What is Digg?Warning: The Content in this Article May be Inaccurate
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- ennTOXX, on 02/25/2008, -11/+522my grandfather always said, "they made papar money to steal your gold & they made plastic money to steel your paper money". how funny is that??? :||
- late2digg, on 02/25/2008, -16/+109He should have used a credit card (preferably one that gives cash back or extended warranty protection). He clearly had the funds available and could have paid the bill off when he received it a month later and not paid any interest on it at all. Credit cards offer better fraud protection (among numerous other benefits) and if you are smart enough to not buy what you can't payoff at the end of the month, you will never pay interest charges.
- inactive, on 02/25/2008, -9/+92whoever that dugg you down was an idiot
- siszam, on 02/25/2008, -14/+97He could have used a check then switched banks.
Just imagine if there is a stock market crash. All your funds will be frozen so you can't withdraw them. - lintmonkey, on 02/25/2008, -2/+81CSR: "All right sir, and why will you be closing your account?"
Customer: "It's complicated, but if you go to 'www dot digg dot com slash business underscore finance slash bank underscore of underscore america underscore w o n underscore t underscore let underscore you underscore access underscore your underscore money', it'll be perfectly clear." - iFrikkenR, on 02/25/2008, -6/+77Pretty much all banks everywhere do this, it's for customer protection and is spelled out when open your account, and every time they send you a new card - it explains your daily limits for card use.
There's also a limit to how much cash you can withdraw from ATM's in a day. the solution is when you know you're going to spend a large wad, go get a large wad! withdraw up to your ATM limit and then simply card the remainder. - Justice101, on 02/25/2008, -4/+68I just called TBS, and they said it was very funny, and that it was appropriate to laugh for a pre-prescribed time of 2 full minutes, but than you must stop...and eat cake...the last part maybe a lie...just called back and they said that the cake IS a lie.
- inactive, on 02/25/2008, -25/+84Blah blah blah. All banks do this. Either write a physical check, use your credit card and transfer the money immediately, use cash or STFU. If anyone actually read any of the paperwork that came with the card this would be explained.
Buried as another uninformed, ***** Consumerist article. - smacksaw, on 02/25/2008, -13/+70While this is inconvenient, he should remember that he is also paying the bank to SAFEGUARD his money. Part of that was his agreement to daily limits whether he realised it or not.
It's because of how the funds are transferred. If he had written a cheque off of the same account it would have been processed after clearing tele-check or whatever they use.
Regardless, as was mentioned above he should have used a regular credit card to pay for this, not a VISA/MC debit card. That's not what these things are for, which is why they have limits. These things exist to extract fees from retailers for banks, period. It's not for your convenience. A credit card is.
I sympathise with his frustration with customer service, but this is something he should have already known and learned PROactively, before the fact - not after. - lostarchitect, on 02/25/2008, -6/+58chase isn't much better. i often wait a week for them to clear a local check from my employer--drawn on the same account and in the same amount that i deposit ever two weeks. they can't figure out that these checks are always good?
- Hangly, on 02/25/2008, -0/+48Your grandfather was a wise man.
- inactive, on 02/25/2008, -6/+48I'm no longer with BOFA.
I had three experiences in a row where I deposited CASH, and it wasn't available to me for over a week. They acted like it was their money, telling me it took that long for the deposit transaction to "process". - Harbinger67, on 02/25/2008, -1/+38Your grandfather was a pretty sharp guy, but you, on the other hand, are Captain and First Mate of your very own failboat when it comes to sailing the seas of spelling and punctuation.
- JRMillion, on 02/25/2008, -7/+42Also... if you only have 10k in the bank, you probably shouldn't be spending 6 of it at Best Buy :)
- Roryking, on 02/25/2008, -0/+32B-b-b-but... dey took aur jawbs!
- smacksaw, on 02/25/2008, -4/+35That's retarded. Banking has nothing to do with immigration and opening bank accounts is not against the law.
By your logic, people should not have a bank account in Switzerland or foreign investments.
Think for a moment about what you are saying. You're saying banking is an IMMIGRATION issue. It doesn't matter if someone is a legal immigrant OR EVEN ENTERS A COUNTRY, they should be allowed to store their money wherever they see fit. Freedom...try it sometime. - tnoy, on 02/25/2008, -6/+37Next week, we'll see a story on the consumerist about how someone used a check card to easily charge $5800, and how the bank should've stepped and put in safeguards to prevent it.
- redfox2600, on 02/25/2008, -2/+32Have fun finding value in a piece of paper that represented as someone else debt. Gold at least is shiny.
- bobisoft2k5, on 02/25/2008, -3/+30Once a company in California mistakenly charged me $119.99 because they kept my payment history for a one-time charge. At this time I was a bit short on funds and this sent my bank (Affinity Plus) balance below $0, incurring a $30 overdraw fee. The company sent an apology and refunded my money, but the bank refused to rescind the $30 overdraw fee, stating, "we still had to pay for that transaction, whether it was a mistake or not." So basically I ended up paying my bank $30 to make a payment that was canceled.
- NaziHatinChimp, on 02/25/2008, -9/+36Let's face it. The banks get worse and worse. The only thing they get better at is charging you fees etc.
- bradleyjx, on 02/25/2008, -7/+32I hate to say it this way, but you just can't have it both ways.
There is constant pressure, both for their financial stake and the stake of their clients to protect the money they have so that the wrong people don't get to it. Then, you get these cases where people don't necessarily read all the fine print in their contract and decide to tell the world that they didn't read the fine print.
Personally, and I hate saying this, I would rather the bank stay firm to what _I_ signed up for than bend like they did in this case. - DetpackJump, on 02/25/2008, -0/+23He can withdrawal all his money. He can even write checks for over the 5k limit. The limit only applies to debit card purchases.
- alphaterminus, on 02/25/2008, -3/+26I was with Etrade Bank (Telebank before Etrade bought them) for over 10 years. For 10 years I was never happier. I had all my bills going out on autopay, about 10 bills, every month. 2 months ago I started getting late fees and calls from all these places, along with about 10 bounced checks. I called E-trade and they explained "You logged on from too many separate locations last month, so we put a freeze on your account." They didn't call me, didn't email me.... nothing. Overall this ended up costing me well over 1000 dollars in late fees, fines, bounced checks, etc. So I transferred every last dollar from them into a local bank. ***** them.
- iankino, on 02/25/2008, -3/+26I find it ironic that this is just the opposite of what the Visa Platinum Check Card commercials advertise - where using cash holds up a line, not using their card.
- Bviper, on 02/25/2008, -10/+32Uhh great story and all, but really is this that big of a deal? I mean every plastic card in existence has a limit. To think just cause its a debit / credit card that it has no limit is absurd. The bank is protecting not only your money, but it's time and money as well. If the card was stolen and it had no limit a criminal could have cleaned out the account before it was ever found out. Then the bank would have to spend money resolving the situation as well as the holder of the card being screwed for a couple days.
There is a reason to the limit and a very good one at that. He was finally able to get it approved, which is great. But, I have no problem with the banks attitude. If you want to make a purchase over 5,000 make arrangements beforehand. After all you did agree to their terms and conditions when you signed up. - kooft, on 02/25/2008, -1/+23I'm pretty sure every bank has limits (a quick google largely verified this). From the Visa Check Card FAQ:
"Many Visa check cards have daily cash withdrawal limits of up to $1,000, and daily spending limits may be even higher. These spending limits are meant to protect you in case your card is stolen. Your card may be declined if you make daily purchases that exceed your daily withdrawal limit, even if you know you have plenty of funds within your checking account. You can always ask the bank to lower or raise your purchase or withdrawal limits to suit your spending habits." - ShuttleDisaster, on 02/25/2008, -1/+22speaker system? Best Buy? ew
- HerrEisenheim, on 02/25/2008, -6/+27All banks do this. You can't draw that much on a check card. It says so right in your terms of service. There are transaction limits for both credit and debit and daily limits for both credit and debit.
If you cant to purchase something that's $5,000+ you should do it with a credit card or with a check. - sjbdallas, on 02/25/2008, -2/+20Wachovia is the same way.
I use a credit union and I believe I have 2500 daily spend limit. Not really a big deal because I can't remember every needing to spend more but it is somewhat troubling. - Harbinger67, on 02/25/2008, -0/+17...you're the only one bringing up Jewish people here, why get so defensive?
- kindrobot, on 02/25/2008, -0/+16Digg him down all you want, but his bank charged him 30 dollars for doing next to nothing on a charge that was illegitimate. Pretty douchey, no matter how much anyone tells you it's procedure or policy.
- sjbdallas, on 02/25/2008, -1/+17Maybe he's someone that deliberately avoids those. There are alot of people like that these days.
I do wonder if a check would have cleared. Those go through another approval process so I'd wonder what the limit is there. - dkguy55, on 02/25/2008, -3/+18This guy was dumb for not knowing the policy on his own free checking account.
- Gabberwok, on 02/25/2008, -0/+15Good thing I only have $50 in my bank account! Oh, wait...
- AbsurdParadox, on 02/25/2008, -1/+15www.libertydollar.org - Gold certificates are your friend. Thats how the US dollar used to work too, you know.
Also, even if you DID carry around gold... an OUNCE of gold is worth about $950 right now. Do the math. - molecool, on 02/25/2008, -3/+17They like to take $3 ATM fees.
- gpw11, on 02/25/2008, -2/+16Exactly, this is pretty much standard Consumerist sensationalism. Beyond that, I've never dealt with BoA, but with every check card and debit card (attached to a line of credit or savings account) the banks have told me before hand the daily limit or it'll be right there on the paperwork. Hence why I use bank drafts, a credit card, or a certified check for very large purchases.
On a side note, I thought that the first post at the bottom of the article summed up the average regular Consumerist reader pretty well;
"This is absolutely the most hair-rippingly evil thing I have seen in a while.
It's also why I don't use banks."
Someone find this guy's address and I'll bring the shovel. - AUniquePerson, on 02/25/2008, -3/+16Finally, after reading this far down in the comments, someone who I agree with. The guy in the story sounds like a major idiot. I hate it when people want to be exceptions to the rules. And it seems especially ludicrous in this case when the rule seems fair. I think he was definitely not making his purchase in the best or easiest way available, and then becomes a pain in the ass to everybody until they give in to his bitching and moaning.
He sounds like the kind of guy who would pay $5800 for a home theatre system and then another $500 for the Geek Squad to set it up. - hitemup054, on 02/25/2008, -6/+19ALL banks have a daily limit on the debit cards. Who does not know this???? I hate crybabys. I bet he bought the geeksquad install too.
- Tamriel, on 02/25/2008, -0/+13"It up the ass."
- chronusmcgee, on 02/25/2008, -1/+14At least your bank teller didn't put the cash in their pocket like mine did! I had a BofA account twenty years ago where I deposited cash from a customer that only pays that way, when I got back from my vacation it appears that my teller just put the money in her pocket instead of recording it. When I complained the bank manager just shrugged his shoulders and said that no deposit was made on that day to my account, even though I had a printed receipt showing the transaction. Last time I ever dealt with those folks. Even more motivated since they outsourced their call centers to India and prisons.
- Yez70, on 02/25/2008, -1/+13All banks do this with check cards, it's for your protection. Both banks I use have this policy.
When I need the limit raised, I call them and they raise it to whatever limit I want for up to 3 days.
The difference for me is they are not Bank of America (the worst bank on the planet for customer service). Both of my banks explained this to me when I opened the accounts, so it doesn't bother me at all. It's the simple things that make good customer service. - Twee, on 02/25/2008, -0/+12I learned that it's a bad idea to use a debit card for big purchases when gamestop double charged me on my nintendo wii and I only had around $700 in my checking account, so for about two weeks my checking account balance was around $90 until they fixed it.
- jtscira, on 02/25/2008, -0/+12I would have been PISSED if I were behind him !
- kooft, on 02/25/2008, -0/+12Checks can be verified over the phone in less than a minute, so as long as you have the cash in the bank.
- phazon88, on 02/25/2008, -0/+11Did anyone else waste their time reading that whole post like I did?
- NSResponder, on 02/25/2008, -14/+25So, close the account. If they ask you why, point them to this story.
-jcr - cigawoot, on 02/25/2008, -0/+10Did you ask the company to refund your overdraw fees as well? If its their fault they should have done so.
- notoneofus, on 02/25/2008, -0/+10Not quite the same outside the US. When I first opened by account in Japan, they had the same low daily and ATM limits as my US account. Once I got my ATM card, I asked if I could up those limits. They changed the ATM limit to $50k a day, which is ludicrous as I'm not likely to need to get that much out. Whether any ATM *has* $50k, I can't tell you.
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