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These Debit Cards Are Trying To Keep Us In The Dark
debit cards can be dangerous when they catch you at vulnerable point when disguise your account balance and trick you into racking up multiple overdraft charges month after month
I am truly disgusted with using debit cards and this is a lesson that I have had to learned the hard way, which had exposed the various risks of using a debit card. To make sure I wouldnt overdraw my bank account, I had checked my online bank statement. And since it had showed $100 in my checking account, I kind of felt that I could make a few small purchases a couple of days before I got my paycheck. So with me using my debit card, I went to buy some groceries and some gas which had came out to about $85.
although the balance in my account was what I thought to be more than enough money to cover the prices of the Items I bought, I just happened to check my account about ten days later, I had found out that Hellsfarlow bank had raped my checking account for $120 in overdraft charges.
I really couldn’t even figure out what exactly what was going on, cause I knew I had the money in the bank. I had checked my account online. But what I did not know is that these banks will put a pre-authorization hold on your checking account every time you make a purchase. In situations where the exact amount of the transaction isn’t taken from your account at the time of purchase, but it does make sense that a merchant would want to reserve a little more to cover their transaction. Now think about if you gave your debit card to a waiter for a tip or you were at a gas station, where the merchant is likely to wait for an approval of a higher amount after you used the card. Plus the car rental companies that accept debit cards will routinely place holds on your card in the amounts of $300 to $500.
And where I got caught up at is when the pre-authorization hold the gas station put on my account resulted in overdrafts on at least 5 other small transactions even a $2 cup of coffee and Im talking about a overdraft charge of 35 dollars on each transaction. I think that Ive paid over $4,000 in overdraft fees because of this corrupt bank and evil debit card.
By not knowing whats going on with your account you can end up going deep into debt from using a debit card, and if banks don’t give you a warning when you’re going over, how would you know? And think about how many banks offer free checking when they intend to rape you for hundreds of dollars a month, so as of now I won’t touch a debit card anymore. Im using cash and money orders only.
These pre-authorization holds placed by the merchants are just one of the factors that make it very difficult, if not impossible for a depositor to know their available account balance. It’s becoming more difficult to tell when a transaction hits an account and what is your current account balance. So beware of the evil debit card as I know what damages can be caused from experience.