HOW DO YOU FEEL ABOUT ATM CARDS? (Full Version)

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deljefferson -> HOW DO YOU FEEL ABOUT ATM CARDS? (4/9/2008 6:49:53 PM)

The reason I am asking is I was reading a book by TDJakes, 'God's Leading Lady and the part on finances really stuck with me. It said that you should not use your ATM card if you have problems recording every transaction and if you don't keep every receipt. I am ok at recording transactions, but the receipt thing is hard. Well, I had been praying asking God to guide me with spending my income tax refund, because my bills and needs was more than my refund. So when the money was deposited into my account, I immediately called TBN and pledge my 10% along with an offering. Well when I got my statement at the end of the month there was no transaction recorded for TBN. I was up set. Apparently the money wasn't taken out immediately and now its gone. I really feel bad. I feel as if I was robbed God. This is another trick of the enemy.

So, how do you feel about ATM cards.



earthless -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/9/2008 6:57:01 PM)

I am sorry you got robbed by TBN's hucksters - that money could have gone to actual teachers of the Word and not merchandisers of men. .. and even more sorry you pay heed to T.D. Jakes.

But to get to your thread question. I use my ATM/Debit card for everything and anything. I tend to only keep the receipts for purchases made for large money items and or at stores (like Target) where I may need to return something.

As for their being some rule that you shouldn't use it unless you keep all the receipts, eh... I find that rather odd if you know the money coming out of the account is not a credit purchase but coming out of your own actual money.



deljefferson -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/9/2008 7:12:57 PM)

I think that was problem, I went to a few stores that didn't do debit and it threw my accounting off.

Thanks for your input, God bless.



earthless -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/9/2008 7:18:50 PM)

quote:

ORIGINAL: deljefferson

I think that was problem, I went to a few stores that didn't do debit and it threw my accounting off.

Thanks for your input, God bless.


Hmm.. I thought that if your debit Master Card or Visa was run through as 'credit' at a store that it didn't matter.. that the money can only come out of one pot anyway, so what could be the difference?

I am no banker, that's for sure. And I also don't know if this differs from bank to bank. But when I am told by the store that they have to run my debit bank card as "Credit" my reply always is, "Doesn't matter, it comes out of the same pot."

Maybe someone who knows more can chime in?

========

Listen, I am being convicted by the Holy Spirit for my opening remarks to you about TBN and T.D. Jakes. I went about it the wrong way and came off rude and ignorant in my tone and use of words. I apologize to you, I am sorry.

Lord knows I did mean what I said about them two in regards to false teachings and Word of Faith type garbage of twisting Scripture by them to get money out of people, etc.. .. but I could have said it a lot differently than I did.

I am sorry.



deljefferson -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/9/2008 7:27:57 PM)

When I looked into it, I was told that when you card is used as a credit, it takes a couple of day (at least 3) to be transferred. So I believe thats what threw me off.

About the television evangilist ministries, no problem. I don't throw my money to them foolishly, but it has helped me a lot. There was a time when I was a drug addict and when I was up late at night getting high, my television would always seem to be on TBN. I would call these ministries and they would pray for me and with me. That was very vital in my recovery. In June I will be 15yrs clean. All Praises Go to God, My Strenght and my Redeemer.



Mrs.Wifey -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/9/2008 9:34:26 PM)

We *only* use our debit cards under the "credit" option and it always posts within the same day. The only place that it doesn't is at a certain gas station, and then it doesn't matter if I do credit or debit, it will always take 4 days to show up.



ladioffaith -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/9/2008 10:29:20 PM)

I try pretty hard to be vigillant about keeping my receipts and my ATM card together so I remember to record the purchases but sometimes I mess up.

I go through it about every week or so and double-check.

Gas stations are the worst about posting, so I tend to be really careful about writing these down just like when I write a check.

Count on every purchase you make coming out right away ... because if it comes out a week or so later, you will incur fees. I am guessing this is what TD was referring to. I am willing to bet that he's had numerous members of his actual church in financial straits because of these fees stemming from charges they forgot to record.

Been there, done that, got the complimentary hat, tshirt and coffee mug from the bank ...



ta_mosquito -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/9/2008 10:40:45 PM)

When I use a debit card, I record it in my checkbook like any other check. I consider it an automatic transaction even if it takes a couple days to show up. That way I know the last amount that will be in my account at all times.

As for receipts - when the charge shows up on my account, I toss the receipt (unless it's for something I might need a receipt for, like a refund or rebate).

I hardly ever use the debit card anymore, though, because we get points when we use our credit card, and we DO pay it off every month. There's no advantage to using the debit (except at one specific store where you get "money" coupons back if you pay by cash or debit but don't if you pay by credit card).



deljefferson -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/10/2008 1:56:12 AM)

Thank you guys, for your words of wisdom.

I was just checking my balance and basing it on that. A lesson learned I will never forget.

Be Blessed in The Lord.



walkin2e -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/10/2008 8:43:38 AM)

I use mine occasionally even though I've had it for years. I record the transaction in my check book so I can deduct it and then I reconcile my checking statement every month.

Once I went to draw out some money using my Debit card at the ATM. When it asked for the number, my mind went blank...I couldn't remember it! I had it recorded at home.

walkin2e



rainbowtvp -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/10/2008 9:26:11 AM)

I think those rules might be helpful for some people- but certainly not necessary for everyone. If you have trouble keeping track of what you are spending, then absolutely YES-- log your purchases and keep receipts. If you are recording your purchases on your own- not just checking the bank's website, then this would never be a problem- because it doesn't matter if it takes a day or a month, once you add it to your ledger and subtract it from your balance, it is gone!

This is important to do, because sometimes a transaction WILL take a long time- I had someone cash a large check MONTHS after I had written it. Luckily we were keeping good records, but had we been going just by what the website showed as our balance, we might have been in big trouble!!

Our bank takes 3-5 days for debit runs as credit to show, too (debit shows within minutes).

So... what you are saying is that you made the donation think you had enough money in your account, but had forgotten some purchases, and therefore when the donation went through there was not enough to cover it? Am I understanding correctly?

If so, the thing that confuses me, is that IME what would happen is that the donation would go through- but your account would be overdrawn. If not that- then it would at least show that the transaction was attempted and a fee would be charged by the bank.

What I would do is call the bank and speak to a human before you assume that the charge just didn't happen. Because also IME, things like that (automatic withdrawals, phone payments) can take several days to a week to show on the account.

Don't assume that just because it didn't show, it didn't go through and therefore the money is still there!

Tara P



Miss Giggles -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/10/2008 10:57:24 AM)

quote:

ORIGINAL: deljefferson

When I looked into it, I was told that when you card is used as a credit, it takes a couple of day (at least 3) to be transferred. So I believe thats what threw me off.



That depends on your bank. Both the bank and the credit union I was had all the charges show up instantly. The exception is at gas stations because they process those charges in batches so it often shows up a few days later.

The trick is figuring out what works for you, because in the end it all comes out the same.. whether you spent 200 in cash or from the checking account. But yes you do need a way of recording the transactions so you know if you are overspending.

Maybe td jakes was referring to overdrafts, because it is very possible to reach negative balances in your checking account. You can't rely on it to say declined if you are at a zero balance.. it is a big money maker for banks. I do keep the receipts because mistakes happen and you can only dispute it if there is a receipt.



Harvie -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/10/2008 1:10:16 PM)

We use our ATM card about once a month, to get cash back at the grocery store. We promptly go home and record the amount so our account is reconciled.

All other purchases during the month are either made by cash (small purchases) or credit card. (We pay our credit card in full each month and get 1% cash back on every transaction.)



TonyRush -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/10/2008 2:13:37 PM)

Okay, after I got halfway through this thread, I realized that some of you are talking about one thing and calling it something else. To reduce confusion, an ATM card is NOT the same as a debit card. A debit card is a card that can be used for point-of-sale purchases as well as withdrawing cash from a bank account. An ATM card cannot be used for purchases.

So....with that out of the way. LOL.....
quote:

ORIGINAL: deljefferson

The reason I am asking is I was reading a book by TDJakes, 'God's Leading Lady and the part on finances really stuck with me. It said that you should not use your ATM card if you have problems recording every transaction and if you don't keep every receipt.
I have a similar opinion of TD Jakes as someone else mentioned earlier so let's just leave Jakes out of this for a moment. SHOULD you make a debit entry in your checkbook everytime you use your debit card? Sure. Do I? Nope. Not even close. I don't even carry a checkbook. I simply keep a close eye on my online banking screen so I'm aware that all the charges on the screen line up with what I know about my account activity.

As for feeling like you're "robbing God" just because you didn't write down a donation to TBN, two things come to mind: A.) Giving to TBN is not the same as giving to God. and B.) God isn't surprised at how the transaction went. So there's no need for you to feel guilty about it. He doesn't.

Just my two cents,
Tony



ta_mosquito -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/10/2008 3:28:30 PM)

quote:

God isn't surprised at how the transaction went. So there's no need for you to feel guilty about it. He doesn't.

Good point. He knew all along that there'd be an error and the charge wouldn't go through. [;)]



deljefferson -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/10/2008 5:58:13 PM)

You all have been very helpful. I am not good with finances and when you don't have much to begin with every penny matters. You all have given me some great wisdom based on your experiences, which is the best teacher. Yes it was a debit card. Sorry about the confusion Tony.

YOU ALL ARE DEEPLY APPRECIATED!



spiritchsr1 -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/11/2008 8:25:46 AM)

I don't use them. They are too easy to loose, and I feel that using ATMS are also very risky. I go into the bank, or write a check, or just don't buy at all, if I don't have the money with me.

Spiritchsr1



ofa23 -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/14/2008 12:16:17 AM)

I use my atm/debit visa card for most purchases and I write the amounts down in a check register. I rarely save receipts unless I know I may need it for a warrenty or to return the item. Its worked out great now for many years. I check online to make sure my balance and the banks are the same.



BlueAdept -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/14/2008 5:39:44 PM)

ATM - No problem
Debt card - Never use one.

I use a ATM card 2 times a month, normally to draw out the cash my family will need for the next 2 weeks. I don't write the PIN down, it is in my head, so I am less worried about getting hit with transactions that are not mine.

Debt card- I personally don't use them. The main reason is despite what the ads show, if it gets lost... the money is out of your account, you have to hope that the bank will put it back into your account AND credit (return) all the fees for NSF checks that result in transactions being processed. So if the bank thinks you are being less than honest, they might decide to NOT return your money. You money is gone, and you have a bunch of empty promises.

Credit Card - If that gets lost - It might sit on your account, but you file a dispute and it comes OFF your account. You have lost....NOTHING but time. Sure you might have a 50.00 charge you have to paid, but most places waive that.

Oh and here is another reason I refuse to use debit cards. I know a family in my church, that has been saving for 18 months to go on a vacation. They purcahsed their tickets.... on SKYBUS, with a debit card. Now the money is gone, and they are trying to get it back, but they are being told... you have to miss the flight prior to filing a dispute. The flight was planned for August. At least with a credit card, they can file a dispute today, but the money would still be in their account.



stellaluna -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/14/2008 8:21:34 PM)

My bank won't give you both an ATM card and a debit card. So I have the debit card. I rarely use it for cash because I rarely carry cash. I use the debit card for everything. I don't keep receipts, I don't balance my checking account. I keep track of everything online and if there's a problem I call the bank and dispute it. I've only had to do that once and I got my money back. My bank regularly calls me to have me verify expenses, to make sure I was the one that made the purchase. I have a good bank.

I only write one or two checks a month. For things that need a credit card--like plane tickets--I use a credit card.



zoebob -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/14/2008 8:51:32 PM)

quote:

My bank won't give you both an ATM card and a debit card.


Mine is the same card.

I actually rarely use mine. My primary source of income comes on a debit card separate from my bank account. I transfer what I need to the bank account to pay things that have to come out of there and use the other card for things like groceries, gas, paying for things at a store, etc.



trainfan -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/15/2008 1:40:30 PM)

I own my own business and have to say I don't have an ATM or debit card.

As for when transactions go through I think I can shed a little light on that. When people use their card in my store (I can only run debit cards as credit...long story) anyway if I run them and they don't have enough money in their account the transaction will be declined. The credit card machine sends in all the transactions for the day sometime in the middle of the night in a batch. So that may be why it takes a while for the tranactions to show up.

A side note as a small business owner. Many people are not aware that the stores they shop at have to pay a set transaction fee and a percentage of the sale on every credit/debit card transaction no matter if it's $.50 or $1,000. For big stores and chains this isn't a big deal b/c they make it up on the number of sales but for small local stores it can really add up. Unlike the ads from the credit card companies where the merchants dance when people use cards, I almost cringe when someone uses a card for a purchase of less than $5. You may want to consider carrying a small amount of cash (maybe $5-$10) around just for small purchases at small local retailers I'm sure they would appreciate it.



ta_mosquito -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/15/2008 1:47:09 PM)

Yep - and it's against the merchant agreement to charge a service fee for credit transactions under a certain dollar amount.



trainfan -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/15/2008 2:10:54 PM)

quote:

ORIGINAL: ta_mosquito

Yep - and it's against the merchant agreement to charge a service fee for credit transactions under a certain dollar amount.


If I remember correctly I can't charge service fees to the customer no matter the size of the transaction.



ta_mosquito -> RE: HOW DO YOU FEEL ABOUT ATM CARDS? (4/15/2008 2:27:43 PM)

Right. But merchants would be more tempted to charge a service fee for small ones, which is why I phrased it that way. [;)]



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