Skip to main content

DISCLOSURES - Cookies

I think this site uses cookies to analyze traffic and for ads measurement purposes. I'm not really sure, I don't do techy stuff. I built it on Google's Blogger platform, ask them. I put this here because some IDIOT BONEHEADS thought you needed new laws. Here're some links if you want more information.

DISCLOSURES

Some lawyers stay up at night trying to ruin free society and create new rules. Therefore, here are the disclosures I must have that you probably won't read.

The Debit Card | Your best friend, or mortal enemy... preventing overdrafts.


Neil Turner Debit Card


The use of debit cards can also be a major source of overdrafts. 


If you go to the store and the machine asks you “Debit” or “Credit” you can use either one as long as your bank card has a Visa/MasterCard logo. 

  • If it does not have that logo you may only use “Debit”.  If you select “Debit” the machine will then ask for your pin number. 
  • If you select the “credit” option you will not need the pin. You only sign for the purchase or enter your zip code.


~Debit~


If you say “Debit” and use your PIN (Personal Identification Number) the machine will run that purchase request through a Point of Sale Network, (P.O.S.)

The most common POS networks are STAR, Interlink, and Plus. These are the same Networks used to get money from an ATM machine. When you use the card as a POS transaction it will be sent to the bank the same business day in which it is done. 

This means it will show immediately as pending then post that business day. If done before the cut off time on Friday the transaction will be processed Friday night and post Saturday morning. If done on Friday after the cut off time it will go through possessing Monday night and post Tuesday morning.

~Credit~


If you say credit at that same machine and swipe that same debit card with the Visa/MasterCard logo, you will think you did the same thing.

This time it asks for your signature and or zip code. This time the transaction will go through the Visa or MasterCard Network.

This is different in a few ways.
            
Credit is similar in that the transaction will still “Pend” to your account[1]. The credit function of your card is also similar in that both types of transactions come directly from your account.
            
Important note: This is NOT a credit / charge card. When you use a charge card or a credit card you build a balance which you pay back later. And a debit card whether you use “Debit” or “Credit” still comes out of your Checking Account.
But then the rest leads to some confusion...

~Confusion~


When you use the credit key the merchant receives an authorization to use the card.

Whatever the original amount authorized is, will often show as pending to the account. At a grocery store the amount will usually pend correct because the amount authorized was your final amount unless you realize after the card was swiped that there was a problem with the amount. 

However if the amount was wrong (or you authorized it for an amount other than the final amount) than the amount showing as pending will be wrong, it will be the first amount swiped.

Restaurants and Gas stations often pend for wrong amounts, such as for $1 or 20% over your bill. Online or Catalog orders will often show as pending the day of the order, fall off, and then post once the item ships, which can be months later if it is back ordered. 

Some smaller merchants don’t batch daily or get backed up and may not catch a missed receipt for some time. Merchant or machine errors may cause items to pend two or three at a time, usually this corrects itself within a few days. Rental car companies will authorize a deposit which will pend and disappear. 

These are just a few of the more common reasons your card transactions can be just as hard to track as checks.

~Other Issues~

            
These are some examples of the many reasons pending amounts will be different than the final purchase.

Also sometimes a problem with a purchase will cause more than one of the same amount from the same store to pend. These authorizations will typically show as pending for 3-5 business days before posting for the correct amount.

Sometimes when more than one of the same transactions pend, one will post and the others will still pend then disappear a few days later. This is because the merchant must submit an intention to finalize before the item can post.  

If the card was swiped and you then canceled the transaction or voided it than it will still show as pending to your account for 3-5 business days unless that merchant calls and releases the transaction. If the item is right but the merchant is slow to submit the intention to finalize the transaction may show as pending in your balance, disappear after 3-5 business days, and then be added back to your balance and post 2 weeks, 2 months, or a year later. This is why you keep every receipt and write every transaction in your register. 

You cannot know what hasn't posted without a written record.

            
These are problems only when you are calling to check balances and assuming that the balance you hear is your correct balance.

This is not always true.

People who write checks are used to understanding that checks may be outstanding and if they call for the balance they have to account for checks that have been written and not cleared.

People who are younger and don’t write checks aren’t so used to the concept, but they should be. The balance in your register is the only balance you should ever trust.

This may come as a surprise to some:

When you call or go online or check the balance at the ATM, you are not getting your real balance. 

That balance doesn’t mean anything to you unless you understand how it relates to the transactions that have and have not yet cleared. 

The reason you check with the bank is not to check a balance but to check and see which items have cleared and posted and which items have not. 

This allows you to update your register.




[1] Reflected in available balance but not yet processed.




The Insider

The Insider is a BIG fan of Dave Ramsey:

  • Go read/listen/watch Dave Ramsey and he'll teach you how to do it right!
  • Listen to The Dave Ramsey Show (HERE)

Comments

DISCLOSURES

DISCLOSURES

Some lawyers stay up at night trying to ruin free society and create new rules. Therefore, here are the disclosures I must have that you probably won't read.

Sign Up

Consider Supporting This Site: Become a Patron! Sign Up so you don't miss a post:

Special Delivery

* indicates required

View previous campaigns.

Powered by MailChimp

Darrell's Reading List


Here are some books I've been reading lately:
  • Hacker: The Outlaw Chronicles (here) by Ted Dekker (Author). The story of a young Hacker girl, who went on a wild adventure into the supernatural realm beyond trying to save her mom, but saved her self too in the process.
  • Saint: A Paradise Novel (here) by Ted Dekker (Author). He's an assassin, or is he? He finds a secret to his past that unlocks supernatural abilities, at a cost.
  • For a full list of all my book suggestions, see my Amazon Store.

Popular posts from this blog

The W Story Structure - 4 Sequence Story Structure

Out of everything I've ever read on story structure for fiction writing, the W-Story Structure makes the most sense to me. If you'd rather view these as Acts (3-Act or 4-Act) you can overlay that on this W and it still works.



Glen C. Strathy writes (in much more detail here) in his article, The W-Plot vs. The Dramatica Model of Story Structure. There are four sequences for most stories. Each of the four legs of the W is comprised of a sequence of events that lead the story along to it's natural conclusion.

Sequence 1: setting up the problem (creating tension)Sequence 2: recovering from the problem (new ideas, positive momentum)Sequence 3: deepening of the problemSequence 4: the resolution of the problem (new light or understanding)

Sequence 1: setting up the problem (creating tension)
The Inciting Event (the event that is at the heart of the reason this story happened) may have occurred before your story begins, and often does. In King Arthur: Legend of the Sword (2017), th…

Church Notes @Gatewaypeople

Church Notes @Gatewaypeople
03/09/2014
Church Survey from 7 years ago.

Overview

1. Exploring God. Attending Church but not saved yet. Fellowship
T-the cross divides here...

2. Beginning in God. Relationship.

3. Close to God. Discipleship.

4. God Centered. Lordship.

Mark 4

Seed fell on four groups.



Levels of Friendship

1. Don't talk
 - Its not works.
 - ?
 - Free Gift .

Grace

2. Became Friends

God's Word

3. Talk Often. Best Friends

Giving


4. Committed into death.





Note*
What if you take what you HATE to do and use it as a chance to do what you LOVE to do???



Topic: No More Facebook... for 28 days or more?

I Deactivated Facebook... for 28 days.
I'm not sure why yet.
I wasn't using it much, and when I did I found it distracting, in a non-productive way. I left Twitter up for now, and Google+ is so pervasive that I'd have to delete ALL my Google activity/accounts in order to walk away from it.

Deactivating is not the same as Deleting, that would be permanent. I set Facebook to auto-reactivate in 28 days. I want to run this as an experiment. Can I make it 28 days without Facebook? I think so. I may come back. I'm not sure yet.

What could I accomplish in the next 28 days? Write a new book? Publish some new posts? Work overtime at my job? I don't know. I'd like this to be more purposeful.
28 days from Dec 27, 2014Want to figure out the date that is exactly twenty-eight days from Dec 27, 2014 without counting?
Your starting date is December 27, 2014 so that means that 28 days later would be January 24, 2015.
You can check this by using the date difference calculator to meas…

Eradicate the word "had" from your writing.

I have been writing for years, first as a hobbiest with passing intrest, then semi-professionally as a blogger, then professionally as a Complaints Reporter and Letter Writers, and now as Technical Writer working on Policy & Procedure (P&P). In that time, I've had the opportunity to edit other's work even more often than my own.

Had is an easy way to clean up your manuscriptAmong the most common pitfalls I've seen, in both Nonfiction and Fiction writing, is the word "HAD". You can almost always simply delete it, and it the sentence will not only remain fully intact, but the meaning will be clearer.

I notice it in my writing, in my Letter Writers, and I've seen it three times today in other authors at Scribophile. Below are the works I critiqued/edited today.

Both are examples of good storytelling and world building. Both have edit issues to work out to be ready for publishing.

Both are examples of how incomplete craft (my own included) can be overcoming b…

FICO

$ 14  FICO
W hat is a FICO score? Many people want to know what a FICO score is. FICO stands for the Fair Isaac Corporation, founded in 1956 and in 2009 renamed: FICO. This is the one company that has more control over your interest rates and loan approvals than any other. They review your credit reports and create a score based on the information found there.
            The formula that determines that score is TOP SECRET. The banks don't even know it. We do know a few things about the score though.  The Credit Scores can vary from 300 to 850, recently information has come out that it may go into the 900's now. A “Good Score” is hard to determine because different lenders have different cut off marks. According to Wikipedia the average marker in the USA is about 640.[1]This score is about the breaking point between bad and good. Typically, though, banks are looking for scores in the 700’s
~DSR or DTI~             The better your score the better the interest rate and the higher th…

Archive

Show more

Other sites I follow: