Personal Finance guide

Credit card is very popular means making payment in this age. This is the time where plastic money is more than real money to people. One can purchase the items even when they do not have cash in hand. Credit card also allows the people to purchase things when they do not have money in the bank account. One can raise instant loan and fulfill dreams. Card payment means utilizing money by taking credit from the card provider. But the money must be refunded in the limited time. Also one can take money to certain limit. This limit depends on the income of the card holder.

Credit card payment is done through credit card terminal. This is platform to make payment. It is a small machine. You have to swipe card in the machine to allow it read the encoded magnetic code to allow payment. Various types of terminal are available in market. It depends on the nature of the business. If the business is stationary, then one should install wired terminal to accept card payment. Wireless payment terminal is good for mobile business. In this terminal the customers are required to swipe card to make payment. Virtual payment terminal is suitable for online business. It is basically software that acts like payment terminal. You have to feed the required information manually to make payment. These are various types of terminal used for making payment with electronic card.

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On one occassion, I checked my account balance at the ATM and it showed a positive amount of over $200. We went on our trip, ate at a restaurant and purchased a few other items the same day. I was shocked when we got back to see 5 overdraft fees at $33.00 each posted on our account. When I contacted BOA and told them I had a bank receipt showing my account in the positive before we made the transactions, they told me I had some transactions ‘pending’ that had not yet been posted to my account and therefore did not show up when I went to the ATM. Yet they still insisted that my account balance at the ATM was ‘realtime.’ This was what they had advertised, and of course, what I believed. How can they advertise that their online and atm balances are up to date if there are still transactions on hold? We also would not have been hit with so many fees if they had posted them by the time of day and not the amount! The bank continues to allow use of the ATM card to make purchases even if there is a negative balance. It would be easy enough for them to decline payment if a card with a negative balance is presented, but thier excuse for this is that it is a ‘courtesy’ to their customers. Hogwash! It’s so they can wrack up more service fees – their bread and butter. We’ve been customers of BOA for over 10 years and have NEVER had this problem before.

Recently, we got hit with 5 overdraft fees because they posted the transactions, not at the time they were presented, but based on the transaction amount – higher to lower. The ‘best’ part though is that we deposited enough money to cover all the transactions the same day. I of course contacted them through their mail system online (which is the only way to contact them via the Internet) and they refused to refund the fees because we had deposited the check AFTER the transactions had presented. Can you believe it?

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Recent events in the world economy have forced many people to take stock of their finances and realise just how reliant they are on credit. While mortgages, loans and credit cards may be grabbing all the headlines, it is important to remember that overdrafts can cause just as many problems.

And with people being advised to make sure the money they do have is working for them as well as it can, it could be that a customer should consider finding the best current account rate to be just as crucial as comparing the likes of credit cards.

Continue reading ‘Current accounts can be switched too’ »