Comments on: Defeat Overdraft Fees and Debit Card Trickery Using Credit Card Smarts http://masteryourcard.com/blog/2009/09/09/defeat-overdraft-fees-and-debit-card-trickery-using-credit-card-smarts/ The best Credit Card Debt Blog online Wed, 02 May 2012 03:22:04 +0000 hourly 1 http://wordpress.org/?v= By: Debit, Credit, Charge It: Your Choices in Plastic | Master Your Card http://masteryourcard.com/blog/2009/09/09/defeat-overdraft-fees-and-debit-card-trickery-using-credit-card-smarts/comment-page-1/#comment-49869 Debit, Credit, Charge It: Your Choices in Plastic | Master Your Card Wed, 23 Sep 2009 13:41:08 +0000 http://masteryourcard.com/blog/?p=1627#comment-49869 [...] Just like the credit card, there’s a whole host of fees related to debit cards. You can avoid overdraft fees (which garners the most complaints)  by either canceling your overdraft protection or simply not [...] [...] Just like the credit card, there’s a whole host of fees related to debit cards. You can avoid overdraft fees (which garners the most complaints)  by either canceling your overdraft protection or simply not [...]

]]> By: Weekly Mashup: Training the New Doggy | My Life ROI, Getting the Best Return On Life http://masteryourcard.com/blog/2009/09/09/defeat-overdraft-fees-and-debit-card-trickery-using-credit-card-smarts/comment-page-1/#comment-49427 Weekly Mashup: Training the New Doggy | My Life ROI, Getting the Best Return On Life Wed, 16 Sep 2009 10:33:30 +0000 http://masteryourcard.com/blog/?p=1627#comment-49427 [...] Defeat Your Overdraft Fees with Master Your Card. There is no reason to pay fees when you are attempting to use your own money. [...] [...] Defeat Your Overdraft Fees with Master Your Card. There is no reason to pay fees when you are attempting to use your own money. [...]

]]> By: Elisa@Thrive.com http://masteryourcard.com/blog/2009/09/09/defeat-overdraft-fees-and-debit-card-trickery-using-credit-card-smarts/comment-page-1/#comment-49093 Elisa@Thrive.com Wed, 09 Sep 2009 20:31:38 +0000 http://masteryourcard.com/blog/?p=1627#comment-49093 Keeping tabs on your accounts keeps fees at bay! Thanks for mentioning Thrive. We're happy to help in any way we can. Keeping tabs on your accounts keeps fees at bay!

Thanks for mentioning Thrive. We’re happy to help in any way we can.

]]> By: matt@Thrive http://masteryourcard.com/blog/2009/09/09/defeat-overdraft-fees-and-debit-card-trickery-using-credit-card-smarts/comment-page-1/#comment-49085 matt@Thrive Wed, 09 Sep 2009 17:44:05 +0000 http://masteryourcard.com/blog/?p=1627#comment-49085 People ask me all the time, as the psychologist at Thrive, what fees bother me the most and by far the most bizarre fee that I have never quite come to terms with is the fee some banks charge when people link their debit to their savings account. It isn't as though your money is actually stored in different places; the bank is not moving money from the savings pile into the overspent checking pile. The money move is virtual, and it all comes from the same pot. What makes this particularly troubling is that banks are taking advantage of one of the fundamental truths about human psychology: once we move money in savings, we don't like to move it out. Because of mental accounting, savings money becomes "untouchable" and people are reluctant to move it to checking in order to cover their overspending. Knowing this, and charging people to avoid that painful psychological move, banks make a fortune by charging fees on actions that cost them, quite literally, nothing at all. People ask me all the time, as the psychologist at Thrive, what fees bother me the most and by far the most bizarre fee that I have never quite come to terms with is the fee some banks charge when people link their debit to their savings account. It isn’t as though your money is actually stored in different places; the bank is not moving money from the savings pile into the overspent checking pile. The money move is virtual, and it all comes from the same pot.

What makes this particularly troubling is that banks are taking advantage of one of the fundamental truths about human psychology: once we move money in savings, we don’t like to move it out. Because of mental accounting, savings money becomes “untouchable” and people are reluctant to move it to checking in order to cover their overspending. Knowing this, and charging people to avoid that painful psychological move, banks make a fortune by charging fees on actions that cost them, quite literally, nothing at all.

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