idiot-stick

I bank w/Wachovia so I might look into that with the Mrs. I probably use my card about 20x per month at stores and 5x a month at the ATM. Can't stand having < $60 or so cash in my wallet. I use cash a lot. Im old school

stenseltizm

so wait all it does is transfer $1 from your checking to your savings? No one else thinks that's completely stupid? I could understand if they were giving you something, but just transfering your money around needlessly? Retarded. If you want to put money into your savings, transfer it into your savings when you deposit the check and then it will earn your interest rate longer than when it gets put into savings $1 at a time throughout the month.

cbirchmore

Yea, but what NORMAL savings accounts pay 5.00% APY Not any that we have. You have to understand that financial institutions offer promotions.. A normal savings w/ $10,000 would pay 0.15% APY. So, you tell me what's different and what's stupid. ALSO, we pay a 5.00% bonus after 12 months. So, everything that's Xferred to your savings, PLUS all interest, will earn a 5.00% bonus at the end of a year.. doesn't sound stupid to me. Earning 10.00% APY on my money..

bluerex

caaaash only please

stenseltizm

now that makes much more sense. didn't pay attention to the % rates my bad

BigD

Now only if I had money to put into savings

cbirchmore

Honestly, you bring yourself to not think about it. If you keep an accurate record of your transactions, you know what amount of $$$ you have. In my case, if I spend $24.82, I actually write it down as $26.00. Reason 1: I have always rounded up to the nearest dollar to avoid overdrafts. Think, if you round up, you provide yourself with a "cushion" just in case. Reason 2: the $1.00 that is transferred to my savings account. So, I spend $24 and some change, and write it as $26. Honestly, who is going to notice that small amount?

Dr.Boost

So, let's say I have $36.72 in my checking account. I swipe a transaction for $35.75 at the grocery store. They charge it up as $36.75 with the extra $1. Am I going to get fucked in the *** in overage fees because of that $1 they trasnfered into my savings?

That's how my bank rolls. They even sent me a letter telling me this exact thing. That's why I transfer the money directly back into my checking account. I have high interest debt so keeping money in a low interest savings account isn't the best option for me right now.
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cbirchmore

If you have $36.72 in your checking account, and spend $35.75, your transaction will process as $35.75, and it will always process as whatever amount you spend. In this case, the $1 would not be transferred to the savings account, leaving you with a balance of $0.97. The transfers would resume after your next transaction (providing the funds are sufficient). So, you wouldn't be "fucked in the *** in overage fees because of that $1". High Interest debt + low interest savings= . The common misunderstanding is that of which you've just referred to. Everyone thinks that since we're transferring $1, that it automatically jacks up the amount of thr transaction, when in all actuality, the transaction stays the same, and you see a transfer in your account.. got it?

Dr.Boost

So if the $1 isn't there, they don't transfer it? If I don't have at least $25 in my account on the 15th of the month they will transfer it and charge my checking account an overage fee. They even sent me a letter telling me this is what they're going to do. If that were to ever happen I would close my account ASAP and make sure to make a scene when I left.
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