SS17's bank account
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SS17 has a bank account through our bank. He's had several issues with overdrafting his savings account in the past (by making numerous transfers), which we made him pay for. The bank eventually shut his savings account down and just left him with a checking account. I just got notification, this morning, that he's overdrafted his checking account now! He has NO sense, whatsoever! DH and I have tried to teach him how to maintain his accounts, but he doesn't listen. He was required to take a Financial Literacy course in his Freshman year, which he failed. I think his job requires him to have a checking account. I don't know what he's going to do when DH shuts his account down for his stupidity! LOL
"why is the bank putting thru
"why is the bank putting thru these charges???"
So they can charge him fees.
He doesn't write checks, just
He doesn't write checks, just uses the debit card. I called his work, they said if he does't have a checking account to deposit his check into then they will issue him a type of debit card. Not sure how that works, exactly, but somehow he needs to learn how to manage his money better.
I have been paid through a
I have been paid through a debit card before. It works just like a bank card. His pay will be deposited to that card every payday. It will be much better than him having a bank account because it will not allow him to spend money he doesn't have. If he tries to make a purchase and doesn't have the funds, it will be declined. And there will most likely be an app that goes along with it that will show his transactions.
Thank you for that
Thank you for that information! I do appreciate it!
You can go to the bank and
You can go to the bank and put on file that any charges that hit when there isn't enough money will not go through, it'll be declined. I'm not sure if all states are the same but where I live they have to offer you that option by law--it's to prevent really stupid people from getting into a ton of debt because they just keep using a card attached to an empty account.
I seriously do not think you
I seriously do not think you should be doing anything anyways like placing a restriction on his acccount. HE IS 17 YEARS OLD. Too old for that shit. Let him learn on his own. Let him get charged for overdraft fees which depending on your bank is almost 40 dollars. Every time he gets paid, he would have to give the bank money back. Couple of times of that and he will learn. I am sure he doesnt want to be loosing the money he is working for. Trust me I am 23 and was in his place not too long ago... and I am still learning to be an "adult" lol
The debit card thing may be a
The debit card thing may be a good thing for him. The last 7 years of our CO the CSE office wanted my wife to take a CS debit card rather than having CS direct deposited to one of our accounts. My bride (the CPA) of course did not agree to a debit card and instead we set up a zero balance requirement online checking account that auto forwarded 100% of any deposits to other accounts. With the debit card the employer or in the case of CSE usually has the ability to reverse deposits from your account in the event that they make a mistake and over pay. To avoid this we kept a zero balance in our CS receiving account which also did not allow for overdraft. No money in the account and even the CSE office could not take any money.
With my foreign workforce we use the same system. We pay everyone on a debit card drawn on our payroll bank. This lets the workforce buy what they want using debit transactions and they can transfer money to their home country. We do not back overpayments out but we do deduct overpayments from the next month's payroll.
Great info, Rags, thank you!
Great info, Rags, thank you! I will pass it on to DH, because ultimately the decision to do this falls on him.
I asked DH what he intends to
I asked DH what he intends to do about his son overdrawing again, and he said we'll have to take him to the bank to close that account and he'll just have to sign up for the debit card that his work provides! To which I said, well, he should love that actually because then we won't be able to see what he's spending his money on at all! I'm glad, actually! That will be one less thing that DH monitors and gets angry about. It's like a broken record, SS17 blows his money left and right, DH sees it and gripes about it...nothing changes. SS17 is going to have a hard life ahead of him, since he chooses not to listen to our suggestions time and time again.
We don't bail him out of
We don't bail him out of anything. He has to pay for his mistakes. DH doesn't give him ANY money for ANYTHING. His reasoning is because the boy doesn't listen and won't learn. So, he's not helping him out period.