Daily friendly advice from your local finance nerd

[Charley]

If you are going to make a purchase with a check/debit card, and the cashier asks you whether you want to process the purchase as debit or credit, always choose credit.

There is no difference in how the money is withdrawn from your account. You won't receive a bill at the end of the month with some unknown APR stuck on the end of it. What you will do is not have to reveal your PIN by punching it in. That, and the transaction will take longer to clear, meaning if you goofed and overdrew on a purchase, more time for you to replenish your account.

Just a little dirty secret nobody in the industry seems to tell people.

[Ka' el Darcverse]

That and most banks like to charge a small fee for each debit charge. I found that out after about 50 transactions and I realized I was out $50 :/

[Darth Vader]

That's also true. You're subject to the whims of your account. Some are better than others.

If you like to shop for these sorts of things, go <a href=http://www.bankrate.com>here</a> and see what's best for you.

[Xazor Elessar]

Thanks for the tip, Charley -- I was just thinking about this myself and I had no clue, until it was too late, that they charge me for using my debit card.

:rolleyes What a rip!

(sidenote: I'm glad I didn't leave that card in my wallet the other day)

[Tear]

Also be wary if the cashier says the transaction didnt go through and to try it again. Not really a finacial tip but more of a consumer beware one. It happens alot but one time my mother had it happen to her and found out the casheir stole her info (because it did go through the first time)

The bank caught it since its unusual for her account to be fed lil bits of money over the course of the day then a huge withdrawl at the end of it. (the guy bought a big screen tv:rolleyes )

Anyway she was lucky cause she caught the guy but just becareful when the cashier asks you to try again.

[AmazonBabe]

Iiiiiiiiiiiiiiiiiiiiiinteresting tip. Thanks Charley. :)

[Azhure Darkstone]

Ah, every thing is corrupt these days! *does a dramatic sigh*

Tip taken into account.

[Sable]

Originally posted by Tear
Also be wary if the cashier says the transaction didnt go through and to try it again. Not really a finacial tip but more of a consumer beware one. It happens alot but one time my mother had it happen to her and found out the casheir stole her info (because it did go through the first time)

The bank caught it since its unusual for her account to be fed lil bits of money over the course of the day then a huge withdrawl at the end of it. (the guy bought a big screen tv:rolleyes )

Anyway she was lucky cause she caught the guy but just becareful when the cashier asks you to try again.

Situations like that are very rare - I know, I am a cashier. When the debit/credit card machine responds with a transaction failed message we have to run the card through again. Many times the magnetic strip on the back of the card is worn or has become de-magnetized. Or, as what has happened recently, the bank sends out a bad batch of cards. If we get 2-3 transactions failed in a row one of two things has happened: A.) The network is on the fritz (yes, this just happened at the store I work at); and B.) The process has timed out.

Here are some more tips for you customers out there:

Credit Card holders: DO NOT sign the back of your credit cards. Instead, write SEE ID or SEE PHOTO ID. The cashier must check the back of the card and if they don't do that - or if they do but they fail to request ID - I'd tell the cashier to stop what they are doing and inform the cashier you want to see the manager immediately. I always request ID in those situations and I also request ID on purchases that total $100 or more. I am thanked many times over by the customer for doing that. Report the cashier to the manager for failing to check the back of the card/failing to request ID.

When writing a check for a purchase, many places will ask for a photo ID. Most supply their driver's license which the cashiers jot down the DL#, Expiration date, amount of sale and the cashiers initials in the 4 part grid across the top of the check.

Many establishments will refuse to accept a check without a photo ID and yes this is legal for them to do. The reason why they get this information is that in the event your check bounces and you do not cover it, they can and will have your drivers license suspended - and yes, they can legally do that.

What most do not know is this: It is illegal for a retail store to refuse to accept your check if you do not have a drivers license but do have a passport, state ID or military ID with you. Student ID's are not an acceptable form of photo ID for making a purchase with a check.

Also, please do not get upset or annoyed with the cashier for asking for photo identification. This isn't just for the protection of the business, but it is for your protection as well. If someone had stolen your checkbook and the retailers didnt' require a photo ID, you'd be out quite a bit of money.

More tips and advice from one in the business:

Be sure to ask about and fully understand the store's return policy. Where I work, the policy for a cash refund is the return must be made within 60 days and with the original receipt. No receipt, you get a store exchange card valid only in our store. Beyond 60 days - tough, you're out of luck.

If you purchase a breakable item, the moment you walk out of the store, the store is no longer responsible for what happens to it. You break it in the parking lot, oh well.

Made a purchase with a check and you want to return the item? If you want a cash refund, wait ten days so the check clears then return the item. Other than that, you have 2 choices: Store credit or wait the ten days.

While awaiting your turn in the checkout lane, if you know you are going to be writing a check - fill out everything on the check that you can - pay to the order of, date, your signature. Fill in the DL# and expiration but the cashier will still ask to see your ID to verify the information is accurate.

Got a cart? Don't just leave the cart at the end of the register, in the aisle or in front of the doors. Carts are always located right by the doors so there is no reason why customers cannot push the cart two extra feet away from the door to return it from where they got it from as they leave.

Know the stores hours of operations. Where I work, we are closed sundays and open Monday - Friday from 9 am - 8 pm. I cannot tell you how many times I'll be locking the doors to have people come up and look shocked that we're closing. READ THE SIGN POSTED ON THE DOOR - its only right there in front of your faces :)

READ ADS CAREFULLY- Remember, just because there is an item placed on a shelf that may contain sale items, does not mean that item is included in the currently running sale. Just as children do at home, people do just stick items they do not want anywhere they feel like as they walk around the store. What these same lazy people do not realize is that those who work at the store have to spend 2-4 hours per night after working a 8- 12 hour shift cleaning up after the customers who come in an trash the aisles. We do have families and loved ones we would like to be at home with too. Be kind and please dont just leave things where they do not belong.

If an employee has helped you out, gone out of their way to help you out, don't just verbally state this to the manager and please don't keep quiet. Email the store and their corporate offices. No, we do not get financial rewards but we are told about letters - both good and bad - that are written in about us. It makes us feel good to know that there are people who appreciated the time we took to make sure they were very well taken care of.

Eh, I'll end this here. There is just too much common courtesy that is forgotten daily by both customers and cashiers to post here.

[Ryla Relvinian]

Dear Lord, Sable, you are so right. :)

For a while, when our machine was broken, we were forced to run through credit cards by manually entering the numbers, which, you may or may not know, is a BIG NO NO because it leads to... problems.

Ugh, that was a terrible day.

Anyway, the good thing about running it as a credit is that you can force-reverse the charges if something goes wonky, which you can't on a debit. (I learned this one the hard way, after being screwed out of about fifty bucks over an online purchase... long story.) :(

[Taataani Meorrrei]

Very good tips as far as photo ID on the cards and checks.

Here are more tips:

Don't put any information on your checks. Address, telephone number, SSN, NONE OF THESE. They aren't needed.

Don't give out your SSN. Ever. Insist on another method of ID.

On some unrelated financial tips:

Are you a young professional, or a wannabe? Striking it out on your own, and getting a job to support yourself? If you're considering insurance, let me give you some advice. Shop for health & disability coverage, and don't give life insurance a second thought. Unless you're a parent, or your parents are in a state of dependency, there is absolutely no need for you to purchase coverage on this. However, I cannot emphasize how important health & disability coverage is for somebody who is just entering the workforce. Get it now while you're young & healthy, and get it cheap.

[Ishan Shade]

Nice advice..:thumbup

[imported_Eve]

Originally posted by Taataani Meorrrei
Don't put any information on your checks. Address, telephone number, SSN, NONE OF THESE. They aren't needed.

Don't give out your SSN. Ever. Insist on another method of ID.


In my business these things are required. So, if you ever want to rent an apartment, you need all that. Any place that does a background check on you (which most employers, renters, loan consultants, etc. do) needs all that.

And being a college student, you should also know your SS# is required everywhere.

You're also assuming that no one ever bounces checks, and that is precisely the reason that information is on your check. People write bad checks every day. If you didn't have any of that information on the check, you couldn't track that person down. You can not call a bank and ask them to give you information for an account number (which, if left up to you, is all that would be on the check) because that information is confidential.

You always have the option of paying in certified funds to places like apartment communities, if you're paranoid about writing a check. At cashiers, you can pay cash (which requires you give up no information). But you're not even going to get in to a decent community without giving up that social at some point. And its for YOUR protection. If we didn't ask for that social, you could be living next to a sex offender or murderer and never know it.

1 - Your tips are great for the customer, but not for the business.

2 - If any business requires any personal information from you, they have an obligation under the law to keep that information confidential. Does that always happen? No. When some delinquent employee takes the info and runs with it, you're screwed. Here, is when giving up that social is good - background checks. At least you can be assured that if any of the cashiers had come up with a history of theft, they wouldn't be processing your information. What company would do that? They're just asking to be robbed. If the company puts a known theif or criminal at the register, they are liable for any problems you run into.

A few tips from me:

I used to wait tables, and here more than anywhere, common courtesy is dead.

You should tip at least 15%, not 10%, given that you get appropriate service. This is the standard because the cost of living went up, while base wage for waiters did not.

And if you go out in a large party, a dollar per person does not cover the gratuity. Ask for seperate checks when you go out in a large party. Someone always fails to put in his share, and usually large parties don't even end up paying the whole bill, much less the tip.

Please remember that your waiter probably has several other tables besides yours, and sometimes the idiot 16 year old hostesses seat your waiter with five parties at once.

In Colorado, waiters make 2.13/hour and depend significantly on tips. If you can not afford to reward someone for good service appropriately, then go to McDonalds instead (where tips aren't required).

It is required that waiters ID everyone to serve alcohol, even if you're clearly 89 years old. If you don't have your ID, and you're refused alcohol, get over yourself, and don't tip your waiter less for it. He is just doing his job. Were the waiter to do any less, the entire store could get shut down, and he could lose his job.

About credit cards: your interest accumulates during your billing cycle. If you pay your payment early, or even split your payment in two, whereas you pay one half early, you beat the interest. In other words, you will pay less interest this way, and pay off your credit earlier. I was told this in college, but I have heard it several other places. I have also seen it in practice on my own bill.

And since I look at credit reports every day: every line of credit you have is recorded. Paying late even one day can be reflected on your credit, and if you're paying your credit card late, it bumps your APR to 20% or higher. That way, you'll never pay anything off. Every late payment you makes affects your future if you ever want to buy a car, a house, or rent something.

Pay your bills on time.

And as far as rent: If your last paycheck comes two weeks before rent is due, make sure you save that amount equal to rent and not spend it. Don't ever be late on your rent. It is bad, bad, bad.

Personal accounting: When you write a check, count it as gone from your balance then, not once it hits the bank. You will bounce a check that way. Furthermore, it is stupid.

[Moltar]

Originally posted by Taataani Meorrrei
Very good tips as far as photo ID on the cards and checks.

Here are more tips:

Don't put any information on your checks. Address, telephone number, SSN, NONE OF THESE. They aren't needed.



Unfortunally many stores like Walmart require this information on your checks. It allows us to contact you if there is a problem with the check. We don't need the SSN (You can hord that). Most times your SSN is required for background checks and the such.

[Taataani Meorrrei]

Let me elaborate. You can write these if requested. But don't have your checks PRINTED with them.

And no, you don't have to give your SSN out to anyone except Uncle Sam. If they ask, you have multiple other ID methods you can use.

As for College and SSN's, this is generally assumed to be unavoidable, but it really doesn't have to happen. By default, your Student ID at a lot of places IS your SSN, but you can demand for a number change IIRC. Also, a lot of campuses (mine included) have gotten with the times, and stopped using SSNs for Student ID defaults. We now have Campus ID numbers, which have no correlation whatsoever. So being in college is no longer an excuse for handing out your SSN anymore.

[imported_Eve]

When you go rent an apartment or buy a home or start working for a living for the first time, let me know how that goes.

[Dolash]

This is why I don't use bank accounts or any cards. I just keep my money in a large pile on the table.

A whole lot simpler.

[Captain Tyle]

Originally posted by Eve
When you go rent an apartment or buy a home or start working for a living for the first time, let me know how that goes.

We both know these instances go on federally-submitted forms.

[imported_Eve]

Yeah, but at some point you will wish you had accumulated some credit somewhere.

You have the right to not disclose any information. BUT if you want services rendered somewhere and they require this information to render such services, and you choose not to surrender the information, you will be turned away. I'm telling you, I deal with this issue EVERY day.

Where I am at, I have an obligation to protect all residents from security risks. I have to run backround checks on employees and residents. Immigrants have to have a worker's ID or other designated ID number. You CAN NOT run a background check without the SS#. We have worked with at least three different background check agencies and it is required from every one.

Several other people may have your name, and some of those people may also have your date of birth. The SS# is the last distinguishing criteria. No one else has it.

I'm not saying that changes don't have to be made to fix the ID theft issue, but right now you do need to give the information up for certain services.

[imported_Eve]

Federally submitted forms? A I-9 for work - yes. Not for an apartment.

[Captain Tyle]

Originally posted by Dolash
This is why I don't use bank accounts or any cards. I just keep my money in a large pile on the table.

A whole lot simpler.


If I had a few hours and wanted to kill you via headache, I'd explain the Fisher Separation Theory. In short, your cards and accounts allow you to consume more resources for given inputs, by creating a market. This is why you also want to pad your credit early on.

The way I did it was to apply for a credit card with a nice low APR, but a monthly credit limit of $250. What did I do with this? I used it as my gas card, and made emergency purchases on it. If I went over my limit (which is what credit companies gamble on when they set a low APR and a low limit), then my APR would've shot to 15%, which is a nightmare. Instead, I consitently paid off my card, and voila, I get new offers on cards with lower APR's, higher limits, and less entrapments. So I drop my old card like a hot potato and move to Chase Manhattan.

You've got to play credit card companies like they're a dime a dozen. Make em work against each other. When you get a lower APR offer, call cardholding company and tell them. Dare them to beat it. If not, drop it like its hot. Refinance often. These guys don't want you to find this out, but you are the boss, and you've got a lot of power.

[Captain Tyle]

Originally posted by Eve
Federally submitted forms? A I-9 for work - yes. Not for an apartment.

IIRC, that stuff gets passed on to the FHA, doesn't it?

[imported_Eve]

This is so true. Alot of places offer a 0% APR for a term if you switch or use them. You can keep transferring balances around and never pay interest.

[Captain Tyle]

Bingo.

I think I'm 0% APR with Chase at the moment until....August maybe? I need to check.

Either way, I'm all ears when companies want to cut a deal with me. I enjoy refinancing a lot. I'm laughing all the way to the bank. Its the closest you'll ever get to stealing without ever getting in trouble for it.

[imported_Eve]

Originally posted by Captain Tyle
IIRC, that stuff gets passed on to the FHA, doesn't it?

When you work, the I-9 records your SS#, and DL#. If you don't submit the SS# in two weeks, you're gone. That is pretty standard.

At an apartment, the only place your record your SS# is on the application (then in the file). We have no interaction with any FHA org. The National Apartment Association is closer to what you're talking about, but even they don't oversee our operations.

There are several laws which designate what we do in this industry, but we turn in no forms to the government. We're a business, not a GO.

There are different kinds of housing though. Low income housing (which we have on 56 units) is overseen by HUD. We get audited once every two or three years, maybe. They have Federal forms, but we never turn them in. It stays in our office, in the resident file.

Nothing we do gets turned into the government at all.

Again, we HAVE to do a background check on all people, (1) to determine if they're going to pay rent by looking at credit history and past rental, and (2) if they're a criminal.

We need socials to do that. You don't have to give it to us, but then you can't rent with us.

[Captain Tyle]

Well that's fine, I suppose.

You're in the business of peddling assets that are highly illiquid. Its much harder for shady people to "cut & run" when they are pretty much stuck with assets they can't dump at value.

[imported_Eve]

You suppose? Thank you for that assessment of my job. You're in the way of peddling econ terms you just learned in yesterday's class without exactly knowing real world application. And maybe you depend on people here not knowing any better?

Someone rents the "illiquid" property; I sell it. Who is hurting? Not me. They're still getting a service. They agree to the terms before taking on rentership. Not everyone can afford to buy a home. Meanwhile my peddling makes me money. Good business if I say so myself.

[Charley]

I never said it wasn't. Whatever provoked this attitude, lets end it now.

[imported_Eve]

Yes, let's do.

EDIT: Charley didn't mean to be rude - he tells me as such. I took the comment the wrong way, and I apologize for being insulting.

[Pierce Tondry]

This is halfway off the topic at hand, but one of my professors once told me a story about a colleague who had collected a list of credit card companies that offered a 0% APR for a term, however long that term was. At the end of the term, he would go to another company on the list.

I think something like 20 or 30 years passed and he hasn't paid a dime of interest. The deal is apparently pretty standard everywhere. :)

[Charley]

I know at least 3 other people who do this. They just keep these offers in a manilla folder, and arrange them by duration of their 0% windows.

I'm not sure how long the milk & honey will last in terms of refinancing happiness though. Rates are beginning to gain ground again. They're still really low, but not as low as say last June.