Posts by Kimberly Nguyen

I honestly don't see any reason why you'd want your paycheck deposited directly into a standard savings account...

Mark Sullivan62 said:October 25th over at Chase

October 2nd for American Airlines, Bank of America, and honestly, I haven't really kept track of how the rest of them handle it.

So what exactly did I get wrong?😕

Kimberly Nguyen said:Good grief, you guys have completely scrambled all the terminology here...

The way I see it, it should work like this:
- Debit cards => The money leaves your account immediately; zero interest involved.
- Charge cards => You get billed later, but there’s still no interest applied.
- Revolving credit => You pay whatever amount you negotiated, but you're getting hit with interest starting from the very day the charge hits.

That’s how it ought to be, in my book... but hey, if it isn't, then it isn't.🤷

Then you're basically saying

Mark Sullivan62 said:it isn't 😁

at least when we're talking about Zelle or Maui or American Express cards, the interest kicks in on the due date, not the actual moment the transaction goes through.

Maybe I didn't phrase that quite right😍
"the day the charge is settled" => I meant the actual day they take the money out of my account—in this specific case, October 25th.

Mark Sullivan62 said:it isn't 😁

at least when we're talking about Zelle or Maui or American Express cards, the interest kicks in on the due date, not the actual moment the transaction goes through.

Alright... let me walk through this so I can wrap my head around it.

1) I made a purchase on October 2nd for $333 (well, wasn't really for me, just for some gaming stuff)
2) My statement says my bill is processed on the 25th of every month.
3) On October 15th, I get a notification saying I've spent $333 and that it'll be billed on October 25th.$33
4) On October 25th, I pay off $33, leaving a balance of 900
.
So, starting from what specific date does the interest start accruing on that $300?

Good grief, you guys have completely scrambled all the terminology here...

The way I see it, it should work like this:
- Debit cards => The money leaves your account immediately; zero interest involved.
- Charge cards => You get billed later, but there’s still no interest applied.
- Revolving credit => You pay whatever amount you negotiated, but you're getting hit with interest starting from the very day the charge hits.

That’s how it ought to be, in my book... but hey, if it isn't, then it isn't.🤷

I have absolutely zero interest in getting sidetracked by side conversations that have nothing to do with what we're actually talking about here
I already laid out my suggestion
The actual topic is right here
So, there you go, take it or leave it

Steven Reed said:But there's a 3.5% fee—meaning $58 (on an amount of $1667) plus interest
. I’m sticking to my guns: the overdraft is still the cheaper option
.

3.5%😲

I honestly thought it was lower than that. I mean, since I don't exactly go on shopping sprees using credit cards, I was mostly just focusing on the interest rates.

Hold on a second, though—how much am I actually supposed to be dumping into life insurance compared to the sheer level of risk involved here?

Look, when it comes to Zappos, they aren't going to go sniffing around for some other bank's authorization just to open an account for you, nor will they care if your balance starts dipping into the negatives once your paycheck hits.

As for Chase, I can't say for sure, but Zappos doesn't offer installment payment options on their Maestro cards like Chase does... if my memory serves me right, I think Chase is the only one offering that kind of flexibility.

Wrong! (right now 😁)
There’s a fee for using the ATM, sure, but since the interest rate is sitting at 5% until July 12th, you’re actually better off just grabbing the cash now

Whoever ends up inheriting your estate isn't just getting the house and the car; they’re also taking on every single cent of your debt tied to those assets...

If you actually want to offload that burden and stop worrying about it, you should look into setting up a trust or some kind of legal loophole to mitigate the risk

I was being perfectly clear, concise, and straight to the point 😬

Lombard loans against your savings or mortgage
If you lock up $111,112 in a CD, you can pull out $100,000

Then there’s Lombard loans against mutual funds
It really depends on which fund you’re holding... but generally, you can leverage anywhere from 50% to 90% of your holdings to secure a loan

It’s honestly one of those things people always seem to overlook, but when you’re dealing with pawn shops, they don't even bother checking your credit score

It’s only with pawn shops that they don't even bother checking your credit score

Look, I drink from the tap, I drink from bottled water, I even use those filtration pitchers... what the hell am I supposed to do now?

Wait, where are all the questions... or even just a poll?

Melissa Wilson38 said:So, how does one actually go about opening an overseas foreign currency account?!

Look, under current federal regulations, we aren't exactly encouraged to just go opening accounts overseas... and honestly, how is a bank in, say, London or Tokyo supposed to care about our specific domestic banking rules? They won't! I have no clue how they manage it... though I know plenty of people who managed to pull it off without a single hitch just a few months back. Who knows what the landscape looks like today, but the restrictions feel like one giant headache.

Come on, please, stop misleading people here!

A bank loan—the very name should tell you everything you need to know—is something you get directly from a BANK. You don't go through some middleman, some shady street hustler, or some random person posting junk ads in the "Miscellaneous" section of Craigslist...

Honestly, this whole thing feels incredibly stupid to me... I mean, if that's the case, why on earth wouldn't big banks like Chase or Wells Fargo approve loans for journalists? Most of them are just working on contract basis anyway. It’s the same deal for athletes or singers—they don't have those steady, traditional full-time jobs, yet they still need credit. It makes zero sense.

Arthur Bailey6 said:Mark Sullivan62 thanks for the link.
So, interest on savings accounts is 0.15% and checking is 0.25%? I guess you don't get much of anything there. Real thrilling.
Kimberly Nguyen, I was talking about personal savings accounts.

One more thing: My contract says my entire scholarship gets automatically moved from my savings to my checking account the second it hits. Is it better to just leave some of it sitting in savings, or does it even matter??

It makes absolutely zero difference... though you might snag slightly higher interest rates on certain checking accounts if you're lucky.

Look, if the bank you're using issues cards that let you pull cash from ATMs and pay at retailers via POS terminals, then honestly, who cares? It's all one big pool.
But if they don't offer that kind of flexibility, then setting up that automatic transfer to your checking account is definitely your best bet.🙂