Something's been on my mind tonight, and I had to sit down and write it out before I could let myself go to bed. I'm going to ask a rhetorical question, and use it as a jumping-off point for an opinionated rant.
The question: When was the last time your bank said you had overdrafted?
And while I'm at it, let me ask a second rhetorical question.
If you're not buying something on credit, how is it possible to spend more money than you have in a bank account?
--
As you have all assumed, I'm sure, this is sparked by my recurring overdrafts. Banks and I have had a history of not agreeing with one another, and I don't know if it's just new math (80's reference there) or what, but I can never seem to get ahead.
I've gone so far as to sign up for my bank's "Virtual Wallet", which is designed for people my age, allowing me 'unprecedented access to real-time information' about my account. I even have an app for my iPhone that lets me connect to the same, and I look at my account at least once a day.
So how the hell do I keep overdrafting or having checks bounce? And when a check bounces, why am I slammed with such a high fee anyway? I could -almost- understand being charged when a bank would honor a debit that would overdraft my account as a 'loan' or something, but when they're -not- paying out, why am I being charged some arbitrary amount for it?
It's enough to make me start cashing my paychecks at Wal-Mart for $3 apiece and stuff my mattress with paper money.
-
In an age of instant access, why is it so difficult to keep an accurate register using online banking information? If I'm at Subway and purchase a sandwich on my card, and it goes out and authorizes that card for a certain amount, my bank is saying "Okay. He's got this much." -- So why doesn't that authorization hold SHOW UP in my online information? Fuck, the bank likes to fill my screen with "pending charge" figures as it is - so how is that different?
And my wife will even attest to having a payment processed as credit online for a utility bill -- just up and disappear for two days. It showed in the account the day the payment was made. Pending, yes, but it was subtracted from the available balance. Great, just like it was supposed to. Then that night at midnight, it disappeared. Literally, it wasn't reflected in the account and the available balance re-increased itself the missing charge's amount. And it sat like that for two days, until the 'pending' debit was verified and actually removed. ...So why wasn't it just listed as 'pending' for those two days? Why this game of hide-and-go-seek?
It's sad, I think, that in 2009 I'm giving careful consideration to paying for everything in Cash and Money Orders. Why? Because the transaction is instant. If I have a $20 in my pocket and stop to get a burger, when I hand over the twenty and get change, I know, instantly, how much I have left. The assorted change sitting in my pocket doesn't magically turn back into a twenty dollar bill a half hour down the road, and I can't 'accidentally' overspend. If it's not in my fucking pocket, then I guess I don't have it -- right?
Same thing with money orders. You hand over cash, they give you what's essentially a check. Except this check is guaranteed. It can't bounce, and I can't be charged a NSF fee for it. It's the same as paper money -- and that cash has left my pocket. It's not like I can hold a money order up when someone's asking me to pay for toilet paper and say "It's okay, man. I haven't actually given this to my landlord yet, so I know I've got enough to buy this."
--
The biggest problem with this is -- online transactions. How in the world do I handle those? You can't feed cash into some drive in your computer and have it converted to virtual money. Besides, isn't that what happens when you deposit money into an ATM anyway?
The best bet I have for right now is to do something so complicated it annoys me. The idea is to earmark money in my bank account, or deposit a certain amount of money back into my bank, only to transfer that amount over to Paypal and use it as a sort of clearing house account. I would know exactly how much money I was feeding into the account, and thus know exactly how much I had to spend out of it. The only problem is, I have to use a bank to do these things, which puts me at risk of overdrafting.
I tried applying for the Paypal debit card -- something I've had in the past, but it expired. And for some reason I was turned down. Otherwise I could just deposit the cash into a local ATM, and control it a bit more directly.
The second possibility would be to get a second bank account -- a free checking account or something, with the same bank so I could do transfers back and forth with some ease.
I haven't figured it out yet. But I do know this. ...Our system of banking has a long way to go before it surpasses paper cash physically being handed over in exchange for goods.
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