Electronic purchasing systems, which allow us to pay for goods and services by debit card, and ATMs or cash machines, do not always reject a payment that sends you into the red, and the system may simply go ahead and authorize the transaction, even if you have no overdraft agreement with the bank. A hefty fine is still imposed because the onus is on you to maintain awareness of your financial position at all times.
Furthermore, you may check your account balance one day and find you’ve got just enough funds for a night out, so you make an appropriate withdrawal. What you don’t see is the transaction you made for groceries the other day hasn’t yet gone through. You then discover, while nursing your hangover, that you’re not only 50 quid overdrawn but the bank has slapped a 30 quid fine on you just to make your head swim a bit more.
And while you’re at it, watch out for monthly bank charges tipping the balance, too.
Yes, in the digital age, it pays to keep a careful eye on the digits
Managing my money better – simple!! I should have thought of that!
Your post was just what I needed. It’s made my day!
And the new releases of the credit card systems provide us the many benefits of buying things without cash, and payment can be made by bank transaction with interest later.
I know a lot, if not all Leeds Met students currently pay only £2500. So what’s the situation going to be for them? Are their course fees going up to £5000, or doubling to £10000!?
Or are they going to do it as a percentage, so that their fee’s go up 66% per year too? Either way, its ridiculous!