Beachgirl
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| Debit card purchases |
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G'day!
I'm interested in open a checking account with a credit union. One requirement for this account is make at least 12 debit card purchases each month. Well, I'm doing grocery about once week and apart from that using my current debit card rarely. Also, I'm going to work abroad for a while so I won't use my debit card for a while.
So I'm wondering whether there is a way of increasing the number of "debit card purchases" without doing any purchases? Is there a savings account around which allows you to pay in by using a debit card? More concretely, you would log in online into your savings account and then request a payment into it by entering your debit card details. That way this savings transaction would look a debit card purchase.
Thanks!
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Tue Feb 08, 2011 10:35 pm |
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Spradle
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Well, I buy everything with my debit card, so that is really easy for me. . . (although it still seems strange that they would require this of you.)
If you are worried about completing this requirement, maybe when you buy your groceries you could check out as two or three or four or five different people  It would be easy at the self checkouts.
Buy gas with your card
Anything online you are going to buy, buy with your card
Pay your bills with your card.
That's my two bits!
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Wed Feb 09, 2011 12:38 am |
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MrPolarZero
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I think you can simply put your other transactions into the debit card. Since you just need to make a set number of purchases, then you can simply set the ones that you regularly pay for, such as bills.
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Wed Feb 09, 2011 5:00 am |
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jeffreymint
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Debit card use is what we would be using more in the near future. Actually we have started to do that these days. I myself find it rather fine. Hassle free from bringing in cash and no coins in my pockets too! Maybe it's just me, but I like it.
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Wed Feb 09, 2011 6:24 am |
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Beachgirl
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Thanks for all the answers.
I know it sounds weird - but my question is: can one increase transactions considered to be "debit card purchases" *without* buying anything?
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Thu Feb 10, 2011 7:11 am |
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coaster
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I don't think you'll find the type of account you describe because there's a fee assessed the recipient of the funds (the "merchant fee") so it's only used for transactions where there's an overhead that can cover that fee.
12 debits a month really isn't all that many. I'm sure you're making more transactions than groceries that you could use it for. You never go to Mickey D's ? 
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Thu Feb 10, 2011 7:25 am |
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RichS
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Did the credit union give you a reason for the 12 debit card uses per month other than it's their requirement? See if it makes sense to you and if not then try another financial institution.
There is so much competition out there that such a restriction may not be necessary if you go somewhere else. My commercial bank gives me 5 debit card transactions per month and then they start to charge me from the 6th on. So you can see that this is much different than the credit union. That is why you need to shop around. Good luck!
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Thu Feb 10, 2011 3:49 pm |
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coaster
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Rich's post (great suggestions) gave me an idea ..... if you want to stay with this credit union, see if they'll WAIVE the 12-debits requirement for you (or reduce it to what works for you) ..... as he says, there's a lot of competition out there. So take advantage of it.
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Thu Feb 10, 2011 4:28 pm |
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Beachgirl
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I guess I have to explain things more in detail. The main purpose for me in getting that checking account with that credit union is that it pays an interest above 3%. There are many banks which also offer a high interest checking account. But their requirement is a direct deposit *and* a minimum number of debit card purchases. The credit union I've found are among those who only require a minimum number of debit card purchases without asking for a direct deposit (my employer is not able to offer direct deposits). I already have a free checking account without any requirements or restrictions - however, this account doesn't pay any interest.
I've lived for a while in the UK - and there was one 'building society' (which is presumably the British equivalent to a credit union) which offered an online savings account. It was possible to make deposits into that savings account using the debit card from another bank. That is why I'm wondering whether are any US savings account which also allow deposits via a debit card.
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Thu Feb 10, 2011 9:38 pm |
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coaster
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Their regulations are different, but if you find any here, please let us know!!
We have a few UK members. If they happen to catch this thread, maybe they might know why that's permitted there.
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Fri Feb 11, 2011 7:20 am |
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Beachgirl
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quote:
Originally posted by coaster
We have a few UK members. If they happen to catch this thread, maybe they might know why that's permitted there.
Well, I would rather re-phrase: why shouldn't it be allowed here? Not allowing it seems like a non-sense regulation.
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Fri Feb 11, 2011 8:31 am |
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coaster
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I don't know that it's not allowed here; and I didn't say that.
I said that it doesn't make sense from the standpoint of making a profit here, based on the way that debit transactions are handled. If you were a bank and you had to pay a processor $2.50 for every $100 someone deposited (who expected to see a deposit of $100 in their account), how would you make a profit? And if the transaction fee was passed on to the depositor, who would deposit any money in that bank when they saw a deposit of $97.50 on their receiving account statement, when they had $100 debited to the source account?
Does that make sense now?
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Fri Feb 11, 2011 4:20 pm |
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jeffreymint
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quote:
Originally posted by Beachgirl
Thanks for all the answers.
I know it sounds weird - but my question is: can one increase transactions considered to be "debit card purchases" *without* buying anything?
I do not think that your credit liabilty.; Suppressing it would not be so good also that rest is just around the corners too.
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Mon Feb 21, 2011 3:56 pm |
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Beachgirl
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quote:
Originally posted by jeffreymint
I do not think that your credit liabilty.; Suppressing it would not be so good also that rest is just around the corners too.
It would be helpful if you could say this in English.
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Tue Feb 22, 2011 10:20 am |
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jeffreymint
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quote:
Originally posted by Beachgirl
Thanks for all the answers.
I know it sounds weird - but my question is: can one increase transactions considered to be "debit card purchases" *without* buying anything?
Yes I get your point. In any case that I happen to know or read that there is a actually a way to do this, I will post it in here. I use my debit card most of the time so I can ask some. It won't hurt. Can help me know a thing or two too.
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Wed Feb 23, 2011 2:36 pm |
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