There is nothing preventing a rogue online shop from
storing and reusing the CVV you give them. Or selling
your complete card details including zip code, CVV
and whatever.
Make a second account at your bank. One account is
‘storage’ and has all your money. You never use
the ‘storage account’ ATM card for anything outside
your bank’s ATM machines.The second one is where you only keep $50-$100 in
it. When you use your ATM card it’s only this account
that’s used. Just before you make a purchase, move
money from your ‘storage account’ into your ‘active
account’ and make the purchase.
I second the idea of having a storage account. I do a similar thing myself but for other reasons. I always just keep $100 and every time I make a purchase I move money from my storage account over. The only problem is that this does not work as well with credit cards. I believe that in the US there is some form of company that allows you to make temporary cards for online purchases.
Thanks ~ Bryce Wilson, AS202313
Make a second account at your bank. One account is
'storage' and has all your money. You never use
the 'storage account' ATM card for anything outside
your bank's ATM machines.
Doubling the service fees from your bank.
The second one is where you only keep $50-$100 in
it. When you use your ATM card it's only this account
that's used. Just before you make a purchase, move
money from your 'storage account' into your 'active
account' and make the purchase.
Don’t really want to be doing transfers with service fees every time I decide to fill up the gas tank. Also, lots of banks will allow overdrafts which creates even more fees and some even auto transfer from one account to another to cover your overdrafts. Also, does nothing for credit cards at all.
Steven Naslund
Chicago IL
Doubling the service fees from your bank.
Depends on the bank. At my bank if you have a checking account, you can get a basic savings acolytes for free. They also have free transfers between accounts (which is very nice because on the basic savings account you are not allowed and other type of transfer for free).
Your second point about the overdraft fees is again dependent on banks. For mine if you don’t have enough money it will just decline the transaction.
It’s true that this does nothing for credit cards though and the constant transferring on money is rather annoying.
Thanks ~ Bryce Wilson, AS202313
>Make a second account at your bank. One account is
>'storage' and has all your money. You never use
>the 'storage account' ATM card for anything outside
>your bank's ATM machines.Doubling the service fees from your bank.
Hi Steve,
Your bank charges you service fees?
When I opened an additional checking account so I'd have something to
link paypal to, it was free.
>The second one is where you only keep $50-$100 in
>it. When you use your ATM card it's only this account
>that's used. Just before you make a purchase, move
>money from your 'storage account' into your 'active
>account' and make the purchase.Don’t really want to be doing transfers with service fees
every time I decide to fill up the gas tank.
Your bank charges you a service fee to move money from one account to
another at the same bank? Weird. Also, why would you buy gas (or
anything else) with a debit card? Your legal liability protections
with a credit card are better. Under the Fair Credit Billing Act, the
consumer's maximum liability for a credit card breach is $50 and most
banks waive that as well.
Regards,
Bill Herrin
Plus you don’t earn rewards points. I use an amex charge card for just about everything, never pay a dime in interest, and my annual fee is offset by about 5x by my points earnings. Any bank that charges for basic transfers and such is terrible - and yeah I know it’s fairly common amongst the largest banks in the US… I use a small credit union and they’re great. The only time I’ve ever paid them a fee for a service was when I did a very large wire transfer when I bought my house.
I’d recommend checking out some local credit unions to find better, more consumer-friendly policies and fee schedules.
Take care,
Matt
I agree that bank fees for transfers between accounts is unusual. There may be a limit on the number of transfers you can do each month but typically no fees.
I agree with the point about using a credit card for gas purchases, since you are currently using a debit card, you are going to be paying the credit card off each month and there is no interest charge, this assumes that you have a credit card already. If you do have a credit card and it isn't one that has awards, consider switching to one that does have awards that are useful to you. Switch all of the stuff that you would normally pay with the ATM card to the credit card but remember treat the credit card like an ATM card and pay in full each billing cycle.
I would argue that the liability protections are actually better with an ATM card since there is a requirement for the bank to make you whole without even a $50 maximum liability. The user experience may be better with the credit card.
Dave Edelman
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