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Every time I turn off my car, it needs a jump, and while driving it tends to lose power and coast, then turn back on suddenly. This made it difficult to drive out to the Macomb Schools and Government Credit Union branch this morning to deposit my paycheck, which I was doing because the service center said they were not allowed to service my account. MSGCU said because of my history they are going to put a ten-business day hold on my checks for the next six months, so I need a new bank. Can anyone recommend a bank taht goes easy on overdraft fees? Avoiding overdraft is not feasible without planning, and financial planning is useless without a predictable income.
It's just lucky they were down the street from the Penguicon hotel, so I parked there and walked a mile to the bank and back, and the hotel staff gave me a jump. So there I was walking, with a dead car, on a failed mission to fill my wallet, with a tiny and unreliable income that makes financial planning futile, with a cell phone that chose that walk to start telling me it was suspended for nonpayment, thinking about all the short term loans from friends that I'm not going to be able to pay now. Thinking about what could be wrong with me and how to make it as an adult. Little did I know that when I arrived home I would find an email from GEICO saying my payment couldn't be processed, and they will cancel my car insurance policy if they don't get payment by midnight tonight. This is while $850 sits in my checking account, held inaccessible by the bank.
It's this sort of thing which, when I got an email from my mom excitedly gushing about a family trip to Disney World that they are now planning for the fall and she wants me to go with them, made me feel like crying.
Comments
star-gazersusan on Apr. 12, 2007 3:16 PM
I've been there, so I can feel for you. A bit of warning though. If you change banks and you get a lot of overdraft fees in the first couple of months - they will close your account. It might be best to stay where you are. Or if you do set up a new account - do not set up any automatic payments - you are less likely to be overdrawn and will have more control of what gets paid and when. I do recommend staying with a credit union, but have no particular recommendations for you.
Plus you might want to think about a part time job. Something low key like retail sales or a movie theatre will give you extra income and be flexible to your current work schedule. It sucks and you'll have less personal time and be more tired, but the stress of paying bills will ease a bit.
matt-arnold on Apr. 12, 2007 3:31 PM
"Plus you might want to think about a part time job. Something low key like retail sales or a movie theatre will give you extra income and be flexible to your current work schedule."
I definitely agree with this, and plan to do so immediately. I think I also need a bike for this purpose.
star-gazersusan on Apr. 12, 2007 5:34 PM
Hmmm - we'll have to see what can be done about the bike situation. I think I can help - let me dig around a bit - unless someone else comes up with something.
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earthgoat on Apr. 12, 2007 4:38 PM
I can't help you out with most of your questions. However, the car thing I may have an answer for you. Check your alternator. It sounds like it is going (or gone) bad. It'll run <100$ but should save you a jump every time you turn off the car or having to buy yet another battery. Also, pay for as much as you can in cash. This includes bills. You may want to look into a pay for minutes in advance type phone. That could help.
amanda_lodden on Apr. 15, 2007 12:56 PM
Careful on paying with cash, though. If you have to get a money order with that cash, you'll spend as much on money-order fees as you would on bank fees. And don't pay cash for anything that doesn't give you a receipt. If you have a problem later with the company claiming they never got your payment, you have no paper trail to fight back with.
earthgoat on Apr. 15, 2007 8:43 PM
True true. I always get a receipt when I pay my bills (or anything for that matter).
temujin9 on Apr. 12, 2007 4:41 PM
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Washington Mutual has been pretty understanding with me, and revoked several overdraft charges. Depending on what is holding that $850 hostage, they may not be any better; after 9/11, banking rules got a lot more restrictive, and new deposits to new accounts have a holding period now.
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Explain this to your mom, and get some help to get over the hump. Being poor is it's own trap; it costs more to live when you can't pay up front, and you're less likely to get lucky breaks to stablize your future if you're scraping by daily. If necessary (to salve your conscience, or your mother's) ask for it instead of EPCOT.
users on Apr. 12, 2007 5:23 PM
I know how you feel.
I bet you're tired of hearing that, huh?
About two years ago, I was unemployed and car-less, and my children and I were homeless. Due to the good nature of several of my friends and family members, my family survived... and the last two years have been a slow climb out of abject poverty.
I struggled the entire time with the idea that, as an adult who is supposed to be not only responsible for himself but for two children, I should be capable of supporting myself. I should be capable of making something happen. I should be, at least to some degree, self sufficient.
Of course, I see now, that is all bullshit. I am, at no time, self sufficient. I need friends and family all the time for various things, whether it be moral or emotional support, or financial aid. It's part of life.... but it does get better. Half of what I had to learn was that, as an adult, taking help isn't weakness. I'm still learning that lesson on a routine basis, actually. :)
Sorry for the mini lecture, it was relatively unintended. I just don't want to see you get down on yourself about going through a rough time during a state-wide recession that is squashing people from all economic backgrounds.
...
In more helpful news, I have a phone that you can use for emergencies for a while... it only has about ~50 minutes a month, but if you think that would be useful for a couple of months, let me know. As for car insurance, having been with Geico in the past, they were always cool with granting me extensions of up to about 2 weeks if I called and explained my situation (and some of my situations were pretty poor excuses).
matt-arnold on Apr. 12, 2007 5:31 PM
Thanks, I appreciate what you're saying.
What bothers me more than getting help, is getting help and still not making it without further help. There is this feeling like each short-term personal loan is going to be the last one I need, and then I can start making progress again. Then, when it gets darker instead, that's what's hard.
Re: GEICO. That has now been, shall we say, "helped." :)
I would appreciate the phone very much. I'll contact you to see how to get it.
users on Apr. 12, 2007 5:39 PM
Yeah, I hate hearing the quote "It's always darkest before the dawn." Yeah, really? And you know when you know it was darkest? AT DAWN! At dawn you can look back and say "Yeah, it was definitely darkest right THERE." Fat lot of good that does me now. It's always the darkest right before it gets darker too! :)
Umm, it is plausible that I'll be out that way tomorrow evening sometime... actually, it's similarly plausible that I'll be out there tonight-ish. I'll throw you an email later on this PM when I know more.
matt-arnold on Apr. 12, 2007 5:42 PM
Tonightish is good, but I just remembered you might come to the construction party tomorrow as well.
users on Apr. 12, 2007 5:48 PM
Oh yeah, that's what tomorrow night's plans were. I knew I was going SOMEWHERE. And I thought it might have been in your direction...
...as it turns out, it's at your house. That will work. :)
rachelann1977 on Apr. 12, 2007 7:58 PM
TCF has been my bank for about 10 years now. Chuck also uses that bank. They have never put a hold on either of our accounts regardless of the number of overdraft fees either one of us has accrued. The overdraft fee is $30 per event, so if you bounced two checks it would be $60. However, up to a certain amount (not sure what it is as I haven't reached it yet) they will go ahead and put your account in negative balance and pay the check rather than bouncing it. They do not continue to add overdraft fees every day your account is in negative balance, they only add them if another payment goes through while you are in negative balance.
They do have free phone access to check if payments have gone through, etc., but there is a monthly fee of something like $5 for internet banking. They have been a very secure bank for me, though, so I'd say they're worth checking out.
brendand on Apr. 13, 2007 3:13 PM
TCF is a horrible bank, and I can't tell you the number of people who have had problems there, including .
I recommend DFCU. I've been a member there for years, and they are opening their membership to anyone who is referred by another member. I'm not sure what the overdraft fee is, but I am sure it is significantly cheaper than any bank. And there's a branch in Livonia, not too far from you. Oh, and internet banking is free.
brendand on Apr. 13, 2007 3:17 PM
When I say years, I mean my whole life. Also, I think you have all the info to fill out the referral form, but I am happy to help if there's anything you don't have. :)
amanda_lodden on Apr. 15, 2007 1:02 PM
I love TCF, especially for business banking (I have a personal account there and Lodden Services uses them). However, their policies on when cash is available are still based on when checks would have cleared before electronic clearing, and you'll get charged a $30 "unavailable funds" fee if you try to use your money before they think it should be cleared. Once I learned to give every deposit a week to clear, all was wonderful with TCF. I'm not sure that's an option for Matt.
twoofdtm on Apr. 12, 2007 10:50 PM
I love my credit union! T&C Federal. It has tons of service locations as well that you could use in *any* city.
Good luck lovey!
atropis on Apr. 13, 2007 1:04 AM
as banks go, national city doesn't suck.
marahsk on Apr. 13, 2007 7:12 PM
I don't know if this will help, but can you sign up for overdraft protection?
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