challenge a charge and while it is being investigated do not have to pay. The debit card already withdrew the money from your account. -You can get a rewards credit card that pays you back for using it AND it costs you nothing. Disadvantages: -None that I can think of Disadvantage........interest? Link to comment Share on other sites More sharing options...
Kosher Ham Posted May 30, 2008 Share Posted May 30, 2008 Kosher Ham,If i always pay in full, whats better for rewards, American Express regular card or Charge card I get better benefits from my Amex than my credit cards (But I use it a lot more). The downside is the annual fee, but the benefits outweigh the downside for me. Not to mention...I don't have a limit. (Although someone said there is an assessed limit, personally, it has never been an issue for me) At your age you should get both maybe. Have the confidence in using a card like Amex, and the flexibility of having a credit card. The whole Debit card phenomenon is silly to me. Link to comment Share on other sites More sharing options...
isle-hawg Posted May 30, 2008 Share Posted May 30, 2008 So you don't have an AMEX ? Yes a Hilton Honors AMEX Charge Card. Link to comment Share on other sites More sharing options...
isle-hawg Posted May 30, 2008 Share Posted May 30, 2008 Disadvantage........interest? Only if you do not use it as you would a debit card. No interest if you pay it off each month. Link to comment Share on other sites More sharing options...
Blondie Posted May 30, 2008 Share Posted May 30, 2008 Only if you do not use it as you would a debit card. No interest if you pay it off each month. I understand about using it like a debit card. But, you charge 700.00 for the month. Get the bill at the end of the month. It is not just 700.00. It is 700.00 + the interest charged to let you use the money for the month. Like 710.00 or whatever. They have to make money for giving you the card. Link to comment Share on other sites More sharing options...
skinfan2k Posted May 30, 2008 Share Posted May 30, 2008 I understand about using it like a debit card.But, you charge 700.00 for the month. Get the bill at the end of the month. It is not just 700.00. It is 700.00 + the interest charged to let you use the money for the month. Like 710.00 or whatever. They have to make money for giving you the card. It is just $700. You only have to pay the amount you charged during the month Link to comment Share on other sites More sharing options...
Blondie Posted May 30, 2008 Share Posted May 30, 2008 I use my debit for everything. When I use my credit card.........it is for a purchase I can't pay off in one month. Link to comment Share on other sites More sharing options...
Dictator Posted May 30, 2008 Share Posted May 30, 2008 They have to make money for giving you the card. They make $ each time the card is used. It can be 1-2% for visa/MC or 3-5% for Amex. Link to comment Share on other sites More sharing options...
isle-hawg Posted May 30, 2008 Share Posted May 30, 2008 all good points.Since cash really isn't necessary anymore, I think I might do this. Now, tell the truth. Do you work for Visa or something:D No not at all, I was in the Navy for 24 years and now a defense contractor for the last 4. I learned the hard way Cash is NOT King. When I was younger (teens/early 20's) I prided myself on paying for everything with cash and saving money. But once I went for my first loan (new truck) age 24 to start my credit I learned the hard way that no credit history equals horrible credit which rates for the highest interest rate. I am just passing on to you and other good folks at ES how the game works, so you do not repeat my mistakes. Again though the key is pay it off every month, do not give the credit card companies a penny in interest. I recommend avoiding any card that has an annual fee as there are many that do not offer fees. Link to comment Share on other sites More sharing options...
Corcaigh Posted May 30, 2008 Share Posted May 30, 2008 I use my debit for everything.When I use my credit card.........it is for a purchase I can't pay off in one month. I use my credit cards for everything. As well as better buyer protection, insurance cover and other benefits it gives me cash back - typically $600 or more each year. And I've never paid the credit card company an annual fee or a cent in interest. I don't understand the attraction of debit cards. Link to comment Share on other sites More sharing options...
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